Bedford inquirer. [volume] (Bedford, Pa.) 1857-1884, 1869-12-03

among the evils growing out or The
rebellion. and not vet referred to, is thai
0Hen irredeemab.e currency. u is al
evil which / hope Will receive your mos
earnest attention. It's a duty, and one
OF the highest datiesof government 10 Sc
cure 10 the citizen medium Of exchange
Of fixed unFarying value. This implies
return TO "A specie basis, and no suhsti-
tute for 1t can be devised. 1t should be
commenced now, and reached atihe ear
lest practicable moment, consistent wi & h
a fair regard 10 The interest Of tie debtor
class. Immediate resumption, II practi-
cable. would not be desirable. II wSuId
compel the debtor class 20 pay beyond
their contracts, the premium on gold at
the date OF their purchase aud would
bring bankruptcy and ruin toihousauds.
Fluctuations, however, in the paper val
ue Of the measure Of all values,
goldt Is detrimental 10 the inter-
ests Of trade. II makes the
man or business an Involuntary gam
bier, for in all sales where future pay.
ment is 10 be made parties speculate as
10 what viii be the value of the currency
"a be paid. and. Tecei Fed. 4 earnestly
recommend 10 you, then, such legIsia-
ton IS will insure a grsduai re .uru ia
specie payments and put an inme3iate
stop TO fiuctuation in the value of cur
reney. The methods to secure the
former OF these resuits are as numerous
as are the specnlations on political econ
omy. TO secure the latter sse but one
way, and tsat IS TO auth0rize the treas
ury 10 redeem its own paper at fixed
price whenever presented, and 10 with ,
holdfrOm circulation all currency so re-
deemed until sold again for gold.
The Fast resources of the nation, both
developed and updeveloped, ought TO
make our credit the best Oh earth. With
"A less burd en- Of taxation than the citi-
zen has endured for six years past, the
entire pablo debt could be paid in hess
than ten years; but it is not desirable
that the people should be taxed to pay il
in that time. Year by year ihe ability
TO pay increases in a rapid ratio, bat
tie burden Of interest onght to be
reduced as rapidly as can be done with
out the violation of contract. Tae pub
lie debt Is represented in great part by
bonds, having from i've 10 twenty and
from ten TO lorty years to rl-n, bearing
Interest at the rate OF six per cent and
i've per cent. respectively. Ii is optional
with the government to pay these bonds
at any period after the expiration OF the
least time mentioned upon their face
4 he time has already expired when "a
great part Of them may be taken, and is
rapidly approaching when all may be.
Il is believed thai ali which are now
due, may be replaced by those bearing
a rate OF Interest not exceeding four aud
Per cent, and as rapidly as the
remainder become due, that they may
be replaced in the same way. To ac-
cOmplish this II may be necessary to au-
thorize the interest TO be paid at either
Of the three Or four Of the money centres
Of Europe, or by any Assistant Treasurer
Of the United States, at the option of the
holder Of the bond. / suggest this subject
Tor the consideration of Congress, and also
simultaneously with this, the propriety
Of the redeeming Of our currency, as be
fore suggested, at its market value, at
the time the law goes into effect, increas-
Ing the rate at which currency will be
bought and sold, from day 70 day, or
week to week, at the same rate of Inter
est as the government pays upon its
bonds.
Tbs Eu jectof tariff andl n;ernal taxa
lion will necessarily receive your aiteD-
.ion, The revenues OF the country are
greater than the requirements, and may
With safety be reduced; but as the fund
ing of the debt in four or four and a
half per cent. loan would reduce the an
nual current expenses largely, thus az
.er funding justifyfng a greater reduc-
.AOAA Va AA4AAlOAA AIEtl NuuAQ Dc now EA-
Dedient, it may be advisable TO modify
axa:ion and the tariff in instances where
unjust or buTdensOme Determinations
ire made by the present laws regulating
his subject. / recommend the postpone
nent Of IL for the present.
also suggest the renewal OF the tax
IN incomes, but a reduced rate, say
hree per cent, and this tax 10 expire in
hree years. By the funding ofthe nation
Il debt, as here suggested, I feel safe in
aging that taxes aud the revenue from
imports may be reduced safely from
sixty TO eighty millions per annum at
once, and may be still further reduced,
from year to year, as the resources Of the
country are developed.
The report of the Secretary of the
Treasury shows the receipts Of the gov
eminent for the fiscal wears ending June
30, 1859, to be $50, ,943, ~, and the expen-
1itures, including interest, bounties, &c,
10 be S32I, 400, So. The estimates for the
ensuing year ave more favorable 10 the
government, and will no doubt show a
much larger decrease of the public debt.
The receipts in the treasury, beyond ex-
pectations, have exceeded the amounts
necessary 10 place the credit Of the sink
ing fund IS provided by law. To lock up
the surplus in the treasury and withhold
10 from circulation would lead 10 such
of the currency as 10 cripple
trade and seriously affect the prosperity
Of the country. Under these circum-
stances the Secretary of the Treasury
and myself heartily eoncurred in the
propriety Of using all the surplus cur
rency in the treasury IN the purchase of
government bonds, thus reducing the
interest bearing debt OF the country,
and Of submitting TO Congress the ques-
tion of the disposition to be made of the
bonds so purchased. The bonds now
held bv thas treasury amount TO about