Indiana American. [volume] (Brookville, Ind.) 1865-1872, 1867-12-13


rency which was designed for their use
and benefit. and specimens of the precious
metals bearing the national device are
seldom seen, except when produced 10
crafty the interest excited By their novel;
~. If deprecated currency Is TO be con-
tinued 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 IN
dispcnsabe TO the comfort OF the people, 1t
would DO wise economy to abolish our
minis, thus saving the nation the care aud
expense incident to such establishments,
aud let all our precious metals be exported
in bullion.
The time has come, however, when the
Government and the National Banks
should be required to take most eihcient
steps aud make all necessary arrangements
for resumption Of specie payments at The
earliest practical period. Specie payments
having been once resumed, by the Gov
ernment and banks. all notes or bills OF
paper issued by either Of a less denomina.
ton than twenty dollars should by law be
excluded from circulation; so that the
people may have the benefit and convent
ence of gold and silver currency, which
in all their business transactions will be
uniform in value at home and abroad. Ey-
cry nan Of property or industry every man
who desires TO preserve what he honestly
possesses, or TO obtain what be can homes.
tly earn, has direct interest in maintain
ing safe circulating medium; such medi-
um as shall be real and substantial, not
liable to yibraie with opinions; not subject
to be blown up or blown down by the
breath of speculation, but to be made sta
bic and secure.
greatest political evils 1t undermines the
virtues necessary for the support of the
social system, snd encourages propensites
destructive Of its happiness. Ii wars
against industry, frugality, and economy,
aud il fosters the evil spirits Of extrava-
ganee audspecula,ion. l, has been asser-
tei by one VI our profound aud most gift
ed statesmen, ~that of all eoutrivauces
foreheating the laboring classes Of man.
kind none has been more etfectual than
that which deludes them with paper money.
This is the most eifectaal Of inventions to
fertilize the rich mans fields with the
sweat Of the poor mass brow. Ordinary
tyranny, oppression, excessive taxation.
these bear lightly on the happiness Of the
mass oil the community compared with a
fraudulent currency. and .be robberies
committed by Deprecated paper
Our own history has recorded Cor oar
instruction enough, aud more than enough.
of the demorulizing tendency, the Unjust
ice and iniolerable oppression on the yirtu-
Gus and we'll disposed. OF degraded pa
per 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 reyulsions,
10 accomplish the transfer Of all the pro
cious metals from the great mass Of the
people into the hands OF the few, where
they are boarded in secret places, or do.
posted in strong boxes, under bolts and
bars, while the people are leit to endure
all the Inconvenience, sacrifice and de-
resulting from the use ola de
preciaied and worthless paper money.
The condition Of our finances, aud the
operations Of our revenue system, are set
forth and fully explained in the able aud
instructive repor, VI the Secretary Of tho
Treasury.
On the 30lh Of June, 1866, tho public
debt amounted 10 S2,.S3, i25, SO; on the
Both OF June last IL was S2,692, 1920;
showing reduction during the 6scal year
Of SOL ZIG, 66I.
During tho fiscal year ending June 30,
1867, the receipts were 500, 1874 0l0, aud
the expenditures S3i6.729 100, leaving
an available surplus of el43. 00i $50.
IL il estimated That the receipts for tho
fiscal year ending June 30, 1868. will be
SILT, lGl 92S, aud that the expenditures
will reach the sum Of 1898 ,2G9 226. leav-
Ing in the Treasury a surplus Of s23,s92,
IO2.
For the fiscal year ending Juno 80,
1869, il is estimated that tho receipts
will amount to 1881 900 600, aud that the
expenditures will be S372 600, 900, show.
ing an excess Of s9,000,00O in favor Of
The Government.
The attention Of Congress is earnestly
invited 20 tho necessity Of thorough re-
vision Of our revenue system. Our inter
nal revenue laws aud impost system should
be so adjusted rs to bear most heavily on
articles OF luxury, leaving the necessaries
IF life rs free from taxation rs may be |
consistent with the real wants OF the
Government Economically administered,
taxation would not then fall uuduly on
he man of moderate means, and while
none would be entirely exempt from assess.
ment, oil. in proportion to their pecuniary
would contribute toward the sup
port Of the State.
A modification Of the internal revenue
system by large reduction in the number
Of articles now subject to tax would be
followed by results equally advantageous
10 the citizens aud the Government. 1t
would render the execution Of the law less 1
expensive and more certain; remsve OBJ
'trucsions to Industry; lessen the tempta.
ions to evade the law; diminish the viola.
ions and frauds perpetra,ed upon its pro-
fisions; make its operation less inquisitoriai !
Ind greatly reduce in numbers the army of
AK gatherers created by the system, who
AXE from the mouth Of honest labor the
bread it has earned
Retpenchment, reform and economy |
should be carried into every branch Of the
public service, that the expenditures OF
he Government may be reduced, and the
people relieved from oppressive taxation.
A sound currency should be restored, aud
he public faith in regard to the national