Woodville Republican. (Woodville, Miss.) 185?-current, 1869-12-18

VI u4cui unSufJiuB tdtut. hlS lUpllt
return to specie basis. and no substi
J tute for it can be devised. II should
commenced now and reached at the eaI
liest practical moment consistent with
fair regard to the interests Of the debtt
class Immediate resumption, If pract
cable. would not be desirable. It wonl
compel the debtor class to pay beyon
their contracts and would bring bank
ruptcy and ruin to thousands The fus
tuation in paper value oil the measure Z
J all valne-g gold is detrimental to the il
terest OF trade it makes the man Of bus
iress an involuntary gambler, for in al
sales where future payments are to b
made, parties speculate as to what will b.
the value cf currency TO be paid and re
ceived. / earnestly recommend to yol
then such legislation as will insure grad
ual resumption OF specie payments aLt
put an immediate stop to the fiuctuatior
and value of currency. The methods tt
secure the former OF these results are al
numerous as speculations for politica
economy, To secure the latter. see bul
one way and that is to authorize the Treas
ury TO redeem It's own paper at fixed
price, whenever presented aud 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 the earth
with less buriensome taxation then, ii has
been endorsed for six years past. that the
entire public debt could be paid in ten
years, but it is not desirable that the peo
pie should be taxed to pay il in that time.
Year by year our ability to pay is iDcreas
ing in rapid ratio but the burden of inter
est ought to be redeemed as rapidly as it
can be without violation of our contract
The public debt is represented, 10 great
part, by bonds having from 5 to 90 and
from Toto 40 years to run, bearing inter.
est at the rate Of and per cent. respec-
lively. 1t is optional with the Govern
ment to pay these bonds at any period af-
ter the expiration Of the time mentioned
upon their face. The time has already ex
pired when great part may be taken up
and the time is rapidly approaching when
all which are now due may be replaced by
bonds bearing a rate Of interest not ex
ceeding Al per cent, and as rapidly as the
remainder becomes Que that they may be
replaced, IN some way. 10 accomplish
TINS, 1t may De necessary to authorize the
interest to De PAID at either q 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
bonds. suggest TINS subject Tor the con
sideration ot congress ana also simultai
neously with TINS the propriety Of redeem,
ing our currency, as before suggested, at
Its market value at the time the law goes
into effect Tor increasing the rate at which
the currency VIII pe bought ana sofa from
day 70 DAY, Or rom week to week, and at
the same rate Of interest as the Govern
ment pays upon It's bonds,
Ihe subject ot tarln and internal TAX
will necessarily receive your attention. The
revenues ofthe country are greater than IS
requirments and they may with safety be
reduced. .... ..'..lrs
1t may be advisable to modify taxation
and tariff in instances where unjust or bur
densome discriminations are made BY the
present law, but Of the general revision Of
the laws, regulating this subject. recon-
mend postponement for the present.
! also suggest the renewal Of the tax on
incomes, but at reduced rates-three per
cent. and this tax TO expire 10 three years.
1 feel sale IN saying that taxes and rev
enue IRON imports may be reduced safely
from 800 to 600 millions per annum, at
once, and may be stu further reduced from
year to year. as the resources oil the coun-
try are Developed.
The reports o. the secretary Of the
Treasury shows the receipts Tor the hnal
year, ending june 81, to De S5l9'45l ,14a !.
The expenditures including interests on
bonds, 70 be S32l ,490,59I The estimates
for the ensuing year are more favorable to
the Government, and will. no doubt, show
much larger decrease OF the public debt
The receipts OF the freasury beyond ex
penditures have exceeded the amount nee
essary to place TO the credit o. the sinking
fund, as provided BY law 10 iook up the
surplus IN the treasury, ana wltnnoid vi
from circulation, would lead to such con
traction OF the currency as 70 crush trade
and effect the prosperity Of the country
Under these circumstances. the Secretary
OF the Treasury and myself heartily con-
cur 10 using oil the surplus currency 10