Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1869-12-14

they receive fair remuneration 70
their labor.
AMPLE RESOURCES
The means provided for payin
the interest on the public debt, will
all other expenses of the Governor
are more than ample.
OUR COMMERCE.
The loss of our commerce is tn
only result of the great rebellion
which has not received sufficien
attention from you. | will not nov
suggest plans by which its restora
ton may be effected, but will,
necessary, make it subject of spec
ial message during the session 0
Congress.
SPECIE PAYMENT.
Among the evils growing out 0
the rebellion and not heretofore re
terred to- is that of an irredeemabl,
currency. 1t is an evil which | hop,
will receive your most earnest atten
ton. It is a duty, and one of til,
highest duties of the Government
to secure to the citizens medium
of exchange of fixed, unvarying val
ue. This implies q return to q spe
Gle basis, and no substitute for il
can be devised 1t should be com
menced now, and reached at the
earliest practicable moment consist
ent with fair regard to the debtor
class. Immediate resumption if prac-
tlcable, would not be desirable. 1t
would compel the debtor class to
pay beyond their contracts the pre-
MUM Of gold at the date of their
purchase, and would bring bankrupt
cy upon thousands. Fluctuations,
however, IN the paper value of the
measure OF all values, gold, are
detrimental to the interests of trade.
1t makes man of basiness an in
voluntary gambler, for in all sales
where future payments are to be
made, both parties speculate as to
what will be the value Of the cur
rency 10 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 meth
DDS to secure these results are as
numerous as the speculations on po-
litical economy. TO secure the lat
ter, | see but one way and that is to
authorize the Treasury to redeem it's
own paper at fixed price whenever
presented; to Withhold from circula-
ton all such currency redeemed IN
til sold again for gold.
PAYMENT OF THE PUBLIC DEBT.
The vast resources OF the nation.
both developed 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
it is not desirable that the people
should DO taxed 10 pay it in that
time. Year by year the ability to
pay increases in q rapid ratio, but
the burden of interest ought to be
reduced as rapidly as cen be done
the violation Of contract =
The public debt is represented in o
great part by bonds having from 8
TO 20 and from 10 to 40 years to run
bearing interest at the rate Of six
per cent, and five per cent. respect
vely. 1t is optional with the Gov
srnment to pay these bonds at any
period after the expiration of the
asst time mentioned upon their face
The time has expired when a great
part of them may be taken up aud
the time is rapidly approaching
when all may be. 1t is believed that
all which is now due may be replaced
BY bonds bearing interest not exceed
Dg four and half per cent, and as
rapidly as the remainder becomes
iue that they may be replaced in
The same way. To accomplish this it
may be necessary to authorize inter-
sst to be paid at either of three or four
If the money centres of Europe, or by
,he Assistant Treasurer of the United
States, at the option of the holder
Of the bond. | suggest this subject
.or the consideration of Congress );
also simultaneously with this the
of redeeming our currency
IS 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 or week to
week, at the same rate of interest
as the Government pays upon its
bonds.
TARIFF AND TAXATION.
The subject of tariff and internal
taxation will necessarily receive
your attention. The revenues of
of the country are greater than the
requirements, and may withsafety be
reduced but as the funding of the
debt in four, or o four-and-a-half
per cent loan, would reduce the an
nual current expenses largely, thus,
after funding, justifying a greater
reduction of taxation would be now
expedient, | suggest posponement
of this question until the next meet
ing of Congress. It may he advisa-
bic to modify taxation and tariff in
instances where unjust burdens are
imposed or Determinations are made
by the present laws, but q general
revision of laws regulating the sub
ject | recommend the postPonement
Of for the present. | also suggest a
renewal of tax on incomes, but al q
reduced rate, say of three per cent,
his tax to expire in three years
With the finding of the national
debt as here suggested, / feel safe in
saying tie taxes and revenue
from imports may De reduced safely
from $50, 600, 900 to $50, 900, 900 per
annum at once, and q still further
reduction from year to year, as the
resources of the country are deveI-
oped.
CONDITION OF THE TREASURY.
The report of the Secretary Of the
Treasury shows the receipts OF the