Spirit of Jefferson. [volume] (Charles Town, Va. [W. Va.]) 1844-1948, 1867-12-10

amounted TO S271, OO0, 600; from 1918 10
1860, inclusive, 1922, 600 600. maxim the
agsregate of net exports since 1910. SILL
100000.
These figures show an excess of product
over net exports, of S433, 900 GOO. There
arc IN the Treasury sl1l 900, 900 in coin,
something more than 10000 900 in circula-
uOn on the Pacific Coast, and few millions
10 the national and other banks, in all about
SAOo,OUu,OOO. This, however, taking into
account the specie in the country pTior to
iS4o, leaves more than $500 600 600 which
have not been accounted for by expectation,
and therefore, may yet remain in the country.
These are important facts, and show how com
pleteiy the inferior currency will supersede
the better, forcing 1t from circulation among
the masses, and causing it to be exported as
n mere article of trade to add to tue money
'apital Of foreign lands They show the
necessity OF retiring our paper money, that
the return of gold and silver 10 the avenues
OF trade may be invited, ard demand created
which will cause the retention at home of at
least so much of the productions OF our rich
and inexhaustib!e gold bearing fields as may
he sufficient for purposes Of circulation. 1t
IS unreasonable 20 expect a return to n sound
currency SO long as the Government, By coz
tinuiug to issue irredeemabIe uotcs, i!Is the
StAs%luGAS VI ClECulASlOu WIKI uEpEGCllleu pA-
per. Notwithstanding coinage by our minis
since 1919 of eight hundred and seventy-fuur
millions of dollars, the people are now stran-
gers to the currency which was designated for
their use aud benefit, and specimens of the
precious metals, bearing the national device,
are seldom seen except when produced to
crafty the interest excited by their novelty.
Ifdepreciated paper is TO be continued as the
permanent currency of the country, and all
our coin is to become nero article of traffic
and speculation to the enhancement in price
Of all that is Indispensable to the comfort of
the people, it would be wise economy to
abolish our mints, thus saving the nation the
care and expense incident TO such establish
ments, and let all our precious metals be ez-
ported in bullion. The time has come, how
ever, when the Government and national
banks should be required to take the most eff
tcient steps, aud make all necessary arrange
ments for 4 resumption Of specie payments at
the earliest practicable period. Specie pay
mentS having been once resumed by the
Government and banks, ali notes or bills of
paper issued By either of less denomination
than twenty dollars, should by Law be exclu-
ded 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, will be uniform in value at
home and abroad. Every man OF property or
industry-evcry man who desires to preserve
what he honestly possesses, or TO obtain what
he can honestly earn, has direc: interest in
maintaining 4 safe circulating medium, such
( medium Is shall be real and substantial,
not liable to vibrate with opinions, not sub
ject 10 be blown up or blown down by the
breath Of speculation, but to be made stable
and secure. \ disOTdcred currency is one
OF the greatest political evils 1t undernines
the virtues necessary for the support of the
social system. and encourages propcnsities
destructive Of its happiness. It wars against
industry, frugality and economy, and it fosters
the evil spirits of oZtTavagancc and spccula-
ton. 1t has been asserted by one of cur pro-
found and most gifted statesmen, that ''of all
the coRtrivauccs for cheating the la5oring
classes Of mankind, none has been more eHec-
tual than that which dcluled them with pa
per money" This is the most cIFectual of
inventions to fsrtiiize the rich mans field by
the sweat Of the poor mans brow. Ordinary
tyranny, oppression, excessive taxation, these
bear lightly on the happiness Of the mass Of
the community as compared With fraudu-
lent currency and the rObberies committed by
deprecated paper. Our own history has re,
corded for our instruction enough, and more
than enough, CT the GemOralizing tendency,
the injustice and the intOierable oppression
on the virtuous and we'll disposed, Of a de-
graded paper currency authorized by law or
in any way countenanced by Government
l. is one of the most successful devices in
times of peace or war, expansions or reyul-
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 boarded in secret places or deposited in
strong boxes under bolts and bars, while the
Peoplear lett to endure ali the Inconvenience.
sacrifice and Generalization resulting from
the use of 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 in
structive report of the Secretary of the Trca-
sury. On the Seth of June, 1866, the pub
lie debt amounted to 81, 7S3, f25, $40; on the
3Oth of June last it was s., G92. 1879, 2I5
showing reduction during the fiscal year
of S9l .226,66t During the fiscal year end
ing June 80, 1867, the receipts were $780,
g., 0lO and the expenditures s34G, 729, 129,
leaving an available surplus OF 8 I43 ,9O4, $50.
It is estimated that the receipts fer the fiscal
year ending June 80, 1865, will be S4I7.-
lGl ,92S, and that the expenditures will reach
the sum Of $685., 2G9, 226, leaving in the
Treasury surplus Of 500, S92, 702. For the
fiscal year cnaing June so, 1869, it is csti-
mated that the receipts will amount to S3Sl,-
100000, and that the expenditures will be
S3!2 GOO, showing an excess Of g., 0O0,-
600 in favor oF the Government
THE REVENUE SYSTEM
The attention Of Congress Is earnestly in.
vited to the necessity of a thorough revision
of our revenue system. Our internal rcYe-
nue. laws and import system should be so adj
justed as to bear most heavily on articles of
luxury, leaving the necessaries of life rs free
from taxation As may be consistent with the
real wants OF the Government Economic
ally administered, taxation would not then