The Kenosha telegraph. [volume] (Kenosha, Wis.) 1860-1888, 1869-12-09

" 4tOFCuUCIs 4OOO, dAO w 1851 .vnO 0ny 2
ia Mississippi, and four days in Texas
The elections have taken place, but the
result is not known, It is to be hoped
that the acts Of the Legislatures Of, these
States, when they meet, will be such, as
to receive your appro bation, and thus
close the work of reconstruction. II 81
One of the evils arising out of the re-.
bellion, and not yet referred to, is that
of our irredeemable currency. It is an
evil which I hope will receive your most
earnest attention. It is duty, and one Of
the highest duties Of the government, to
secure to the citizens medium of ex-
change of fixed unvarying value. This
implies its return to specie basis,and no
substitute for il, can be devised. It should
be commenced now, and reached at
the earliest practicable moment con-
sistent, with fair regard for the interest
of the debtor class. -Immed late resump-
ton, if practicable, would not be disira
BILE; it 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 ) F!uctuations, however, in the
paper value of the measure of all values
detrimental to the interests of
trade. q It makes the man OF business an
gambler, for in all sales where
future payment istto be made, both par,
ties speculate as to what will be the value
of the currency to be paid ard, received.
/ earnetly recommend to you, then, such
legislation as will insure gradual return
to specie payments, and put an eimmedi-
stop to the fluctuations in the value of
currency. div .ngmOW 9dI .assOi9 biide
The methods to secure these results are as
numerous as are the spectators ON po-
liticai 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 = to
withhold from circulation all such cur
rency redeemed until sold again for gold.
The vast resources of the nation both
developed and 2undeveloped, ought to
make our credit the best on earth. With
a1ess burden of taxation than the citizen
has endured for sixiyears past, the entire
debt could be paid in ten years, lbutoita is
not desirable thatlthe peoples should be
taxed to pay it in that time.[ Year by
year the ability to pay increases in a rap.
id ratio, but the burden of taxation ought
TO be reduced as rapidly as. can be done
without violation of contracf. The pub
lie debt is Represented inn great part aby
bonds having from five ito twenty and
from ten to forty. years to run, bearingin.
tcrest at the rate Of 6 per cent end s
per cent, respectively an qD b51f1 u
1T is optional with the governments to
pay their bonds at any period after the
expiration of the FIRST time mentioned on
their face. The time has already expired
when great part of them may be taken
up; the time is rapidly approaching
when all may be. It is believed that all
which are now due may be replaced by
bonds bearing rate of interest not ex-
ceeding ~ per cent, and, as rapidly as
the remainder become due, that they may
be replaced in the same way. To accom-.
plish this it may be necessary to author
lie the interest to be paid at either OF
three or four of the money cities OF Eu-
rope or by an Assistant Treasurer of the
United States, at the option of the holder
Of the bond. suggest this subject for
the consideration of Congress Also sim.
ultaneouslY with this, the propriety of re-
deeming our currency, as before suggest
cd, at is 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 govern
ment pays upon its bonds, - - Is, -
The subject of the tariff and internal
taxation will necessarily receive your at
tention. The revenues of the country
are greuter than the, requirements, and
may, with safety, be reduced, but as the
funding of the debt on o four, or, q four
and half per cent. would reduce the
annual expenses largely thus after fund
ing, justifying q greater reduction of tax
alton than would be now expedient,
suggest the postponement of this ques-
tion until the next meeting of Congress,
when it may be advisablenot only tomod-
ify taxation and tariff in instances where
unjust or burdensome determinations are
made by the present laws, but to make q
general revision of the laws regulating
this subject. therefore recommend its
postponement for the present. also
suggest the renewal of the tax on In
comes, but at a reduced rate, say, Of three
per cent, and this tax to expire in three
years. RI With the funding Of the national
debt as here suggested, feel safe IN say
ing the taxes and revenue from imports
may be reduced from sixty to eighty mil
lions per annum at once, and still farther
reduced from year to year, as resources OF
the country are developed o. 6rf
The report rof. the Secretary OF the
Treasury shows the receipts of the gov
eminent for. the fiscal year ending June
80, 1869, to be 1870, TAT, and the ex-
penditures, including interest, etc, to be
$32I, 49O, 597. The estimates for the en-.
suing year, are more favorable to the gov
eminent. and will, no doubt, show large
decrease of the public debt. The receipts
in the Treasury beyond expenditures have