Cedar Falls gazette. [volume] (Cedar Falls, Iowa) 1860-1895, 1869-12-10
synopsis of the Presi-
dents Me@Sn

cpitouliZe the DalanCe. -... .-.
The message opens by returning
thanks for the blessings of national
prosperity, enlarging upon the rapid
national progress; recapitulates the
work Of reconstruction refers to the
expulsion of negroes from the Geor-
gia legislature, and recommends that
Congress enact a law authorizing the
governor of Georgia to convene the
members originally elected to the
legislature, each member to take the
oath prescribed by the reconstruction
act, End none to be admitted who are
ineligible under the Sd clause of the
l4th amendment.
Of the freedmen, he says,
The freedmen, under the protection
which they have received, are MAX
ing rapid progress in learning and no
complaints are heard of lack of in
dustry on their part, when they re-
ceive fair remuneration for their 10.
Dor.
| THE PUBLIC DEBT AND COMMERCE.
The means provided for paying the
interest on the public debt, with all
other expenses of the government,
are more than ample. The loss oil
our commerce is the only result of
the late rebellion which has not re-
ceived sufficient attention from you.
To this subject / call your earnest at
tention. / will not now suggest
plans by which this object may be
effected, but will, If necessary, make
il the subject of special message
during the session of congress.
SPECIE PAYMENT-REsToR RE.
| COMMENDED.
! Among the evils growing out oil
the rebellion, and not yet referred to,
is that of an irredeemable currency.
1t is an evil which hope will re-
ceive your most earnest attention.
1t is duty, and one of the highest
duties of government to secure to her
citizens a medium of exchange as
fixed, unvaryipg values. This i'm
plies its return TO a specie basis. No
substitute for it can be devised. II
should be commenced now, and
reached at the earliest practicable
moment consistent with q fair regard
to the interest of the debtor class
Immediate resumption, if practica.
BILE, would not be desirable. 1t would
compel the debtor class to pay beyond
their contracts, the premium on gold
at the date of their purchase, and
would bring bankruptcy and ruin to
thousands. Fluctuations, however,
i'm the paper value of the measure oil
all values, gold, is detrimental to the
interests of trade. 1t makes man
of business an involuntary gambler,
for in all sales when future payment
is to be made both parties speculate
as TO what will be the value of the
currency to be paid and received. /
earnestly recommend to you, then,
such legislation as will insure a grad
ual return to specie payments, and
put an immediate stop to fluctuations
in the value of currency. The
methods to secure these results are as
numerous as are the SPECTATORS on
ipolitical economy. To secure the
latter, | see but one way, that, to
authorize the treasury to redeem its
own paper at fixed price whenever
presented, and to withhold from cir
culation all such currency redeemed
until sold again for gold. The vast
resources of the nation, both devel.
oped and undeveloped, 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 IL is desirable
that the people should not 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 cal
be done without the violation of con,
tracts.
GOVERNMENT BONDS.
The public debt is represented in
great part by bonds having from 5 t.
20 and from 10 to 40 years to run
bearing interest at the rate of 6 pei
cent. and 5 per cent. respectively. Ii
is optional with the government to
pay their bonds at any period after
the expiration of at least the time
has already expired when a great
part of them may be taken up. and
the time is rapidly approaching when
all may be. 1t is believed that all
which are now due may be replaced
by bonds bearing q rate of interest
not exceeding AZ per cent, ard as
the remainded becomes due may be
replaced in the same way. TO ac-
complish this it may be necessary to
authorize the interest TO be paid at
either of three or four money centres
of Europe Or by any assistant treas
urer of the United State, at the OPP
ton of the holder Of the bond.
suggest the subject for the considera-
ton of congress, also, simultaneously
with this, the propriety of redeem
ing our currency as before suggested,
at its market value at the time the
law goes into effect, increasing the
rate at which the currency will be
bought and sold from day to day OF
from week to week at the same rate
of interest as the government pays
upon its bonds.
| TARIFF AND REVENUE.
The subject of the tariff and intern
al taxation will necessarily receive
your attention. The revenues of the
country are greater than the require.
ments, and may with safety be re-
duced. But as the funding of the
debt in four or four and half per
cent. bond would reduce the annual
current expense largely. thus after
funding, justifying a greater reduc-
ton of taxaction than would be now
expedient, / would suggest the post
ponement of this question until the
next meeting of congress. 1t play be
advisable TO modify taxation and tar
iff in instances where unjust or bur-
! Jensome Determinations are made by
the present laws, but general revi-
sion of the laws regulating this SUBJ
ject recommend be postponed for
the present ....'.........
INCOMES. ..a
| L also suggest the renewal of the
| tax on incomes, but at a reduced rate,
say of three per cent, and this tax to
expire in three years.
REDUCTION OF TAXATION.
With the funding of the national
debt as here suggested, l feel safe In
saving the taxes and revenue from
| imports may be reduced safely from
sixty to eighty millions per annum,
at once, and reduced from year to
year as the resources of the country
are developed.
RECEIPTS AND EXPENDITURES,
The report of the secretary of the
| treasury shows the receipts OF the
government for the fiscal year end
| ing June 80. 1869, to be 1870, 943, TAT ;
and the expenditures, including in
terest, &C., to be 1924. 400, 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 ex-
penditures, have exceeded the amount
,,aoaruor, RI placa tn the credit of the