The Tiffin tribune. (Tiffin, Ohio) 1868-1887, 1869-12-10

tion as will insure gradual return
! to specie payments, and put an lmme-
diate stop to the fuetuation IN the
value of currency. The methods to
secure these results ara as numerous
as are the spsculators on political
economy. To secure the latter
see but one way, and that is to al
thorize the treasury to redeem Its
own paper at fixed price whenever
presented; to withhold from eircula-
ton all such currency redeemed un-
til sold again for gold The vast re-
sources Of the nation, both developed
and undeveloped, ought to make our
credit the best on earth. With les;
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 be taxed to pay ii
in that time. Year by year the abil-
ity tc pay increases in a rapid ratio,
but the burden of interest ought to
be reduced as rapidly as can be done
without violation of the contract.
The public debt is represented in
great part by bonds having from i've
to twenty and from ten to forty years
to run, bearing interest at the rate of
six per cent. and five per cent. respee-
lively. 1t is optional with the gov
ernment to pay their bonds at any
period after the expiration Of the
last time mentioned upon their face.
The time has already expired when a
great part Of them may be taken up.
The time is rapidly approaching when
all, it is believed, that are now due
may be replaced By bonds bearing a
rate of interest not exceeding four
and a half per cent, and as rapidly
as the remainder become due that
they may be replaced in the same
way. To accomplish this, it may be
necessary to authorize the interest to
be paid at either of the three or four
of the money centers of Europe, or
By any assistant treasurer of the
United States, at the option of the
holder of the bonds. l suggest this
subject for the consideration of Con-
gress. Also simultaneously with
this, the propriety Of redeeming our
currency as before suggested at its
msrket 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 gov
ernment pays upon its bonds.
THE TARIFF AND INTERNAL REVENUE.
The subject of the tariff and inter-
nal taxation will necessarily receive
your attention. The revenues of the
country are greater than the require
ments, and may with safety be reduc-
ed but as the funding of the debt in
four or four and half per cent.
would reduce the annual current ex-
penses largely, thus, after funding,
justifying a greater reduction Of tax
alton than would bs now expedient,
1 suggest the postponement of this
question until the next meeting of
Congress. 1t may be advisable to
modify taxation and the tariff in in
stances where unjust or burdensome
determinations are made by the pres
eut laws, but 4 general REVISION of
the laws regulating this subject l rec
commend the postpoAement of for the
present. 1 also suggest the renewal
of the tax on incomes, but at reduc-
ed rate, say of three per cent, and
this tax to expire in three years.
With the funding of the national
debt, as here suggested, I feel safe in
saying that the tax from revenues
and imports may be reduced safely
from sixty to eighty millions per an
mum at once, and still further reduc-
ed from year to year, as the resources
Of the country are developed.
1t THE TREASURY.
The report of the secretary of the
treasury shows the receipts of the
government for the fiscal year ending
June 3O,7 169, to be $3.50, ,943, ,747,
and. the expenditures, including in
terest, bounties &C., to be 1921 $780,,
597. The estimates for the ensuing
year are more favorable to the gov
ernment, and will no doubt show a
large decrease in the public debt.
The receipts of the treasury, beyond
expenditures, have exceeded the
amount necessary to place to the sink
ing fund, as provided by law. To
lock up the surplus in the treasury
and withhold it from circulation
would lead to such contraction of the
currency as to cripple trade and Sc
riously affect the prosperity of the
country. Under these circumstances
the secretary of the treasury and my
self heartily concurred in the pro-
priety of using all the surplus cur
rency in the treasury in the purchas-
ing of government bonds, thus re-
ducing the interest bearing debt Of
the country and of submitting to
Congress the'qUestion of disposition
to be made of the bonds so purchased.
The bonds now held by the treasury
amount to about s75, ,000, 600, includ
ing those belonging to the sinking
fand; I recommend that the whole be
placed to the credit of the sinking
fund. Your attention is respectfully
invited to the recommendations Of
the Secretary of the Treasury for the
creation of the Office of commissioner
of customs revenue, for the increase
of salary to certain classes Of officials,
and the substitution of increased ma
tional bond circulation to replace the
outstanding three per cent. eertlf-
Gates and most especially to his
recommendation for the repeal of
laws allowing shares of fines, penal
ties, forfeitures, ETC., to officers of the
government or to Informers. The Of
fee of the Commissioner of Internal
Revenue is one of the most arduous
and responsible under the govern
ment. It falls but little, if any,
short of a cabinet position in its i'm
'portsnce and responsibilities. l
would ask for it, therefore, such leg
islation as in your judgment will
place the Office on footing Of digni-
ty commensurate with its Importance
and with character and qualifications
of the class of men required to fill it
properly.
THE UNITED STATES AND CUBA.
As the United States is the freest
of all nations, so too its people sym
pathize with all people struggling Tor
liberty and self government. But
while so sympathizing, it is due to
our honor that we should abstain
from forcing our views upon unwill-
ing nations and in taking an interest
ed part '.without Invitation" In the
quarrels between different nations or
between governments and their SUBJ
jects. Our course should always be
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