Bedford inquirer. [volume] (Bedford, Pa.) 1857-1884, 1867-12-13
lContinned from Fa..l R.lqe.

counted for by expectation, and thereiore,
mag vet remain 10 the country. 1nas9 aie
important facts, ard show how com lleil.2
the inferior currency Will supeiseNS ~
Ter, forcing it from circulation aluons w
masses. ard causing TO pe eAil9tteo
~ mere article OF traae 70 aad 70
tbo ,,,oneV eauital of foreign lands. ~
Tbey show the necessity Of retiring our pa
per money, that the returu Of gold and silver
to the avenues OF trade may be invited, and
a demand created which will cause the re
tentions at home Of az least so much OF the
productions Of our rich and inexhaustible
gold bearing fields MS may be sufficient fer
purposes of circulation. It IS unreasonable
to expect return TO a sound currency SO
long as the Government, by continuing TO
issue irredeemable notes, fills the channels
Of circulation with deprecated paper. Not
withstanding a coinage by our miuts since
1919 Of eight hundred and seventy four mill
lions Of dollars, the people are now strangers
to the currency which was desieuatsd Coz
their use and benefit and specimens Of the
precious metals, bearing International device
are seldom seen except when produced to
crafty the interest excited hy their novelty.
III deprecated paper ] tq 10 c5udaued as
the permanent currency ot tha c0autrE, aad
all our coin Is 60. become mere article OF
tFafic and speculation to tbe enhancement
in price of al that Is indispensable 90 the
comfort Of the peope, il would be wise
economy 10 abolish our ml1fs thus saving
the nation the care aud expense incident 70
such establishments, and let all our precious
metals be exported in bullion. Ihe tlme
has come, however, when the Government
and national banks should be required %
take the most efficient steps, and mase al
necessary arrangements for resumption OF
specie payments at the earliest practlcabie
period. Speeie paymeuts having been once
resumed by the Government and banks, alt
notes or bills Of paper issued BY either OF a
less denomination than twenty dollars,
should By law be excluded iFom circulation,
so that che people may have the benefit and
convenience Of gold and silver currency.
which, in all their business Transactions, will
be uniform 10 value at home and broad.
Every man of property or industry every
man who desires TO preserve whath honest
" possesses. or 10 obtain what he can hon
estly earn, has direct interest IN maintain
ing safe circulating medium as shall be
real and substantial, not liable to yibrate
with opinions, not subject to be blown up or
blown down by the breath of speculation,
but 10 be made stable and secure A dis
ordered curreneyis one Of the greatest politi-
cal evils; it undermines the virtues necessary
for the support Of the social system, and en-
cOurages propensifies destructive Of It's hap
piness. II wars against industry. Irugality
and economy, and it fosters the evil spirits
Of extravaganza aud speculation. it has
been asserted by one Of our profound and
most gifted statesman, chat of all the con
trivances for cheating the laboring classes Of
mankind, none has been more cifectual than
that which deluded them with papermon y
This is the most effectual of intentions to
fertilize the rich mani field hy the swoagof
the poor mans brow Ordinary tyranny,
oppression, excessive taxation, these bear
lightly on the happiness Of the mass OF tie
community as compared with fraudulent
currency and the robberies committed by
deprecated paper. Our own history has re
corded for our instruction enough, aud more
than enough Of the demoralzing tendency
the injustice and the intolerable oppression
on the virtuous and well disposed Of a de-
graded paper currency authorizedby law or
in any way countenanced by Government.
1t is one of the most successful devices ia
times of peace or war, expansions or reyul-
sions, 10 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 dcposi-
ted in strong boxes under bolts aud bars,
while the people are left 10 endure I'll the
inconvenience, sacrifice and deInoraliZatlOn
resulting from the use ola DEPRECATED and
worthless paper money. The condition Of
our fnances and the operations Of our Ieve-
nue. system are set forth and fully explained
IN the able and instructive report Of the
Secretary Of the Treasury. On the 20th Of
june, 1866, the public debt amounted to
%, ,7S3, ,425, $40; on the 30th of june last it
was 81 692. I99, ,2l5: showing a reduction
during the fiscal year of S9l ,226,6 ,6GA Du-
ring the fiscal year ending june 30, 1867,
the receipts were $3.50, 634.0 0l0 aud the ex
penditures S346, 729, l29 leaving al avaiia
bic surplus Of SAB, 904 $50. It's estimated
that the receipts for the fiscal year ending
June 80, 1868, viii be $417 ,l6l, Cos, and
that the expenditures viii reach the sum Of
S393, 26 9, ,226, leaving IN the Treasury
surplus of $23,S92.7 702 For the fiscal year
ending June 80, 1869, il is estimated that
the receipts viii amount to 1891 900 900,
and that the expenditures win be S5T2 COO,
600, showing an excess Of %9,O00,O1O 10
favor of the Government.
The Reyeaue System,
The attention Of Congress is earnestly in
yited to the necessity Of thorough revision
of our revenue system. Our internal rave-
nue. laws and import system should be 50
adjusted as to bear most heavily on articles
of luxury, leaving the necessaries Of lile as
free from taxation as may be consistent with
the real wants of the Government Eeonom-
ically administered, taxation would not
then fall unduly on the man Of moderate
means, and while none would be entirely
exempt from assessment all in proportion to
their pecuuisry abilities would contribute
towards the support Of the State. \ m0dI-
fication of the internal revenue system, by a
large reduction in the number of articles
now subject 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 obstructions to indus
try, lessen the temptations TO evade the law,
diminish the violations aud frauds perpetra-
ted upon It's provisions, make It's operations
less inquisitorial, and greatly reduce in num-
bers the army of tax gatherers created by
the system, who take from the mouth of
honest labor the bread it has earned "
Retrenchment, reform and economy, should
be carried into every branch of tho public
service, that the expenditures Of the Gov
ernment may be reduced and the people re-
ieved from oppressive taxation. \ sound
currency should be restored, and the public
faith in regard TO the national debt sacredly
observed The accom- plishment of these
Il. L.