Western Reserve chronicle. [volume] (Warren, Ohio) 1855-1921, 1867-12-04

/ mirhtbe preserved. 1t shoildat hs 81
4 time observe good faith with th1 ere3
masses OF the people, who, having Iscn
the Union from the perlS of The rebeia
| now bearthe bufdens Of UEaiou fha
government may be able 70 f4fl ia Oh
cations. There l. no reason Etich VI
accepted as satisfactory bythe peopIe w
/ those who defend Us on klnd I'd nrotec
US on sea, the'peRsioIeTs upon thegraf e.
i az tie nation, bearing scars anG wound
received while inits service the pUblcsef
wants n the various departments ofse 20
eTmsRt.the farmers WHO supplied ues0l
diers Of the army and solOrs % the naVy
The aTtizans who toil-in ~thenaa0n's work
shops, and the mechanics and hborer
who build IFS edifices and construct IT.
forts and vessels Of war, should, N paw
mert Of their hard earned dues, receive
1 Deprecated paper, while another clas-
/ their eoBntFymen-nO more deserving. arr
] raid IN coined gold Ind silver. Eaus
and exact Justice requires ttataH credffor<
of the Government should be paid IN -
currency Possessing auniio2n value. 4
can Only be accomplished b. the r&taf
Ton oFth currency to the standame
Hshed BY the Constitutes, and 'by
means We would remove q discriminaH
Which may lift has NOT a~lreadydoue saci
ate prejudice that may become deeDroo
edand widespread, andimperil tbenafo1
credit. The feasibility Of making orr en-
TeIey correspond with TIE CoastitatiOnE
standard may be seen by reference to-a Il
facts SERVED from eur Commercial statistiG
I production OF the precious mefnis NJ
United States from 1873 to 1851 tnclrsif
amounted to S579,0O0, 90, from i98to79W
inclusive, TO S137, 800, 900, and fran -
1907, inclusive, to &aSlJI m
grand aggregate Of The pFodncs slne4
o1Sl,It4OW,G0 The amount Of
coined from 1919 10 1851, iselasfVeF
S459,OO000O; from 1858 TO 1S8A iuc7l
Sl2o.O00,O00s andfr0m 1851 10 1S67inAdA
$4,000 Geo. making a total sinceISHOfAA
COO. eco. From 1919 to15T, Inclusive. theN
exports of specie amounted 70 ~SS7Loo0O1S3
1888 70 1850 inclusive, to Sl48e0600-ar :
from 1851 TO 1861, inclusive, S32, 01Ocf
makinga total aggregate OF net xuortsrnlV
1919 OF S41, 100000 Fhese 1gures shcr
| excess OfprOduet over net expOFtsof 80
600. 900. There are IN the fresssrY
/ 600, coo IN coin. something more 4
100000 in circulation on the Pacific eoVs
and a few millions IN the NaiiOnal and other
banks, in all shout $50 900 900. This how
ever, taking INTO account the specie Htf1e
country prior to 1919, leaves more thar
S3oO,O00,oOO which have nOtbeen accounted
tor by expectation. and therefore may yet re-
main The country. These areimportantf tctsl
to show bowc completely inferior currencE /.
/ viii supercede the better. forcinp il iron
| circulation among the masses. ana cansinf
il TO be exported as mere article oftrad&
to add to money capital in. foreign land
They show t~henccsssity Of retiring our pt
pCr money, that tAereturn Ofgold and siiTd
TO the avenues of trade may be invited, an
| a demand created which will cauSea reteu
ton at home of asleast so much Of the Pc y
auctions of our rich and ineXhaustible gol5 .
| barring field as may be sufficient tor the pTi
pose OF circulation It ID unreasonable to
| peet a sound currency sO-long as the &c
eminent, BY continuing to issue irredeemaA
notes, nils the channels Of circulate
with deprecated paper. NctEithstandH
the coinage by our mint since 1s4gE
SS74, 0C0,OCO, the people are nov ~strangers
70 a currency which was designed for tnef
use and benefit, and specimens Of The pre-
eious metals bearing national deYices are
seldom seen, except when produced to grut-
ify the interest excited By their novelty. Il
deprecated paper is to De continued "a The
permanent currency OF theseountry, nd al
our coin is to become amere article oftraffe.
ard speculation, 10 the enhancement n
price of all that is Indispensable 10 the con-
fort Of the people, it would be wise eo0DOmF-
to abolish our minis, thus saving the ns-
ton the care and expense incident to such
establishments, and let all our precious met.
