Raftsman's journal. [volume] (Clearfield, Pa.) 1854-1948, 1867-12-11
TnE RAFTsHAM's JOURNAL.


sede the better, forcing it from circulation
among the masses, and causing 1t to be ex-
poTted as a mere article OF trade, TO add TO /
the money capital of foreign lands. They
show the necessity OF retiring ouf paper
money. that the return OF gold and silver to
the avenues of trade may be invited, and a
demand created which will cause the reten-
ton at home of at least So much OF the
productions OF our rich and lnexaustlbie
gold bearing fields as may be sufficient TOR
purposes of circulation. It Is unreasonable
to expect return to sound currency so
long as the Government, bycontinulng toIs,
sue irredeemable notes, fills the channels OF
circulation with depreciated paper. Not
withstanding a coinage by our mIntS, since
$40. of eight hundred and seyenty-four
millions of dollars, the people are now stran,
gers to the currency which was designed
| fo. their use and benefit, and specimens OF
the precious metals bearing the national
device are seldom seen, except when pro-
duced to crafty the interest excited by their
novelty. If deprecated paper Is to be con-
/ tinued as the permanent currency or the
country, and all our-coin Is to become
mere article of traffic and speculation, to the
enhancement In price OF all that is lndls-
pensable to the comfort OF the people, 1t
would be wise economy to abolish our mlntS,
| 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, wien the Gov
ernment and National Banks should be re-
oured to take the most efficient steps and
make all necessary arrangements for the re
| sumption of specie payments at the earil-
est practicable period. Specie payments
having been once resumed by the Govern
ment and Banks, all notes or bills of paper
issued by either of less denomination than
twenty dollars should by law be excluded
from circulation, so that the people may
have the benefit and convenience OF a gold
=! and silver currency which in all their bust
ness transactions viii be uniform In value at
home and abroad.
Every man of property or industry, ey-
cry man who desires to preserve what he
honestly possesses, Or to obtain what he can
honestly earn, has a direct interest IN man
tanning safe circulating medium-5uch a
medium as shall be real and substantial
not liable to vibrate with opinions, not suo-
iect to be blown up or blown down by the
breath of speculation, but to be made sta
bic and secure A disordered currency Is
one of the greatest political evils. 1t un-
dermnes the virtues necessary to the sup
port of the social system, and encourages
/ propensitie5 destructive OF Its happiness; 1t
NdrS dgflIiSL luttuSlly, Iiu-oatt'y, eiht SSO'-O
my, and it fosters the evil spirit of extrava-
| gance and speculation. Ii has been aser-
ted by one of our profound and most gifted
statesmen, that ''of all the contrlvances for
cheating the laboring classes of mankind,
none has been more effectuu than that
which dcludes them with paper money.
This is the most effectual of inventions 20
fertilize the rich man shields by the sweat of
the poor mans brow. Ordinary tyranny,
sn.a1a hr.-
lightly on the happiness of the mass of the
community compared with fraudulent cur
rency, and the robberie5 committed by de-
preciated paper Our own history has re-
corded for our instruction enough, and more
chan enough of the demoralizing tendency,
the Injustice and the intOlerabs oppression
on the virtuous and well disposed OF de-
, graded 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 levui-
sions, 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 hoarded in secret places or deposit
ed in strong boxes under bolts and bars,
while the people are left to endure all the
Inconvenience, sacrifice, and decentralization
resulting from the use OF deprCclated aud
worthless paper money.
{ The condition of our finances and the OPP
eratlons OF our revenue system are set forth
| and fully explained in the able and instruc-
tive report of the Secretary of the Treasury.
On the 3nth OF June, 1866, the public debt
] amounted to 81, 1888, 425,SI9; on the 30th
of June last il was 81, CO., 1919, ,2l5, showing a
: reduction during the fiscal year of $9l 226,-
; Co.. During the fiscal year ending June
) Both, 1867, the receipts were 349l J., ,634, ,0I0,
and the expenditures S3 46, 729, l29, leaving
Y an available surplus OF Sl43, 9O4, $50. 1t is
\ estimated that the receipts for the fisca
g year ending June 30th, 1868, will be $4l7,-
l6l ,92S, and that the expenditures will
I reach the SUM of $500, ,269, 226. leaving in
the Treasury surplus OF 523, ,S92, 7O2.
For the fiscal year ending June 30bh, S69
It is estimated that the IT ceip s will amount
to $33Sl 900, 600, and that the expenditure,
; will be S372, 600. 900, showing an excess q
t $4,000, 600 in favor of the Government.
The attention of Congress is earnestly in
vitei to the necessity Of thorough revision
OF our revenue system. Our internal reve
nue. laws and impost system should be so ad
: justed as to bear most heavily on articles Of
5 luxury, leaving the HecesSaries OF lite as free
t from taxation as may be consisten with the
real wants of the Government. economically
administered. Taxation would not then fal
: uDduy on the man of moderate means anC
| while none would be exempt from assess
ment, all, in proportion to their pecuniars
abilities, would contribute toward the sup
, port OF the State A modification of the
internal revenue system, by large reduc.
, tion in the number of articles now subject tC
tax, would be followed by results equally ad
vantageous to the citizen of the Govern
, ment. 1t would render the execution of the
law less expensive and more certain, remove
distractions to industry, lessen the tempta