Clarksville chronicle. (Clarksville, Tenn.) 186?-1872, 1869-12-11

htuSuItS VI iii Nuiuery pOity Is uttfl-
mental 10 The interests Of trade. II,
makes the'man Of business aninvol-,
untary gambler, for in all sales where,
future payment IS to be made, both
parties speculate as to What will be
the value OF the currency to be paid
and received. / earnestly recon-
mend 10 you, then, such Legislation
as will insure gradual return to
specie payment. And put On imme-
date stop to fuctuation In the value
of the currency. ,trhe methods 10 se-'
cure these results are as numerous as
are the SPECTATORS on political econ
omy. To secure the latter, / see but
one way, and that Is to authorize the
treasury to redeem its own paper at
"a fixed price whenever presented, to
withhold from circulation all such
currency redeemed until sold again
for gold. The vast resources of the
nation, both developed and undevel-
oped, ought to make our credit the
best on earth. With less burden of
taxation than the citizens have en-
dured for six years past, the entire
public debt could be paid in ten
years; but IL Is not desirable that the
people should be taxed to pay 1t in
that time. Year by year the ability
to pay IL Increases In a rapid ratio !;
but the burden of the interest ought
to be reduced as rapidly as can be
done without a violation of contract
The public debt Is represented in
great part by. bonds having from five
to twenty and from ten to forty
| years to run, bearing interest at the
rate of six per cent. and five per cent.
respectively. 1t is optional with the
government to pay, these bonds at
any period after the expiration of the
first time mentioned upon their face.
The time has already expired when
great part of them may be taken,
and the time Is rapidly approaching
when all may be; and it Is believed
that all which are now due may be
replaced by bonds bearing rate of
Interest not exceeding AZ per cent,
and as rapidly as the remainder be-
comes due, that may be replaced in
the same way. To accomplish this,
1t may be necessary IT, authorize the
interest TO be paid at either of three
or four of the money centers of Eu-
rope, or by an Assistant Treasurer OF
1.-THE United States, at, the option oil
1.-THE holder of the bond. / suggest
this subject for the consideration OF
Congress; also, simultaneously with
this, the propriety of redeeming our
currency as before suggested at its
marlSetvalue, as the law goes into
elect increasing the rate at which
currency will be bought and sold
from day today or week to week, al
] the same rate of interest the govern
ment pays upon its bonds. r .fIs
Ierf TARIFF AND TAXATION. ,-iV
The subject of tariff and internal
taxation will necessarily receive you
attention. The resources of the coun
try are greater than the requirements
and IL may safely be reduced, but rs
funding of the debt in a four or a foul
and one halfper cent, woull reduce
annual current expenses argely-thui
after funding justifying greater re
duction of taxation, than would b,
now expedient-I suggest a postpone
ment of this question until the mex
meeting OF Congress. 1t would b,
advisable to modify taxation and tar
IN in instances where unjust or bur
densome discrimination are made by
the present laws, but general revis
ion of the laws regulating this sub
ject, | recommend the postponemen
for the present. / also suggest the re
newal Of the tax on incomes, but a
n reduced rate-say of three per cent
and this tax to expire i'm three years
with tire. funding Of the nationa
debt, as here suggested, feel safe il
saying the taxes ana revenue IRON
imports may De reduced safely IRON
S60, 0W, GOD 10 SS0, oo,Wo per annun
at once, ana still iurtner reduced IRON
year to year, as the resources OF tn
country are developer. IN. 5.'.f,n..
.. RECEIPTS AND EXPENDITURES.
The report of the Secretary of tn
Treasury shows the receipts of tn
government for the fiscal year endin,
: lime 20. 1860, to he 1870, 943. 747
q and the expenditures, includin
g imtereS6s, oorntles, e.c:, 20 y
: ens,,;"g yeor are p,nre 7, yorobi
r TO the government, and will no doub
: show a large decrease of the publ
: debt. The receipts into the Treasur
@ beyond the expenditures have exceed
: ed the amount necessary to place {
the sinking fund, as provided by law
To lock upthe surplus in the Treasr
nv and withhold It from circulation
D would lead to such contraction {
: currency as to cripple trade and ser
. oasly affect the prosperity of tn
: country. Under these circumstance
, the Secretary of the Treasury an
: myself heartily concurred in the pro
priety of using all thesurplus currer
|, cy III tue treasury ~ .ne puiciI"Se
n SV ,,,l,, hnar ino OF ~ nomS -.
r .nd nf suhn,ifiing to Congrcss ii,
v "m o lon or the disnosition re node =
It Nv eI hnnd', so n,rcb osad T w. ' hnnr
y u vms o hn,d by thn trnns,r,, a my uV't
! INV r e1s Oh ON 'iaIS aa ti," !, :
:. noou. s't"V H. ,n nIi M .i'o' ~
ionslnS " t,Ie ~ ,ui w. -
conihenu tnas w mhu,o 80 pi"oe
10 tue c'e0''o' 'no summing '"""'