The Bedford gazette. [volume] (Bedford, Pa.) 1805-current, 1867-12-13
Continued from First Page.

In prlce Of all that is indispensable to tie
comfort OF the people, 1t would be wise
economy TO abolish our mints, thus saving
the nation the care and expense incident to
such establishments, and let all our precious
metals be exported IN bullion The time
has come, however when the Government
aud naLlUDal tanks should be required 10
take the most efficient steps, and make all
necessary arrangements for a resumption OF
Specie payments at the earliest practicable
period. Specie payments having been once
resumed by the Government 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 gold and silver currency,
which, III all their business transactions, will
be uniform in value at home and a broad
Every man Of property or industry-eveIy
man who desires to preserve what he honest
ly possesses, or to obtain what he can hon
esly earn, has "a direct interest in maintain
ing safe circulating medium as shall be
real and substantial, not liable to vI6rate
with opinions, not subject to be blown up or
blown down by the breath of speculation,
but to be made stable and secure. A dis
ordered currencylS one OF the greatest pOlIt
cal evils; IL undermneS the virtues Necessary
Tor the support OF the social system, and Gu
courages prOpensities destructive of Its hap
piness. 1t wars against industry, frugallty
and economy, and 1t fosters the evil spirits
of extravaganza and speculation. 1t has
been asserted by one of our profound and
most gifted statesman, that ''oi all the con-
trivauceS for cheating the laboring classes Of
mankind, none has been more effectual than
that which deluded them with paper money.
This Is the most etfeclual of inventions To
fertilize the rich mans field by the sweat of
the poor man ) brow. Ordinary tyranny,
oppression, excessive taxation, these bear
lightly on the happiness of the mass OF the
community as compared With fraudulent
Currency and the rObberles committed by
deprecated paper Our own history has re
corded for our instruction enough, and more
than enough. Of the demoraiZing tendency,
the injustice and the intoeraDle oppression
on the vrtuous aud well disposed, of a de-
graded paper currency authorzedby law or
in any way countenancud by Government.
1t Is one of the most successful devices In
times of peace or war, expansions or revul-
siunS, to accomplish the transfer of all the
precious metals trom the great mass Of the
people into the hands Of the few, where
they are boarded in secret places or deposl-
ted In strong boxes under bolts ami bars,
while the people are left to endure all the
inconvenience, sacrifice aud decentralization
resulting from the use ola deprecated and
worthless paper money. The condition Of
our tinancieS and the operations of our reve-
nue. system are set forth and fully explained
in the able and instructive report of the
Secretary of the Treasury. On the Both Of
June 1866, the public debt amounted 10
81, 1888, 425, $40; on the Both of } une last 1t
was 81 692 I99,2l5 showing a reduction
during the fiscal year Of S9l ,226, 664. Du-
ring the fiscal year ending June 80, 1861,
the receipts were $490, 634, Ol0 and the ex-
penditures 1916, 729, l29, leaving an availa
bic surplus of $l43, 904, $50. It's estimated
that the receipts for the fiscal year ending
June 80, 1868, will be SAT-, l6I, ,92S, and
that the expenditures will reach the sum of
1898, 26 9, ,226, leaving in the Treasury
surplus of S23 892, ,7O2. For the fiscal year
ending June 80, 1869, it is estimated that
the receipts will amount to 1881 100000,
and that the expenditures will he $372, ,0OO,-
QUO, showing an excess of $9,O0U,OO0 In
favor of the Government.
The Rerenue System.
The attention Of Congress is earnestly in
vited to the necessity Of thorough revision
of our revenue system Our internal reve-
nue. laws aud import system should be so
adjusted as TO bear most heavily on articles
OF luxury, leaving the necessarleS OF life as
free from taxation as may be consistent with
the real wants Of the Government. EcOnOm
ically administered, taxation would not
then fall unduly on the man Of moderate
means, and while none would be entirely
exempt ftom as >es~ment all in proportion to
their pecaniary abilities would contribute
towards the support OF the State. \ mOdI-
fcatiOn 0f the internal revenue system, by a
large reduction in the number Of articles
now subj ct TO tax, would be followed by re-
suits equally advantageous to the citizen
and the Government 1t would render the
execution Of the law less expensive, and |
more certain, remove distractions TO indus /
try, lessen the temptatl0ns to eVade the law, |
diminish the viola ions aud frauds perpetra- |
ted upon Its provisions, make its operations |
less lnqulsltorlal, and greatly reduce IN mum |
bers the army OF tax gatherers created by !
the system, who take from she mouth OF /
honest labor the bread 1t has earned. " /
Retrenchment, reform and economy, should /
be carried into every branch OF the public .
service, that the expenditures Of the Gov |
ernment may be reduced aud the people re- !
lieved from oppressive taxation. A sound /
currency should be restored, and the pub c /
faith in regard to the national debt sacredly |
observed The accomplishment Of these
important results, together with the restora
ti0n Of the Union Of the States upon the I
principle of the Constitution, would inspire
confidence at home and abroad in the sta
bl!lty OF our institutions, and bring to the !
nation prosperity, peace aud good will. /
D partmeat Reports
The report of the Secretary of War 0G /
Interim exhibits the operations Of the arny |
and OF the several Bureaus Of the War De- /
partment, The aggregate strength of our |
military force on the Both OF September last |
Was 56,3I5 The total estm tie for military |
appropriations is $77, ,l24, 7O7 %, including |
a deficiency in last year 5 appropriation Of
Sl3 600 900 90. The payments at the /
Treasury on account OF the service Of the |
War Department, from January lst to Oc- /
tober 29th, 1867, period Of ten months, /
amounted to Sl09, ,SO7 900. The expenses
of the military establishment, as well as the !
numbers of the army, arc now three times :
"a great as they have ever been iii time of
peace while the discretionary power Is yc,
ted in the Executive to add millions TO this
expenditure by an increase Of the army to
the maximum strength allowed by the law.
The comprehensive report Of the Secre !
tary Of the interior furnishes interesting
information in reference to the important
branches of the public service counected /.
with his department. the menanclng attl- |