Raftsman's journal. [volume] (Clearfield, Pa.) 1854-1948, 1869-12-15
CLEARFIELD Pa WEDNESDAY DECEMBER Is 1869
immediate stop to auctuation in the value Of

! The methods to secure the former of these
/ are as numerous as are the speculatiOns on
! political economy. To secure the latter
/ see but one way and that is to authorize the
| Treasury to redeem Its own paper, at q fixed
! price, whenever presented, and to withhold
from circulation all currency so reduced un-
sold again for gold.
The vast resources of the nation both de-
| veloped and undeyeloped, ought to make our
credit the best on earth. with less burden
of taxation than the citizen has endured for
! six years past. The entire public debt could
/ be paid i'll ten years, but it Is not desirable
| that the people should be taxed to pay it III
/ that time. I ear by year the ability to pay
/ it increases in rapid ratio But the bur-
| den of interest ought to be reduced as rap
| Idly as can be done without the 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,
! tearing interest at the rate of six per cent.
ans five Ier cent. respectively. 1t Is option
| al with the Government TO pay these bonds
at any period after the expiration OF the last
| time mentioned upon their face. The time
| has already expired when great part OF
/ them may be taken up and is rapidly ap-
| preaching when all may be. 1t Il believed
| that all which are now due may he replaced
/ by bonds bearing = rate Of interest not cX-
! ceeding four and one half per cent. and as
rapidly a. the remainder becomes due that
( they may be replaced IN the same way. To
accomplish this il may be necessary to au-
| Ihorize the interest TO be paid at either OF
| the thee or four money centcrs OF Europe,
or By any 4 Assistant Treasurer Of the United
States al the option OF the holder Of the
bond. | suggest Il Is subject for the consid-
Grafton of Congress, and also simultaneously
with this the rroprcty OF redeemlng our
currency as before suggested at It's market
value at the time the law goes into effect,
Increasing the rate at which currency will be
bought and sold from day to day, or week to
week, at the same rate of interest as Gov
erHment pays upon It's b0nd3.
THE TARIFF--INTERNAL REVENUE.
The subject of tariff and internal taxation
will necessarily receive your attention. The
revenues OF the country are greater than the
requirements, and may with safety be re-
duced but as the funding Of the debt IN Il
I or a per cent loan would reduce the an
uual current expenses largely, thus, after
funding, ju>titying a greater reduction OF
taxation than would be now CEpedi' nt, |
suggest the postponement Of this question
unti! tke next meeting Of Congress. 1t may
DC advisable to modify taxation and tariff In
Instances where unjust ami burdensOme dis
examinations are n.ade by the present laws
regulating the subject. | recommend the
post tponement Of il for the present. l also
suggest the renewal Of the tax on income,
LuI reduced rnts, say Oi three per cent,
aud this tax to expire IN three years.
With the funding OF the National debt
as here suggested, | feel safe in saying
that taxes and the revenue from imports
may be reduced safely from sixty to eighty
miiiioI per anHum ut once, and may be stsll
further reduced from year 10 year, as the re
sources Of the CCIUtry are developed The
report Of the Secretary OF The Treasury
shows the receipts OF the Government for
the fiscal year ending June 30, 1859, TO be
S370, 943. IA. and the expenditures, inciu-
ding interest, b0unties, &c, waS 1921 ,45J,-
5g7. The estimates for he ensuing year
are more favorable to the Goyernnunts and
viii no doubt show I much larger decrease
OF the puolic debt.
The receipts OF the Treasury beyond eX-
pendicures have exceeded the amount nee
essay to place to the credit ct the Sinking
Fund as provided by law. TO lock up tn
surplus IN the Treasury and withhold II from
circulation, would lead TO such q contraction
of currency Us to cripple trade end seriously
affect the prosperity OF the country. undeI
these circumstances, the Secretary OF the
priety of using all the surplus currency IN
the Treasury 10 the pjircha.c Of Government
bonds, thus reducing the Interest: bearing
debt OF the country. and ut s'I OmIttIng to
Congress the question Of .hc disposition to
bc made Of the bonds purchased. The
bonds now held by the Treasury amount 20
about SO, O0O, OUJ including those belonging
TO the Sinking Fund. | recommend that
the whole be placed TO the credit OF the
Sinking Fund.
Your attention is respectfully invited to
the recommendations of the Secretary OF
the Treasury for the creation OF the Office OF
Commissioner of Customs Revenue, tor the
increase OF salary TO certain classes OF officials
and the substitution of Increased national
bank circulation to replace the outstanding
three per cent. certificates, and most espe
ciaIiy to his Recommendation for the repeal
of laws uiiowlug shares OF fines penalties,
forfeituYcs. Ne. 10 officers OF the Govern
ment or 10 inioFmers-
The Office Of Commissioner Of Internal
Revenue Is one OF the most arGuous and re
sponSible under the Government. it falls
but little, If any. short of q Cabinet posi-
ton In its importance and responsibilities
| would ask fer it,theretogc, sUcn legislation
as IN yaur Judgment viii place the Office on
Il footing OF dignity commensurate with Its
Importance, and with character and quaN-
ficatinns of the class of men requisite to fill
1t pro! erly.
TIE CASE OF CUBA.
Is the United States is the first of all "a
tious, 50, too, the people sympathise with
all peoules struggling TOR liberty and self
government But while 50 sympathising.
1t is due to our honor that VIC should so alb
stain from enforcing our views upon unwIl-
ling nations and from taking an interested
part icithom iaUitatjDa. In the qnarre!s
between different nations, or between gov
ernments and their subjects, our course
should always be in conformity with strict
Justice and law, international and local Such
has been the policy of the administration IN
dealing with these questions. For more
than year a valuable province of Spain,
and near neighbor of ours. in whom all our
people cannot bat feel deep interest, has
been struggling for independence and free
dom. The people and Government Of the
United States entertain the same warm feel
ings and sympathies for the people of Cuba
In their pending struggles between Spain
and her former colonies in behalf of the
latter. But the contest has at no time as
sumed the conditions which amount to a
war in the sense of international law, or
which would show the existence of A de