The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1867-12-02
THE NATIONAL FINANCES.
IMPORTANT LETTER FROM
HON. II. j. WALKER.

He Recommends Immediafe Resump-
tion Of Specie Payments, and AdTi-
ses the Abolition Of the InfernnI Rev.
enue system-How our Taxation
Can be Reduced.
The Hon. Robert J. Walker, formerly
Secretary of the Treasury, is preparing,
at the request of his friends, an elabor-
ate letter upon the national finances.
1t will be remembered that Mr.. Walker
advocated Secretary Chase'S national
banking and financial system in 1868,
and after that became law he went to
Europe, by request of Mr.. Lincoln and
Mr.. Chase, as the financial agent Of the
Government, and caused her loans to be
taken, mainly in Germany, 10 the extent
of several hundred millions of dollars.
1t is believed that he will in few days
publish this letter, which we learn is to
embrace the following points:
|. The immediate resumption of spec
Gle payments to be effected by foreign
loan as proposed by him in December,
1864. This, he believes, can be obtain
ed at par in gold at six per cent. This
would make all our greenbacks equal
to gold, as also our national bank cgr-
rency, and all deposits in the national
banks, and put our whole bonded debt
of s., 900 900, 900 at par in gold. This,
he thinks, would add at once ut least
81 900, ,00O,000 to the active wealth of
the country as represented by currency
and negotiable credit, and prevent q
collapse. Governor Walker is opposed
alike to paper expansion and contrac-
tion, as both necessarily leading in his
Judgment to reputation.
2. An immediate restoration of the
Union and the reduction Of our expen-
ditures to peace basis. These eXpen-
ditures thus reduced, including the pay
ment of interest on the public debt, and
a very small and gradual reduction of
the principal he thinks ought not to ex-
ceed S220, ,O00, 900 q year in gold. The
payment of the Government expendi-
tures in gold, instead of paper would be
equivalent at once to 30 per cent. reduc-
tion of these expenses. Thus, immedi-
ately resuming specie payments and re-
ducing the expenditures to sum not
exceeding 1926, ,000, 900 year, he thinks
that tariff or revenue would bring at
least $200,0O0,o00 year, increasing
every year with our augmented wealth
and population.
,. The immediate abolition of our
whole internal system of taxation, in
cluding the income tax, the tax on sales,
stamp tax, and all other internal taxes,
except the excise on wines, fermented
and spirituous liquors, and tobacco.
Without reducing the taxes on these ar
ticles, or surrendering their proceeds to
fraud and rascality, he believed that at
least Sl20, 900, 900 year could be rea-
lized, This would make the total reve-
nue. S320,O00,000 in gold per annum,
which would leave very large margin,
far more than he thinks is required.
Should it yield much more than is
wanted, he would still further re-
duce the taxation by taking of
duties on sugar, tea, and coffee.
Should there still be a surplus
he is in favor of still further reducing
or repeating all duties on the necessa-
ries of life not produced in this country.
Should there still remain a surplus he
favors devotlng it to great national
works of internal improvement. He
thinks, as be always has, that the raw
material of domestic manufactures
should be duty free, and exempt from
excise OF taxation.
a. The national banking system should
be sustained and improved upon, re-
pealing the monopoly clause and leav.
ing all perfectly free to establish banks
who will comply with the laws of Con-
gress, thus giving all sections of the
country as large an amount of substan-
tial circulating medium as their inter
ests rennire.