The Democratic press. [volume] (Ravenna, O. [Ohio]) 1868-1901, 1869-12-09

Il
be made, both parties speculate az to
what will be the vaiue of the currency
to be paid and received. L earnestly
| recommend 10 you, then, such legisla-
| ton as will insure gradual return TO
| specie payments, and put an immedi-
ate stop to the fluctuations in the val
ue of currency. The methods to Sc
cure these results are as humorous as
are the SPECTATORS on political econo-
nv. To secure the latter l see but
one way, and that is TO authorize the
| treasury to redeem its own paper at a
fixed price whenever presented; to
| withhold from circulation ali such
currency redeemed until sold again
| for gold. The vast resources of the
nation, both developed and undevel-
oped, ought to make our credit the
| best on earth. With less burden of
taxation than the citizen has endured
for six years past, the entire public
debt could be paid in ten years; but
it, is not desirable that the people
should be taxed to pay it i'll that time.
Year by year the ability to pay in
creases in rapid ratio, but the bur-
den of interest ought to be reduced as
rapidly as can be done without viola
ton of the contract. The public debt
is represented in great part by bonds
| having from five TO twenty and from
| ten TO forty years TO run, bearing in
| terest at the rate of six per cent. and
| five percent. respectively. 1t is OPP
iional with the government to pay
| the bonds at any period after the ex-
piration of the last time mentioned
upon their face. The time has al
ready passed when a great part of
them may be taken~up. The time is
rapidly approaching when all, it is be-
| ieyed, that are now-due may be re-
placed by bonds bearing rate of in
ierest not exceeding four and half
per cent. and as rapidly as the re-
mainder become due they may be re-
placed in the same way. To accom-
plish this, it may be necessary to au-
thorize the interest 10 be paid at either
| of the three or four of the money
:enters of Europe, or by any assistant
| treasurer of the United States, at the
option of the holder of the bonds
[ suggest this subject for the consid-
Grafton of Congress. Also, simulta-
ueouslv with this the propriety of re-
deeming our curreifcy as before sug-
gested at its market value at the time
the law goes into effect, increasing the
| rate at which the currency will be
bought from day to day, or week to
week, at the same rate of interest as
the government pays upon its bonds.
| THE TARIFF AND INTERNAL REVENUE.
The subject of the tariff and inter-
nal taxation will necessarily receive
your attention. The revenues of the
country are greater than the require
nents, and may with safety be re-
duced; but as the funding of the debt
| in a four or four and a half per cent.
loan would reduce the annual current
expenses largely, thus, after funding
justifying a greater reduction of taxa
| ton than would be now cxpedient, l
suggest the postponement OF this
question until the next meeting OF
| Congress. 1t may he advisable to
modify taxation and the tariff In IN
stances where unjust or burdensome
determinations are made by the pres
ent laws, but a general revision of the
laws regulating this subject recon-
mend the postponement of for tht
present. 1 also suggest the renewa
of the tax on incomes, but at reduced
rate, say of three per cent, and thi
tax to expire in three years. With th'
funding of the national debt as herr
suggested, | feel safe in saying tha
the tax from revenues and import
may be reduced safely from sixt.
to eighty millions per anIium at once
and still further reduced from year t.
wear, as the resources of the countr,
are developed.
THE TREASURY.
The report of the Secretary of TIN
Treasury shows the receipts of tn
government for the fiscal year endin!
June 30, 1859, to be S37O, ,943, ,741, am
the expenditures, including interest
bounties, Sc, to be 1921 500, ,597. Th'
estimates for the ensuing year ar
more favorable to the government
and will, no doubt, show a large de
crease in the public debt. The receipt
in the treasury, beyond expenditures
have exceeded the amount necessar
to place to the credit of the sinkin
fund, as provided by law. To loc
up the surplus in the treasury an
withhold it from circulation woul
lead to such contraction of the cul
rency as to cripple trade and seriousl
affect the prosperity of the country
Under these circumstances the Secre
tapy of the Treasury and myself heart
lily concurred in the propriety of usin
all the surplus currency in the treas
ury in the purchase of goverhmen
bonds, thus reducing the interest beaI
, ing debt of the country and of sub
, mitting to Congress the disposition t
, be made of the bonds so purchased
The bonds now held by tho treasur
| amount to about S75,000,000, includin
those belonging to the sinking fund
Your attention is respectfully invite
! to the recommendation of the secreta
ry of the treasury for the creation @
the office of commissioner of custom
: revenue, for the increase of salary t
| certain classes of officials, and the sub
stitution of increased national bon
r circulation to replace the outstandln
e three per cent. certificates; and mos
especially to his Recommendation TO
| the repeal of laws allowing shares G
t fines, penalties, forfeitures, etc., to OF
flcers of the government or to inform
: ers. The Office of ofcommissioner of in
! ternal revenue is one of the most al
: duous and responsible under the gov
ernment. 1t falls but little, if any
short of cabinet position i'll its in
q portance and responsibilities. | woul
: ask for it, therefore, such legislatio
f as in your judgment will place tn
o office ON footing of dignity commen
s surate with its importance and wit
the character and qualifications of th
: class of men required to fill it properly
e THE UNITED STATES AND CUBA
: AS the United States is the freest {
: all nations, so too its people symps
n thize with all people struggling fo
II liberty and self-government. Bu
+ while so sympathizing it is due to ou
e honor that we should abstain frol
It forcing our views upon unwilling Ms
l. tons and in taking an interested pa
s without invitation" in the quarrel
Ii between different nations or betwee
d governments and their subjects. Or
IS course should always be in conformit
v with strict justice and law, internI
If tional and local. Such has been IL
s. policy of the administration in dea
II ing with the Questions. For MOI
o than year . valuable province