Nashville union and dispatch. [volume] (Nashville, Tenn.) 1866-1868, 1867-12-04

Treasury Sill 100000 in coin. something IN or
than $40 00o. 900 in circulation thePaeihe cOaS
4 and a few millions in national and Othez bank
in ali about si6o, 600 900 This, hswever. takin
| into account the specie in the country prior {
| lS49. leaves more than three hundred milliO
| dollars which have not been accounted for b
| expectation, and, therefore, may yet remain II
l the country.
| 1t is unreasonable to expect a return to
1 sound currency so long as the government, b!
4 continuing to issue irredeemable notes. fills thi
| channels Of circulation with deprecated paper
4 Notwithstanding the coinage by our mint
since lS49 of SS74 900 COO people are now stranger
| to a currency which was designed tor their Is'
1 and benefit. and specimens of the precious metak
| bearing the national device are set down. except
when produced to crafty the interest excited
by their novelty.
If deprecated paper is to be continued as the
permanent currency of the country, and all
our lcoin is to becomei mere article of trafiC
| and speculation TO the enhancement in price OF
| all that is indispensable to the comfort Of the
mints, thus saving the nation the care and ex-
pense incident to such establishments and let all
| our precious metals be exported in bullion. The
| time has came. however, when the government
| and the national banks shall be required TO take
! most efficient steps and make all necessary ar
rangements for resumption of specie payment
| at the earliest practicable period,
l Specie payments having been once resumed
4 by the government and banks, all notes or bills
/ of paper issued by either of a less denOminA-
| tiOn than twenty dollars, should BY law be ex.
cluded tromJ circulation. so that the peO-
pie may have the benefit and convenience of a
gold currency; which in all their business trans
actions will be uniform in value at home and
abroad, Every man of property or industry
every man who desires to preserve what he hon
| estly possesses; TO obtain what he can honestly
| earn, has direct interest in maintaining a safe
circulating medium; such a medium as shall be
real and substantial, not liable to yibrate with
opinions, not subject to be blown up OF blown
down by the breath speculation, but TO be
m Ia fQil 10 an
These are important facts. and show how COM
pletely inferior currency will supercede better,
forcing 1t from circulation among the masses
and causing it to be exported as a mere article
OF trade, to add to the money capital of foreign
lands. They show the necessity of retiring our
paper money that return of gold and silver to
the avenues of trade may be invited, and de-
mand created which will cAuSe the retention M
home of at least so much of production.
dis0Tdered currency is one of the greatest
political evils IL uudermines virtues necessary
for the support of our social system, and en-
cOurages propensitles destructive of its hGppi-
ness. 1t wars against industry, frugality and
economy, and it fosters the evil spirit of extraYa-
gence and speculation. 1t has been asserted by
one of our profound and most gifted statesmen
that for all cOntrivances for cheating the labor
ing classes of mankind, none has been more
etfectuai than that which deludes them with
paper money. This is the most effeetual of in
ventions TO fertilize the rich mans fields by the
sweat of the poor mans brow.
Ordinary tyranny oppression, excessive taxa
tiOn-these bear lightly on the happiness Of the
masses of the community compared with o
fraudulent currency, and rObberies committed
by deprecated paper. Our own history is re-
corded for our instruction. Enough and more
than enough of demoralizing tendency, Injustice
and intolerable oppression on the virtuOus and
we'll disposed of degraded paper currency au-
thOriZed by law or in any way countsnauced by
the government.
1t is one of the most successful devices in times
of peace o.: war or revolutions, by expansion.
to accomplish the transfer of the precious met
ais 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 people are left to en-
dure all the ineOny yenlence, sacrifice and demon
alization resulting from the use Of deprecated
and worthless paper money.
The condition of our finances and the opera
| tlons OF our revenue system are set forth and
| fully explained in the able and instructive re
port of the Secretary of the Treasury. On the
Both of June, 1866, the public debt amounted to
| S2,7S342j.Sl9; on the 3Oth of June last it was
S2.692, 1929, showing a reduction during the
fiscal year Of s9l Ut, ,664.
During the fiscal year ending June 30, 1867,
the receipts were Sfg0634,Ol0, and expenditures
S346 729 l63, leaving an available surplus of Sl43
9O4 $50. 1t is estimated that the receipts for the
fiscal year ending June 80, 1868. will be $4l7,-
16l,923, and that the expenditures will reach
the Of $3.50, ,69, ,226, leaving in the Treasury
surplus Of s23 5s2, ,702 for the fiscal year ending
June, 1863. 1t Is estimated that the receipts
will amount to 1881 ,00d0O0 and that the expen-
ditureg viii be $50. 900 900 shoSins an sIcess
Of s. Om 900 in favor of the government.
