The Union and journal. [volume] (Biddeford, Me.) 1858-1882, 1864-04-08
Selling the Treasury Gold.

Oy u law OF loO-, III uuNoS Wv -
goods were required to DO paid in gold, and
only the interest on the bonded debt was
made payable in coin. Spectators, antici-
paiing the demand which would thus be Gre
ated for duty paying currency, put up the
price Of gold. and that price has gone up or
down with the import demand, always affect
ed more or less, Of course, by tho prospect Of
longer or shorter continuance Of the nom
specie paying market. As the notes of the
banks were worthless for procuring gold, the
importer was forced to 60 upon Change and
buy as best he could, since that article was
Immediately withdrawn from the ordinary
channels Of commerce and trade. But what
became Of the hundreds of millions of coin
1t was sent to pay for our importations, and
paid to the Government as duties thereon
and the balance has been and Is retained by
the banks. Those in New York city now
hold $40, 900, 900. which no amount Of pre-.
MUM could draw from them.
The object Of the gold bill, as ii is called,
is to so relieve the pressure at the specula-
tors board, by throwing certain quantity
Of bullion or coin into the market, as to
bring to grief the traducers Of the public
credit. The Government now needs gold on
ly topay the interest on loans, upon oil Of
which up to the first Of July next there will
be due $40 $40, 1892, and for the purpose
of forming sinking fund of one per cent.
upon tho principal Of the national debt.
There is now lying idle in the Treasury vaults
surplus Of Sl9,670.479.9l more than is
necessary to pay for accruing inccrcst to Ju-
ly, while the estimated receipts of coin from
imposts for the six months ending July LIST,
are rising S22,OOO,OOO.
The Secretary is thus at liberty to bring
into market nine or ten millions at such times
and in such sums as he may deem proper.
This will temporarily prevent rise in gold,
but 1t will not operate as permanent cure,
nor, indeed, will it be cure, at all, for
disarranscd and inflated currency. Drafts
upon the feet, and onions upon the neck and
chest OF the sick gentleman, may relieve the
respiratory organs ofthcir burden for awhile.
but with those appliances alone the fever still
remains, which must be subdued. and his
constitution perform its work, ere the man
is on his feet again. Congress should now
increase the duties on every article Of import
cd luxury, not only to prevent the expOrta-
ton Of bullion, but to increase the revenue.
If, after that, the rich people and shoddy ar
istocrats still prefer to favor extravaganza,
and adorn themselves with costly prodgality,
it is right perfectly acknowledged, provid.
ed they pay for it. Penalty for the evasion
of the internal revenue should be increased
and more attention paid to levying and col
Letting the same. Asan instance Of the need
Of this, case near by may DO cited. We
hear it reported, how correctly we do not
know, that proceedings arc to be instituted
against manufacturing company in neigh
boring city Tor gross frauds IN their returns
to tho Assessor OF the Revenue, amounting
to forty or fifty thousand dollars. Besides
many cases like this, in all our large cities a
large number Of persons whose incomes ought
to place them on the tax list, are not taxed.
This state Of things cannot be rcmedied, I'M
less very heavy penalty for neslectins to
mako the proper returns to tho Assessor, is
laid.
The people will anxiously look for the
promised report Of the Committee of Ways
and Means in the House, with the expccta-
ton, although no: lively. that the subject of
our finances will receive the immediate atten-
ton which IL deserves.