American citizen. [volume] (Butler, Butler County, Pa.) 1863-1872, 1864-03-23
The Gold Bill.

Most heartily do we congratulate the
country on the passage through both hous-
es of Congress Of the bill giving the Sc
cretary of the Treasury authority to sell
gold that he may from time to time have on
hand, after satisfying all demands for the
payment of current interest and to form a
sinking fund of one per cent. on the prin-
cipal Of the National debt. We wish the
Secretary had been entrusted with greater
freedom of action but the provision, re-
tricted as it is, will prove most salutary.
The Shylocks who have been specula-
ting in National disasters and betting down
the public credit, will henceforth navigate
sea beset with reefs and tornadoes.-
They will know that the Treasury, which
is their natural enemy, is armed with pow
er to give blows where it formerly conld
but passively receive them; they will
feel that they play hazardous game, aud
will study caution or be taught it. He
who needs gold will buy it, as he who has
it to spare will sell it for its current mar
ket price, but he who seeks gain through
the depression of the National creditor
this is exactly the sum and substance of a
sale of gold that the seller does not own,
deliverable 80 or 60 days hence at a stipu-
lated price-will be very likely to come
to grief. So we hope and believe.
We know very well that this measure
will not alone prevent the depreciation of
our currency. 1t is but beginning
Now let Congress promptly double the
impost duty on every luxury, and increase
the excise on every homemade superhuity
t. the highest rate that it will endure
Let the penalties for each evasion of the
income and other internal taxes be sig
nally increased, so that no man can afford
to undertake his Indebtedness to the
Treasury.
We do not believe the Income Tax col
lected in 1868 was one half what it should
have been There are hundreds who
made large sums in our city not yet on the
tax list, Let them be hunted up, and let
the penalty for making an inadequate or
no return of income or other dues to the
Government be so heavy that no prudent
thrifty person will venture to incur it
Let all legacias and inheritances be heavi-
ly taxed, but especially those accruing to
others then the lineal heirs. Do let us
see some evidence that Congress realizes
the greatness of the National peril, and
the shame and mischief of having our
currency sixty odd per cent. below par
As many suppose there will be no gold
to sell under this bill, we append the fol-
lD,,.; 20. ro,,,orl-s 20 NJ Gbar,non of Ohio
in Senate on the 10th Instant
Mr.. Sherman-The subject of the dis
position of the accumulated gold in the
Treasury has been so frequently discussed
in conversation that did not desire to oc-
'cupy the time of the Senate in making any
statement in regard to it unless required
to do so by some Senator for his informa-
ton.
The difficulty grows out of the law of
1862, which requires all duties on impor-
ted goods to be paid in gold, and that the
interest on the bonded debt should be paid
in coin. Under this process there has ac-
cumulated in the Treasury of the United
States upward of twenty million dollars in
gold. There is no proper mode in which
it can be paid out under existing law ex-
cept in payment of the intereston the
public debt. have a itatement before
me now showing the amount in the Treas
ury, over and above all outstanding debts
for coin to be to-day S19,670, ,479,9 81.
There is more in the Treasury, but it is
either drawn against or set apart for spec
ial purposes under the law. The estima-
ted receipts of coin from this date to July
l, 1864, upon the basis of the receipts OF
the last monitor two, is $22, ,272, ,175, ma
king an aggregate of gold on hand and to
be received of S41 ,642 ,659,91. The
whole amount that will be paid under ex-
isting laws for interest on the public debts
du8ing that time, and including the 1st of
July, is S20,S49, 1902. Here is the
statement as made at the Department =
Treasury Department, March 10, 1864
Statement of outstanding loans, interest
upon which is payable in coin dusing the
current six months, ending July /, 1864