New Orleans Republican., 1868-12-19
RESUMPTION OF SPECIE PAYMENTS,

Paper money is Objectionable to all
classes of our citizens, from the fact that il
may be counterfeited without detection
Uttered by the necessities Of the hour, its
volume increases with the real or imaginary
wants of those who may feel so secure in
their financial credit as to have their
promises to pay accepted by the public.
Based on nothing substantial-else the ne
eessity for its issue would not exist-paper
money is bound to be sold for less than its
face calls, hence whether issued by ma
ton, State, city, or an individual, it
alike creates suspicion in the minds of
hard money capitalists; and, unless soon
withdrawn by the maker, must entail upon
him bankruptcy and ruin.
The fact is notorious that what is now
known in New Orleans as city money,
issued during and since the war, is double
in volume what the city records demand.
The excess OF issue has doubtless gone into
the pockets of dishonest officials, but the
impossibility of discriminating between
the genuine and counterfeit bills throws
upon the taxpayer the responsibility and
loss attendant upon their redemption.
Although the State is not in condition
of equal impecuniousness, the war has
caused the displacement of many of her
securities. The large crops OF this year
will, however, give her renewed financial
vitality; and the settlement of the labor
question make her commercial institutions
occupy the rank they held prior to the
rebellion.
Various suggestions have been made as
to the easiest path to reach the desired goal
of specie payments. The withdrawal Of
the fifty dollar bill of recent national
issue, for the reason that it has been coun-
terfeited and that none of the experts at
Washington are able to correctly point out
the fraudulent issue, has created among the
Northern papers spirit Of discussion on
this question.
The policy of the individual whose ac-
ceptanees are on the market is, when in
funds, to buy them in ; and we hold that
the plan holds good in the case of nation
As surplus gold reaches the United States
treasury, the Treasurer should spend such
surplus gold in the redemption of the ma
tions obligations which are bearing the
greatest amount of interest, and thus by
wise contraction give strength to his other
outstanding securities.
1t matters little which of the many
courses open to the national Government
be adopted so long as the taxpayers fail to
comply with the legal requirements imposed
upon them by the necessities of the Re-
public. Evasion OF the payment of taxes
by those who "pro6t by the miseries of
mankind passes for virtue" Dishonest
officials are always ready to aid them for
share of their profits. Honest men-if put
into otfice-have to contend with efforts to
bribe them, and if they are greenback-proof
they have too often to fight against wealthy
corruption, dressed in the garb of seeming
virtue. To not pay tax on spirits or to-
bacco, is to I6b the poor man who pays
the government license imposed to raise
revenue for carrying on the government.
1t is to steal from an honest taxpaying
neighbor just the same as if your hand was
inserted in his pocket; and it requires no
argument to prove that the public officer
who permits the evasion Of tax is no bet
ter than the delinquent taxpayer.