Year: 1867

The letter OF the Secretary Of the Treas
ury to q number Of the citizens Of Boston
does not show very favorable state Of our
national finances Mr. McCulloch is evil
dently desirous not to cause any serious
apprehension of a monetary crisis, and yet
il IS quite obvious that his own mind is
not altogether free from anxious doubt as
to the possible eventualities Of the future
lie states positively that. for a year to come.
the expenses Of the Government will eX-
ceed its revenue, and that the public debt
now enormous, must be increased. 1t Is
stated that the expenditures of the War
Department alone during the last two
months have been about twenty five and a
half millions of dollars, and that for the
current fiscal year they will probably reach
upwards OF one hundred and fifty millions
or about five or six times as mach as the
estimates sent into Congress Under such
Il condition Of affairs there can be 10 ra-
tional hope of steady, much lc S a speedy,
progress III the reduction Of taxation and Il
return to specie payments.


4 principal cause of this inauspicious
situation OF the federal treasury is the
prodigal waste OF the money of the people
by the radical faction IN Congress for pure


y partisan purposes. The frcedmen's tu-
reau, organized as part OF the political
machinery Of demagOgues who are schem-


ING to consolidate and control the negro
vote in the SOUTH is not only a means of
dcspotic power and widespread corrul-
49,, ,,,+ :, ol.orhs -, Hin, of ,oopox, ~,
nually to little better purpose than en-
couraSing and supporting negroes IL idle
ness. Another and kindred drain upon
the Treasury, IS the large army quartered


in the ten southern States to execute the
provision Of the Stcvens-Sherman militia
~ reconstruction act, and when nigh be
reduced to q peace footing ct once but to-
the factious necessity created for ii 5y
the dishonest politicians who have erected
4 military despotism in the south with
view to secure by force political domino
ton for their party in that section Of the
country.


While these and many other heavy and
extraordinary drafts are made on The fiscal
resources Of the Government, the sources
Of revenue are diminished by the destruc-
tive policy Of the radical majority in both
branches Of the federal Legislature. Be
sides the increasing Withdrawal of private
capital from manufacturing and other pro-
ductive business, IN consequence OF the
disturbed and preccrious political situation


f the country, the pressure Of taxation,
and the depressing effects Of a fundament-
ally unsound economical system introduced
by the "blockhead'' party at Washington,
the powerful inducement to invest capital
in government securities, which pay inter
est in gold and are exempt from taxation,
is greatly contributing to contract the
means Of wealth-croating industry of all
kinds, to throw labor cut Of employment.
and while relieving the rich, who hold
Treasury Bonds, from their Just share Of
the burden, to cast On the working and
comparatively INDECENT classes of the peo-
pie, the whole load Of the war debt. And
in addition to this. the prosperity Of the
entire nation-the income OF It's individu-
al citizens from agricultural and other
forms of industry-and, of course the rev.
enue Of the national Treasury, are runous-


y curtailed by that insane, malignant, sui
cidal legislation Of the radical Republicans
in Congress. which crushes the energies OF
productive labor in the south, closes up eff
iectually all sources Of wealth in one Of
the most naturally fertile sections Of the


land. and creates general disorder, alarm,
distress, and even starvation, where, under
a wiser and more just exercise of federal
authority, peace, plenty and prosperity
would abound Facts like these concern
the people of all parts Of this Union, and
unless they change their rulers, they need
hope for no Improvement in their financial
circumstances