The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1867-11-27
THE NATIONAL FINANCES.

important Letter from Hem r. u
Walker-He Recommends 1ulnledtate
ResumptcOn OF Specie PaymOnGs-He
also Advises the Abolition OF the In
ternal Revenue systsm-HOw Taxation
Can be Reduced.
The Hon. Robert ]. Walker, former Secretary
of the Treasury, is preparing at the request OF
tional finances. 1t will be remembered that
Mr.. Walker advocated Secretary Chase's ma
donal banking and financial system in 1868,
and after that became a law he went TO Europe
by request of Mr.. Lincoln and Mr.. Chase, as the
1 sgenfS % S oi ine oin % an0 Sa9se6
the extent of several hundred millions of dol
lars; It is believed that he will in few days
publish this letter, which we learn is 10 en-
brace the following points,
l. The immediate resumption of specie pay
posed by him in December, 1854. This, he be-
neves, can be obtained at par In gold at six per
equal to gold, as also our national bank curo
rency, and all deposits In the national banks,
and put our whole bonded debt of 50 600, ,000, 900
at par in gold. This, he thinks. would add at
once $l,OOO,OOO,OOO to the active wealth of the
country as represented by currency and nego-
table credit, and prevent q collapse Cover
nor Walker is opposed alike to paper expansion
and contraction, as both necessarily leading,
in his judgment, to repudiation.
2 An immediate restoration of the Union
and the reduction OF our expenditures to
including the payment of interest on the pub.
lie debt and a very small and gradual reduc.
ton OF the principal, he thinks ought not to
exceed S220 ,0O0, 900 year in gold The payment
of the Government expenditures In gold in.
SIeuQ OF paper, WOuLQ D6 eQQlVal6nJ at once 10
30 per cent. reduction of those expenses. Thus,
Immediately resuming specie payments aud
reducing theeX penditures to q sum not exceed
ing 1920 900, 600 year, he thinks That tariff of
revenue would bring at least $500 900 900 year,
increasing every year with our augmented
wealth and population.
8. The immediate abolition OF our whole In
ternal system of taxation, including the income
tax, the tax on sales, stamp tax, aud all other
internal taxes, except the excise on wines, fer
mented and spirituous liquors. and tobacco.
Without reducing the taxes on these articles,
or surrendering their proceeds to fraud and
rascaliIy, he believes that at least 8l20 100000
year could be realized. This would make the
total revenue S32OOOOOO0 in gold per annum.
which would leave a very large margin, taT
more than he thinks is required. should
It yield much more than is wanted, he wonia
| still further reduce the taxation by taxing
on tne duties on sugar, Tea, ana ooIeo
| should there still be large surplus
ne is In favor OF still further reducing orrepeal
ing all duties on the necessartes OF HE not pro
ouced IN this country. Should there SIN reniatn
ahufplus ne faVors deVoting IL TO great natlon.e ~
| Works OF internal Improvement. he tnlnks, fs .
| ne always has. that the raw material OF domesIIc
| manuIac!ures should be duty frees ana exempt
| from excise or taxation.
4. The national banking system should be
sustained ana improved upon, repeating the
monopoly clause, and leaving all perIectN Iee
! TO esteDllsh banks who Will comply Win the
laws OF Congress-, thus giving all sections OF tne
country az large an amount OF substantlal clt-
oulatlng neulum as their interests require