The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1865-12-21
only compound interest notes. put the
Unified States notes.

4 believes that, ii kept at nome IL lles''
Z not be oppressive, but that it is still 4 a
national burden, and the work of remov-
4 ing it should not be long postponed
/ The Secretary secs no way of rcmoy-
ing it but by an increase of the national
Income over the expenditures. 1t should
.[be.our ambition not to bequeath it to our
descendants. -
The first step should be to fund the
maturing obligations. The next should
be to provide for raising, in the least
odious manner, the revenue necessary to
pay the interest and certain definite an
nual amount for The paymentof the prin-
scipal. Mr.. McCulloch hopes that Con
gress will be decided and emphatic on
this point
The debt on the 3Ist of October was
50, sos, $40, 1875; deducting the moneys
in the Treasury it was s., ,74o,854, $50. lie
estimates it in July 1, 1866, at sss0eo,e0o,-
600. The annual interest, if funded at
| FIVE and-a-half per cont, would be Sl65s
OOe,ooo, but if fandettat i've per cent, it
would be $3.50, ,00o,o09
If s2o0,ooo0oo per annum. Should be
applied to pay accruing interest, and to
,reduce the principaliundcd ct the higher
rate of five per cent, the debt would be
paid in thirty-two years. or ut five. .and-a-
half por cont, in q little over twonty-
eight years.
The Secretary believes that no Act Of
Congress would be more popular than
one which should provide for auch an ex-
tinguishmont of the debt.
Upon the subject of internal revenue,
the reports recommends:
First. That tho collection of the Inter
nal Rc7onue Taxes, which accrued before
the establishment Of revenue Offices in.
the States recently in rebellion, be in
definitely postponed.
Second That all sales of property in
those States, under the Direct Tax Law,
be suspended until the States shall have
an opportunity of assuming Gas was done
| by the loyal States, tho payment Of the
tax assessed upon them.
Third. That all transactions in such
States, which may beinvalid by the non.
use of clamps, be lsgalized as tar as it is
| in the power of Congress to legalize
thcm.
Tho Secretary regards tic national
banking system as one of tho great COM
pensations ofsthc war, and gives some in
tercsting statistics about itD operations.
REPORT OF THE COMPTROLLER OF TIE CUE
RENCY.
Thereport of Hon. FrcemanH. Clarke,
comAtroller Of the Currency, gives a
clear |statement-of tho condition Of the
I3fnancks, ,andrcconlmends important chan
ges i4 our financial system. The Comp
trouSr urges q return to specie basis,
and suggests, as the most available meth
od of attaining it, the funding. and con
sequeP@ retirement of a portion of the in
actiyq circulation shown to be now held
in rcssrvc By a gold valuation of our
imports and exports, it is estimated that
balance has accrued against this coun-
try during tho four years previous to the
SOth of June last of s3OS, 100000. AS a
remedy for this, the Comptroller recon-
mends ali increase of the rate Of duties
/ just in proportion as the price of gold and
foreign exchange may recedo, to be fol-
lowed by the graduated reduction of such
increase, say ten per cent, at the expira-
ton of each six months, until brought
downsto the original rate. In the mean
time, by steady reduction Of the volume
of redeemable currency and consequent
reduction of prices, we would bo able once
more to place our manufactured and agri-
cultural productions on a footing that
would enable them to enter into success
full competition with those Of other na-
tions in the market Of the world.
AS the first step TO be taken towards q
reduction of The Government issues used
aa currency, the conversion Of alI the
interest-bearing legal tender notes into
! 4Eiye-twenty six per cent. bonds, is urged.
It is also suggested that the national cur
roncy Act ba SC amended as to ai!o~T an
increase of the limit to 100000 ,0oo, on
condition only that all The banks be re-
quired to redeem their notes in New
York, Boston or Philadelphia, and also