Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1867-12-10

Hon. ROBERT J. WALKER, the distin'
guished Secretary Of the Treasury, undeI
the Administration OF President POLK
and whose management of the Treasury
during the Mexican war gained him SC
well deserved a reputation for financial
sagaeity, has written an elaborate letter
on our National finances, which the Ma
tional Intellgeacer condenses into the
following summary;
! ]. An Immediate resumption of specie
payments, TO be effected by a foreign
lioan, as proposed by him in December,
1854 This loan, on the resumption Of
specie payments, he believes, can be
effected 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 de-
posts in National banks, and put our
whole bonded debt of tive billions Of dol
lars at par in gold. This, he thinks,
would add at once one billion of dollars,
at least, 10 the active wealth of the
country, as represented by currency and
negotiable credit, and prevent collapse.
He is opposed alike TO paper expansion
and contraction, both necessarily tend
ing, in his Judgment, TO reputation.
,. An immediate restoration OF the
Union and the reduction of our eXpendi-
lures to peace basis. And this expend-
iture thus reduced, including the pay
ment of interest on the public debt, and
very small gradual reduction Of the prin-
cipsl, he thinks ought not to exceed two
hundred and twenty millions Of dollars q
year in gold. The payment of the Gov
ernment expenditures in gold Instead of
paper would be equivalent at once to
thirty per cent. reduction of those ex-
penditures, thus Immediately causing
the resumption of specie payments, and
reducing the expenditures 10 a sum not
exceeding two hundred and twenty mil.I
lions of dollars a!year as above stated.
He thinks that the tariff for revenue
would bring at least two hundred mil
lions of dollars year, increasing every
year with our augmented wealth and
population.
9. 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, fer |
mented and spirituOus liquors, and to- |
bsccO. Without reducing the taxes on |
these articles, or surrendering them TO |
Irauu anu Vllialny, ne DelieVes that at /
least one hundred aud twenty millions |
Of dollars year can be realized. But |
this would make revenue of three hun |
dred 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 be believes it will, much |
more than is wanted, he would |
still reduce the taxation by taking of |
the duties on sugar, tea, and coffee. |
Should there still he large surplus, he |
is in favor of still further reducing or /
all duties on the necessaries of
life not produced in this country. Should /
there still remain surplus, he favors
devoting it to great national works of |
internal improvements. Gov. Walker
thinks, as he has always thought, that /
the raw material of domestic manufac-
lures should be duty free and exempt
from excise or taxation.
4 The national banking system should
be sustained and improved upon, repeal
ing the monopoly clause, and lesving all
perfectly free to establish banks, in COM
piiance with the laws of Congress, thus
giving all sections of the country as large
an amount of substantial currency as
their interests require.