New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1867-12-02

sGi depreciation would be on present values. Our ma
tnI bsk notes and lepsi-tenders amount 10 $780,
0l now worth about S5OOOOOO0O in gold TO those who
hold them. The gold value OF this money M ~ ctuS
Sn the dollar ON cold would be only S4O0oOOO, thus
6unihating az "a blow values 20 the extent Of S'GOol
Ho This reduction OF values IS m the WO"eg the ONg
slurr hIndTeds Of thousands 10 want and bankruptcy
81 would cOnvulse and demOraze the WnOt country nm
base But, auuihation OF values would not De CON
med 20 the moteg OF The people, Q WIuI en- o5
n gold But by the depreciation process theSe
o. their substitute i'm currency Wcud Ho eACc' 10 m
ON thr dollar I'm GOLD or SiOOCOOOOO Here rs los "a
Sl.0OWNOO. which, added 90 the loss ON CURRENT ~ s
equivalent RecOllec that tIe N"ue, and gcJofioblc
constitute the oci're capital the Ho'ey, @u liz fear
gu and tho burning lava of nations WIalh "OU'" i'i
over the authors Of the dread catastrophe
Then follows q manly paragraph Oh NatIohal hono''
which ought TO De thoroughly studicd D INC l'40'Oi'
school of tliuly disguised repudiators;
Unt what Of The National honor What Of our proud
position among the nations OF the earthf Ana what oI
Tie cause 81 sc,fgO1erument, wien We ls bilEli GA
in,r and trusted guardian, should have covered the
great cause with the mantle or Disgrace ana SHamt!
i Of truth Indeed no mortal vision can penetrate those
usmal caycrns, the ahodes of want aud misery wherc
Noud wander I'm agony and despair the WreChed victims
90 nations broken faith and furnished honor Rench
Der this would be reputation, not OF our BONDS ohy
banks and OF the deposits in then and in the savings
bk, al redeemabe an green0acks ana the gresnGaeA5
themselves. The workingmau woman who had stored
ci0trics wond find their money so deprecated tnat
t, Wees of labor Fxperience and philosophy prove
Th,t WAGES are the last 10 rise with deprecated cur
lcncy b,cause the children Of toll wait hut must
Wor, at lower in reality, until the great law OF
saippIy ana demand gradually, hut slowly, restores
tht Go,IHIrirm Indeed. in a vast number OF eases
where there are contracts Tor work ny Ihe lHu.I,
could be lGnidated IN an almost worthless paper.
The rcpudiator and inhatlonlst Nond pay MAJOR IN
greatly deprecated currency Inc Stt
lons and ruinuus delay, would pay INN eNthtuHiy lh
o ae d FS%p IN sod w0Tp Ree IS any p
ilt is vital 10 IS his that the trdgeS Of labor SoUd De-
prays payobe ia 0oid or is real e7utruen And now
Al ye g,irae the reign Of "A deprecated paper cu.
I.ucy how many Of the toiling millions OF Europe VIII
Iorrgh capital win come Nay, let rs rather ash now
u.lch and who will remain to encounter Tie leariu risks
audlosses flowing from broken faith and WorthrSs cur
T.ucv , All confidence would vanish; there would uca
vast exodus Of wealth ana aooL genera lhp'>'''>'
mont. and great decline OF all values.
Mr. Walker shows that london and New-Y0rl aye the
commercial centers Of the world, the English capital now
lcnc the Only rival Of NewYork lie then comes 10 the
1acrof our national revenues and expenses AID says
Accommodating the resumption OF specie payments. 8nG
essential as part OF the system designed 10 restore the
prosperity the country, must BE an immense ana i'm
iuedstc reduction of taxation. To accomplish THIS, we
must reduce expenditures restore the UHoG' ana dis
lu-- only the sums reqUT red IN peJce CG cnlIult~
exclusive Of the interest to public debt Tor Gc yea
frrccdug the war, were joSfS474 OF which The pen
fmTt, iOy the War aud Macy Departments were Ss-2-
GI leaving oher expenditures 81 925555. Now. SIP
3ug these To incrtast 30 per cent (Which should not &
s. would make them $4s,rrv,ao0 Now, we double in
ime Of peace our war and navy expenditure Whch is
Zoo great an increase, tils WOMB make HISul s'DI5J
This would make our whole annual expenditures eNclu
slye az me interest on inc public debt Sleio0Vp 10
eutct THIS reduction We must resume spcclc pa. ue
fOr W paying IN gold the Government s0UcS al once Hcy
S,Dtf ont Of rs expenditures.
