Saint Mary's beacon. [volume] (Leonard Town, Md.) 1867-1983, 1875-09-02

ing used. I favor a well-secured con-
vertible paper currency-no other can
to any'extent be proper substitute for
coin. have no faith in q prosperity
which is the result of deprecated cur
rency, nor can / see any safe path for
US to tread but that which leads to spe-
Gle payments. The extreme high prices
which now prevail in the United States
are an unerring indication that the bus
mess Of the country = in an unhealthy
condition. We are measuring values
by false standard. We have o circu.
lating medium altogether larger than ID
needed for legitimate business; the ex-
cess is used in speculations. The Uni.
ted States to-day is the best market
in the world to sell in, and among the
worst to buy in. The consequence 10
that Europe is selling us more than she
hays OF Us Gneluding our securities,
which ought not to 60 abroad), and
there is debt rolling up against us
which must be settled, in part at least,
with coin. The longer the imitation
continues the more difficult will it be
for US to get back to the solid ground
of specie payments, to which we must
sooner or later return. If Congress
shall, early in the approaching session,
authorize the funding Of the legal ten.
ders, and the work Of deduction is CON-
menced and carried on resolutely, but
carefully and prudenily. We shall reach
it probably without serious embarrass-
ment to legitimate business. otherwise
We shall have brief Period of hollow
and seductive prosperity, resulting in
widespread bankruptcy and disaster.
But while am anxious about the
present imitation and its effect upon the
business and morals Of the country,
am hopeful that by wise Legislation we
shall escape financial collapse. I am
hopeful that the currency may be brought
up to the specie standard without those
financial troubles which have in all
other countries followed protracted and
expensive wars. BY the experience Of
the last four years we are led to the
conclusion that our people have a latent
power that manifests itself when re-
quired, and is equal to any emergency.
l have faith that as We have, to the as
tonishment of the world, raised i'm
mense armies-larger, Iapprehend, than
any single nation ever brought into the
field-and met the enormous expense of
the war without borrowing from other
nations. We shall also be able, without
a financial crisis, to fund our surplus
currency and interest-bearing notes,
bring back business to a specie stand
ard, and place the credit of the country
on the most sound and stable basis.
This speech, or at least the financial
portion of it, was published in most Of
the newspapers, and was, as far as the
Secretary could judge by the comments
upon it, favorably received by the press
and the people. The views thus fore
shadowed were somewhat elaborately
presented in his first report to Congress,
December. 1865. In this report be
pointed out, as clearly as he was able,
the causes of previous financial crises;
the delusiveness Of the apparent pros.
perity of the country; the luxurious ef-
feet of a deprecated and fiuctuating
currency upon business, and its demor-
alizing influences upon the people; the
wide departure of the legal tender act
from that strict construction of the
Constitution given to it, previous to the
war, by patriot men Of all parties, &c,
&c; and he recommended, as the pro-
per remedy, and the only remedy for
the evils and dangers in which the
country had been involved, the gradual
withdrawal Of the legal tender notes,
and the curtailmept of the currency un.
til it should be equal to specie. The
views thus presented, having been care.
fully considered, the House of Repre-.
sentatives, rejecting undoubtedly the
existing popular sentiment passed, by
a vote of IA to 6, the following reso-
luton:
Resolred, That this House cordially
concurs in the views of the Secretary
IN relation TO the necessity Of con-
traction of the currency with a view to
as early resumption Of specie pay.
ments as the business interests of the
country will permit, and we pledge CO.
operative action to this end as speedily
as practicable.
This resolution was followed BY the
Act of April II, 1866, authorizing the
Secretary of the Treasury to receive
Treasury notes and other obligations oi
the Government, whether bearing in.
terest or not, in exchange for bonds,
with a provision that of the United
States notes (legal tenders not more than
Sl0, ,00O, 900 should be cancelled within
six months from the passage of the act,
and thereafter not more than $4,000
movement by Congress in the right ii.
rection; the only objection to it was The
provision for q regular monthly with
drawal. Every business man knows
that there are seasons Of the year in
which large curtailment Of redundant
currency can be made without disturb
ing the business of the country, while
at other seasons small curtailnents NAV
produce injurious effects give II as
my mature judgment that if the Secre-
tary had been unrestricted in regard TO
the time and amount Of the withdrawal
Of the legal tender notes from circula.
tion, and the publication Of the month.
ly reports had been discontinued, hun
dred millions of these notes might have
been retired in the course of q wear.
without the people being the wiser for
il. or business being deranged by it. A
single incident, viii ch was alluded 10 bv
Mr.. Wells in his very able article which
Appeared some time since in TRe Her.
aid, illustrates the strength of q popu.
bar idea-or rather ssnotion." m Il m;ch.