The Highland weekly news. [volume] (Hillsborough [Hillsboro], Highland County, Ohio) 1853-1886, 1869-12-16


duty, and one of the highest duties G
the Government, to secure to the citi
zens medium of exchange of fixed
unvarying value. This implies Il re
turn to a specie basis, and no substi
tute for it can be devised. It shoulc
be commenced now, and reached at tn
earliest practicable moment cOnsisten
with a fair regard to the interest of thu
debtor class.
Immediate resumption, If praetic
cable, would not be desirable. It woull
compel the debtor class to pay beyond
their contracts the premium on golC
at the date of the purchase, and would
bring bankruptcy and ruin to thOus
ands. Fluctuation, however, in the
paper value of the measure of al
values, gold, is detrimental to the in,
terests of trade; it makes the man o.
business an involuntary gambler; fol
in all sales, when future payment is tC
be made, both parties speculate as tC
what will be the value of the currency
to be paid and received. l earnestly
recommend to you then, such legisla.
tion as will insure gradual return tC
specie payments, and put an immedi.
ate stop to fluctuation in the value oil
currency. The methods to secure
these results are as numerous as are
the 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 with
hold from circulation all such curren-
cy 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 of taxation
than the citizens have endured for six
years, the entire public debt could be
paid in ten years; but it is not desir-
able that the people should be taxed
to pay it in that time. Year by year
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 con-
tract. The public debt is represented,
in great part, by bonds having from
live to twenty and from ten to forty
years to run, bearing interest at the
rate of six per cent. and five per cent.
respectively. 1t is optional with the
Government to pay their bonds at any
period after the expiration of the least
lime mentioned upon their face. The
time has already expired when a great
part Of them may be taken up, and
he time is rapidly approaching when
al may be. 1t is believed that all
which are now due may be replaced
)y bonds bearing rate of interest not
four and One-half per cent;
md as rapidly as the remainder be-
come due, that they may be replaced
n the same way. To accomplish this
t may be necessary to authorize the
interest to be paid at either of three or
our Of the money centres of Europe,
,r by any Assistant Treasurer of the
United States, at the option of the
holder of the bonds. l suggest this,
subject for the consideration of Con
yress; also, Simultaneous with this
he prOpriety of redeeming our cur
'eney as before suggested, at its mar
let value at the time the law goes in
o effect, increasing the rate at
which currency will be bought and
old from day to day, or week to week,
It the same rate of interest as Govern
nent pays upon IFS bonds.
The subject of tariff and internal
axatiOn will necessarily receive your
.ttentiOn. The revenues of the cOun
ry are greater than the requirements,
md may, with safety, be reduced.
But as the funding of the debt in
our or four and half per cent. loan
would reduce the annual current eX-
,enses largely, thus, after funding,
a greater reduction of taxa
ion than would be now expedient, l
uggest a pOstpOnement of this ques-
ion until the next meeting of Con-
,ress.
II may be advisable to modify taxa
ion and the tariff in instances where
Unjust or burdensome Determinations
re made by the present laws; but a
'eneral revision Of the laws regulating
his subject recommend the post
,Onement Of for the present.
1 also suggest the renewal of the
AK on incomes, but at a reduced rate
say three per cent.-and this tax to
xpire in three years.
With the funding of the national
.ebt as here suggested, l feel safe in
aging the taxes and revenue from i'm
,Orts may be reduced, safely, from
ixty to eighty millions per annum,
t once, and be still further reduced
rom year to year, as the resources ofI
he country are developed.
The report of the Secretary Of the
Treasury shows the receipts of the
government for the fiscal year end
ng June 30, 1869, to be 1870, ,943, ,747,
nd the expenditures, including inter
st, bOunties, ETC., to be S32l,49O,5g7. |
The estimates for the ensuing year are
more favorable to the Government, |
nd will, no doubt, show large de-
rease of public debt. The receipts
nto the Treasury, beyond expendi-
ures, have exceeded the amount nec-
Ssary to place to the credit of the |
sinking Fund, as provided by law.
To lock up the surplus in the Treas
Try, and withhold it from circulation,
would lead to such contraction Of the
as to cripple trade, and seri- |
usly affect the prosperity of the coun-
ry. Under these circumstances the
Secretary of the Treasury and myself
leartily concQrred in the propriety of
lsing all the surplus currency in the
treasury in the purchase of Govern
nent bonds, thus reducing the interest
learing debt of the country, and oil
ubmitting TO Congress the question OIL
he disposition to be made of the
DOnds so purchased. The bonds now
leld by the Treasury amount to about
rs, 100000, including those belong
ng to the Sinking fund. 1 recon
mend that the whole be placed to the
redit of the Sinking Fund.
Your attention is respectfully invited
o the recommendations of the Secre-
ary of the Treasury for the creation of