The Iowa plain dealer. [volume] (New Oregon, Howard County, Iowa) 1867-1895, 1869-12-17

and that the state be fully restored
to its place in the f;.mily Of states
Elections were called in Mississippi
and Texas, to commence on the s0tl
Of November, 1869, and to last We
days in Mississippi, and four days
in Texas. The elections have taken
place, but the result is not known.
\ is to be hoped that the acts o!
the legislatures Of these states,
when they meet, will be such as to
receive your appreciation, and thus
close the work Of reconstruction.
RESUMPTION OF spECIE-PAYMENrs.
Among the evils growing out OF
the rebellion, and not yet referred
to, is that Of an irredee,nable cur
rency. 1t is an evil which l hope
will receive your most earnest at
tention. 1t is a duty, and one of
the highest duties of the govern.
ment, to secure to the citizens a
medium Of exchange Of fixed, un-
varying value. This implies it's
return to specie bases, and no
substitute for it can be devised. 1t
SHOULD he commenced now and
reached at the earliest practicable
moment, consistent with a tair re.
gard to the interest of the debtor
class. Immediate resumption, if
practicable, would not be desirable.
1t would compel the debtor class to
pay beyond their contracts the
premium on gold at the date of
their purchase, and would bring
bankruptcy and ruin to thousands.
Fluctuations, however, in the pa
per value Of tie measure Of all
valucs-gold-is detrimental to
the interests Of trade. 1t makes
the man Of business an involuntary
gambler, for in sales whea the fu-
ture payment is to be made, both
parties speculate as to what will be
the value Of the currency to be
paid and received. earnestly rec.
ornmcnd to you, then, such legis-
lation as viii insure a gradual re-
turn to specie payment, and put
an,,ucndiale stop to fluctuations in
the, value OF this currency. The
methods to secure either Of these
results are as numerous as are the
spectators on political economy.
TO secure tn: latter, / see but one
way, and thst is to authorize the
treasury to redeem it's own paper
at fixed price whenever present
ed; to withhold from circulation
all such currency redeemed until
sold again for gold.
THE PUBIC DEBT.
The vast resources Of the nation,
both developed, and uudeveloped,
ought to make our credit the best
on earth. With less burden of
taxation than the citizen has cndur.
ed for six years past the entire
public debt could be paid in ten
years, bI.t it is not desirable that
the people should be taxed to pay
it in that time. Year by year the
ability to pay increases in rapid ra-
ito, but the burden Of interest ought
to be reduced as rapidly as can be
done without the violation Of con-
tract. The public debt is srcprescnt-
ed in great part by bonds having
from to 20, aud from 10 to 40
years to run bearing, interest at
the rate Of 6 per c.nt. and 5 per
cent. respectively. 1t is optional
with the government to pay these
bonds at any period after the ex-
piration OF the least time mcntion-
ed upon their face. The time has
already expired when good part of
them may be taken up. The time
is rapidly approaching when all
may be. 1t is believed that all
which arc now due may be replaced
by bonds bearing . rate Of interest
not exceeding 4! per cent, and as
the remainder becomes due that
they may be replaced in the same
way. To accomplish this it nay be
necessary to authorize the interest
to be paid 1T either of the three Of
four money ccnters OF Europe, or
by any assistant treasurer Of the
United States ut the option Of the
bond. lsuggcst this subject for the
consideration Of congress; also,
simultaneously with this, the pro-
priety' of re,lccming our currency as
before suggested, at its market val
ue. at the time the law goes into
effect, increasing the rate which
currency will be bought and sold
from day to day or week to week
at the same rate Of interest rs the
government pays upon its bonds.
THE TARIFF AND INTERNAL TAXA
TIoN
The subject Of the tariff and in.
ternal taxation will necessarily re-
ceive your attention. The revenue.
Of the country are greater than the
requirements, and may with satct,
be reduced, bat as the funding o1
the debt in 4 or 1 and half pei
cent. loan wonld reduce the an
nual current expenses largely, thus
after funding, justifying greater
reduction Of taxation than would b.
now exredient. suggest apost
ponement Of this question until ncx1
meeting Of congress. 1t may be ad
visable to modify taxation and tar
if in instances where unjust or bur
'ensome determinations are made
by the present laws, but q genera
revision Of the laws regulating thi,
subjc l recommend the postpone
mcnt Of for the present.