The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1869-12-11

suits are as numerous as are the speculations
OF poitical economy. To secure the latter
see out one way, and that is TO authorize
lhe treasury to redeem its own paperat
hXed price whenever presented; to withhold
from circulation ali such currency redeemed
until soll agaln for gold
The vast resources Of the nation, both de-
veloped and undeveloped, ought to make
our credit the best on earth, with less bur
den OF taxation than the citizen has endured
for six years past The entire debt could be
paid in ten years, but it is not desirable that
the people should be taxed to pay it in that
time Year by year The ability to pay in
creases in rapid ratio, bu5 the burIen of in
terest ought to be reduced As rapidly as can
he done without the violation of contracts.
The public debt is represented in great part
by bonds having from five to twenty and
ten to forty years to run, bearing interest at
the rate of six per cent and five per cent.
respectively
1t is optional with the government to pay
their bonds at any period after the eXpira-
ton of the last time mentioned upon 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. 1t is believed that all which are now
due may be replaced by bonds bearing
rate OF interest not exceeding IL per cent,
and as rapidly rs the remainder becomes
due they may be replaced Ill the same way;
to accomplish this it may be necessary to
authorize the interest to be paid at either
three or four of the moneyed cities of Eu-
rope, or by any Assistant Treasurer of the
United States, at The option of the holder Of
the bond. l suggest this subject for the con-
sideratiou of Congress; also, simultaneously
with this, the proprety of redeeming our
h.t, tod ~.
value ut the time the law goes into effect
increasing rate at which the currency will
be bought and sold from day to day, or from
week to week, and at the same rate of in.
terest as the government pays upon lis
bonds.
TAXEs AND TARIFFS.
The subject of the tariff and internal tax
alton will necessarily receive your atten-
attention. The revenues of this country
are greater than the requirements, and may
with safety, be reduced; but as the funding
of the debt, on Il four, or four and a half
per cent, would reduce the annual expenses
largely, thus after funding, justiiying a
greater reduction of taxation than would be
non eXpedient. Isuggest the postponement
of this question until the next meeting of
Congress, when it may be advisable to mod
ify taxation and tariff in instances where
made by the present laws, but a general re-
vision OF the laws regulating this subject, |
recommend the postponement for the pres
ent. | also suggest the renewal of the tax
on incomes, but at a reduced rate, say of 3
per cent, and this tax to expire in three
years, with the funding of the national debt
as here suggested feel safe in saying the
taxes and revenue from imports may be re-
duccd safely from sixty to eighty millions
per annum at once, and still further reduce
from year to year, as the resources of the
country are developed.
FINANCIAL sTATITICs
The report of the Secretary of the Treas
ury shows the receipts of the government
for the fiscal year ending June 30, 1869, to
be S310,9l3, i41, and the expenditures incu-
ding interest, etc, to be $321 400, 591 The
estimates for the ensuing year are more IA
vorabe to the government, and will, no
doubt, show large decrease of the public
debt. The receipts in the Treasury beyond
expenditures, have exceeded the amount
necessary to place to the credit of 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 a
contraction OF the currency as to cripple
trade, and seriously affect the prosperity of
the country. Under these circumstances,
the Secretary of the Treasury and myself
heartily concurred in the propricty of using
all surplus currency in the Treasury in the
purchase Of government bonds, thus redu-
cling the interest bearing debt of the coun.
try, and of submitting to Congress the Ques-
ton of disposition to be made of the bonds
so purchased. The bonds now held by the
Treasury, amount to about "a, 5000, 900, inclu-
ding those belonging to the sinking fund
Your attention is respectfully invited to
the recommendations of the Secretary of
the Treasury for the creating of the office
of Commissioner Of Custom Revenues; for
the increase OF salary to certain classes of
officials; and the substitution of increased
national bond circulation to replace the out
standing 3 per cent certificates, and more
especially to his recommendation for the re.
peal of laws allowing shares of fines, penal
ties, forfeitures, etc, to the officers of the
government or to informers.
THE REVENUE BUREAU.
The Office of Commissioner of Internal
Revenue, is one Of the most arduous and
responsible under the government. 1t falls
bnt little, if any, short of Cabinet position
in its Importance and responsibilities. l
would ask for it, therefore, such legislation
as, in your judgment, will place the office on
footing of dignity commensurate with its
Importance, and with the character and
qualifications of the class of men required
to fill it properly.
THE CUBAN QUESTION.
AS the United States is the freest OF all
nations, so, too, its people sympathise with
all people striking for liberty and sef.gov-
eminent; but while so sympathising, it is
due to our honor that we should abstain
from enforcing our views upon unwilling
nations, and from taking an interested part,
without invitation, in the quarrels between
L1.A..r