Staunton vindicator. [volume] (Staunton, Va.) 1860-1896, 1869-12-17
turc payments is to be made, both the par


ties speculate as to what will be the value 0
the currency paid and received. I earn
estly recommend to you, then, such legisla
ton as will insure gradual return to specie
payments, and put an immediate stop to the
fluctuations in the value Of currency. Th'
methods to secure the former Of these results
are as numerous as spectators on politica
economy. To secure the latter, see bu
one way; and that is to authorize the Urea
sury to redeem its own paper at fixed value
whenever presented, and withhold from cir.
culation all currency so redeemed 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 less burden of taxation than the citi-
zen has endured for the six years past, the
entire public debt could be paid in ten years,
but it is not desirable that the people should
be made to pay it in that time. Year by year
the ability to pay increases in rapid ratio, but
the burden of interest ought to be reduced
as rapidly as can be without a violation OF
contract. The public debt is represented in
great part by bonds having from one to
forty-fve years to run, bearing interest at
the rate of FIVE and six per cent. respective
.ly. It is optional with the Government to
pay these bonds at any period of the least
time mentioned upon their face. The time
has already expired when great part may
be taken in, and rapidly approaching when
it may well be belived that all which are now
due may be replaced by bonds bearing rate
of interest not exceeding four and a half per
cent, and as rapidly as the remainder become
due they may be replaced in the same way.
To accomplish this it may be necessary to
authorize the interest to be paid at either of
the four money centres Of Europe, or by
any Of the assistant treasurers of the United
States, at the option Of the holders Of the
bonds. I suggest this subject for the consid-
Grafton Of Congress, and also simultaneously
with this the propriety Of redeening our cur
rency, as before suggested, at its market
value at the time the law goes into effect, in
creasing the rate at which currency will be
bought and sold, from day to day or week to
week, at the same rate of interest as the
Government pays upon its bonds.
The subject Of tariff and internal taxation
will necessarily receive your attention. The
revenues of the country are greater than the
requirements, and may, with safety, be re-
duced !; but as the funding of the debt in a
four or four and half per cent. loan would
reduce the annual current expenses largely,
thus, after funding justifying greater re-
duction of taxation than would now be ex-
pedient, suggest :. postponement Of this
al fho VI poaaf1nn cf GonOrpcc
1t may be advisable to modify taxation
and tariff in instances where unjust or bur
densome determinations are made by the
present laws; but of a general revision o.
the laws regulating this subject l recon-
mend the postponement for the present.
THE INCOME TAX. a
I also suggest n renewal of the tax on in
comes, but at reduced rate, and this tai
to expire in three years.
CUSTOMS.
With the findings of the national debt, a
here suggested, l feel safe in saying tina
the taxes and revenue from imports may b
reduced safely from sixty to eighty million
per annum at once, and may be still furthe
reduced from year to year as the resource
of the country are developed.
FISCAL STATEMENT OF THE GOVERNMENT.
The report of the Secretary Of the Urea
sury shows the receipts Of the Government
for the fiscal year ending June Both, $27O,
CAB, TAT, and expenditures, including boun
ties, &c. +, 1921 ,490,597. The estimates 70
the ensuing year are more favorable to tn
Government, and will no doubt show niue
larger decrease Of the public debt. The re
ceipts in the Treasury beyond the expendi
lures have exceeded the amount necessary t
be placed to the credit Of the sinking fund
as provided by law To lock up the surplu
in the Treasury and withhold it from circu
lation would lead to such contraction {
currency as to cripple trade and seriously al
J feet the prosperity of the country. Unde
these circumstances the Secretary of tn
Treasury and myself heartily concurred i
the propriety of using all the surplus cul
rency in the Treasury in the purchase c
Government bonds, thus reducing the int,
est-bearing Indebtedness of the country, an
of submitting to Congress the question ofth
disposition to be made of the bonds so purch
ased. The bonds now held by the Treasur
amount to SIS, 100000, including those {
the sinking fund. l recommend that th
whole be placed to the credit Of the siakin
fund.
! Your attention is respectfully invited
1 the recommendations Of the Secretary Of th
Treasury for the creation Of the Office {
Commissioner of Customs and Revenues, fo
the increase Of the salary of certain classe
of officials, and the substitution of increase
national bank circulation to replace outstand
ing three per cent. certificates, and most es
pecially to his recommendation for the repe,
of laws allowing shares of fines, penalties
forfeitures, etc., to the officers Of Cover
ment Or to informers. IS T. as"es SO
COMMISSIONER OF INTERNAL REVENUE.
The Office of Commissioner Of Intern;
Revenue is one Of the most arduous and re
sponsible under the Government, and fall
but little short of a Cabinet position in i
importance and responsibilities. [ woul
ask for it, therefore, such legislation as
your Judgment will place the office UPON
footing Of dignity commensurate with lis in
portance and with the character and qualit
cations of the class of men required to fill
} properly.
( CUBA.
As the United States is the freest of all nj
tons, SO do its people sympathize with a
people struggling for liberty and selfgover1
ment. But while SO sympathizing it is DIT
: to our honor that we should abstain from Ell
T forcing our views upon unwilling nation
and from taking an interested part in qua
rels between different nations, or betwee
Governments and their subjects. Our cours
should always be in conformity with stri
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