The Bedford gazette. [volume] (Bedford, Pa.) 1805-current, 1869-12-02

and thus close the work of reconsiTuc.
ton.
Among the evils growing out OF the
| rebellion. and not yet referred TO. is thai
of an irredeemablo currency. 1t 3 AZ
evil which hope Will receive yoar most
earnest attention. II IS q duty, and one
of the highest duties Of GoveFe nIent 10 Sc
cure to ths citizen medium of exchange
of fixed uuYarying value. This implies
return 10 a specie basis, and no suusii-
iute for il can be devised, Ii should be
commenced now, and reached al the ear
lest practicable moment, consistent with
q fair regard TO The interest OF the debtor
class. Immediate RESUMPTION, IL pTaeti
cable, would not be desirts'e. Il woRld
compel The debtor class 10 pay beyond
their contracts, the premium or gold at
the date OF their purchase, and would
bring bankruptcy and rRI.i 20 thousands
Fluctuations, however, in the paper val
ne OF the measure Of all values.
g0ldt Is detrimental to the inier-
ests OF trade. 1t makes the
man Of business an Involuntary ga IN
bier, TOR in alb sales where future pay.
ment Is 70 be made parties speculate as
10 what Will be The value of The currency
TO be paid and received. l earnestly
recommend 10 you, then, such Iegisia-
ton as viii insure gradual return 10
specie payments and put an immediate
stop 20 huctuation in the value OF cur
rency. The methods to secure the
former OF these results ara as numerous
as are the speculations On political econ
omy. To secure the latter I see but one
wag, and that is TO authorize the treas
ury 10 redeem its oEvn paper at a fixed
price whenever presented, and 10 with
hold from circulation all currency so re-
deemed until sold again for gold.
The vast resources of The nation, both
developed and undeveloped, ought TO
make our credit the best on earth. With
a less borden OF taxation than the citi
zen has endured for six years past, the
entire pablic debt could be paid in less
than ten years; bat IT is not desirable
that the people should be taxed 10 pay ii
in that time. Year by year the ability
10 pay increases in a rapid ratio, but
the burden OF interest ought TO be
reduced as rapidly as can be done with
out the violation Of contract. Tae pub
lie debt Is represented in great part by
bonds. having from five 20 twenty and
from ten 10 forty years to rCD, bearing
interest at the rate OF six per cent and
FIVE per cent. respectively. Is Is optional
with the government to pay these bonds
at any period after the expiration Of the
least tine mentioned upon their face
The time has already expired when a
great part CT them may be taken, and is
rapidly approaching when ali may be.
Ii is believed iha. all which are now
due, may be replaced by those bearing
Il rate OF interest not exceeding four and
one half per cent, and as rapidly as the
remainder become due. that they may
be replaced IN the same way. To ac-
cOmpiish this il may be necessary 10 au-
thoriZe the interest TO be paid al either
of the three or four of the money centres
Of Eurspe, or by any Assistant Treasurer
OF the United States, a. The option Of The
holder of the bond. suggest this subject
for the consideration of Congress, and also
simultaneously with this, the propriety
Of the redcemiug of our currency, as be
fore suggested, at It's market value, at
the time the law goes into effect, increas-
ing the rate ut which currency will be
bought and sold. from day 10 day, or
week TO week, at the same rate Of inter
est as the government pays upon its
bonds.
The su ieCt OF tariff andI Internal taxa
ton will necessarily receive your aiten-
ton. The revenues OF the country are
greater than the requirements, and may
with safety be reduced; but as the fund
ing OF the debt in four or four and q
half per cent. loan would reduce the an
uual current expenses largely, thus af-
ter funding juSnfying a greater reduc-
ton of taxation than wonld be now ex
pedienr, il may be advisable to modify
taxation and the tariff in instances where
unjust or burdensome Determinations
are made by the present laws regulating
this subject ! recommend the postpone
ment OF it for the present.
I afc s1,I r,F 10 10
on incomes, but a reduced rate, say
three years. BY the funding ofthe nation
81 debt, as here suggested, feel safe in
fsyiDg that taxes aud the revenue from
imports may be reduced safely from
sixty to eighty millions per annum al
once, and may be still further reduced,
from year to year, as the resources OF the
country ere developed.
The report of the Secretary of the
Treasury shows the receipts Of The gov
ernmeui for the fiscal years ending June
80, 1859, to be $50, ,943, ,747, and the expen-
dilures, including interest, bouutIes, &c,
TO be 1921 AGO, Je7. The estimates for the
ensuing year are more favorable 10 the
Cover nment, and viii no doubt show q
much larger decrease of the public debt.
The receipts in the treasury, beyond ex-
pectations, have exceeded the amounts
necessary TO place the credit or the sink
ing fund as provided by law. To lock up
the surplus IN the treasury and withhold
il from circulation would lead to such q
contraction OF the Currency as TO cripple
| trade and seriously affect the prosperity
OF the country. Under these cireum-
stances the Secretary Of the Treasury
and myself heartily concurred in the
propriety of using all the surplus cur
reney in the treasury in the purchase oi