The Emporia news. [volume] (Emporia, Kan.) 1859-1881, 1869-12-10

payments and put an immediate stop to
fluctuations in the value OF the curren-
cy. The methods to secure this result
are as numerous as the speeulations in
political economy. To secure the result,
/ see but one way, and that Is to author
ize the Treasury to redeem its own pa
per at a fixed price whenever presented,
and TO withhold from circulation all
again for gold. The vast resources Of
the nation, both developed and unde-
veloped, ought TO make our credit the
best on earth. With less burden of tax
alton than the citizens have endured for
six years past, the entire public debt
could be paid in ten years; but It is not
desirable that the people should be
taxed to pay IL in that time. Year by
year the ability to pay increases in n
rapid ratio. But the burden of interest
ought to be reduced as soon as it can
safely be done, without the violation of
our contracts. The public debt is repre-
ssonted in great part by bonds
from ten to forty years to run, bearing
interest ut 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 eXpi-
ration of the first time mentioned. The
time has already expired when a great
part of them may DO taken up, and the
be. IT is believed that all which are
now due may be replaced by bonds
bearing q rate of Interest not exceeding
81 per cent. and that as rapidly as the
remainder became due they may be re-
placed in the same way. To accomplish
this, 1t may be necessary To authorize
the interest TO he paid at either OF three
or four of the money centres of Europe,
or by an assistant Treasurer of the Uni
ted States, at the option of the
holder of the bouds. I suggest
this subject for the consideration
of Congress. Also, simultaneous with
this, the propriety of rcdeemiDg our
currency, as before suggested, at its
market value at tho time the law goes
into effect, increasing the rate at which
currency viii be bought and sold from
day to day, or week to week, to-Hit: at
the same rate as government pays for its
bonds.
TAXATION.
The subject Of tax and internal taxa
ton will necessarily receive your atten-
ton. The revenues of the country are
greater than the requirements, and may
with safety be reduced. But as the funding
OF the debt in q four or in q four and
one-half per cent loan, would reduce
the current expenses largely; thus, af-
ter funding, justifying a greater reduc-
ton of taxation, it would probably not
ton until the next meeting of Congress.
1t may be advisable TO modify the tariff,
in instances where unjust or burdensome
Determinations are made by the present
laws; but after general review of the
laws regulating this sabiect, l recon-
mend the postponement of the matter
Tor the present. I suggest a renewal of
the tax on incomes, but at reduced
rate, say three per cent, and this tax to
expire in three years. With the fund
ing of the national debt as suggested, /
feel justified In saying that the taxes
may be reduced safely to seventy or
eighty millions per annum, and still
further reduced from time to time.
THE SINKING FUND.
The report of the Secretary of the
Treasury shows the receipts of the
Ing June 30th, 1869, to be $780,
943, TAT, and the expenditures, including
interest, bounties, DC, to be $32I, 490, 597.
The estimates for the ensuing year are
more favorable to the government, and
will no doubt show a large decrease of
the pHblic debt. The receipts in the
Treasury beyond expenditures have ex-
ceeded the amount necessary TO be placed
to the credit of the sinking fund "a pro-
vided by law. To lock mp the surplus
In the Treasury and withhold it from cir
culation would lead to such a contraction
of the currency as to cripple trade and
seriously affect the prosperity of the
Under these circumstances
the Secretary of the Treasury and myself
heartily concurred in the propriety of
using all the surplus currency in the
Treasury in the purchase of government
bonds, thus reducing the interest-bear-
ing debt of the country, and of submit
ting to Congress the question of the dis
position TO be made of bonds so pur-
tn IL, IL - :,
Treasury amount to about seventy-fiVe
millions, including those belonging to
the sinking fund. / recommend that
the whole be placed TO the credit of the
sinking fund.
Or TREAsURY'S RECON-
MENDATIONS.
Your attention is respectfully invited
to the recommendations of the Secretary
Of the Treasury for the creation of the
office of Commissioner of Customs and
Revenue, for the increase of salary To GER
tain classes of officials, and the
of increased National Bank
to replace the outstanding
per cent certificates, and more especial
~ to his recommendation for the repeal
OF laws allowing shares of fines, penal
ties, forfeitureS, DC, to officers of the
or to informers.
OF INTERNAL REVENUE.
The Office of Commissioner of Internal
Revenue is one of the most aruuous and
under the government. It
falls but little, if any, short of Cabinet
position, in its Importance and response
bilities. would ask for it, therefore,
such legislation as in your Judgment
will place the Office on a footing of dig
nifty commensurate with its Importance,
and with the character and qualifications
Of the class of men required to fill it
properly.
SPAIN AND CUBA.
AS the United States is the
Freest of all nations, so do it's peo-
pie sympathize with all people strug-
Cling for liberty and selfgovernment
But while so sympathizing, it is due
TO our honor that we should abstain from
enforcing our views upon unwilling ma
tons, and from taking an inter
ested part without invitation in the
quarrels between different nations or
between governments and their subjects,
Our course should always be in conformi-
~ with strict justice and law, interna-
tional and local. Such has been the
policy of the administration in dealing
with these questions for more than q
year. A valuable province of Spain,
and near neigh Dor of ours, in whom ali
L.