The Portland daily press., 1867-12-04

VI ltdASs 70. ulNl To the
capital of foreign lands. They show the ne:
cessity of retiring our paper money, that ths
return of gold and silver to the avenues of
trade may be invited, and demand created
which will cause the retention at home of at
least so much of the productions of our rich
and inexhaustible gold bearing fields as may
be sufhclent for purposes OF circulation. 1t is
unreasonable to expect return to Il sound
currency SO long as the Government by con-
tlnuing to issue .irredeemablc notes fills the
channels of circulation with deprecated paper
Notwithstanding coinage by our mints since
lS49 OF eight hundred and seventy four mill
lions OF dollars, the people are now strangers
to the currency which was designed for their
use and benefit, and specimens OF the precious
metals bearing the national device are seldom
seen except when produ led to crafty the in-
tefest excited by tleir novelty. II deprecated
paper is to be continued as the permanent cur
reney of the country, and all our coin is to be-
come mere article of traffic and speculation
to the enhancement in price OF all that is in
uispenaable to the comfort OF the people, it
would be wise economy to abolish our mints
thus saving the nation the care and expense
incident TO such establishments and let ali our
precious metals he exported in bullion.
The time has come, however, when the Coy
ernment and national banks should be reouir-
ed to take the most efficient steps and make all
necessary arrangements for a resumption of
specie payments at the earliest practicable pc
Rod. Specie payment having been once re-
sunied by the Government and banks, all notes
OF bill of paper issued b!- either, of less de
nomination than twenty dollars should by law
be excluded from Circulation. so that flle people
may have the benefit and convenience of gold
and silver currency which in all their business
transactions viii besuniform in value at home
and abroad. Every man of property or INDUS
try, every man who desires to preserve what
he honestly possesses or to obtain what he can
honestly earn, has direct interest in maintain
ing safe circulating medium, such medium
as shall be real and substantial, not liable to
to vlbrate with opions, not subject to be blown
up or down by the breath of speculation, bat
be made stable and secure.
A disordered currency is one of the grea test
political evils 1t undermnes the virtues nee
essary for the support of the social system, and
encourages propensities destructive of its hap
plness 1t wars against industry, frugality and
economy, and it fosters the evil spirits of ex-
travagance and speculation. rIthas been assert
ed by one of our most profound and gifted
statesmen, that ''of all the contrivances for
cheating the laboring classes of mankind, none
has been more effectual than that which delules
them with paper money. This is the-most
fields by the sweat of the poor mans brow
Ordinary tyranny, oppression, excessive taxa
tion-these bear lightly on the happiness of the
mass OF the community compared with fraud
ulent currency and the robberies committed by
deprecated paper. Our own history has re-
corded for our instruction enough and more
than enough of the demora lizng tendency the
injustice and the intolerable oppression on the
virtuous and wei disposed of a,degraded paper
currency, authorized by law, in any way
countenaneed by Government" 1t is one of the
most sueeessfuldevices in times of peace or war,
expansions or revulsions, to accomplish the
transfer of all the precious metals from the great
mass of the people into the hands of the few
where they are boarded in secret places or de-
posted in strong boxes, under bolts and bars
while the people are left to endure all the in
convenience, sacrifice, and decentralization re-
sulting from the use of deprecated and worth
less paper money. !H Vtyul3.f0ai.Ef
The condition of our finances and the opera
tons OF our revenue system are set forth and
fully explained in the able and instructive re-
port OF the Secretary OF the Treasury. On the
Both of June, 1866, the public debt amounted
to 50, 1873, 425, $40. On the Both of June last.
it was $2,692, 1925, showing a reduction
during the fiscal year of SOL, 226,6 64. During
the fiscal year ending June &c. 1867, the re-
ceipts were $500, 634 ,0l0, and the expenditures
$346,729. 129, leaving an available surplus of
$l43, 904,SS0. 1t is estimated that the receipts
for the fiscal year ending June 80, 1868, will
be $4l7, l6l, 1928, and that the expenditures
will reach the sum of 1895, 269,226, leaving in
the treasury surplus of $23,S92, 7O2., For
the fiscal year ending June 20. 1869, it is esti-
mated that the receipts will amount to $751;
DOC. 900, and the expenditures will be $372,-
0O0,0oO showing an excess of $4,000, 900 in IA
kn N
The attention of Congress is earnestly in
vited to the necessity of a thorough revision of
our revenue system. Our internal revenue laws
and import systems should be SO adjusted as
to bear most heavily on articles of luxury, leav-
ing the necessares of life as free from taxation
as may be consistent with the real wants of the
Government economically administered. Tax
alton would not then fall unduly on the man
OF moderate means, and while none would be
entirely exempt from assessment, all i'm proper
ton to their pecuniary abilities would contrib
ute towards the support of the States. A mod
ifcation of the internal revenue system by
large reduction in the number of articles now
subject to tax would be followed by results
equally advantageous to the citizens and the
Government 1t would render the execution
OF the law less expensive and more certain-re-
move obstacles to industry, lessen the tempta-
tons to evade the law, diminish the violations
and fraud perpetrated upon its provisions,
make its operations less nquisitorial, and great
ly reduce in number the army of tax gatherers
created by the system (which takes from the
mouth of honest labor the bread it has earned
WAR DEPARTMENT
Retrenchment, reform. and economy should
be carried into every branch of the public SER
vice, that the expenditures of the Government
may be reduced and the people relieved from
ODDfpsslyn a A eho,,I
be restored and the public faith in regard to
the national debt sacredly observed. The ac-
complishment of these important results togeth-
er with the restoration of Union of the States
upon the principles of the Constitution would
inspire confidence at home and abroad in the
stability OF our institutions and bring to the
nation prosperity, peace and good will The
report of the Secretary of War ad interim ex-
hibits the operations of the army and several
Bureaus'of the War Department. The aggre-
gate strength of our military force on the Both
of September last was 56,3l5. The total esti-
mates for military appropriation is $I7, l24 ,707
including deficiency in last years appropri-
ation OF $l3, 100000 The payments at the
treasury on account of the services of the
War department, from January to October
20, 1867, period of ten months amounted to
$l09,S07 900. .......-
INDIAN DIFFICULTIES.
The expenses of the military establishment,
as well as the number of the army are now
three times as great as they have been in time
OF peace while the discretionary power is vest
ed in the Executive to add millions to this ex-
penditure by an increase of the army to the
maximum strength allowed by the law. The
comprehensive report of the Secretary of the
Interior furnishes interesting information in
reference to the important branches of the pub
lie service connected,wifh his department. The
menacing attitude of some of the warike bands
OF Indians inhabiting the district of country
between the Arkansas and Platte Rivers, and
portions 'of Daeotah Territory, required the
presence OF large military force in that region.
lnstigated by real imaginary grievances, the In
dams occasionally committed acts OF barbarol,s
violence upon emgrants and our frontier set
Elements, but general Indian war has been
providentially averted The Commissioners,
under the act of goth ofJuly, 1867, were invest
cd with full power TO adjust existing difficult
ties, negotiate treaties with the, disaffeeted
bands, and select for them reservations remote
from the travelled routes, between the Missis-
sippi and the Pacific. They entered without
delay upon the execution of their trust, but
have not yet made any official report of their
proceedings. 1t is of vital Importance that our
distant Territories should be exempt from In |
dian outbreaks, and that the construction of
the Pacific Railroad, an object of national i'm
portance, should not be interrupted by hostile
tribes. .tH
These objects, as well as the material inter-
ests and the moral and intellectual improve
ment of the Indians can be most effeciually
secured by concentrating them upon portions
of country set anart for their eyclusiya usa and