Spirit of Jefferson. [volume] (Charles Town, Va. [W. Va.]) 1844-1948, 1869-12-14

the ability to pay increases in a rapid ratio,
but the burden Of interest ought to be reduced
as rapidly as can be done without the violation
of contract. The public debt is represented
in great part by bouds having from five.
TO twenty, aud from ten to forty years to
| run. bearing interest at the Iate of six -rer
cent. aud hve per cent. respectively. 1t is
optional with the GOverDmrut to pay these
bonds at any period after the expiration of the
least time mentioned upon their face. The
timo has already expired when great partof
them may be taken up, andfis rapidly ap-
preaching when all may be- 1t is believed
that all which are now due may be replaced
By bonds bearing rate OF interestno exceed
ing four and one,half per cent, and as rap
idly as the remainder become due that they
may be replaced in the sane way. To ac>
complish this it may be necessary to authorize
the interest to be paid at either Of three or
four Of the money centres of Europe, or by
any assistant treasurers of the United States,
at the option of the holder of the bond,
suggest this subject for the consideration of
Congress, and also simultaneously with this the
proprieiy of redeem ming our currency, as be-
fore suggested at its 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 the CogaEn'~~s'b l-1S t'S'- -
pnnds. The subject of tariff and internal tax
alton 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 a
4 or g. per cent. loan would reduce the au-
nual current expenses largely, thus, after fun.
ding. jus'ifying greater reduction of taxation
than would be now cxredient, suggest the
postponemGnt 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 the pres, NJ laws, but general
revision of the laws RI gu 'atiug this subject |
recommend the postponement of for the pres
ent. also suggest the renewal ofthe tax on
incomes, but at reduced rate, say of 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 the revenue from imports may be
reduced safely from $50 600, 0C0 to $50 G0O,-
GEO per annum at once, and may be still fur
thcr reduced from year to year, as the rcsour
ccs of Tic county are developed.
RESOURCES CT THE COUNTRY.
The report of the Secretary Of The Troas.
ury shows the receipts Of the Governmental for
the fiscal year ending June 30ih, 1859, to be
D. T.,
ing interest, bountics, &c, to be 1921 ,490,-
597, The estimates for tie ensuing year are
more favorable to the Government, and WILL
no doubt show much larger decrease Of the
pubic debt The receipts in the Treasury
beyond expenditures have exceeded tie
amount necessary to place to the credit Of the
sinking fund, as provided by law. TO lock
up the surplus in the Treasury and withhold
it from circulation would lead to such con-
traction Of the currency as to cripple trade
and seriously affect the prosperity Of the coun
try. Under these circumstances the Secreta-
ry Of the Treasury and myself heartily con-
CURED in the propriety Of using all the sur
plus currency in the Treasury in the purchase
of Government bonds, thus reducing the in
est>hcaring Indebtedness Of the country
aud Of submitting TO Congress the question
Of the disposition to be made of the bonds so
purchased. The bonds now held by the
Treasury amount to about SI5, GOO 600, in
GLIDING those belonging to the sinking fund
l recommend that the whole he placed to the
credit of the sinking fund. Your attention
is respectfully invited to the recommendations
of the Secretary of the Treasury for the crea-
ton of the Office of Commissioner of Customs
Ecvcnue, for the increase of salary to certain
classes of ofliciuIs. and the substitution of in
creased National bank circulation to replace
the outstanding three per cent. certificates,
and most especially to his recommendation for
the repeal Of laws allowing shares of fines,
penalties, forfciturcs, &c, to officers of the
Government or uformers. The Office of Com
missioner of Internal Revenue is one of the
most arduous and responsible under the Gov
ernment. 1t falls little, if any, short of
Cabinet position in its importance and respon-
sibilitics. I would ask for it, therefore, such
legislation as in your judgment will place the
Office upon footing of dignity commensurate
with its importance and with character and
qualifications of the class of men required to
ill it property.
THE ALABAMA CLAIMS.
Towards the close of the last Administers
ton a convention was signed at London Tor the
settlement Of all outstanding claims between
Great Britain and the United States, which
failed to receive the advice and consent of the
Senate to its ratification. The time and the
circumstances attending the negotiations of
that treaty were unGavorable to its acceptance
hv tie reopIe of the United States, and its
provisions were wholly inadequate for the
settlement of the grave wrongs that had been
sustained by this Government rs well as by its
citizens. The injuries resulting to the United
States by reason of the course adopted by
Great Britain during our late civil war, in the
increased rates Of insurance in the diminu>
ton of fexports and imports and other obstruc-
tions to domestic industry and production in
its effect upon the foreign commerce of the
country in the decrease and transfer TO Great
Britain of our commercial marine; in the
nrolonpation of the war aud the increased
cost. both in treasure and in lives, for its sup
preston, could not be adjusted or satisfied
ordinary commercial claims which continually
arise between commercial nations, and if the
convention treated them simply as such ordi-
nary claims, from which they differ more