The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1866-12-04

De created the interest and principal oi which conid
volvn necessity or cireUlati8e ned,Sn eoSNl I'M
eo,e eo,uv ,nlogsnouI the country aud safe for the
bbh" subject OF course, demanded and received
distinguished gentleman at tbat time tRs a9aneial
ra pl,5'ef o. ne me Soyefnment who C9nsed 10 be re-
bonds and TO provide Tor t3e creSiatob o
tlon thereof" which, alter having been carciiIv con-
slGered 9nd thoroughly discussed. became law
act, ISSUES by the Government had been authorized
,s ~ ,' ~ Stiouht 9i 1oVeInmeht notes had been
auihorizng their issue; or Ia the congratulations Of
nanent eircaton on & cdrtrar % 10 1S q per
in e law fr flair c,, IN it Ky i8e ~ 9p,9Vlstons
gumens Of the advocates OF their issue afford ample
rary, and justihable only by an emergency which t
Was supposed nothing ese could SO adequately meet.
permanent circulation and take the place of bank
ton would Rave had few any dSoSaes Nor VAS
the the National thanking system prepared by It's author
nor 70 divert capital from banking but rather to com
deposits With the Treasurer Of the United States thus
national currency which would save the Government
National Banking system was intended, while not Ia
peT erenieion Te W. e3 wsn ote Pa
to meet a temporary emergency, and to be retired
when the emergency had passed.
Ihe present secretary was not the advocate OF the
National Banking system and claims only the credit
OF having used his best Efforts Comptroller, TO put
u INTO successful operation, But he has no hesitation
IN Rrononnciin!g IL a vast mp5oyement upon the sys,
to our peculiar form Of Ciovernplent There are sub
stanual objections 70 al banks OF issue aud fnone
tonable if9ny should be lntroduced buthavlng taken
M T T t 9S1 ,o SHs' ' eG uslug, & ~ t.iey
likely TO be provided the secretary Is OF the opinion
That the paper circulation Of the country should be
but by he wSGTa%a OF the ned States Rete
Inc secretary IS not unmindm OF the saving OF IN,
its own currency, nor OF the favor with which this
currency s regarded by the people but all consdera
the dscredit which attaches to the Government by fall
influence Of this voluntary discredt upon the public
morals and the wide departure which acontnued issue
rom the teachings Of the Consultation tssG The
by lis organic law or necessary for its own pFese
walton, nor dshonor its own engagements when
moralzing the sentiment Of the people; and The fact
59e inc 1depe oontnnance Of the circulation
IS so generally advocated, indicates how far we
and ethics The views Of the Secretary on this point
were SO July expressed 10 his former report that II IS
not necessary TO reStae them II SUFFICIENT TO say
that his opinions are unchanged and that reflection
him Of Their corTectness Anxious as he Is TO tighten
the public burdens and reduce the public debt he does
nom circulation and that the furnishing OF what pa
Under ex xsIing laws and such anebd9e1ts Of t6ese
laws as experience may dictate for the better protec
rapidly They may be retired must depend upon the ef
eS Teh @ ny may hsYe upon o me- apa
progresses The reduction could probably be Increased
act Of April i2t6 1866 to SIX millions per month for
the present fiscal year and to ten millions month
the lnterestbearing notes into bonds or injurously
Affecting legitimate business No determinate scale of
reduction would however in the present condition of
our affairs, be advisable The policy Of contracting
niely and hangeaby established, and the process
ducing naneiai crss Or seriously embappsssPprSEs PrE
those branches Of Industry and trade upon which our
dependent. There great adaDtabillty
in the business OF the United States and it will easily
9S af
and safe one the Secretary is thoroughly conynced.
If II shall not be speedily adopted aud rigidly but ju-
diclousy enforced, severe financial troubles are In
Tie Secretary cordially approves what said by the
Acting Comptroller OF the Currency in his report in
the south with the bank note circulation which their
nion which he expresses of the beneficial results po
lltical financial and social to be effected by the or
but he cannot recommend an Increase OF the bank
those states may be supplied rather by reduction OF
crease of the volume of currency. -
The third remedy suggested revision Of the tariff
for the purpose of harmonzing 1t with internal taxes
aTsduction oftaxes upon raw material, &C., &C.
internal c aapo9ed July 49, 1856 proc
vides:"Tbat the Secretary Of the Treasury hereby
authorized to appoint an officer In his Department
who shall be styled Special Commssi9ner Of the Re.
six 1t shall be the duty of the Special Commissioner
tional revenue and Tie best method Of collecting the
revenue the relation Of foreign trade to domestic m
ton by customs and excise with the view Of insuring
convenience TO the progress industry end the deve
opment of the resources Of the country and to inquire
tary OF the Treasury, into the manner in which
officers charged with the administration and
collection of the revenues perform their duties. And
the said Special Commissioners of the Revenue shall,
Tensn 1e o ~ e speIt m t ae @ o & III 'e M
otherwise such modification of the rates of taxation
OF methods OF collecting the such
other facts pertaining to the trade, industry COM
merce or taxation Of the country. as he may find by
conducive to the public interest"
w e e pee G @ M Of R%Y the evenae e.
under The authority above recited, and he instruct
Work giving his che Se eboS R he ST WITH tSe
view OF aseertaning what notifications are required
Industry, and make labor more produotive,
ance of his duties the Commissioners for the
revision of the Internal Revenue laws. and the hear
h Ss as Is S @ WIZ Ps 5
IN manner erediable TO himself and satisfactory to
NM on the The 16 day q 1894 letter pm
fact that the revision OF the tariff is certain engage
the attention Of Congress at its next session.
ment should be prepared to furnish as much nforma-
ton pertinent 10 the subject as can be obtained and
necessary lnvesgatlons. You are therefore, hereby
10 he subject 6g n 9 ne reySn & Of he
approved by Congress will be substitute for all
administration Of this branch of the revenue system
more simple, economical and effective;
necessity Of providing for large certain ana perma
ar heq6 IN aGs & s ssG
VIII therefore endeavor, hrst, 70 secure for the Go
ties and secondly TO propose such notifications Of
lie tariff laws now in force will better adjust and
terna taxes upon home productions Iftbis last result
be obtained without detriment 70 the revenue, by
chnery Of home productions, rather than by ncreas-