Bloomsburg democrat. [volume] (Bloomsburg, Pa.) 1867-1869, 1867-12-11

i UUVysVVV tu SVhs) OCsDovtssss8 eAsVA0 Snou WV
OOO'OOO in circulation on the Pacific Coast
and few millions in tho National and 9th.
er Banks-in all about l50,000,000 Thi.
however, taking into account tho specie IL
the country prior to lS49, leaves moro thar
three hundred millions Of dollars which
have not been accounted for by expectation,
and therefore may yet remain in the coun.
try.
These are important facts, and show how
completely the inferior currency will super.
sede tho better, forcing it from circulation
among the masses, and causing it to he ex.
ported rs Il mere article of trade, to add ia
the money capital of foreign lands. They
show the necessity Of retiring our paper
money, that the return of gold and silver
to the avenues Of trade may be invited.
and demand created which will cause the
retention at home Of at least SO much OF
the productions of our rich and inexhausti.
bic gold-bearing fields as may be sufficient
for purposes of circulation. II is unreason.
able to expect return to sound currency
SO long as the Government by continuing
to issue irredeemablc notes, fills the chan.
nels Of circulation with deprecated paper.
Notwithstanding a coinage by our minis
since lS49, Of eight hundred, sevcnty-iour
millions OF dollars, the people are now stran-
gers to the currency which was designed for
their use and 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
1t 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 oS the people, it would be wise
economy to abolish our mints, thus saving
the nation the care and expense incident to
such establishments, and let our precious
metals be exported in bullion. The ti,uc
has come, however, when the Government
and National Banks should be required to
take the most efficient steps and make all
necessary arrangements for resumption
Of specie payments at the earliest practica-
ble period. Specie payment having been
once resumed by the Government 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 currcp
cy which in all their business transactions
will be uniform in yaluea home and abroad.
Every man OF property and industry,
every man who desires to preserve what he
honestly possesses, or to obtain what he can
honestly earn, has a direct interest in main
tanning safe circulating medium-such a
medium as shall be real and substantial, not
liable to vibrate with opinions, not subject
to lie blown up or down by the breath Of
speculation, but to be made stable and &C.
cure, a dsordered currency is one Of the
greatest political evils. 1t undermines the
virtues necessary for the support of the So
cial system, and encourages propensites dc.
struc;iyc OF its happiness it wars against
industry, trugality, aud economy, and it
fosters the evil spirits OF cxtraYagancc and
speculation. 1t has been asserted by one
Of our profound and most gifted statesmen.
that ''cf al the contivances for cheating
the labcring classes of mankind, none has
ben more clectual than that which deludes
them with paper money. This is the most
e!icctna! oil Inventions TO tertilize the rich
mans fields by the sweat of the poor mans
brow. Ordinary tyranny, oppression, ex.
cessive taxation--thess bear lightly on the
happiness ot, the mass Of the community
compared with fraudulent currency, and
''ia ro' berries committed by deprecated pa.
per. Our own history ha: recorded for our
instruction enough, and more than enough
OF the dcmoralizing tendency. the injustice
and the in,oerabio oppression on the ylrtu-
Gus and wcll.disposed of desraded paper
currency, authorized by law or in any way
countenanced by Government" 1t is one
OF the most successful devices, in times of
peace or war, expansions or revulsions, to
accomplish the transfer of all the precious
metals from the great mass of the people
into the hands of the lew, where they are
hoariel in secret places or deposited in
strong boxes under bolts and bars, while
the people are left to endure all the incon
yencnce, sacrifice, and decentralization re.
sulting from the use Of a deprecated and
worthless paper money.
The condition Of our finances and the Oh
Grafton OF our revenue system are set forth
and fully explained in the able and nstruc
tive report Of the Secretary OF the Treasury.
On the Both OF June, 1866, the public debt
amounted S2,T83,l25, ,STp; on the 3Oth Of
June last, it was S2,G92, 1925, showing a
reduction during the fiscal year of $9I 226,-
COL. During the fiscal year ending June
80. 1867, the receipts were $3.50, ,G34, ,OIO.
and the expenditures $346, ,729, I2S, leaving
an available surplus Of Sl43, ,9O4, $50. l, Is
estimated that the receip pts of the fiscal year
ending June 80, 1868, will be Sil7, ,l6l, ,92s,
and that the expenditures will reach the
sum Of 1898, 269, 226, leaving in the Treas.
ury u surplus Of S25, ,S92, 7Oa For the fis-
cal year ending june 30, 1860, it is estina.
ted that the receipts will amount to $751;.
100000, and that the expenditures will be
SSI2. 900, 900, showing an excess OF 80, ,000,-
0.iO in favor of the Government
The attention Of Congress is earnestly
invited to the necessity Of thorough rcyjs.
ion OF our revenue system. Our internal
revenue laws and impost system should be
so adjusted as to bear most heavily on arti-
cles Of luxury, leaving the nccessaries of life
as free from taxation as may be consistent
with the real want Of the Government.
economically administered. Taxation would
not then fall unduly on the man of moder
ate means; and while none would be entirely
exempt from assessment, all, in proportion
to their pecuniary abilities, would contribute
towards the support of the Ssatc. A mod.
ltication CT the internal revenue system, by
a large reduction in the number of:articles
now subject 70 tax, would be followed by
results equally advantageous to the citizen
aud the Government II would render the
execution Of the law less expensive and
more certain, remove distractions to indus.
try, Lessen the temptations to evade the law,
.lt II, II.