The Hancock Jeffersonian. [volume] (Findlay, Ohio) 1857-1870, 1867-12-13

Calculated 10 Drlng ABOUT tnlS most
desirable result. This, however, he
feels it his duty to say, that the ques-
ton of Reconstruction, as purely
financial question, is, in his judgment,
second in Importance to none that
Congress will ever be called upon to
consider. There is a general senti-
ment among the tax payers that the
exemption of government bonds from
local taxation is not exactly right,
and that, therefore, 1t ought to be in
some way avoid in future issues
The Secretary has no hesitation I'M
admitting that he is in sympathy with
the sentiment. The difficulty in this
way, however, arises from the fact
that if the bonds hereafter to be issued
were to be subject to local taxation,
very few would be held. Where
taxes are high it is matter Of great
that Government bonds
should be a desirable investment in
all parts of the country, and it is OBJ.
vious that the States should be in
some manner compensated, for the
right now is denied Of taxing them
as other kinds of property are taxed.
After giving the subject very care
full consideration the Secretary can
suggest no better way of doing it than
| by the issue of bonds to be known asl
the consolidated debt of the u. S.,
bearing six per cent. and having
twenty years to run, into which all
other obligations of the Government
shall as rapidly as possible be con-
verted into One-sixth part of the in
terest at each semi-annual payment,
to be issued by the government and
paid over to the States according to
their proportion. The Secretary es-
Inmates the receipts and expenditures
for three fourths, ending June 30th,
1867, will be 296, 900, 900; expendi-
lures for the same period, 295, ,OOO,-
900, leaving surplus of 1.OOO,O /;
receipts and expenditures for the
year ending June 30th, '68, and esti-
mate 1891 100000. The expendi-
lures for the same period are esti-
mated at S372, 600, 900, leaving sur
plus of estimated receipts over esti-
mated expenditures CT $4,000, ,0O9.--I
Since the 1st day of Sept, 1865, the
debt has been reduced S266, 1S5, l21.
This reduction has been made under
very unfavorable circumstances, and
there is!no good reason why it should
not be continued steady and without
interruption, until every debt of q
national character is extinguished.
The Secretary Of the Treasury in
response to a resolution of the House,
says that no special fund has been
set apart as a sinking fund for the
payment of debts under the act of
February 26, 1866. but the provisions
of the act has been substantially com.
piled with since the close OF the re-
beIlion, by the application of coin
receipts to such purpose in greater
amounts than was required by said
act.
The report of the Comptroller of
the Currency says that at the present
there is no immediate demand tor the
redemption of the National Bank
notes, but it would be one of the
healthiest evidences of returning
soundnsss in our financial affairs, if
such be inaugurated. He condemns
the practice prevailing, more or less.
in the banks of the principal cities of
paying interest on balances of coun-
try banks, and suggests that the funds
required by law to be held in reserve
for the protection of the bill holders
and depositors, should not be depos-
tied in the city banks under condi-
tions that involve their constant en-
lployment and consequent risk. Re-
garding State taxation of National
Banks he says the fact is becoming
evident in several States that the tay
imposed is in excess of their abilite
to pay consistently with legitimate
profits to their stockholders. Thy
Comptroller argues the currencx
question at length, opposing the prop
Osition to deprive the National Banks
of the right to issue circulating notes
that the government may issue its
own notes in their place, saying the
fact stands unchallenged that the
government can issue its notes only
in payment of its debts and there is
no possible relation between the
amount that may be required and
which may be issued for thatpurpose.
and the amount of currency required
to do the business of the country
He also combats the proposition
which contemplates the payment OF
compound interest notes, 80 notes
and $50 bonds as they matnre by the
new issue of the new interest bearing
legal tender notes, and quotes the act
of June 80, 1864, to show a distinct
and deliberate declaration by Con
gress, pledging the public faith, that
no more United States notes which
are legal tenders, should be issued.
The Comptroller concludes by sta
ting that the volume of the paper
currency is much in excess of the
actual receipts of the country,
giving the figures to show that
there are S300,000,O00 Of gold
aud silver is in the country, waiting
to be called into active SERVICE
IGive these millions their place
make room for them by calling in the
legal tender notes, the great distur-
bing elements of our currency, and
most expensive debt the Govern
ment has incurred. Gradually, If
you please, but surely. Enforce
irigidly the redemption of National
Bank Notes and retain for the Fed
eral Government supervision and
control of the currency of the coun-
try, through National Banks, and we
may realize great desideratum--a
safe, uniform currency, convertible
into coin at the will of the holder.
Il Secretary Wells report states that
the Navy Department, after trans
ferring s65,OO0,00O to the Surplus
Fund of Treasury, on the 30th of
September, has yet upward OF $685.
100000 available the the current fis-
cal year. His estimates for the next
fiscal year are little over $57, ,000,-
200.
I. o. o. F.
An exchange has the following
statement in regard to an enterprise
! that promises highly beneficial re.