The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1867-12-03

inclueiye SyszOOO making the aggregate Of net
extess of product over net exports ofsfs3 600 900.
b. Coin in the Country.
something more lhSn 600 ~ IN oS c1ln sb
Pacific cUHst, and ew'milliOns In the national and
other banks; in all about $3.50. 900, 900 This how
ever taking in account the specie In the country prior
20 is40 leaves than $780, 1000 900 which have NOT
been acc united for by exporation and therefore, may
and show how completely the Inferior currency will
supeseee The better forcing Il from circulation among
article Qf trade add to the money capital of foreign
lands They show The necessity OF retiring ourpaper
money that the return of gold and silver to the
of trade may be invited and demand created
which will cause the retention AZ home OF At least
much Of the productions of our rich aud inexhaust-
bic go d-beerng fields as may be sufficient for pur
poses of circulation f
rency 80 long as the governments by continuing to
issue ilredeemable notes fill the channels for circua
ton with deprecated paper. Notwithstanding coin
seventy-four millions of dollars, the people now
strangers TO the currency which was designed for
their ard benefit, and specimens of the precOus
metals bearing the national devices seldom seen,
except when produced to crafty the interest excited
by their novelty II deprecated paper Is to be con,
tnued the permanent currency of the country, and
all coin is to become article of traffic and
speculation TO the enhancement IN price Oi all that
indispensable to the comfort OF the people, woud be
wise economy to abolish our mints, thus saving the
nation the cost and expense incident to such estab
ments and let our precious metals be exported in bull
lion.
The time has come, however, when the government
most efficient steps and make ali necessary arrange
meTs for resumption Of specie payments a. The
been once resumed by the government and banks, all
notes or bills Of paper issued by either of less demo
minaton than twenty dollars, should by law be ex-
cluded from circulation. 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 valne at home and abroad
A Sound Circulating Medium.
Every man of property or industry, every man who
obtain what he honestly earn, has direct interest
in maintaining safe circulating medium, such
mudium shall be real and substantial not liable to
vbrate with opinions, not subject to be blown up
blown down by the breath of speculation, but to be
made stable and A disordered currency In
Of the greatest political evils it undermines the
virtues necessary for the support OF the social system
and encourages propensties destructive of its happi-
ness 1t wars against industry frugaity and economy
and fosters the spirit OF extravaganza and specu
laon II has been asserted by one OF our profound
and most gifted statesmen, that of all the cOntrivan-
for cheating the aboring classes OF mankind none
has been eectual than that which deludes them
This Is the most effectua Of inventions to foreclose
the rich mans fields by the sweat of the poor mans
brow, Ordinary tyranny oppression, excessive tax
ationthese bear lightly the happiness Of the mass
of the community compared with a fraudulent cur
renCy and the robbeTes committed by deprecated pa
per. Our history has recorded for our instruc-
tion enough, and more than enough OF the demora-
izing tendency, the injustice and the intoerable op
i preston the vrtuous and well-disposed of de-
graded paper currency authorized by law, or in any
/ way maintained by government.
1t is ore OF the most successful devices, in times OF
peace war, expansions revolutions to accomplish
the transfer of all the precious metals from the great
of the people into the hands OF the few where
/ they boarded in secret places, deposited in
/ strong boxes under bolts and bars, while the people
left to endure all the inconvenience sacrifice and
Generalization resulting from the Of deprecated
and worthless paper money.
Working of the Financial System.
The condition or our finances, and the operations Of
revenue system are set forth and fully explained in
the able andnstructive report OF the Secretary of the
| Treasury.
| to S2,TS3,425,S79; the 30th of June last it was
1852, 1879, ,2l5-showng reduction during the fiscal
year OF $912 ,664. During the fiscal year ending
June go 1867 the receipts We're S49O Olo and the
expenditures $84s; 729 l2o-leavlng an available sar
| for the fiscal year ending June 80, 1868, will be
s417 92s and that the expenditures will reach the
sum of 1898 269 6leavng in the Treasury surplus
of s33, ,S92,7O2. For the fiscal year ending June 3d.
1862 it is estimated that the receipts will amount to
| 1881, 100000, and that the expenditures will be
9OOOOOO-showing excess Of So 600 in favor
| of the government
| Revenue System.
The attention of Congress is earnestly invited to
the necessity of thorough revision of revenue
system. Our internal revenue laws and impost sys-
| TEN should be adjusted as to bear most heavily on
articles Of luxury, leaving the necessaries of life
free from taxation may be consistent with the real
wants of the government economically administered
taxation would not then fall unduly on the of
| moderate means; and while none would be entirely
exempt from assessment all in proportion TO their pc
cuniary abilities would contribute towards the sup
port of the State. modification of the internal re-
venue system by large reduction in the number of
| articles now subject to tax, would be followed
| by results equally advantageous to the citizen
| and the government, and it would render the exc
cution OF the law less expensive and more certain,
remove distractions to industry lessen the tempta-
tions TO invade the land, diminish the violations and
frauds perpetrated upon.ts provisions make its opera
tions less nquistoral and greatly reduce In numbers
the army OF taxgatherers created by the system who
take FRI m the mouth of honest labor the bread il has
| earned" Retrenchment, reform and economy should
be carried into every branch of the public service that
| the expenditures OF the government may be reduced
/ and the people relieved from oppressive taxation. A
sound currency should be restored and the public faith
in regard to the national debt sacredy observed. The
| accomplishment of these important results together
with the restoration of the Union of the States the
principles ofthe Constitution would inspire confidence
and bring TO the nation prosperity, peace and good
| will.
| The War Department..
l The Report of the Secretary of War dd interim
exhibits the operations of the army and of thesevera
| bureaus of the War Department The aggregate
strength of our military force the Both of Septem-
Der last was 3l5 The total estimate for military
appropriations s ST. 707, including deficiency in
last years appropriation OF Rls,6OC OOO. The pay
ments at the Treasury on account of the service Of
| the War Department. from January 1 to October 20
1861 period of ten months amounted to $lO9 SO1 900
The expenses of the military establishment, well as
the members of the army, are now three times ai
great as they have been n time of peace while
the discretionary power is vested in the Executive tC
add millions to this expenditure by an increase OF the
| army to the maximum strength allowed by the law
Indian Affairs.
| The comprehensive Report of the Secretary of the
Interior furnishes his interesting information in re-
ference to the important branches of the public SER
vice connected with his department The menaelng
attitude of of the warke bands of Indians IN
habtng the district of country between the Arkansas
and Platte rivers and portions OF Dakota territory,
required the presence OF large military force in that
region. Instgated by real or imaginary grievances,
the Indians occasionally committed acts of barbarous
violence on emigrants and our frontier settements