The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1869-12-07

" uohc without tho violation OF tn
contract.
FUNDING TuE DEBT.
The public debt Ii represented /,
great part by bonds having from Nv
to twenty and from ten 10 forty year
u run, bearing Interest NJ the rate OF
per cent. and 8 per cent. rssneclIyelv
II IL optional with tho Government /,
pay these bonds ut any period after I'M
expiration Of the frat time mentioned
upon their face. The time has nlreadI
expired whom a great nart OF them maj
DO taken up. The time Ia RAPIDLY an
proRchlng when all may be, It ia be-
lleved that all which are now due may
DO replaced by bonds bearing a rate 81
interest not exceeding AZ per cent; AMI
~ rapidly rs the remainder becomes
due that they may be replaced In lht
same way. 10 accomplish this II max
be necessary 10 authorize the interest Il
be paid at either Of the three or four
money centres OF Europe, or Dy any
Assistant Treasurer OF the United
States, Mt the option OF the holder d
the bond. l suggest this subject for LhC
consideration OF Congress; also, slim
ultaneously With this, the propriety Of
redeeming the currency as before sug.
Restgd At It's market value, at the time
the law goes Into effect, increasing tLg
rate at which the currency will be
bought and sold from day 10 day OF
week to week at the same rate OF in
terest as the Government pays upon la
bonds.
TARIFF TAXATION.
Tho subject OF tariff and Internal tax.
alton will necessarily receive your at
tsnLlOn. The revenues OF the country
arc greater than the requirements, and
m0y.with safety be reduced; hut MS the
funding OF tho debt In n four or a four
and a half per cent bond would reduce
tho annual current expense largely,
thus after funding, JustlIying a greater
reduction Of taxation than would be
now expedlent, | suggest u postpone.
ment OF this question until the next
meeting OF Congress. It may b. adyls.
able to modify taxation and the tariIrIn
instances where MUST or burtlensome
DETERMINATIONS are made by the pres-
Ont laws, hut u general revision or the
laws regulating this subject l recon-
mend the pOstpunement OF for tho pres
eut, also suggest the renewal OF Ihetax
on incomes, but At \ reduced rate, BaV OF
8 per cent, and this tax To expire in
three years with the funding OF the ma.
tiOnal debt az here suggested. feel
safe In saying The taxes and revenues
from imports may he reduced safely
from sixty toeiShty millions per an mum
ut once, aud still further reduced from
year 10 year rs the resources OF the
country are developed.
THETREAsURY.
The report of tho Secretary of the
Treasury shows tho receipts OF the
Government for the fiscal year ending
June 30, 1869, TO be $S7O, 9i3, 747, and tbs
expenditures, including interest, bouu-
ties, &c, 10 be 1891 400 507. The estl.
mates for the ensuing year are more
favorable to the Government and will
no doubt show II large decrease OF the
public debt. The receipts In the Treas.
ury beyond expenditures have exceed
cd the amount necessary 10 place to
the credit Of the sinking fund as pro-
vided by law. To lock up the surplus
In tho Treasury and withdraw 1t from
circulation, would lead to such contrac.
ton Of currency as TO cripple trade and
eerIously affect the prosperity Of the
country. Uuder these circumstances
the Secretary OF the Treasury and my
self heartily G0ncurred in the propriely
Of using all the surplus currency n the
Treasury in The purchase OF govt bonds,
thus reducing the interest bearing debt
OF the country, and OF submitting to
Congress I'm account Of the disposition
to be made OF the bonds so purchased,
Tho bonds now held by the Treasury
amount 10 about 500 QUO 600. including
those belonging to the sinking fund.
l recommend that the whole be placed
10 the credit OF the sinking fund.
Your attention 10 respectfully invited
to the recommendations Of the Secre-
tary OF the Treasury for the creation Of
the Office OF Commissioned OF Customs
Revenue, for the increase OF salary 10
certain cussra OF officials, and The
substitution OF increased National
bank circulation 10 replace the out.
standing three per cent csrLiiCRtes and
most especially TO his recommendation
for the repeal of laws allowing shares
OF fines, penalties, DO, 10 officers OF the
Government or to lnformers.
Tue Office OF Commissioner OF 1uter~
nal Revenue IL one Of tho most arllu
OmY aud responsible under the Govern,
ment, II falls but liltle. Tfany short OF II
Cabinet position In lts importance and
responsibility, l would ask for 1t,
therefore, sncN legislation rs In your
Judgment will place the Office on foot.
ing OF dignity commensurate with Its
Importance and with the character and
qualifications OF the class OF men re-
quired TO Gil 1t properly.
CUBA.
The United States Is tho freeRt OF all
nations; 40, too, Its people sympathiZe
with ali peoples struggling for liberty
and self.gOvCrnment. But while so
sympathizlng, II Ia due 10 our honor
that we should abstain from enforcing
our views upon unwilling nations and
from taking an Interested part wi thoul
invitation In the quarrelB between dill
ferent nations, or between governments
and their Bn b. GcLs. Our course Shonld
always be in conformity with strict
Justice and law, international and To-
cal. Such has been tho policy Of the
Administration In dealing with these
questions. For more than year, u
valuable province Of Spain, and u near
neighbor OF ours, in whom all our
people cannot but feel deep intJest,
has been struggling for inpeRend-
ence and freedom. The people and
Government OF the United States
States entertain The same warm feel
ings and sympathy for the people Of
Cuba In their pending struggle that
they manifested throughout the previ-
GUS struggles between Spain and her
former colonies In behalf OF the latter,
But the contest at no time Inns assumed
the condition which amounts to WAL
in the sense OF International law, OF
which would show the existence OF q
de Jacto political organization oil the
insurgents sufficient TO justify u recoR-
milton of belligerency. The principle
Ii maintained, however, that this ma.
ton is Its own Judge when to accord
the rights of belligerenOy either 70 Il
people struggling 10 free themselves
rom a Government they believe TO be
oppressive, or to independent nations
nj war with each other. The United
States have no disposition 10 interfere
with the existing relations OF Spain L
her colonial possessions on this contlN
nent. They believe that In due timt
Spain and other European powers Will
lind their interest In terminating those
relations and establishing their present
dependencies az independent powers
members OF the family OF nations