American citizen. [volume] (Butler, Butler County, Pa.) 1863-1872, 1867-12-04
THE NATIONAL FINANCE.
Important Letter from Hen. k'
j. Walker.

The Hon. Robert j. Walker, former
Secretary of the Treasury, is preparing,
at the request of his friends, an elaborate
letter upon the national finances. 1t will
be remembered that Mr. Walker alyoca-
ted Secretary Chase's national banking
and financial system in 1868, and after
that became a law he went to Europe, by
request of Mr.. Chase, as the financial
agent of the Government, and caused our
loans to be taken, mainly in Germany, to
the extent of several hundred millions VI
dollars 1t Is believed that he will in
few days publish this letter, which we
learn Is to embrace the following points
|. The immediate resumption OF specie
payment to be effected by a foreign loan
as proposed by him in december, 1864.
This, he believes, can be obtained at par
in gold at six per cent. This would
make all our greOnbacks equal to gold, as
also our national bank currency, and all
deposits in the national banks, and put
cur whole bonded debt of 81, 900 000, 900
at par in gold This, he thinks, would
add at once at least 81 600 100000 to the
active wealth Of the country as represen.
ted by currency and negotiable credit,
and prevent a collapse. Gov. Walker is
opposed alike to paper expansion and con-
traction, as both necessarily leadIDS IN
his judgment to Reputation.
2 An immediate restoration OF the
Union and the reduction Of our eXpendl.
lures to peace basis. These expendi>
lures thus reduced, including the pay
meut Of interest on the public debt, and
q very small and gradual reduction Of
the principal he thinks ought not to exS
ceed S220,000,000 year in gold. The
payment of the Government expenditures
in gold instead Of paper would be equiv.
alent at once to 80 per cent. reduction Of
these expenses. Thus, Immediately re-
suming Ppecie payments and reducing the
expenditures to a sum not exceeding
$500, 100000 year, he thinks that a tar
iff or revenue would bring at least $780,
100000 year, increasing every year
with our augmented wealth and popula~
tion.
3. The Immediate abolition of our
whole internal system of taxation, in
cluding the income tax, the tax on sales,
stamp tax, and all other internal taxes,
except the excise on wines, fermented and
spirituous liquors, and tobacco. Without
reducing the taxes on these articles, or
surrendering their proceeds to fraud and
rascality, he believes that at least Sl20,-
100000 year could be realized This
would make the total revenue $320,000,-
600 million in gold per annum, which
would leave very large margin, far
more than he thinks is srequircd. Should
it yield much more than is wanted, he
would still further reduce the taxation by
taking off duties on sugar, tea, and cof-
fee. Should there still be a surplus he
is in favor of still further reducing or re.
pealing all duties on the necessarics Of
life not produced in this country. Should
there still remain a surplus he favors de>
voting it to great national works Of in>
tornal improvement, He thinks, as he
always has, that the raw material of do.
mestic manufactures shonli be duty free,
and exempt from excise or taxation
4. The national banking system should
be sustained and improved upon, repeal>
ing the monopoly clause and leaving all
perfectly free to establish banks who will
comply with the laws of Congress, thus
giving all sections Of the country as large
an amount Of substantial circulating me>
dunn as their interests require.