The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1867-12-11

suits. Hs,reters especially to the demo-
rslizing Influences Of unconvertlble Co
vernment currency. to which no one can
be blind. "a s#st n ptHI Wffs~~~-
The reportgoes,nto an argumentto shov
that the contraction should be applied TO
tue legal tenders, rather than to the na-
tieR u bank notes. 1t does not apprase the
proposition OF substituting the legal tep-D
ders for national bank notes, and recon
msnds that the policy of contraction be
continued. I.s8 "a
In connection with the permanent re-
sumption OF specie payments, the report
treats the subject Of the preservation ofthe
national faith. wise and stable. revenue, laws.
vigorously enforced. economy in the public
expenditures, ''and recognition Of the
obligation of the Government TO paw its
bonds 10 accordance with the understand.
ing under which they were issued !"
Commerce and industry cannot thrive,
nor can national faith be kept without
resumption OF specie pay yments. He says.
An lrredeemable currency is fnan.
cial disease which retards growth ins,ead of
encouraging il; which stimulates specuIa-
tion, but diminishes labor A healtilvs
4 growth IS 10 he secured by the removal of
the disease. and not BY posrponiag the pro.
per treatment Of IL in the expectation that
the vigorous constitution OF the patient will
eventually overcome H."
The excessive duties levied upon some
foreign imports are shown to be very pre-
judicial TO our foreign commerce. na.iga.
| lfin d.h, d.
commended Of such dates.
/ As 10 the internal revenue, he recon-
mends the system Of reduction proposed by
Mr.. ID. A. Wells.
The Secretary makes a statement to
show that il was the design aud understand
ing Of Congress that the five twenties be
paid in gold. both interest and principal.
Upon the popular question Of taxing The
United States securities, the Secretary
sympathizes with the view thai they ought
to pay share # the public burden. He
proposes plan for this purpose. as fol-
lows:
" After giving the subject careful consi.
derat,on, the Secretary can suggest no bet
ter way !" doing Il than by an issue Of
bonds TO be known as the consolidated debt
OF the United STATES. bearing six per cent.
interest, and having twenty wears to run,
into which all other obligations Of the Gu
vernment shall as rapdly as possible b
con,erted-ene sixth part Of lhe interest at
each semi annual payment to be reserved
b, the Government and paid over TO the
States. according 10 their population. By
this means all the bonds, wherever held,
would be taxed alike, and general distri-
button of them be secured. Such taxes,
including The le,ies for the county and mu-
nIcipal purposes. now, as general thing,
exceed one per cent, hut when the debts
incurred for the payment Of bounties are
paid, (and in most ol the States they are
slrrady in the process Of rapid extinction. }
aud economy il again practiced in the sd.
ministration ot State affairs. this indirect
assessment will be quite likely to equal the
tax assessed upon other property. II The
Jebt 10 b. funded shall amount to 81. .0O0..
! 900. 600, the amount to be reserved and
paid tu the State annually would be s20.-
. 000,0o0, which would give to each Of the
States. 10 gold. the sums named in the re-.
port"
. .@.-~-~s~-~1.<---
Among recent "sfrikes il strike of
.