The Newberry herald. [volume] (Newberry, S.C.) 1865-1884, 1869-12-15

terror and tho Commissioner of
Indian Affairs.
THE rHtEDME1.
under tic protection which they have
Received, nrt making rapid progress in
learning, und no complaints nrv hcnrd
ofl"ck ollndustry "n their part when they
receive fair remuneration for their inbvr.
PUBLIC DEBT.
The means provided for paying tho In.
tcrcst Oh the public debt, with all other
expenses Of the Government, nrc more
thnn ample. Tho loss Of our commerce
Is the only result Of thu late rebellion
which has not received sufficient 1T.
trn,ion from you. 10 this subject
call your enI nest attention. will not
now suggest plans by which this object
may bc effected, but will, if necessary,
make it the subject Of n spccinl ,nvssagc
during the Session OF Congress.
10 secure the latter, soc but one
way, aud that is to authorize the Treas.
ury to redeem its own paper at fixed
whenever presented, nnd 10 withhold
from circulation MI currency, so redeemed
until sold again for gold. The vast rr-
sources Of the nation, both developed
and un'lcvclopcd, ought to make our
credit the best on earth. With less
burden Of taxation than the citizen has
endured for six years pnst, the entire
public debt could be paid in ten years.
But it is not desirable that the people
should bc taxed TO pny it in that time
fSx- nnr ho nl, ~
in rnpid ratio; but the burden Of inter.
est ought to be reduced as rapidly rs can
be without a violation Of contracts. The
public dcbs is represented in great part
BY bond, having from five to twenty,
and from ten to forty years 10 run,
bearing interest at the rntc Of six and
live par cent. respectively. 1t is op.
tional with the Government to pny these
bonds at any per cent. after The ex.
piratian Of the last time mentioned upon
their face. The time has already expired
when a great part may be taken up and
is rapidly approaching when all it may
be. 1t is believed That all which arc now
due may bc replaced by bonds bearing a
rate OF interest not exceeding four and q
half per cent, aud rs rapidly as the re.
maindcr became due. 70 accomplish this
II may DC necessary to authorize intcrcs,
to bc pnid ut either Of the three or four oI
tho money centres Of Europe, or bny any
Assistant Treasurer of The United Statcs
at th. option Of The holInr OF the bond.
suggest this subject for the consitlera
lion Of Congress, and also, simultaneous
y With this. the propriety Of rcdccming
onr currency, sa before suggested,
at its market tnluc at the Il ~
when the law goes into effect,
increasing the rate ut which currenc y
will be bought aud sold from day TO day
"r week to week, ut the same rate of in.
terest rs the Government pays upon its
bonds, subject TO the tariff, and Internal
taxation, will necessarily receive your
attention.
REDUCTION OF TAXATION.
The revenues nf the country arc grcnt.
or than the requirements, and may, with
safety, DC reduced Gut us the funding
of the debt in or Il 4t per cent. loan
would reduce the annual current expen.
scS largely, thus after funding justirying
Il greater reduction of taxation than
would be now cXpcdicnt, suggest n
postponcmcnt OF this question unlIl the
next meeting Of Congress. 1t may bc
advisable to modify taxnlion aud the
tariff in instances when unjuS or burden.
some determinations are made by the
present laws, but Of general revision ol
laws regulating this subject recommend
a poStponcmcnt for the present also
suggt st n renewal Of taxation on incomes,
but at reduced rate, say per cent,
and this tax to expire in three years.
With the funding Of the national debt,
as here suggested. feel safe in saying
that the taxes and revenue from imports
mny be reduced from sixty to eighty
millions per annum at once, and may be
still further reduced from year to ycnr as
the resources Of the country are do.
yclopcd.
The report Of tho Secretary OF the
Treasury shows the receipts OF the Gov
crnmcnl for the fiscal year, ending 3Oth
June, to bc $37o, 043, ,747; expenditures,
$32l, ,400,597. The estimates for the en-.
suing year are more favorable to the
Government. and will, no doubt, show
much larger decrease Of the public
debt. The receipts in the Treasury be-.
yond the expenditures have exc, cded the
amount necessary to place to The credit
Of n sinking find, ns provided by law
10 lock up the surplus in the Treasury
and withhold it from circulation would
lend to such contraction Of currency MS
to cripple trade and seriously affect the
prosperity Of the country. Under these
circumstances the Secretary Of the
Treasury and myself heartily concurrcd
in the propricty Of using all the surplus
currency in thu Treasury in the purchase
Of Govcrnment bonds, thus reducing the
interest bcaring Indebtedness of tho
country and Of submitting to Congress
the question Of The disposition to be made
Of the bonds so purchased The bonds
now held by tho Treasury amount to sew.
enty.tive millions. including those belong
ing to tho sinking fund. ! recommend
that the whole be placed to the credit Of
tho sinking fund.
Your attention is respectfully invited
TO tho recommendation of tho Secretary
OF tho Treasury for the creation Of tho
ntEirn nf fn,p,ri,.,;npoc nr }t,,ctDn,t, Il