The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1869-12-07


with fair regard to the interests of the debtor
class. Immediate resumption, II practicable,
would not be desirable. 1t would compel the
debtor class to pay beyond their contracts the
premium OH gold at the date of their purchase,
and would bring bankruptcy and ruin to thou
sands Fluctuations, however, In the paper value
OF the measure of all values-gold-is detrimental
to the interest of trade. 1t makes the man OF
business an involuntary 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. earn
estly recommend to you, then, such legisla-
tion as will insure gradual return to
specie payments, and put an immediate stop to
fluctuations in the value OF the currency. The
methods to secure the former Of these results are
as numerous as spectators on political economy.
To secure the latter see but one way, and that
Is to authorize the treasury to redeem its own
paper at fixed price, whenever presented and
to withhold from circulation all currency so re-
deemed until sold again for gold. The vast re-
sources OF the nation, both developed and un-
developed ought to make our credit the
best on earth. With less arden Of taxa
tion than the citizen has endured for six
years past, the entire public debt could be paid
in ten years. But it Is not desirable that the peo-
pie should be taxed to pay it in that time Year
by year the ability to pay increases In rapid
ratio, but the burden Of interest ought to be re-
duced as rapidly as it can be without 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 In
terest at the rate OF six and five per cent. respec
lively. It Is optional with the government to pay
these bonds at any period after the expira-
tiun Of the least time mentioned upon their
face. The time has already expired when great
part may be taken up, and Is rapidly approach
ing when all may be. 1t IS believed that all which
are r1ow due may be replaced by bonds bearing
rate OF interest not exceeding four and half per
cent, and as rapidly as the remainder become
due that they may be replaced In the same way.
To accomplish this, 1t may be necessary to au-
thorlze tho interest to be paid ut either three or
four OF the money centres OF Europe. or by any
assistant treasurer OF the United States, at the
option OF the holder OF the bonds. suggest this
subject for the consideration OF Congress, and
also simultaneously with this. the propriety Of
redeeming our currency, as before suggested, at
Its market value, at the time the law goes into
effect.
TAXATION.
The subject OF the tariff and Internal taxation
will necessarily receive your attention. The reve-
nues of the country are greater than its require
ments, and may with safety be reduced; but, as
the funding OF the debt In a four and four-and-
a-half per cent loan would reduce the annual
current expenses largely, thus after funding JUS
tIrying greater reduction OF taxation than would
be now expedient, suggest the postponement OF
this question until the next meeting OF Congress.
1t may be advisable to modify taxation and the
tariff In instances where unjust or burdensome
determinations are made by present laws; but
general revision OF the laws regulating this sub
jcct recommend to be postponed for the present.
also suggest the renewal OF the taxation OF in-
comes, but at reduced rate, say three 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 taxes and revenue from
imports may be reduced safely from sixty TO
eighty millions per annum ut once, and may be
still further reduced from year to year as the re-
sources OF the country are developed.
WAYS AND MEANS.
| The report or the Secretary OF the Treasury
shows the receipts Of the government for the
fiscal year ending a9th June to be s37o,94a,74T
| expenditures, including interest," bountes, &C.,
to be 1921, 400 597. The estimates for the ensuing
year are more favorable to the government and
will no doubt, show much larger decrease ol
the publlc debt The receipts in the Treasury
beyond the expenditures have exceeded the
amount necessary to place to the credit OF the
sinking fund.- Us provided by law. 70 lock up the
surplus in the Treasury and withhold 1t from CIR
| culaton would lead to such contraction OF the
currency as to cripple trade and seriously allect
the prosperity Of the country. Under these cir
cumstances, the Secretary OF the Treasury and
myselr heartily concurred in the propriety ol
using all the surplus currency in the Treasury IN
| the purchase OF government bonds, thus reducing
the intcrest.bcaring Indebtedness of the country
and of submitting to Congress the question
OF the disposition to be made OF the bonds so pur
chased. The bonds now held by the Treasury
amount to 75,OOO,OOO including those belonging
to the sinking fund. / recommend that the
whole be nced to the credit OF the sinking fund
| Your attention is respectfully invited 10 tho
recommendations of the Secretary of the Treasury
! for the creation OF the Office of Commissioner o
| Customs and Revenue, and for the increase o
certain classes Of officials, and the substitution
| OF increased national bank circulation to replace
the outstanding three per cent. certificates, and
most especially to his recommendation for the re
peal OF the laws allowing share OF fines, penal
ties. forfeitures, &C.. to officers Of the government
or to inf0rmers.
| The office OF Commissioner OF Internal Rcve
nue. is one OF the most arduous and responsible
under the government. 1t falls little Short OF 9
Cabinet position in Its Importance and response
bties. would ask for 1t, therefore, such lesls
ation rs in your judgment will place the olict
upon footing Of dignity commensurate with Its
Importance and with the character and the quai
ilcations of the class Of men required to ill IL
properly.
OPPRESSED NATIONALITIES.
AS the United States Is the freest OF all nations
so, too, it's people sympathize with all peoples
struggling for liberty and self-govcrnment. But
while so sympathlZing, 1t Is due to our honor thai
we should abstain from enforcing our Views upon
unwilling nations, and from taking an Interested
part, without invitation. in quarrels between dif
ferent nations or between governments and tReii
subjects. Our course should always bc In con
formity with strict justice and law, international
and local. Such has been the policy OF the All
ministrationi in dealing with these questions.
CUBA.
For mora than q wear valuable province OF