The New Orleans crescent. [volume] (New Orleans, La.) 1866-1869, 1868-12-15

payment Of debts. and although no such express
prohiction applied to Congress, yet a. Con-
gIess mas 70 power granted to it in this respect
foreign coins, ii clearly has no power to subs,i-
tute paper or anytime else for coin a tender in
pay ment OF debts, and 10 discharge Of contracts
Congress has exercised this power fully in boih
iis branches. II has coined money, and still coins
il. 1t has regulated the,valus Of foreign coins,
and still regulates their value. The legal tender
therefore, the constitutional standard Of value Il
established and cannot be overthrown. To over
throw It would shake the whole system.
will differ from Mr.. Webster upon this question,
and no one can fail to perceive how Important 1t
is that the legislature recommend decision rom
which there can be no sppeal-thst United states
- DUTIES on IMPORTS.
The receipts for customs for the last three
years have been as follows: Tor the fiscal year
ending June 80, 1866. $l7s 046 65l So for the fs-
cal year ending June 80. 1867. SITS All $40 So;
for the fiscal year ending June 80. 1868. $l64 4s4.-
FOREIGN DkBr OF THE COUNTRY.
It impossible to ascertain with precision the
amount of our securities held In Europe. Nor is
tanning even what amount has gone there annually
since the first bonds we're issued for the presecu-
ton of the late war. In his report of 1866 the
secretary estimates the amount Of United States
securities of different kinds, including railroad and
other stocks held In Europe, at 5000 900 600. De
soor after became satisfied that this estimate was
too low by from 500 900 900 to $l50.000, 900 1t
would be safe to put the amount so held at the
present time exclusive OF stocks, at sou o9pvoo;
States bonds, nearly ell of which have left the
United States within the last six years. Tho
amount il formidable. and little satisfaction is de-
49, -. xx~sst
have been transferred in payment OF interest and
for foreign commodities and just as little from
the consideration that probably not over $500 0OO.
600 in gold values have been received for these
$3.50 900 900 Of debt In this estimate of our for
eign Indebtedness. railroad and other stocks are
not included as they are not debt, but the evil
dsnce merely of the ownership of property In the
| United States. q .snstrl7 - esg.ft
RAPID INCREASE OF THIS DEBT. 81
We are even now increasing our debt to Eu-
rope at the rate of 500 900 900 $40 600 900 per
| annum, in the form Of gold -bearing bonds. The
gold and silver product of California and terrific
ries since ls4s has been upwards Of 81 800, 600.
| 600. Allowing that 500. 600 have been used
in manufactures, and that the coin In the country
has been increased to an equal amount, the
balance of this immense sum, 81 loo 900 900, has
gone to other countries In exchange for their pro-
/ auctions. Within q period of twenty years, In
addition to our agricultural produce, and to our
/ manufacturer, which have been exported In large
quantities, we have parted with 81 100 600 OF
| the precious metals, and are nevertheless con-
fronted with foreign debt of some $3.50, 900 900,
| which is steadily. increasing, and all this has
| occurred under tariffs In good degree framed
| with the view Of protecting American against
| foreign manufacturers.
The secretary then shows that this debt has
| been incurred for luxuries, consumed without
adding anything to our resources; and argues
that is of great importance to the country to have
| its debts owned at home.
He says that the great question to be studied
4 now is that of return to specie payments and
next in importance to this is the adjustment OF the
| revenue laws. He promises an admirable and ex-
haustve report on this last subject from Mr.. d. A..
| Wells, the special commissioner; and recon-
msnds o large reduction of the tariff, and an in
crease Of the internal revenue by general tax on
sales. BOOB 1-
| He strongly urges economy in every department
/ Of the government, and thinks $3.50 900 600 per
annum ought to be made sufficient for the current
expenses and that revenue OF 5000 900 600 ought
to leave $50 900 900 every year for the reduction
1 of the debt. T1isf ~.
THE DEBT REDUCED $s79, s25 ,l25 80.
The war was vruslly closed in April, 1865.
/ On the first day of that month the public debt
| amounted, according to the books and accounts
| first day of September following 1t amounted to
81 757 6s9, ISL 49, having increased In four months
| $3.50 734, 494 90. From that period 1t continued
| TO decline until November l. 1867, when IL bad
fallen to s., 49l 504, 450 On the first of November
last 1t had risen to 1851, ,552 81. BY this
statement IL appears that between the first day OF
April 1865, and the first day Of September Of the
came year. the debt increased $780, ,49f o.
and that between the first of September, 1865, and
the first day of November, 1868, II decreased
| $3.50 $780, OILS 81, and that on the last day men
toned it was $l60, AIS As larger than il was on
I urer's receipts from all sources Of revenue have
I heeu "a follows: f..rfI.t -Irf Az .r' ia