The Cadiz sentinel. [volume] (Cadiz, Ohio) 1864-1911, 1865-04-26
An Important Letter from the
Commissioners OF Internal Rev.
enue.

Joseph @. Lewis, the Commissioner ol
Internal Revenue at Washington, has writ
ten letter on our 6nzrcial condition, from
which We make the following extracts:
The needs Of Government will be larger
than before our war The military and ma
val establishments cannot be suddenly redu-
ced, nor to their former standard. Multi.
tudes of claims, occasioned By the desola-
tlons and changes Of the war, Will be urged
on the Government, some of which, after
the severest scrutiny, must be allowed. -
But with that care and scrupulcus regard
for the Interests Of the Government which
the times demand, all this can be dons. and
well done, for an average Of q number Of
years OF peace, at cost not to exceed, at
most, two hundred and tfiy millions of dol.
lars. If we add 6fts millions more for the
interest on currency loans, enough for a
debt Ut six hundred and eighty millions II
present rates OF interest, or more than We
seem likely to sell or need before the sup-
PRESTON OF the revolt, il follows that the
Government will require the use of three
hundred millions Of dollars per annum In
currency, before the amount now in cireula-
tion can be reduced,
The prent returns Of this Office are at
rate much larger than this On the whole.
as the system of administration is impro.
wing daily, and both officers and people arc
continually leatnihg their duties and iabl-
ties under this law, am satisfied that an
average yield Of three hundred and twenty.
i've millions of dollars may be relied upon
with much confidence for series Of years.
Il suppose that our custom duties may
easily with some reductions and adjustments
be made to yield permanent revenue,
whose minimum will be one hundred mil.
lions of coin. This would provide for o
funded debt, paying coin interest Of sbovs
fifteen hundred millions, besides accumula-
ting sufficient sinking fund The simpless
solution of our embarrassmants would them
be to exchange limited amounts of such
bonds tor currency, from time to time, as
they might have demanded, retiring per.
manently all that is thus paid in By this
means the amount in circulation might BE-
easily controlled by the Government
II ought to hay, but as an Individual
opinion, from which many abler men dis.
sent, that, IN my view, these or any other
measures Tor restoring our national credit
demand imperatiyey, as condition of suo-
cess. an Immediate end to the issue of ma.
tonal currency: or legal-tender money in
any form. The circulation of national banks
must be arrested at once. All circulation
not authorized by Congress, and not redeem.
ed in coin on demand, must be taxed To
death. Every means consistent with good
faith towards the national banks should be
employed to reduce their circulation. The
present condition of the currency should Of
itself prevent prudent institutions from ex-
pansion, and the legitimate and ordinary
business of banking is wide and profitable
field to cultivate, without any privilege OF
manufacturing credit into money. ~,
"One common prejudice must be reno.
we'd if our currency is ever to. be restored,
that, namely, of selling our Government
bonds at nominal premium. " H.