Wyandot County Republican. [volume] (Upper Sandusky, Ohio) 1869-1903, 1869-12-10

Der, 1869, and to last two days il
Mississippi and four days in Texas
The elections have taken place, bur
the result is not known. 1t is to be
hoped that the acts of the Legisla
lures of these States when they
meet will be such as to receive your
and thus close the worl
of reconstruction.
THE CURRENCY.
Among the evils growing out O.
the rebellion, and not yet referred
to, is that of an irredeemable cur
rency. 1t is an evil which l hope
will receive your most Garner atten
ton; it is duty, and one Of the
highest duties Of the government to
secure the citizens a medium of ex.
change with a fixed, unvarying val
ue. This implies return to a spe.
Gle basis, and no substitute for il
can be devised. 1t should be com
menced now and reached at the ear
liest practicable moment consistent
with fair regard to the interests o.
the debtor class, for whom the i'm
mediate resumption if practicable
would not be desirable. 1t would
compel the debtor class to pay be
yond their contracts the premium
ON gold at the date of their purchase
and would bring bankruptcy and ru
to thousands. Fluctuations, however
in the paper value of the measure
of all values, gold are detrimen
tai to the interest of trade. i
makes the man of business an invol
untary gambler, for in all sales
where future payment is to be made
both parties speculate as to what
will be the value of the currency tc
be paid and received. I earnestly
recommend to you then such legis
lation as will insure gradual re
turn to specie payments, and put an
immediate stop to functstion in the
value of currency. The methods tc
secure these results are as numerous
as are the speculations on politica1
economy. To secure the latter,
see but one way, and that is to au
thorize the Treasury to redeem its
own paper at fixed price whenever
presented to withhold from circu
lation all such currency redeemed
until sold again for gold.
The best resources of the nation
both developed and undeveloped
ought to make our credit the best on
earth. With less burden of taxa
ton 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 thes people
should now be taxed to pay it in
time; year by year theN ability to
pay increases in rapid ratio. But
the burden Of interest ought to be
reduced as rapidly as cal be done
without the violation of contracts
The public debt is represented in
great part by bonds having from
five to ten and from ten to forty
years to run, bearing interest at the
rate of six per cent. and five pei
cent. respectively. 1t is optiona
with the government to pay theil
bonds at any period after the expir
alton Of the first time mentioned
upon their face. The time has al
ready expired when a great part O
them may be taken up, and the tim,
is rapidly approaching when all may
be. 1t is believed that all which
are now due may be replaced b,
bonds bearing rate of interest ne
exceeding a per cent, and us rap
idly as the remainder become du,
that they may be replaced in tn,
same way.
To accomplish this it may be ne
cessary to authorize their interest t,
be paid at either of three or four O
the money centuries of Europe, O
by any Assistant Treasurer Of til
United States, at the option of th
holder of the bond. 1 suggest thi
subject for the consideration of Con
gress; also, simultaneously wit
this, the propriety of redeeming ou
currency as before suggested at it
market value, at the time the la,
goes into effect, increasing the rat
at which the currency will be bough
and sold from day to day, or wee
to week, at rate of interest the gov
ernment pays upon it's bonds.
The subject of the tariff and il
ternal taxation will necessarily re
ceive your attention. The revenue
of the country are greater than re
quirements, and may with safety b
reduced; but as the funding of th
debt in four or a four and a ha
per cent. loan wonld reduce the al
nual current expense largely, thu
after funding, justifying a create
reduction Of taxation than would
now expedient, I suggest the pos
ponement Of this question till th
next meeting OF Congress. 1t ma
be advisable to modify the taxatio
and tariff in instances where unju
or burdensome Determinations al
made by the present laws; but
general revision of the laws regula
ing this subject, 1 recommend tt
postponement of for the present.
also suggest the renewal of the ts
on incomes, but at reduced rat
any Of three per cent, and this ta
to expire in three years.
With the funding of the Nation
Debt, as here suggested, I feel sa
in saying the taxes and reven1
from imports may be reduced saf
ly from sixty to eighty millions p
annum at once, and still further I
duced from year to year as the I
sources Of the country are develo
ed.
! The report of the Secretary of Il