Clearfield Republican. [volume] (Clearfield, Pa.) 1851-1937, 1867-12-12

, Notwithstanding n coinage by oul
, mlnts, since 1919, Of eight hundred
; and seveuty.iour millions Of dollars
the people are now strangers to th,
currency which was designed for theii
use and benefit, and specimens of tho
precious metals bearing the national
device are seldom seen, except when
produced TO crafty the interest excl
ted by their novelty Ii deprecated
paper is to be continued rs the per.
manent currency Of the country, and
all our coin is to become q mere article
OF traffic and speculation, to the en-.
hancement in price OF all that is indis.
pensable TO the comfort Of the peo.
pie, It would be wise economy TO abol-
ish our mints, thus saving the nation
the care and expense incident to such
establishments, and let our precious
metals be exported in bullion. The
time has come, however, when the
Government and National Banks
should be required to take the most
efficient steps and make all necessary
arrangements for resumption of spe-
Gle payments at the earliest praetica
Bile period. Specie payments having
been once resumed by the Government
and banks, all notes or bills of paper
issued by either ofa less denomination
than twenty dollars should by law be
excluded from circulation, so that the
people may have the benefit and con
venience of gold and silver currency
which in all their business transactions
will be uniform in value at home and
abroad.
"Every man ofproperty or industry,
ever man who desires TO preserve
what he honestly possesses, or to OBJ
tain what he can honestly earn, has a
direct interest in maintaining a safe
circulating medum-such medium
as shall be real and substantial, not
liable TO vibrate with opinions. not
subject to be blown up or down bv the
breath of speculation, but to be staple
and secure. A disordered currency is
one of the greatest political evils. 1t
undermines the virtues necessary for
the support Of the social system, and
encourages propensities destructive of
its happiness; it wars against industry,
frugality and, economy, and fosters
the evil spirits Of extravaganza and
speculation" 1t has been asserted by
one Of our profound and most gifted
statesmen, that "ofall the contrivances
for cheating the laboring classes of
mankind, none has been more effectual
than that which deludes them with
paper money. This is the most efIec-
tual Of inventions to fcrtilize the rich
mans fields by the sweat of the poor
mans brow Ordinary tyranny, op-
preston, excessive taxation-these
bear lightly on the happiness of the
mass 1.-THE community compared with
o fraudulent currency, and the robber.
les committed by deprecated paper.
Our own history has recorded for our
instruction enough, and moro than
enough of the demoralizing tendency,
the injustice and the intolerablc op-
preston on the virtuous and well in.
disposed ofa degraded paper currency,
authorized by law or in any way
countenanced by Government 1t is
one of the most successful devices, 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 deposited
in strong boxes under bolts and bars,
while the people are left to endure all
the Inconvenience, sacrifice, and de-
moralization resulting from the use of
a deprecated and worthless paper
money.
The condition of our finances and
the operations of our revenue system
are set forth and fully explained in
the able and instructive report of the
Secretary of the Treasury. On the
30th of June, 1866, the public debt
amounted to s2,7s3, ,425, $40; on the
30th of June last it was 81, ,692, ,199, ,215,
showing a reduction during the fiscal
year of s9l ,226,664. During the fiscal
year ending June 30, 1867, the receipts
were $500, ,634, ,010, and the expendi-
lures S346,T29, 129, leaving an avaia-
BILE surplus of s143,9 3,9O4,sSO. ltis esti-
mated that the receipts for the fiscal
year ending June 80, 1868, will be
S417 ,l6l ,92S, and that the expendi-
lures will reach the sum of 1898, ,269,-
226. leaving in the Treasury q surplus
of s23,S92 ,702. For the fiscal year
ending June 80, 1869, it is estimated
that the receipts will amount TO 1881, =
600 900, and that the expenditures
will be S372, 900, 900, showingan excess
OF s9,000,000 in favor Of the Govern
ment.
Tho attention of Congress is earn
estly invited TO the necessity of a
thorough revision of our revenue sys-
tenn. Our internal revenue laws and
impost system should be so adjusted
as TO bear most heavily on articles of
luxury, leaving the necessaries of life
as free from taxation as may be con-
sstent with the real wants Of the
Government, economically admins
tered. Taxation would not then fall
unduly on the man of moderate means;
and while mono would be entirely
exempt from assessment, all, in pro
portion to their pecuniary abilities,
would contribute towards the support
of the State. A modification of the
internal revenue system, by large
reduction in the number of articles
now subject to tax, would be followed
| bv results equally advantageous TO the