The evening Argus. [volume] (Rock Island, Ill.) 1861-1871, 1869-12-07


all values, gold, is detrimental to the inter
ests of trade. 1t makes man of bushes
an involuntary gambler, for in all sale
where future payment is to be made, bosl
parties speculate as to what will be th,
value of currency to be paid and received
| earnestly recommend to you, then, suci
legislation as will insure gradual return &
specie payments, and put an immediate stoy
TO fluctuations in the value of currency. The
plans TO secure these results are as numer
ous as the speculations on political econom,
to secure the latter. see but one way
and that is, to authorize the Treasury to re
deem its own paper at fixed price whenever
presented, and 40 withhold from circulation
all such currency redeemed until sold ageir
for gold.
THE PUBLIC DEBT.
| The vast resources of the Nation, both
developed and undeveloped, ought to make
our credit the best on earth with less bur
den oftaxation than the citizen has endured
for six years past The entire public debt
could be paid in ten years, but it is not de-
sirable that the people should be taxed &c
pay it in that time. Year by year the abili
ty to pay increases in rapid ratio, and the
burden of interest ought to be reduced as
rapidly as can be done without the viola
ton of contracts. The public debt is rep
resented in great par. by bonds having from
five to forty and from ten to
forty years to run, bearing interest al
the rate OF six per cent. and FIVE per cent
respectively. II is optional with the govern.
nent to pay their bonds at any period after
the expiration of the last time mentioned
upon their face. The time has already ex.
pred when great part Of them may be
taken up. The time is rapidly approaching
when all may be. 1t is believed that all
which are now due may be replaced BY
bonds bearing rate of interest not exceed
ing four and half per cent. and as rapidly
as the remainder becomes due, that they
may be replaced in the same way. To &C.
comphsh thtS, it may be necessary to auth.
orlze the interest to be paid at three or four
Of the money centres of Europe or by any
Assistant Treasurer of the United States at
the optiou of the holder of the bend. 1sug
gest this subject for the consideration of
Congress. Also, simultaneously with this,
the proprety redeominC our currency as
before suggested, at its market value, at the
time it goes into effect, increasing the rate
which currency will be bought With gold,
from day to day or week to week, ct the
same rate of interest as government pays
upon its bonds,
REVENUE.
The subject Of tariff and internal taxa.
ton will necessarily receive your attention.
The revenue Of the country greatly exceeds
the requirements, aud may, with propriety,
be reduced. But es funding the debt in a
and AZ per cent. loan would reduce the
annual current expenses largely, and thus
after funding, justify greater reduction of
taxation than would be now expedient, !
suggest the postponement of this question
until the next meeting OF Congress. 1t may
be advisable to modify taxation and tariff
in instances where unjust or burdensome
determinations are made by the present
laws, but general revision of laws regard.
ing this subject, recommend be postponed
for the present. also suggest the renewal
of the tax on incomes, but at reduced rate
of 3 per cent. and this tax to expire in three
years with the funding of the national debt
as here suggested. feel safe in saying the
taxes on revenue from imports may be re-
duced safely from $G0,000,000 to $8O,0OO,.
GOO per snnum at once, and still further re-
duced from year to wear, as the resources Of
the country are developed.
THE TREASURY.
The report of the Secretary of the Treas
ury shows the receipts of the Government
for the fiscal year ending June 80, 1869 to
be $370, ,943, 748;other expenses, including in.
terest to be $33 ,49o. .597. The estimates for
the ensuing year are more favorable to the
Government, aud will no doubt show large
decrease of the public debt. The receipts in
the Treasury beyond expenditures have ex
ceeded the amount necessary to place to the
credit of the sinking fund, as provided by
law To take up the surplus in the Treas
ury and withhold it from circulation would
lead to such contraction Of the currency as
to cripple trade and seriously effect the pros
perity of the country. Under these circum.
stances, the Secretary Of the Treasury and
myself heartily concurred in the propriety of
using the surplus currency in Treasury in
the purchase Of Government bonds, thus
the interes: 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 $75,O00,-
600, including those belonging to the sink
ing fund. recommend that they be placed
to the credit of the sinking fund
Your attention is respectfully invited TO
the recommendation of the Secretary of the |
Treasury for the creating of the Office Of
Com missioner of Custom Revenues, for the |
increase Of salary to certain classes Of otfo.
ers and the substitution of increased Ma.
iona bond circulation to replace the out
standing 33 per cent certificates, and moro
especially to the recommendation for the
'epeal of laws allowing shares OF fines, pen
aIties, forfeitures, &c, to officers Of the Gov
or to nformers.
The office of Internal Revenue is one of
he most ardnous and responsible under the
Government. 1t falls but little, if anv, short
IF cabinet position in its importance and
would ask for it therefore
uch legislation as in your judgment will
Ilsce the office on footing Of dignity com
nensurate with it's importance, anG the quail
fications OF such class of men required to
i'll ii properly.
CUBA.
As the United States is the freest Of all
nations, so do the people sympathize with all
people struggling for liberty aud free govern
nent. But while we sympahthize it is due
o our honor that we should abstain fro n
our views npon unwilling nations,
md from taking an interested part without
aviation IN the quarrel between different
lations or between governments and their
ubjects. Our course ahould always be in
conformity with strict justice and law, inter