Nashville union and dispatch. [volume] (Nashville, Tenn.) 1866-1868, 1867-11-30
THE FINANCES.
Views of Hon. Robert j. walker, ex-
Secretary Of the Treasury.


Secretary Of the Treasury.
The National IntelHgencer Of the Goth
publishes the following as the main points
of an elaborate letter written by the
Hon. Robt J. Walker, Secretary of the
Treasury under Mr. Polk, in response to
a request numerously signed by many
parties entertaining great confidence in
his financial sagacity. The eminent rep
utation of Mr.. Walker as a statesman
who has given much study to this branch
of political economy, entities his opinions
to fair consideration. Without indorsing
this scheme in its entirety, and indeed
seriously questioning without further ex-
animation, the main features of the pol
icy, yet, in justice to the great Importance
of the subject, and the high authority OF
its propounder, we give them to the pub,
lie for what they may be held worth .aa
"lst. An immediate resumption Of
specie payments, to be effected by foreign
loan, as proposed by him in December,
1864. This loan, on the resumption OF
specie payments, he believes, can be effec.
ted at par in gold for six per cent This
would result in making all our greenbacks
at once equal to gold, as also our national
bank currency and all deposits in national
banks, and put our whole bonded debt OF
two billions of dollars at par in gold
This. he thinks, would add at once one
billion of dollars, at least, to the active
wealth of the country, as represented by
currency and negotiable credit, and pre-
vent collapse He is opposed alike to
paper expansion and contraction, both
necessarily tending, in his Judgment, to
reputation.
ed. An immediate restoration of the
Union and the reduction of our expendi-
lures to peace basis. And this expendi-
ture thus reduced, including the payment
of interest on the public debt, and a very
small and gradual reduction of the princic
pal he thinks ought not to exceed two
hundred and twenty million of dollars a
year in gold. The payment of the govern.
ment expenditures in gold instead Of paper
would be equivalent at once to 80 per cent
reduction of those expenditures, thus imme.
diately causing the resumption of specie
payments, and reducing the expenditures
to a sum not exceeding two hundred and
twenty millions of dollars year az above
stated. He thinks that the tariff foI
revenue would bring at least two hundred
millions of dollars year, increasing
every year with our augmented wealth and
population.
Sd. The immediate abolition of our
whole internal system of taxation, in
Guiding the income tax, the tax on sales
the 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, OF
surrendering them 10 fraud and villainy,
he believes that at least one hundred and
twenty millions of dollars year can be
realized. But this would make revenue
of three hundred and twenty millions OF
dollars in gold per annum. This leaves a
very large margin, and, he thinks, far more
than is required. Should it yield, as he
believes it will, much more than il wanted
he would still reduce the taxation by taking
off the duties on sugar, tea and coffee
Should there still be large surplus, he is
in favor of still further reducing or repeal.
ing all duties on the necessaries of life moi
produced in this country. Should there
still remain surplns, he favors deyoting
it to great national works of internal i'm
provemeut. Governor Walker thinks, az
he has always thought, that the raw mate
rial of domestic manufactures should be
duty free and exempt from excise or tara,
ton.
"4th. The national banking system
should be sustained and improved upon
repeating the monopoly clause, and leav-
ing all perfectly free to establish banks, in
compliance with the laws of Congress, thu,
giving all sections of the country as large
an amount of substantial currency as their
interests require"