The weekly Ottumwa courier. [volume] (Ottumwa, Iowa) 1857-1872, 1869-12-09

4 Inc vast resources Of the Nation,
both developed and undeveloped,
ought to make our credit the best on
earth. With less burden OF taxa
ton than the citizen has endured for
six years past, the entire public debt
could be paid in ten years, but it was
not desirable that the people should
be taxed to pay it in that time. Year
by year the ability TO pay increases
in rapid ratio: but the burden Of IN.
terest ought TO be reduced as RAPIDLY
as can DO done without q violation Of
contract.
The public dobt is represented in
great part by bonds having from five
to twenty and from ten to forty
years to run, bearing interest at the
rate OF per cent, and D per cent,
respectively. 1t is optional with the
Government to pay their bonds at
any period after the expiration of the
last time mentioned upon their face.
The time has already expired when
a great part of them may DO taken
up, The time is rapidly approach.
ing when all may be.
1t is believed that all which are
now due may be replaced by bonds
bearing Il rate Of interest not excee.
ding IL per cent, and as rapidly as
the remainder becomes due, that
they may be replaced in the same
way. 10 accomplish this, it may be
necessary to authorize the interest
to be paid at either of the 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 bond. | suggest this
subject for the consideration Of Con-
gress. Also simultaneously with this
the propriety OF redeeming our eur
rency as before suggested at its mar
lSet value at the time the law goes
into effect, and the increasing rate
at which the currency will be
bought and sold from day to day or
week to week at the same rate Of in
terest as tho Government pays upon
its bond.
! The subject of the tariff and inter
mai taxation will necessarily receive
your attention. The revenues of the
country are greater than the require
ments, and may, with safety, be re-
duccd, but as the funding of the debt
in a 1 or ~ per cent. loan would re-
duce the annual current expenses
largely, thus after funding, justify
ing a greater reduction of taxation
than would now be expedient.
suggest the postponment of this
question until the next meeting of
Congress. 1t may be advisable to
modify taxation and tariff in instan-
ces where unjust or burthensome dis
ordinations are made by the present
laws, but general revision of the
laws regulating this subject l rec
ommend the postponment of for the
present.
| l also suggest the renewal of the
tax on incomes but at a reduced rate,
say 3 per cent, and this tax to expire
iu three years with the funding of
the National debt as here suggested.
| | feel safe in saying the taxes and
revenue from imports may be reduc
| ed safely from sixty to eighty mil
lions per annum at once, and still
further reduced from year to year as
the resources of the country are de-
veloped.
The report of the Secretary OF
Treasury shows the receipts of the
Government for the fiscal year end
ing June 80, 1869, to be 1910, 943,747,
and the expenditures, including in
tercst, &C., to be 1921, 490,597. The
estimates for the ensuing year are
more favorable to the Government,
and will, no doubt, show a large de-
crease Of public debt. The receipts
| in the Treasury beyond expenditures
have exceeded the amount in the
Treasury to place to the credit OF the
sinking fund as provided by law. To
lookup the surplus in the Treasury
would leave such contraction of cur
reney as to cripple trade and serious
| ly affect the prosperity of tho coun-
try. Under the circumstances, the
Secretary ofthe Treasury and myself
heartily concurred in the propriety
of using all surplus currency in the
Treasury in the purchase of Govern
ment Bonds, thus reducing The inter.
est bearing debt of the country, and
of submitting to Congress the ques
ton of the disposition to be made of
the bonds so purchased. The bonds
now held by the Treasury amount to
about s75,OOO,000, including those
belonging to the Sinking Fund.
recommend that the whole be placed
to the credit Of the Sinking Fund.
Your attention is respectfully in-
vited to the recommendations Of the
Secretary of the Treasury, for the
creation of the officer Of commission
ers of custom revenues and for the
increase Of salary to a certain class
| of officials, and the substitution of
increased national bond circulation,
to replace the outstanding four per
cent certificates; and most especially
to his recommendation for the repeal
otlaws allowing shares of fines, penal
ties, forfeitures, etc., to officers of the
government OF to informers.
The Office of Commissioner of In
ternal Revenue is one of the most ar.
duous and responsible under the Gov
eminent. 1t falls little, if any, short
of Cabinet position, in Importance
and responsibilities. / would ask
for it, therefore, such legislation as
III your judgement will place the of:
flee on footing Of dignity commensu.
rate with its Importance, and with
the character and qualifications Of
the class of men required to fill it
properly.
As the United States is the freest
OF all nations SO its people sympa-
thize with all people struggling for
liberty and self.government, but SO
sympathising it is due to our honor
that we should abstain from enforc-
ing our views upon unwilling ma
tons, and from taking an interested
part without invitation in the quar-
rels between different nations, or be
tween governments and their sub
jects. Our course should always DO
in conformity with strict justice and
law international. Such has been
the policy of the Administration in