Dodgeville chronicle. [volume] (Dodgeville, Wis.) 1862-current, 1868-12-18
FINANCIAL.
REPORT OF THE SECRETARY OF THE
.453 TREASURY.

REPORT OF THE SECRETARY OF THE
.t53 TREASURY.
The Secretary's report starts cut with
the statement that, of there is any ques-
ton in finance or political economy which
can be pronounced settled by argument
and trial, it is, that inconvertible and de-
preciated paper money isiniurious to pub
lie and private interests, positive political
and financial evil, for which there can be
but one justification or excuse, to wit: a
temporary necessity arising from an I'M
expected and pressing emergency; and it
follows, consequently, that such clrcula-
ton should only be tolerated until, with
out financial shock, it can be withdrawn
or made convertible into specie"
He argues OF length in favor of re-
sumption of specie payment, by the enact
ment of wise and equable revenue laws,
and the enforcement of such economy in
the the use of the public moneys as will
enable the Government "either judicious-
ly to fund or promptly to redeem its
broken promises"
The Secretary favors the resumption of
specie payment through the retirement,
by funding or otherwise, of certain por-
ton of the greenhack currency, and by
the legalization of gold contracts. He
recommends, also, that on January 1st,
1870, United States notes shall cease to be
legal tender for debts contracted after
that date, and that ON January list, 1871,
they shall cease to be o legal tender for
any debts whatsoever; and that all notes
then outstanding shall be converted into
bonds bearing such rate of interest as
Congress shall deem expedient He
! quotes from Daniel Webster to show that
CrNfA and u;1 xza1s f.oo enY
stitutional tender in payment of debts,
and hints that the Supreme Court may
possibly take the same view of the ques-
| ton, On cases now pending before it
| The receipts for customs for the last
three years have been as follows:
For the fiscal year ending June
For the fiscal year ending june $500 =
For the fiscal year ending June
~, 1865. 16l, 464 500 ST
The Secretary thinks it safe to put the
amount of our securities held at the
present time in Europe at $S50,000,000,
of which not less than $600,000,000 are
| United States bonds, nearly all of which
have left the United States within the last
six years. "Little satisfaction Is derived
from the consideration that these securities
have been transferred in payment of in
/ terest and for foreign commodities and
just as little from the consideration that
| probably not over$500 100000 in gold val
ues have been received for these $3.50, 000,.
| 600 OF debt"
/ The gold and silver product of Califor-
MIA and the Territories, since 1848, has
been upward of $1,000, 100000. Allowing
/ that 500, 600, GEO have been used in man.
| ufaetures and that the coin in the country
has been increased to an equal amount,
/ the balance of this immense sum-$1,-
4 900, 900, 000-has gone TO other countries
IN exchange for their productions"
The Secretary thinks it al important
matter that the interest upon large por-
ton Of our securities is received by citi-
zens Of other countries instead of our own,
and thinks it important that the debt of
1 the United States should be home debt !;
so that the money which is collected for
the taxes may be paid to our own psople in
way of interest; the United States are not
only able to pay the interest on their debt,
but to set a good example to other nations
by steadily and rapidly reducing that debt