The Evansville journal. [volume] (Evansville, Ind.) 1866-1870, 1869-12-07

the man of business an involuntary
gambler for In all sales when future
navment is to be made, both parties
snecuIate as to what will be the value
Of the currency to be paid and re-
ceived. l earnestly recommend
to you, then, such legislation
as will insure a gradual return to
specie payments and put an
Immediate stop to fuctuation In the
value of currency. The methods to
secure these results are as numerous
as are the spectators on political
economy. To secure the latter there
il but one way, and that Is
to authorize the Treasury to re-
deem its own paper at fixed price
whenever presented; to withhold from
circulation all such currency redeemed
until sold again for gold. The vast
resources Of the nation, both de-
yelcped and undeveloped, ought to
make our credit the best on earth.
With less burden of taxation than
the citizens have endured for
six years past, the entire public
debt could be paid in ten years; but.
it is not deemed advisable that the
people should be taxed to pay it in
that time. Year BY year the ability
TO pay increases in rapid ratio, but
the burden of interest ought to be
reduced as rapidly as can be done
without the violation OF 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 interest at the rate Of
six per cent. and Eve per cent,
respectively. It is optional with
the Government to pay their
bonds at any period after the expira-
/ ton of the last time mentioned upon
| their face. The time has already ex-
pired when a great part OF them may
be taken up. The time is rapidly ap.
proachiug when all may be. IL IS
/ believed that all which are now
due. may be replaced By bonds
bearing a rate of interest not
exceeding four and one-half per
cent, and as rapidly as the remainder
/ becomes DUE that they may be re-
placed in the same way. Totaecon
plish this, it may be necessary to au-
lthorize the interest to be paid at
either of the three or four money CEN
tres Of Europe, or by an Assistant
Treasurer of the United States
at the option of the holders
Of the bonds. l suggest this sub
iect for the consideration of Con-
| gress. Also, simultaneously with this,
the propriety of redeeming our
currency, as before suggested, at its
market value at the time the law goes
into effect, and increasing the rate
at which the currency will be bought
and sold from day to day or week to
week, at the same rate of interest ae
the Government pays upon It's bonds
The subject Of tariff and internal
taxation will necessarily, receive your
attention. The revenues Of the coun-
try are greater than the requirements
and may, with safety, be reduced, but
as the funding of tho debt in four
or a four and One.half per cent. bond
would reduce the annual current ex-
pense largely, thus, after funding
} justifying q greater reduction of taxa.
ton than would be now expedient,
would suggest q postponement of this
question until the next meeting oil
Congress, as it may be advisable tC
modify the taxation and tariff in
instances where unjust or burden
some determinations are made
by the present laws. But a general re.
vision OF the laws regulating this
subject / recommend the postpone
ment of for the present. l also sug-
gest the renewal of tho tax on in
comes, but at reduced rate, say OF
three pen. cent, and this tax to expire
in three years. With the funding oil
tha national debt as here suggested,
1 feel safe IN saying the taxes and rev.
enue from imports may be re-
duced safely from sixty to
eighty millions per annum at once,
and still further reduced from
year to year as the resources OF
the countryare developed. The report
Of the Secretary of the Treasury
shows the receipts of the Government
for the fiscal year ending June Both,
1869, to be 1870, 943, 747, and the ex-
penditures, including interest, boun-
ties, &c, to be 1921, 490,597. The
estimates for the ensuing year are
more favorable to the Government,
and will, no doubt, show a large de-
crease of the public debt. The re-
ceipts in the Treasury beyond the
expenditures have exceeded the
amount necessary to place to the
credit of the Sinking Fund, as pro-
vided by law. To lock up the surplus
In the Treasury, and withhold it from
circulation, would lead to such con-
traction of currency as to cripple
trade and seriously affect the pros
perity of the country. Under these
circumstances the Secretary of the
Treasury and myself heartily con.
Cured In the propriety of using
all the surplus currency in
the Treasury In the purchase OF
Government bonds, thus reducing the
interest bearing debt of the country
and of submitting to Congress the
question of the disposition to be made
Of the bonds so purchased. The
bonds now held by the Treasury
amount to about SO, 900. 900, includ-
ing those belonging to the sinking
fund. l recommend that the whole
be placed to the credit Of the
sinking fund. Your attention
is respectfully invited to the rec
concentrations of the Secretary Of
the Treasury for the creation oil
the office of Commissioner of Customs
and revenues for the increase of sal.
airy to certain classes Of officials, and
the substitution of increased National
Bank circulation to replace the out
standing three per cent certificates
and most especially to his recon.
mendation for the repeal of laws
allowing shares of fines, penalties. for.
FIXTURES, &c, to officers of the Gov.
eminent or to informers. The Office
of Commissioner Of Internal Revenue
is one Of the most arduous and re-
sponsible under the Government. II
falls but little, if any, short of Q
Cabinet position in its Importance and