The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1869-12-14

until sold again for gold. The vast rc
sources OF the nation, both developed
and undcyclopcd ought to make our
credit the best ON earth. With u less
! burden of taxation than the citizen has
endured for six years past, the entire
pubic debt could be paid in ten years,
but it is not desirable that the people
should he taxed to pay it in that time
Year by year the ability to pay increases
/ in rapid ratio, but the burden Of inter
est ought to be reduced as rapidly as can
be done withou: the violation Of the
contract. The public debt is represent
cd in u great part by bonds having from
/ ten to forty years to run, bearing inter
I est 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 expiration Of the
last time mentioned upon the face. The
time has already expired when a 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 exceeding four and Il half
per cent, and as rapidly us the remain
der becomes due, that they may be re-
placed in the same way. TO accomplish
this it may be necessary to authorize the
interest to be paid atethcr three or four
of the money ccnters Of Europe, or by
any Assistant Treasurer of the United
States, at the option of holders Of bonds.
suggest tins subject for the considera-
ton of Congress. Also simultaneously
with this, the propriety Of redeeming
our currency as before suggested at its
market value at the time the law goes
into effect, increasing the rate at which
currency will be bought and sold from
day to day or week to week; at the same
rate of interest az the Government pavs
upon It's bopds. The subject of tariff
and interest taxation will necessarily re.
ceive your attention. The revenues OF
The country arc greater than the require.
ments, and may, with safety. be reduced
but as the funding of the debt in foul
or four and half per cent. would re
duce the annual current expense largely,
thus, after funding, justifying a greater
reduction Of taxation than would be now
expelient, suggest that posteponc-
ment Of this question until the next
meeting of Congress It may be advi-
sable to modify taxation and the tariff,
in instances where unjust or burlensome
Determinations are made by the present
laws, but general revision of the laws
regulating this subject, | recommend
the postponement of for the present
and also suggest the renewal OF the tn Y
on incomes, but at reduced rate, say
of three per cent, and this tax to expire
in three years With the funding of the
national debt, as suggested, l feel safe
in saying that the taxes and revenue
from imports may be reduced safely
from sixty to eighty millions per annum
at once, and still further reduced from
year to year, as the resources of the
country are developed.
The report of the Secretary Of the
Treasury shows the receipts Of the Gov
ernment for the fiscal year ending June
80, 1869, to be 337O.943,747; and the
expenses. including interest, bounties,
etc, 1921 400. 507. The estimates for
the ensuing year arc more favorable TO
the Government, and will, no doubt,
show large decreases Of the public debt.
The receipts i'll the Treasury beyond ex-
pcndtures, have exceeded the amount
necessary to place to the credit of the
Sinking Fund, as provided by law. To
lock up the surplus in the Treasury, and
withhold from circulation, would lead to
such contraction of currency as TO
cripple trade and seriously affect the
prosperity of the country. Under these
circumstances the Secretary ofthe Treas
ury and myself heartily concurred in the
propriety Of using all the surplus cur
rency in the Treasury in the purchase of
! Government bonds: thus reducing tie
interest bearing debt of the country and
of submitting to Congress the question
of the disposition to he made Of the
bonds so purchased. The bonds now
held by the Treasury amount to about
S75, 600, 900, including those belonging
to the Sinking Fund. recommend that
the whole be placed to the credit of the
Sinking Fund. Your attention is re-
spectfullv invited to the recommendation
of the Secretary of the Treasury for the
creation of the Office of Commissioner of
Customs of Revenue; for the increase
Of the salary to certain classes Of OFF,
cials; and the substitution of an incrcas-
ed national bank circulation to replace
the outstanding three per cent, certii-
Gates, and most especially to his recon-
mendation for the repeal of laws allow
ing shares of fines, penalties, forfeitures,
etc. to officers of the Government or to
informers. The office of Commissioner
of Internal Revenue is one of the most
arduous and responsible under the Gov
ernment IT ia lis hut little, if any, short
Of Cabinet position in its important
responsibilities. | would ask for it there
fore, such legislation as in your judg
ment will place the Office on footing
of dignity commensurate with its impor
tance, and with the character and quail,
fications Of the class Of men required to
Gil it properly. ..
As the United States is the freest of
all the nations, so, too, its people sym
pathize with all people struggling for
liberty and selfgovernment but while
so sympathizing, it is do to our houor
that we should abstain from enforcing
our views upon unwilling nations, and
from taking an interested part, without
invitation, in the quarrels between diff
ferent nations, or between governments
and their subjects. Our cause should al
ways be i'll conformity with strict justice
and law, international and local Such
has been the policy of the Admiuistra-
ton in dealing with these questions
For more than year valuable prov
ince of Spain and near neighbor Of
ours, in whom all onr people cannot but
feel a deep interest, has been struggling
for independence and freedom The
people and Government of the United
States entertain the same warm feeling.
and sympathy for the people of Cuba in
their pending struggle that they NANTES