Green-Mountain freeman. [volume] (Montpelier, Vt.) 1844-1884, 1868-01-22
FINANCIAL SCHEMES j..

more beneficial to the people than the little
vacations that Congress takes from time to
time; for they allow the members to mingle
with their constituents and get refreshed as
to their ideas of public needs Never has
this been more evident than at the present
time for on their return from their Christmas
vacation. there seemed to be in all a stronger
determination to correct the evils which on
every side surround us. 1t is confidently
asserted by many who perceive this feeling
that a resolution will be passed by large
majority declaring that the debt shall all be
paid in gold, and advising the speedy resump
ton Of specie payment. Still there are
great many who taken by the clap-trap of
rclf-secking politicians. who endeavor to man
itest their unfeigncd love for the people and
CRY :. One country and one currency - The
same currency for the bondholders and the
people" This Is the rallying cry of the
repudiationsts. who in reality are enemies Of
the Republican party, and have no patriotic
end in view, willing TO obtain little power
or to gain brief respite from taxation, at
the expense of every pledge of the govern
ment and the complete destruction of any
healthful business. Some of their schemes
such a. paying the whole debt in greenbacks
at once-which is the favorite policy of the
West-are SO monstrous and revolving to any
man of Just feelings that they will hardly find
many supporters. But these are not nearly
as dangerous a. those plausible, smooth, we'll
laid plans by which some exchange is to be
made of a debt honorably acquired and thus
far honorably met. for one which can only be
forced on the people by abrogation Of the
pIaincst possible contracts. Every plan, IN
fact. EXCEPT such straightforward ones as
those IF Mr.. Morrill, and Mr. EI1nunds, intend
j breach Of public faith The simplest, and
at the same time the most efiectual, is that
suggested by Mr.. Wells, the able and indc-
fltisabIe special commissioner of the revenue,
in his recent report TO the Secretary of the
Treasury, Just published. 1t is simply to
restore to greenbacks " their former con
vertibIIity into five-twenty bonds-in other
words to fund the currency until the residue
Of it reaches gold value-and then by a
foreign loan at low interest, provide at the
twentics. in the exercise Of the privilege
reserved to the government.
REPORT OF COMMISSIONER " Ellis.
The report Of Mr.. Wells to which have
referred is in many respects a remarkable
document, and well worthy of thoughtful
perusal. Originally thorough soin5 pro-
t-ctionist. and still adhering mainly to that
view Of the tariff question, Mr. Wells has yet
moderated his opinions TO considerable ex-
tent. in view Of the exigencies of the present
time. He saws that the question now is g not
so much what the respective advocates Of free
trade and protection may desire, or what alb
-tract economic science may teach, but rather .
t-lqt uude- ctlsfilg circumstances IS most erpe
beat."
IIe commences with very clear and COM
Irehcn>iye discussion Of the present and pro
succtive liabilities that arc TO be met by
taxation. concluding that an annual aggre
-lte Of S320 900 900 is ample, with proper
r, .uu1nv. to provide for all our necessities
Ot tins. $3.50, 900 coo (coin) VIII be appli-
cable 20 thc payment of interest on the public
Le11. @I4n.0O0, 900 To current expenses Of
tf, q. ..---aent. and $50 900 900 to the re-
Iucti I'll vi the national debt. He proposes ,
t4 raise from customs $50 900 900, and from
internal revenue SISI. 400 900, yielding $ll-
4u0, 600 surplus t. meet contingencies To
retize this no change is proposed in respect
81 thu customs, from the present rates and .
-v.rem. which are both regarded sufficiently
perfect Respecting the internal revenue,
however. several important changes are sug-
-sstcI. and their usefulness exemplifed in a
manner to carry conviction to the dullest
mind He adverts in plain terms to the fear
full state Of corruption now existing through /
out the country. charging it to excessive .
taxation. together with ineaicicncy IN the
machinery FIR collection attributable largely
{. the iuHuence Of political considerations in
the -elc-tion and removal Of officers. He rec .
onmcnds a reduction Of the tax on distilled
spirits t. fiftv cents gallon, with changes
In the mode of It's collection Il change i'll the I.
method Of collecting taxes on tobacco, in
which he believes proportionately greater
fra uels are now committed; with notifications
of other taxes t. which it is not necessary for
me to advert. He proposes to dispense en-
tircIy with - so-called industrial taxes, and
rcIv solely upon about dozen sources OF
revenue. least burdensome and most easily
accessible. He concludes with allusiOns to
thcmethods of administering the civil service
in Europe, and recommends the establishment
OF permanent corps like the army or navy, /
% which capacity alone should be passport
and merit and honesty guaranty OF reten-
ton.
have not space to notice that portion OF
thIs interesting report devoted TO a consider
alton Of the resources Of the country, and
comparisons between our present condition
and our past, and between ourselves and 9th
er nations. The facts presented in that con-
nectlon are startling. and of a character TO
dispel any trace of dependency lingering In
the mind Of the people
LEGISLATION AGAINST wHrsKEY FRAUDS.
gigantic step in the line of effectual re-
.'Fn mas been taken within the present week
III the passage OF brief section of law
sweeping from the statute book the entire
h'ndlng system for distilled spirits. the most
rl'l'hc source Of frauds upon the revenue.
"e residents approval may be expected
promptly and heneeforth no liquors can be
li''ei from the distillery far any purpose
un''l the tax has beeD paid Let us rejoice
'l'at light Is at last breaking in even upon
the whiskey question
EchiTm o. January