The Democratic press. [volume] (Ravenna, O. [Ohio]) 1868-1901, 1868-12-24

4 ofiithe present, ,idepreclated currency,
4 issued and. kept in n.circulations by the
g'ovesnHent !; and whenever the peo-
pie wish togrestoret the credit of the
nation,i theN1ean do it through, their
representatives. in {, Congress- by re-
moving the nlyiembagrassmen that
standslin the way, bYI directing that
provision sllalh be dmade for, the pay7
ment oof + a. foatingi Indebtedness
amountingato5 5S2SS,O00, 900; consisting
! ofpromisesito pay. that are neYeF paid,
andte establisblthe, flct, that the Qnir
ted States is s-solYent, debtor, able and
willing to paglevegE dahtas it becomes
due. ,YSpecielpayAleHts and rthe Feste-r
ration iof pubficricreditare within the.
reach and depend. apeHthe will of, the
people of the United States.i 9.retF
" '.'''s The Treasury Report. III &"l
An examination Of Secretary Me-.
Culloch's ANNUAL REPORT to Congress
shows, an inci'ease Of the public debt.
from NoVVs9m Ebbesif Der I, 1867, to November
/, 1868, Of y s55,625,4G2 %. 9a0f this
increase S24,152,000 is ehiaargeabie to
the Pacific railroads, and $4,000, 900 to
the purchase of Russfan Alhertffctaa.. Flea. .
Bolnties, have CONSUMED sumo over over forty
four millions, aid Ioo'verdue interest On
compound and seven and thFee-te1iths
notes. took four1: i million more, Il The
Secretary regards tie Exhibit, Under
all the circumstances caess.l aess.1l3ffrncluding the
large reduction Of Internal taxes aassd
the cost Of military operations against
the Indians-a not Unsatisfactory 2--'
The report reviews the ground ta:-
ken in previous papers, Of the same
description, on the subject Of currrrelni-
/ ey, the revehues,h and tffe"pHBlic debt.
stacking itfie1egM teifdeT1aw,, and pro-
posing niethodi fo&rHits prudent abro-
igatiioohh.. ,. He regards ithae ait as a war war
-mea aghhffe, conceived in an emergency,
and to be ut 4afhnHiBed4as soon as possible
after hostilitiees ceased, His afgti-
ihent in this connectionois full and
his! !preposed'plan n4tor getting rid of
the whole legal tender system, is to
declare by act of Congress that after
the first of january 1870, United
States notes Shall cease toIbe b legal
tender in payment of private debts
subsequently, contracted, and that after
the first of January, 1871, they shall
cease to be'a legalf4ehdes on anytcon-
tfact, or for any purpose, except Coy
eminent dues, for which they5are now
t receivable. The interval, he thinks.
would be ample to allow banks and
business men;toprepare for the, change
Which they knew was to come. g
.'''O Our foreign debt is Increasing at the
rate 'ofsssixtF or seventy millions per
year, in goldabeafingi bonds, of which
lie Computes there is value of $780,
00o,QDoiheld abroad, costing their pur-
ehasersf hotmorentlfan S5O0,00O, ,oOo.-
He NdepIofes the Importation of arti-
cles that, in economical times, would
be regarded as sluxaries, and which are |
paid for IN nioaF bonds.5z Two-thirds of
our imp6ftations safe said to be of this
Glass: This nextraFagaI1ee, which can
.iiot long be kept'ap, is charged to the /
account Of the war and a redundant /
currency. The fatal objection offered +
to a7tontinuance Of ti4is'state of things
Is that our foreign debtis being all the
time increased, while our ability to |:
pay the same is in the same ratio di-
ri1inished.d He would make the pub
lie debt nainlya home debt, as any
large national debt must be torbe tol-
efable!;; and to compass this most de-
sirable end, and pay over to our citi-
zehs' what is taken from them in taxes.
the specie standard of money is to be ii
speedily restored ,yFthe revenues are to
be collected, and legislation is to be so +
shaped as to restore those important I
which are now langafshing.
1t is urged that the tariff and inter
naE lieVenue laws be harmonized: If
the receipts from customs fall off.
therefore internal taxation 1nust in
crease. But in any case, ECONOMY
be practfeed on a rigid system. II
1t wilhnotdo to reduce the appropria- !
lions, and theni bring in deficiency !
olftsoblRhe Secretary sets down the t
'mnftotal from, ,eustonisB and excise at ! !
ihpee' hundred millions per year. The .f
nternal revenue duties for.the current n
iseal'year are estimated at STAG, ,20O,- ;
III The civil service should not cost f.,
'Eer forty millions; the war depart tt
nent not more than thirty-fiye mill I
ons,,l, A tax ON sales is recommended, 4 =
nda thorough. revision of the tariff. 81
lie defends his course against the
harges Of having involved the Treas X
ny with stock speculatiops and the Is
aoEement Of the money market, and J'
ensures, the conduct of those national ar AZ
anks which have, certified checks of co
eposit in advance of making such ~
oposits. The detailed statements of W
he report will prove to be OF, the first n
lterest to the peoplefof the country,
y whom they should be carefully ex-
mined. Upon the soundness of the a.
naneees, rests the ability of the Gov of
to sustain itself. pr
~ - ---l<4 $50 an