The weekly North-Carolina standard. [volume] (Raleigh, N.C.) 186?-1869, 1867-12-11

WpA<144t0 A0E 'Mx41VuAt
3ofspeciescoined from iS49to 1857, inclpsiye, was
$409 900 900; from 1858 to 1850 inclusive, $125,-
100000; aud from 1851 to 1867, inclusive, 1910,
900, GOO making the total coinage since t1S49,
$874, 100000 From lS49 to 1859, inclusive, the
net exports Of specie amounted to $27l ,000, 900
IRON 1858 to 1850 inclusive, TO S148 900 00U land
from 1881 TO 1887, inclusive, 1872, 000, O00-mak-
ing the Aggregate Of net exports since 1S49,
$74f, 000. 600. These figures show an excess OF
product over net exports Of S4S3, O0O, 600. There
are in TIN, Treasury Bill ,000, 900 in coin, some
thing more than SAC, 900 900 in circulation on the
Pacific Coast, and few millions in the National
and other banks-in all about $3.50, 000 900. This,
however, taking into. account the specie in the
country prior to 1S49 leaves more than three
hundred millions Of dollars which have not been
accounted for by expectation, and therefore may
vel remain in the country.
These are important facts, and show how COM
pletely tho inferior currency will supersedc the
better, forcing it from circulation among the
masses, and causing it to be exported as mere
article of trade, to add to the money capital of
foreign lands. They show the necessity of retir-
ing our paper money, that the return Of gold and
demand created which will cause the retention
at home of at least so much of the productions of
our rich and inexhaustible gold bearing fields as
may be sufficient for purposes OF circulation. 1t
is unreasonable to expect q return to a sound
curr ncy so long as the Government, by continu-
nels of circulation with appreciated paper. Not
withstanding coinage by our mints, since 1919,
of eight hundred and seventy-fOur millions of
dollars, the people are now strangers to the cur
rency which was designed for their use and bene-
fit, and specimens OF the precious metals bearing
the national device are seldom seen, 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 coin is to become mere 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
mnts, 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 come, however, when the Government
and National Banks should be required to take
the most efficient steps and make all necessary
arrangements for q resumption of specie pay
ments at the earliest practicable period. Specie
payments having been once resumed by the Gov
ernment 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 cur
rency which in all their business transactions will
be uniform in value at home and abroad.
Every man of property or industry, every
man who desires to preserve what he honestly
possesses, or to obtain what be can earnestly
earn has direct interest in maintaining safe
circulating nledi nl-such medium as shall be
real and substantial, not liable to vibrate with
opinions, not subject to be blown up or blown
down by the breath of speculation, but to be made
stable and secure A dsordered currency is one
of the greatest political evils. 1t undermines the
virtues necessary for the support OF the social
system, and encourages propensities destructive
of its happiness; it wars against industry, fru
gality and economy and it fosters the evil spirits
of extravaganza and speculation. 1t has been
asserted by one profound and most gifted states
ss<xr eli opfr ix,an for ahaat
the laboring classes of mankind, none has been
more efectual of inventions to fertilize the rich
mans fields 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 compared with fraudulent
currency, and the robberies committed by de-
preciated paper. Our own history has recorded
for our instruction enough, and more than
enough Of the demoralizing tendency, the injus-
ticc, and the intolerable oppression on the yrtu-
Gus and well-disposed of q degraded paper cur
rency, authorized by law or in any way counteii-
anced by Government" 1t is one OF the most
successful devices, in times of peace or war, ex-
pansions or revulsions, to accomplish the trans
fer 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 de-
posted in strong boxes under bolts and bars,
while the people LETT to endure all the incon-
ivenience, sacrifice, and Decentralization resulting
from the use of deprecated and worthless pa
per money. -itr p
tons of our revenue system are set forth and
fully explained in the able and instructive report
of the Secretary of the Treasury. On the 30th of
June, 1856, the public debt amounted to 50 49,
325, $40; on the 30th Of June last II was sd
199,215, showing reduction during the fifcal
year of SOL 226, 664. During the fiscal year md
ing June 80 1867, the receipts were $3.50, Ssh lO,
and the expenditures $40, 729, l29, leaving an
available surplus of S143 904 SS9 1t is estimated
that the receipts for the fiscal year ending June
80 1868, will be s417, 16l ,9S, and that the ex-
penditurcs will reach the sum of S393, 269, s26,
leaving i'm the Treasury surplus of $23, 1872 l62
For the fiscal year ending June ~, lSo9, is
estimated that the receipts will amount to
1881 ,000, 900, and that the expenditures will be
1872 600, 0O0 showing excess of s., 000, 90 in
favor OF the Government.
The attention of Congress- is earnestly invited
to the necessity of thorough revision of orr
revenue system. Our internal revenue laws and
import system should be SO adjusted as to lear
most heavily on articles of luxury, leaving 'he
necessaries of life as free from taxation as maybe
consistent with the real wants of the Government,
economically administered. Taxation would rot d
then fall unduly on the men OF moderate meass;
and while none would be entirely exempt frtm
assessment, all, in proportion to their pecuniay
abilities, would contribute towards the support
of the State A modification of the internal re-
venue system, by q large reduction in the number
of articles now subject to tax, would be followed
by results equally advantageous TO the citizen
and the Government. 1t would render the e,e-
cution of the law less expensive and more certain,
remove distractions to industry, lessen the temp
tations to evade the law, diminish the violations
and frauds perpetrated upon its provisions, mike
its operations less inquistorial, and greatly e-
duce in numbers the army of tax gatherers crat-
ed by the system, who take from the moutbof
ment, reform, and economy should be carrtd
into every branch of the public service, that be
expenditures ofthe Government may be reduced
and the people relieved from oppressive taxation;
a sound currency should be restored, and ne
public faith in regard to the national debt sacrd-
ly observed, The accomplishment of these in Il
portant results, together with the restorationof
the Union of the States upon the principlesof
the Constitution, would inspire confidence 1t
home and abroad in the stability of our instini
lions, and bring to the nation, prosperity, peac
and good will. %,
The report of the Secretary of War ad intern
exhibits the operations of the army and of tie
several Bureaus of the War Department Tie
aggregate strength of cur military force ION be 2
3Oth of September last, was 56,Sl5. The toni
estimate for military appropriations is ST., 14,T
deficiency in last years appropriation
of S13, 6O0, 900. The payments at the Treasury a
accounted the service of the War Department
from January l, to October 30, 1861 period If
ten months--amounted to $109, S07, 900. TA d
expenses Of the military establishment, as w4
as the numbers of the army, are now three tint
great as they have ever been in time of peacS
while the discretionary power il vested in tR ]
Executive to add millions to this expenditure y (
an increase of the army to the maximum strengh
allowed by the law. b. nf.a tiss I
The menacing attitude of some Of the warlle
bands of,lndians inhabiting the district of cou /.
try between the Arkansas and Platte rivers, ad
portions of Dakota Territory, required the pro-
ence of a large military force in that regiOn
Instigated by real or imaginary grievances, ne
Indians occasionally committed acts Of barbf-
GUS violence upon einigrauts and our frOntir
settlements but a general Indian war has bon 2
providentially averted. The Commissioners u
der the act of 10Th Jnlv 1857 were invested WI