Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1869-12-07


approaching when all may be.
1t is believed that all which ere NV due may
be replaced by bonds bearing rate of interest
not exceeding four and one hail per cant, and
IS rapidly as the remainder become due. that
they may be replased in the same way. 10 &c
compiish this it may lie Necessary 10 authorize
the interest to lie paid at either OF three or Tour
Of the money centres O! Europe or hy any \ 4
sistant Treasurer OF the United States, n the
option OF the holder Of the bond.
| suggest this subject for The consideration Of
Congress, and also simultaneously with thi' the
pToprety of redeemng our currency, IS eiuIe
suggested, at its market value ct the time the
law goes into effect, increasing the rate a.
which currency will hc bought and sod, tro:I
day to day, or week to week, at the same rae
OF interest as the Goyeram n; pays upon is
bonds.
The subject OF tic tariff andintern1 taxation
will necessarily receive your attention The rev
enucs of the country Are greater than the re
aurements, and may, with safety, he reduced.
But as the funding OF the debt u four or a
four ana half per cent. loan would rcdu,e III
nuai current expenses largely; thus, after iu"d
ing, justiiying greater reduction OF taxation
than would sbe now eXrciient, | suggest post
p0ntment Of this question until the next meet
ing OF Congress.
1t may be advisable to modify taxation aud
tariff in instances where unjust or burdeusome
determinations are made By the present law
but general revision o! the laws regulating
this subject | recommend the pOStp0Gcment OF
for the present. also suggest the renewal Of
the tax On incomes, hut at u reduced rate, say
OF three per cent, and this tag II expire n
three years.
With the funding OF the national debt a. here
suggested, feel safe in saying that taxes, and
the revenue from imports, may be reduced
safely from sixty to eighty millions per annuu
at once and may lie still further reduced IRON
year to year a. the resources o. .he country are
developed.
The report of the Secretary Of the Treasury
shows the receipts OF the Government tor the
fiscal year ending June 30. 1869, to be 310.9l2 .
TAI dollars, and the expenditures, rcUi'n 10
terest, bounties, &c, to be 81 10 80 JJ..ar5.
The estimates for the ensuing year are more
favorable to the government aui will no doubt
show a much larger decrease Of the public debt.
The receipts in the Treasury beyond expen'
diture 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 tie
Treasury and withhold it from circulation won!d
lead to SUCH a contraction Of the currency a to
cripple trade and seriously affect the prosperity
of the country. Under these circumstances the
Secretary Of the Treasury aad myself heartily
concurred in the propriety of using al! the sur
nIns currency in the Treasury in the iurchase
OF Government bonds, thu reducing the inter
c.t hearing Indebtedness, o. the coun,ry, and Of
submitting to Congress the question Of the dis
nn.irion 70 he made Of the bonds so purchased.
The bonds now held by the Treasury amount
toohont S-5 600 0O0O inculing those belonging
~ tIn s;nk;nc tunI recommend that the
uboIc Ln ,locel 20 tha credit Of the sinking
t,n;
Vnnr attention is respect(u,y invited TO the
rocor mcndr,;nms Of the Secretary Of the Treas
rry Tor the creation o; the Office OF Commis
s;1ncr Of Customs revenues: Tor tho increase OF
s,lorins tn certain classes of cffica-: the sub
.I;tnt,on n increased Natona! Bank. circula
fan 70 rcnl,,. the outstanding three per cent.
c,rtiGcotr,: aud most especially t. his rec m
mcndatiop for the repeal OF the laws allowing
sborns NJ tjnts. penalties, iuririrurrs, &c. to
offcars ofthe Government or to inlormers.
The Office OF Commissioner OF Internal iIeV
nnue il one of the most arduous and resDOn
sible under the Government. 1t falls but little,
if spv, short OF Cabinet position in it's i'm
nortance and responsibilities. | would ask for
il therefore. such legislation Us, In your judg-
mont will p!ac. The oiiite upon footing ol
dignity commensurate with its importance, aCd
with the character and qualifications Of the
coss Of men required to ill 1t properly.
As the United States is the .rccst of all na-
inns 81 too its pcoplc svmpathi2e With all
neopIo struggling for liberty and scli.govcrn-
mcnt Bat while 50 symrayhiz;ng it is due to
orr honor that We should abstain from culorc
;ne our views upon unwilling nations. ard from
.,L;Dr an interested part. uiiom iarituiioH,
in he ouorrels between different nations. OF
between governments and their subjects. 0ul
ooursn .bonlJ aiways be in conformity with
e,r;c< ;rs,;cn and law international and local.
Srcb has becn tho noIry Of the administration
u Jnoi;nc with tbcsn miostions
III r'"'"- ". 49, ,,,,,:i ,.r,,;o,, ,t
Fer more than year Na'1a0'c P.o'iHJ' "
Spain, and near nelghOor ol ours IN "uoli
all our people cannot but ieel dcep interest
has been struggling Tor iagepsnacDcc ana 'r9e
dom. The people anG Government OF iN'
United STATES entertain lAe sun H; .. ;ec.iuE
| and sympathlas Tor the Peop's q: up: III thGIi
pending s!ruggIe''Aat 'ney u ,hh .'e.t l'.ousn
out the previous .'ruEsl' nlI"t '' ia.,.' "n
her former Col'n'cT !" oL'',' y, ,.na a.n,,i
| But the contest i@' ~ Nv I'm ,,. =, -,
the CONDITIONS when amount - I"' -. ,, ~
sense OF intcrnat'oHaI ~ VI w. "'" ~
| oh ~ .