Vicksburg weekly herald. (Vicksburg, Miss.) 1868-1883, 1869-12-11


the Legislatures Of these States,
when they meet, viii be such as to
receive your approval and thus
close the work Of reconstruction.
Among the evils growing out Of
the rebellion, and not yet referred
70, Is that Of an unFedeemable
currency. Il Is an evil which
/ hope will receive your
most earnest attention. It is
a duty, and one Of the highest du-
ties Of the Government to secure to
It's citizens o medium Of exchange
Of fixed and u~nYarying value. This
implies a return to q specie basis,
and no substitute for Il can be de-
vised; It should be commenced
now, and reached at the earliest
practicable moment consistent with
a fair regard to the interests Of the
debtor class. Immediate resump-
ton, IL practicable, would not be
desirable II would compel debtor
class to pay, beyond their contracts,
premium of gold ct date Of their
purchase, and would bring bank.
ruptcy and ruin thousands-fuctu-
atoms of the paper value, Of
gold is detrimental to the
Interests of trade. 1t makes the
man Of business an involuntary
gambler, for in all sales, where fu-
Iure payment is to be made, both
parties speculate as to what will
be the value Of currency, be
It paid or received. l earn.
nestly recommend to you, then,
such legislation as will insure
q gradual return to specie payments,
aud put an immediate stop to iuc-
tuation in the value of currency.
The method to secure forever these
results are as numerous as specula-
tors on political economy. 70 Sc
cure the latter, l see but
one way, and that is to au-
thorize the Treasury to redeem its
own paper at fixed prices when
ever presented, and to withhold
from circulation all currency so
redeemed until sold again for gold.
The vast resources Of the nation,
both developed and undeveloped,
ought TO make our credit the best
on earth, with less burden. With
the taxation that the citizen has en-
dured, for ak years past, the entire
public debt could be paid in ten
Years, but 1t is not desirable that the
people should be taxed TO pay 1t In
that time year by year the ability
to pay increases In rapid ratio. But
the burden Of interest ought to be
reduced ne rapidly as can be with
out violation Of the contract. The
public debt 10 represented In q great
part by bonds having from Ave to
twenty and from ten to forty years
to run, bearing interest at the rate
Of q and B per cent. respectively
1t is optional with the Government
to pay these bonds at any period af-
ter the expiration Of the least time
mentioned upon their face. Time
has already expired, when q greaI
part may be taken up, and rapidly
approaching when all may be /; II IL
believed that all of which are now
due may be replaced by bonds bear,
ing a rate of interest not exceeding
Az per cent, and as rapidly as the
remainder becomes due, that they
may be reduced In same way. Tt
accomplish this It may be necessary
to authorize interest to be paid q
} either of three or four OF the money
centres Of Europe, or by any AS
sistant Treasurer Of the United
| States, at the option of the hOlde
of bonds. | suggest this subjec
for the consideration of Congress
and also simultaneously with this
the prOpriety of redecming OH
: currency, as before suggested, at 1t
, market value, at the time III
: law goes into effect increasing til
. rate ut which currency will b
bought and sold, from day to day
0 or week to week, and at the sam
: rate of interest as the Government
, pays upon its bonds.
: The subject Of the tariff and in
j, ternal tax will necessarily recciv
your attention. The revenues Q
the country are greater than re
quircments, and may, with safety
be reduced, as the funding {
= the debt in Il four or four and
o half per cent loan, would reduce tn
h annual current expenses largely
thus after funding, justilying
S greater reduction of taxation tina
would be now cxpedicnt. | sugges
:, q p0stpOnemcnt Of this questiO
until tile next meeting Of Congress
II may be advisable TO modify taI
alton and tariff in these instance
c where unjust or burdcnsOme dit
!. ordinations arc made by the pr
J. sent law, but as to general revisio
d Of laws regulating this subject, | r.
commend q pOstponement for II
present. ! also suggest the renew
al of the tax OH incomes, but at
Z; reduced rate, say 3 per cent, an
this tax to expire in 3 years vii
II the funding of the national debt
If here suggested. | feel safe in sa,
ing that the taxes, and revenue
from imports may be reduced fro
sixty to eighty millions per annu.
at once, and may be still further r.
duccd from year to year as the r
lie sources of the country arc deve
eped.
The report of the Secretary
If the Treasury shows the receipts
. the Government for the fiscal ye.
ct ending June 30th to be $370,9l,
s. 747; expenditures, including i
c. terests on bonds to be S32, 40, 81
Estimates for the ensuing year n
more favorable to the Cover