ais be exported in bullion. The time has
Gene, however, when the government :
Il UnQ UlDk6 blOulU Ut .EHufH0 TO
take the most efficient steps aud make al
necessary arrangements foS4 resumption OF
| specie payment at the earliest practicable
period. Specie payment having once been
resumed by the GOverrmenta and banks. all
notes or bills OF paper issued 81 either Of
less Denomination thaR tteRsy dollars.
| @ by law be excluded from circulation.
so that the people may have The benefit sud I
| convenience ola gold and silver currency
which, In all their NEUTRALITY-SUSPICIOUS. wiz
Re uniform in value ct home and abF5adI
Every man who desires to preserve Wh&
he honestly possesses, or = obtain v3
he can hon estly earn, has asdirect inter I
In mafntaiEemg a safe drcahtiag msdit
such a medfRm as shal , real and
| ~stantial, NOT 1n&Eit~opinT
| not subject tG-Dro<Uwn
by q breath of speculation, bat to be ma
stable and secure. A disordered currency
one of the greatest political evils. IL undeK
mines the virtues necessary for the supports
OF TIE social system and encourages its avid l
propepsities and Is destructive of its happi-
ness. 1t wars against indnstrEifrugalify and
economy and il fosters the evil spirit ofex-
travaganee and speculation. Il hAs been a.
serted BY one of our profound and most
] gifted statesmen that Of all eontTiEaaces for
cheating the laboriDg classes OF mankind,
that which deludes them with
pager money. This Is the most
efectual of inventions to- ferdlze lie
rich mans fields by the swear OF the pcon
msU's brow Ordinary tyranny, Impression
and excessive taxation bear HKhay on the
happiness OF the mass Of tte community
compared with a fraudulenk caTrency aadf0f
rObberies committed by depfedaRd paper in :
our own history there Is recorded for our
instruction enough, and more nan enough
OF the demOralizing tende6ey, injustice md
intolerable oppression on the Fitusus sndEeHa
-
thOriZed by law or in any Wdyeountsna1cee
by the Government. It is one Of the most
successful devices in times Of peace or war,
expansions or revolutions, to aecOmplish the
transfer Of precious metals from the great :
mass OF the people into the hands OF the
few, where they are boarded i sec places
er deposited in strong boxes uudeT bolts
and bars, while the people are ieftto endure [
all the Inconvenience. saefiaee and demorsI- Z
ization resulting from the use Of appreciated
and worthless paper money.
The condiuon of our finances and oDera,I
tions Of our revenue system ase set fOrti
aud fully explaiuedin the able1nd INSTRUCT
i've report of the Secretary Of She treasury 7
On the 30th of June 1866, tho public debt
amounted to 50, BS,425,S79; o4the 30th q
June last it was $2,692 1913, 215, Showing ard
duction during the fiscal yearcf S9l266684
During the fiscal year ending June 90 1861
the receipts were $3.50, 634 ,01Q and ne ei
penditures $40, 729, 129, leayh an arails5t
surplus CT s143,904SS0 1stimatedt "a
the receipts for the fsiE5HRding Sul
so, 1868, WILDE S417, 16I- t6aF1A9
penditures viii reach S3938D226 leaEi4
in the Treasury a surplus Of a8iS9214 "a
the fiscal year ending june 80, B69its e
timated that the receipts Viii amount
1881. 100000. and that the expenditures vii
be S32.000,OOO, showing Ep excess OF 81.
O00,O 0 in favor of the Government.
The attention OF Congress is invited 70 the
necessity for thorough revision Of ourre7
enue system. Our Internal Revenue lsEer
and Imp0st system sheUd be 80 ADJUSTED as
to bear most heavily d he articles ofluxu-
~. leaving the neeessaHiesr Of lie as Tree
from taxation as may be coRsi5tent with the
real wants Of government ecoD0mically ad-
ministered. Taxation would not then TALL
undul7 on the man Of modefate means, and
while none would reGF rexempt from as
sessment ali IN proD07Nh 70 their peeunia~
abilities, would d .6te toward the sup =
port Of the STATE a modification Of H.
internal Revenue sFstemSya large RdE
in the Eumber 81 articles now subject 49,
would be followed BY results equally Mvan&
tageeus to Citizen and G~Overnmen4 It
would render the execution Of the laws
less expensive and more certain re-
move distractions to industry; lessen
the Temptation TO evade the Law,
diminish the violations and frauds perpetr1t-
ed rpOn its provisions; make its operations
less inquisitorial, and greatly reduce In nRm-
bers the army Of tax gatnerers. who take
from the mouth OF honest labor the bread it
has earned. Retrenchment reform and
$500 uhou1d Ia aarrfaH into avnrv hramoh 81