REVENUE SYSTEM
The attention Of Congress is earnestly invited
to the necessity of the thorough revision Of our
revenue system. Our internal revenue Laws and
import system should be 80 adjusted as to bear
most heavily on articles of luxury leaving ne
eesgsries of life as free from tlxaton a. may be
cons tent with the real wants OF the govern
| ment, economically administered, Taxation
would not then fall on men of moderate means
| and while none would be entirely exempt from
/ assessment, all In proportion to their pecuniBD
| abilities would contribute toward suppOrtinF
| the State, modification of the internal reve
| nue. system by a large reduction in the number
of articles now subject 10 tax would be follows
1 by results equally adyantageOus to citizens an,
/ the government. ItwouidreHder the execution
| of the law less expensive and more certain, re
| move distractions TO industry. lessen tempta
| tions to evade law, diminish violations anG
| frsads peTpetrated upon its provisions make il
/ operations less inqaSitorial, and greatly reduc
| in numbers the army of tax gathereTs create,
| by system which takes from the mouth of hon
| est labor the bread il has earned Retrensh
| ment, reform and economy. should be carrie,
into every branch of public service, that ex
| penditures OF the government may be reduce,
and the people relieved from oppressive ia axa
| tson A sound currency should be restored an,
| public faith in regard to the national debt 81
| credly observed. The accomplishment Of thes
important results. together with the-restOratiO
of the union of the states upon the principles G
home and abroad in the stability of our instihi
| tions. and bring TO the nation prosperity, pear
| and good will.
DEPARTMENT REPORTS.
The report of the Secretary OF War, al faterin
| exhibits the opeTati0ns Of the army and the seS
| eral bureaus of the War Department. The o.
| gresate strength OF the military force on Oh
| 30th of September last was 5S.3l5 men. Tot
estimate for military appropriations is 81. .l24
nristion rg Of si3.60O.OOO Payments at treasury I
| account of service for War Department fro
January / to October 18th. 1867. a period Of q
months, amounted toSlp9, ,SO7 600 The expens
| Of the military estaOlishment az well as q
, numbers Of the army, are now three times
! | great as they have ever been in times OF peac
| while discretionary power IS vested IN the ~
ecutiye TO add millions TO this expenditure
an increase Ofthe army 10 the maximum strengi
: allowed by law ~
I The comprehensive report of the Secretary
| the Interior furnishes interesting information
reference to the important branches of the PM
: lie service connected with bis Department Th
menaeing atti.ade of waTlike bands Of lndial
: | inhabiting the districts Of country between A
kansas and Platte rivers, and Dakota Tefritor
required the presence Of large military tort
| in that region. Instigated BY real or imagilal
! | grievances, Indians occasionally committed ac
| Of barbaTons violence upon emigrants and ol
| frontier settlements, but q general Indian va
} | has been PrOvidentially ayerted.
! | The commissioners. under the act Of the 2Dl
| of July, 1867 were invested with full power
| adlu7t eTlatlnE 0luituillGe. ncROIl4fe tTeitIl
! | with disafected ban9s, and select for the
: | reservations remote from travelled routes b
| tween the Mississippi and Pacific. They enter'
without delay upon the exception Of their trus
| but have not yet made any official report
| their proceedings II is Of vital importan
, | that oar distant Territories should be exssn
| from Indian outbreaks, and that the constrR
| tiOn Of the Pacific railroad, an object OF nation
, Importance, should not be interrupted by hosti
: | tribes These objects, as well az the materi
: interests and moral and intellectual imprOy
| ment Of the Indians. can be most eftectually a
tanned BY concentrating them upon portions
3 country set apart for their exclusive use and !
| Gated mt points remote from highways and e
/. | croaching white settlements
q THE PACIFIC RAILROAD.
Since the commencement Of the second sessi
= | Of the Thirty ninth Congress, five hundred Al
! | ten miles Of road have been constructed on d
e | main line and branch u the Pacific railway u
| line from Omaha IS rapidly approaching {
? | eastern base Of the Rocky Mountains, while Il
] | terminus OF the last section Of the road CO
D | stTaeed in California, accepted By the cover
| ment IN the 24th Of October last was bat eley
| miles distant from tbe summit Of the Sierra \
8 vnda The remarkable energy evmcsd by {
7, companies affords the strongest assurance th
4, | the COMPLETION Of the road from Sacrament
Omaha viii be not long deferred.
> PUBLIC LANDS, PKvsIoss. Krc,
, During the last fseal year IO41, ia acres
, public land we're disposed Of. The cash receiI
: | from sales and ices exceeded one halt mill
dollars-the sum realized from these soHre
during the preceding year.
: The amount paid DensidneTs, ineiudinR, e
G | penses and disbursements, was eighteen mbiI
O. SIX hundred and nineteen thousSnd hlne & NJ
dred and fity-siT dollars; ana tnirty-slA W. W.
| sand four hundred ana elgnty-tTo aAmss "
. 1 admitted 70 rolls. The entire number oi re
/ sioners on the Doth Of June last va one nun IT
ana fftv-fve thousand four hundred ana seye
4 Fle-en thousand SIX hundred and ffty- e.
:, | rafents and designs we're issued during the ye