The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1869-12-16
ANDERSON, S c. THURSDAY DECEMBER 16 1889
{ HOYT 6 CO., Proprietors.

rs.
that the Acts OF the Legislature OF these
States, when they meet, will be s1ch as 70
receive your approval, and thus close the
work of reconstruction.
THs CURRENCY.
Among the evils growing out OF the re,
bel;ion. and not yet referred to, is that Of
an irredeemable currency. 1t is an evil
which hope will receive your most ear, !.
nest attention. 1t is duty, and one OF
the highest duties of the Government, to
secure to its citizens medium of ex-
change of fixed, unvarying value. This
implies return to specie basis, and If
no substitute for it can be devised, 1t
should be commenced now and reached at
the earliest practicable moment consistent
with fair regard to the interests OF the
debtor class. Immediate resumption, if
practicable, would not be desirable. 1t
would compel the debtor class to pay be-
yond their contracts, premium on gold at
the date of their purchase, and would
bring bankruptcy and ruin to thousands.
Fluctuations, however, in the paper value,
of the measure of all value OF gold, is
detrimental to the interests Of trade. 1t
makes the man of business an involuntary
gambler; for in all sales, when future
payment is to be made, both parties spec
ulats as to what will be the value of the
currency to be paid and received. l ear
nestly recommend to you, then, such leg,
islation as will insure gradual return to
specie payments, and put an immediate
stop to fluctuations in the value OF cur.
renGy. The methods to secure the former
of these results are as numerous as speeu'
lati,ns on political economy.
To secure the latter, / see but one way,
and that is to authorize the Treasury to
redeem its own paper at fixed price
Whenever presented, and to withhold from
circulation all currency so redeemed until
sold again for gold. The vast resources
of lhe nation, both developed and unde-
vel,ped, ought to make our credit the
best on earth. With less burden Of
taxstion than the citizen has endured for
six wears past, the entire public debt could
be paid in ten years. But it is not desira-
BILE that the people should be taxed to pay
it in that time. Year by year the ability
TO pay increases in rapid ratios but the
burden of interest ought to be reduced as
rapidly as can be without violation of
contracts. The public debts represented
in great part by bond, having from five to
twenty, and from ten TO forty years to
run, bearing interest at the rate OF Blk
and five per cent. respectively. 1t is op-
tional with the Government to pay these
bonds at any per cent. after the expiration
of the last time mentioned upon their
face. The time has already expired when
great part may be taken up and Is rap.
idIy approaching when all may be. 1t is
believed that all which are now due may
be replaced by bonds bearing rate of III
terest not exceeding four and half per
cent, and as rapidly as the remainder be-
came due. To accomplish this it may be
necessary to authorize interest to be paid
OF either of the 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 bond. l sug-
gest this subject for the consideration OF
Congress, and also, simultaneously with
this. the propriety of redeeming our cur
rency, as before suggested, at its market
value at the time when the law goes into
effect, increasing the rate at which curren-
cy will be bought and sold from day to
day or week to week, at the same rate OF
Interest as the Government pays upon Its
bonds. subject to the tariff, and internal
taxation, will necessarily receive your at
tention.
REDUCTION OF TAXATION.
The revenues of the country are greater
than the requirements, and may, with
safety. be reduced but as the funding OF
the debt in or Al per cent. loan would
reduce the ANIMAL current expenses large
ly, thus after funding justifying greater
reduction OF taxation than would now be
expedient, l suggest a postponement OF
this question until the next meeting of
Congress. 1t may be advisable to modify
taxation and the tariff i'll instances when
Unjust or burdensome determinations are
made by the present laws, but of a gene
raj revision of laws regulating this subject
| | recommend a postponement for the
present. l also suggest renewal OF tax
alton on incomes, but at reduced rate,
saw 8 per cent, and this tax to expire in
2 three years. With the funding of the
national debt, as here suggested, l feel
safe in saying that the taxes and revenue
from imports may be reduced from sixty
to eighty millions per annum at once, and
NAV be still further reduced from year to
wear as the resources of the country are
developed.
THE CUBAN QUESTION.
As the United States is freest of all na.
tions, SO too, its people sympathizc with
oil people struggling for liberty and self.
government. But while so sym. a.bizing,
It is due to our honor that we should ab-
stain from enforcing our views upon un-
| .ot;o,o opd from tokipo q n inter-