Des Arc weekly citizen., 1867-12-21


 sive, to SlIS,000.000; and from lool to 1887. inclusive, S32A000.00O; making the aggreate net exports since lSi9, STtl, ,000OO0. <f
 These figures show an excess of pro- duct over the net exports of S4|3 000.000 There arc in the Treasury $lll ,o00,e3o in coin, something more than Ssl00J0,000 in circulation on the Pacific coast, and few millions in National and other banks--in all about Sl60000,000. This, however, taking into account specie in the country prior to lSi3, leaves more than three hundred million dollars which have not been accounted for by exportation, and therefore, may yet remain in the country.
 The supply of ore from our rich and incxhaustibIc gold-bearing fields may be sufficient for purposes ofcirculaiion. II is reasonable to expect q return to sound currency so long as the Govern- ment, by continuing 10 issue irredeem- able notes, fills the channels of circu- lation with depreciate paper. Not withstanding the coinage by our hints since IS49 of SSTl,000000 people are new strangers to curlrney which Mi~ htNlGufu tOE tiltit U~t tttitA BNhfhN' and specimens Of the precious metals bearing the national device are set down except wben produced to gratity the interest excited by their novelty
 If appreciated paper is to coutlnued as the permanent. currency Of the country and all our coin is to become mere article of traffic and speculation to enhancement in
 e.sn s.. .,.. its,,i k ki, tf tha comfort of the people, it would be wise economy to abolish our hints, thus saving the nation the care and expense incident to such establish mcnts, and let all our precious metals be exported in bullion. The time has come, however, when the Government and the national banks should be re- quired to take mort efficient steps and make all necessary arrangements for a resumption of specie payments at the earliest practicable period.
 Specie payments having been once resumed bylhe eGovernmenta and canks. all notes or bills of paper issnea by either of less denomination than twenty dollars, should by law be exclu- ded from circulation, SO that the peo- pie may have-the benefit and COL yicnce of gold currency, which in al their 1 business tran saetions will be uniform
 in value at home and abroad, Every
 man Of property or industry; every
 man who desires to preserve wlat he i honestly possesses; to obtain what he can honestly earn, has direct interest 1 in maintaining safe circulating me- l dinm such medium as shall be real
 and substantial not liable to yibratc 1 with opinions, net subject to be blown
 up or blown down by the breath of l speculation. but to be made stable and l secure.
 1 These arc important facts and show i how completely inferior currency will supercede better, forcing it from circu- l lation among the masses, and causing ! it to be exported as q mere article oi i trade, to add to the money capital et 1 foreign lands. They show the necessity
 of retiring our paper money that n re-
 turn of gold and silver to the avenues l of trade may be invited and demand
 created which will cause the retention at home of at least so much of produc- i tion.
 ] A disortierd currency is one of the greatest political cvis. II undermnes virtues necessary for the support ofour social system, and encorages propensi- ties destructive ofits hapiness. It was against industry, frugality and econo- my, and it fosters the evil spirit of Iexuayigance and speculation. It has 1 been asserted by ono of cur profound and most gifted statesmen that of all l contrivances for cheating the labor 1 ing classes of mankind, none has been
 more efiectual than that which de- Mdes them with paper money. This is the most eflectnal of inventions to fertili7e the rich mans fields by the sweat of the poor mans brow.
 | Ordinary tyranny, oppression. exces- siye taXation-these bear lightly on
 the happiness ofthe masses of the com munity compared with a fraudulent ] currency, and robberies committed by ] depretiated paper. Our own history 1 is recorded for our instruction. Enough and moro than enough ot demorali2ing tendency, injustice and l intolerable oppression on the virtuous
 and we'll disposed of a degraded paper
 currency authorized by law or in any
 way countenanced by tho Government.
 It is one of the most successful de-
 vices in time of peace, or war, or revo- llutions, by expansions, to accomplish l tho transfer of the precious metals from the great mass of the people into the hands oftha few, where they are horded iu secret places, or deposited l in strong bovos under strong | under bolts and bars, while are left to 1 endure all the inconvenience, sacrifice and demorization resulting from the
 use of ofdcpreciated and worthless paper money.
 l The eoaditien of our finances and 1 the operations of our revenue system are set forth and fully explained in the l able and instructive report of the See retarv af the Treasury On the 30th
 of June. 1866, the public debt amounted to S2, 7S3. 4a5.o79 on the'31th of Juno last it was S2,6S2, lS9,2l5, showing a
 reduction during the fiscal year ol S9l .22G, ,6ei.
 r. During the fiscal year ending June 20th, 1887 the receipts were S49o,63t0l0
 snd expenditures S3i6.729,lse, leaving
 an available surplus Of Sli3,90bSa0. Ii is estimated that the receipts for the
 fiscal year euding June Both, 1868, will l be s4l7, 7,l6i ,92S, and that the expendi- ltures will reach the sum of S393 3.263, 226, leaving in the Treasury surplus l of S23SS2, ,602 for the fiscal year ending
 June, 1869. It estimated that the re- Iceipts will amouat 10 l,000,00Q, and that
 the expenditures be S372.0e0,000, 1 showing and excess of SS,909O00 in
 favor Of the Government.
 REVENUE SYSTEM.
 The attention Of Congress is esru- estly invited to the necessity of the thorough revision of our revenue sys- | tenn. Cur internal reyenne laws and :! import system should be so adjusted
 as 10 bear most heavily on articles of luxury, leaving necessities of life as free from taxation as may be consistent ] with the real wants Of the Government, economically administered. Taxation