The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1869-12-07
REPORT OF THE SECRETARY OF
THE TREASURY.

IHE sensational rumors predicting precipitato
resumption, which have inflicted great da-
mage upon many important business inte-
rests, and which we have heretofore exposed
and denounced in these columns, will receive
a quietus in the official report of tho Secretary
of the Treasury. No man can read it without
clearly seeing that resumption is thing of
the future rather than the present, and that
the most that can be prudently attempted in
this direction now is the commencement of
serious preparations for return to specie
payments. When the outstanding debt is
funded at a lower rate of interest, and placed
in the hands of capitalists whose faith in
our solvency will not be shaken by every
new political excitement; when American in
dustry is placed upon such basis that our
exports exceed our imports, and our ships
regain fair proportion of our carrying trade;
and when the paper promises of our Govern
ment are fully at par abroad as we'll as at
home, it will be time enough to undertake
the task of redeeming them in coin. The
manner in which this whole subject is dis
cussed should set at rest for ever the unne-
cessary alarms which have agitated all bust
ness circles, and totally dispel the fears of
enterprising men that they would be suddenly
stricken down by their own Government.
The Treasury has done WELL and is doing
well. 1t could desire no better showing than
the excess of receipts over expenditures dur
ing the last fiscal year of fifty millions of
dollars, and the estimated excess of receipts
during the present fiscal year of more than
one hundred millions of dollars In devising
1o fDr fba al; Of i,,f
ture years, the unpopularity of the income
tax and the pressing demand for its abroga-
ton should be remembered by Congress. 1t
has proved in this country, as in England, fear
fully unjust and unequal in its practical ope-
ration, notwithstanding its theoretical fair
ness, and its inquisitorial nature has made it
exceedingly odious. Whatever may be done
with other taxes, this, al least, should be re-
pealed or left to expire by limitation.
The Secretary of the Treasury is not re-
gardless of the necessity of increased bank
circulation in some sections of the country,
especially the South and West, and yet he
treats this subject in very cautious manner,
being evidently anxious to avoid the creation
of new barriers to resumption. He acknow-
lodges that while large amount of currency
has already been withdrawn from the North
to supply the wants of the Southern States,
their necessities will steadily increase for
the next two years; he anticipates as q result
of the completion of the Pacific
Railroad that currency instead of
coin will become the circulating
medium of the Pacific coast, and that thirty
millions of dollars will be required for this
purpose alone; and yet he recommends that
he be empowered to ''reduce the circulation
of United States notes in an amount not ex-
ceeding two millions of dollars in any one
month" He considers that the extent of the
over issue of paper during the war can only
be accurately ascertained after the credit of
the Government is fully re-established abroad
as well as at home; but meanwhile, if the
business of the country is not facilitated by
sufficient supply of a circulating medium of
some kind, that credit may itself be unneces-
| asTi1v in iured