The Lancaster gazette. [volume] (Lancaster, Ohio) 1863-1886, 1869-12-09

have token place, but the result is
not known. It's to be hoped that
the acts of tho Legislatures OF
these States, when they meet, will
be such as to receive your approval
and thus close the work of recon
structioD.
Among the evils growing out Of,
the rebellion, and not yet referred
10, is that of an irredeemable cur
rency. Itis an evil which, hope,
will receive your most earnest at
tention, 1t is a duty, and one of
the highest, duties of Government
to secure TO its citizens q medium
of exchange of fixed, unvarying
value. This implies a return 10
specie basis, and no substitute for
it can be devised. Il should be
commenced DOW, and reached al
tho earliest practicable moment
consistent with a fair regard 10 the
interest of the debtor class. I'm.
mediate resumption, ifpracticable,
would not be desirable. II would
compel the debtor class to pay be.
yond their contracts the premium
on gold at the date of their pur.
chase, and would bring bankruptcy
and ruin to thousands. Fluctua-
tions, however, in the paper value
Of the measure of all Values
gold-is detrimental to the inter.
est of trade. It makes the man Of
business an involuntary gambler,
for in all sales where future pay.
mcnt is 20 bo made, both parties
speculaleas 10 what will be tho val.
ue of the currency to be paid and
received. .tal
l earnestly recommend to you,
then, such Legislation as will in
sure gradual return to specie
payments, and put an immediate
stop TO fluctuations in tho value oI
currency. The methods to secure
these results are as numerous as arc
the speculations on political econ.
omy, To secure the former | sec
but one way, and that is TO anthor
iz9 the Treasury TO redeem its own
paper at a fixed prico Whenever
presented; to withhold from circu.
lation all such currency redeemed
until sold again for gold. The vast
resources ofthe nation, both devel-
oped and undeveloped, ought to
mako Cur credit tho best on earth
With less burden Of taxation
than tho citizen has endured for
SIX years Iast, tho entire public
debt could bo paid in ton years
but it is not desirable that the peo
plo should bo taxed to pay it in
that time. Year by year, the abil
ity to pay increases in rapid ra'
ito; but tho burden of interest
ought to bo reduced as rapidly M
can bo done without tho violation
of contract. Tho public debt il
represented, in great part, by bonds
having from five to twenty ant
from ton " forty years to run
bearing interest at the rate of six
per cent. and five per cent respect,
lively. 1t is optional with the Gov.
ernment to pay It's bonds at any
period after the expiration Of thu
last time mentioned upon thcil
'aec. The time has already cx'
pircd when q great part Of then
nay, be Iaken UP; and tho timo il
rapidly approaching when all may
lbe. .r31 .Il .f...Ir. LII
II ia believed that all which arc
now duo may bo replaced by bonds
bearing n rate of interest not ex
ceading four and q half par cent
and as rapidly as tho remainder
becomes duo that they may be "a
plnced in tho same way. TO nc
compllsh this it may be necessary
to authorize tho interest to bo paid
ut either Of tho thrce or four of the
money centors Of Europe, or by
any Assistant Treasurer OF the
United States, at tho option OF the
holder OF tho bond. / suggest this
subject for tho consideration oi
Congress; also, simultaneously with
this, the propriety of redceming
our currency as boioro suggested
at its market value, at tho time the
law goes into effect, increasing the
ratio ut which currency will b,
bought and sold from day to day
or week TO week, at tho same rate
Of interest as tho Government pay.
upon bonds. 3I
The subjoet oftaTif and internal
taxation will necessarily receive
your attention. Tho revenues of
the country arc greater than tho
requirements, md may with safety
be reduced; but as tho funding of
the debt in n fouror n four and q halt
per cont. lonn would reduce the an.
nual current expense largely, thus,
after funding, justifying u greater
reduction OF taxation than would
bo now expedient, l suggest tho
postponement Of this question un.
Ill tho next meeting of Congress.
1t may be advisable to modify tax.
alton and tho tariff in instances
where unjust or burdensomo dis.
ordinations are made by tho pro.
sent laws; but general revision
OF the laws regulating this subject
| recommend the postponement of
ipr tho present, i also suggest
the renewal Of tho tax on incomes,
but Mt reduced rate say three per
cont, and this tax 10 expire in three
years.
With tho funding of the nation,
al dsbt, as suggested, | feel saio in
Aaying that tho taxes and revenue
from imports may reduced sixty
to eighty mllliOns por annum at
once, and still further reduced
| from vear 10 ycar as the resources