ve cohd cleat re6u, iol should be in the mode Of
fXtncuishing the principal o. the national oSDt Lest
I3ymenos as have attempted 10 snow sBO~i Gy t
Stcd M proportion 10 Oul n.Sr'. 80 hv Iitc
tl0OOOOO per annun increasing la pay IA, - Nv Il IAo
every year, aud terminating in 1900 with payment
~ S2W0O00 BY thus gIaduaIng tAc payments lh Pto
portion means, should Int an Immense burden
AGothcT ITEM growing ont Of the repeal Of taxes and
cNcisc, an2un1g 70 he,f.y sscD y, "a, Hy i D
aud the expenses incident thereto. IN thus gay, al ~
avoiding all unnecessary expenses We cfh ltlHlc "t 'A
~ " rcasnTy Tor tls year aid can Therefore only
give the expenditures for the year ending the ls OF July
1866 These, as given b. the Secretary were oi6j5
Tbs is exclusive OF payments on account OF psCpa ard
interest on the public debt Now these last payments
SllOOOOOOO year This would MAKE our whole
expenditures a maximum, s2l4Oooooo. This would be
q reduction Of $436g3I99 and compared with the eKpe
ditures Of the fiscal year ending the is Of Jry 1870 avg
Sic people.
This revenue Of s2H,ooOooo year as a maximum.
would derive from three alone
By an excise on vines malt and sprituous liquors,
ana tobacco; abOlshing all other internal taxation.
= ~ lax on our national banks based upon Just ana
fir equiv alelts remclntc Ing now essential lA ai, t
them into liquidation by unfair md unc4uN TAXATION
aud thus revive the wTetched State bank system.
Mr. walker then repeats at lsngth his weknown
views on tie Tariff Question, holding that tam ioi
revenue solely is the doctrine. lie denocnce' tue
tariff 1872 and praises that OF 1876 which Win iho1
acstios.SOuld produce highly beneficial results lie
adds -
First: The raw material OF manufactures should he
duty free as is the practice Of ali enlightened uoRa
after close investigation Of this subject and after
aminuc the tariffs and the manufacturing establishments
That 70 admin the raw materials OF manufactures IA an
eases, duty free, would greatly increase our Weate. S
uent our exports, imports ana revenue ara dnih,h
the burdens Of taxation Let US remember that iu tax
ing the duty OF the material the eonsmptrs nc
people Of the United states get the manufactured article
al lower rate This then, another step in ting redr
np the ana 10 per cent schedules and having admitted
duty free. all the articles specified IN LsQ, cQ9stuug
the raw material OF manufactures. should Abolish
those two schedules aud put the remang articles INTO
The 10 per cent schedule, thus simplifying and improving
The system and increasing the revenue.
3D. An the textile fabrics and all mixtures q them
ygheil,1 ~ WOOL cotton flax hemp SIN &C. should DE
laced In he 90 ner cent schedule This won't wonder.
fuly smr2y the system, prevent 1iauds anu nfeely IN
crease tho Svenue. whilst. a. as incidental 40 20 nIiu-
features. tariffs can help theu at all II would be
al All wines all malt and spirituous liquors together
with tobacco and its manufacture should Dcai dut
equal with an additional dnty OF 70 pen cent
4ti The duties on all other foreign uxures consumed
would i'm every case bring the largest amount ot vcAue
stu The duty iron and all its manufactures shoud
would Ouly place them on an equality With manui1cturcs
of textile fabrics, when the Law material 81 ilanil.
will bring more revenue than any other, ana We low
want an we can get nom the tariff
veloped by experience, and with the prcyehuo " sog
cling growing ont OF reduced duties, u can DS dcinuh
straIed that such a tariff would produce an annual
revenue of al least S2O0O0OO year, increasing aj least
per cent every year. being compound IatV III me
augmentation Of our wealth and population
But to obtain these results, says Mr. Walker We must
6rst resume specie payments restore the Union rees
tsbish the prosperity Of the SOUTH and abolish the
whole system OF internal taxation e&cepta as Hereinafter
stated.
In addition 10 the taxes on The national banks now in
posed by law yielding, according % the last report
Ss.0gseN / would impose bat one 0fddfOnni tax upon
ticm. IN would be that while permitting them al 10
loan moey Al one unifOrln rato Of PEE CHI per
orif nav originally thr5 should