The Plymouth Democrat. (Plymouth, Ind.) 1869-1941, 1869-12-09


of interest not exceeding four and hal
per cent. and as rapidly as the remaindel
becomes due that they may be replaced in
the same way. To accomplish this it may
be necessary to authorize the interest to bt
paid at either of the three or four of the
money centres of Europe, or by any As
sistant Treasurer of the United States, a.
the option of the holder of the bond.
suggest this subject for the consideration
of Congress; also simultaneously with
this, the propriety of redeeming our cur
rency as before suggested, at its market
value, at the time the law goes into effect
increasing the rate at which the currency
will be bought and sold from day to day oil
week 10 week at the same rate of Interest
as the Government pays upon its bonds
The subject of the tariff and interna
taxation will necessarily receive your at
tentiOn. The revenues of the country art
greater than the requirements, and may
with safety be reduced, but as the funding
of the debt in four or four and hal
per cent loan would reduce the annua
ing iustifying greater reduction OF tax
alton than would be now expedient,
suggest postponement of this question
anti the next meeting of Congress. Il
may he advisable to modify taxation and
tariff in instances where unjust or burden
some determinations are made by the
laws regulating this subject, recommend
the postponement of for the present.
/ also suggest the renewal of the tax on
incomes, but at a reduced rate, say of
per cent, and this tax to expire in three
1T q,
debt, as here suggested.
! feel safe in saying that the taxes and
revenue from imports may be reduced
safely from sixty to eighty millions pei
annum at once, and still further reduced
from year to year, as the resources of the
country are developed.
The report of theSecretary of the Treas
ury shows the receipts of the govern
ment for the fiscal year ending June 30,
1869, to be $37O, ,943,7 TAI, and the expendi-
lures, including interest, etc, to be 1891
400, ,597. The estimates for the ensuing
year are more favorable to the govern
ment, and will, no doubt, show large de-
crease ofthe public debt. The receipts in
the Treasury beyond expenditures 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 it from circulation,
would lead to such contraction of the
currency as to cripple trade and seriously
affect the prosperity of the country. I'm
der these circumstances the Secretary OF
the Treasury and myself heartily con-
CURED in the prOpriety of using all sur
plus currency in the Treasury in the pur-
chase of government bonds thus reducing
the interest-bearlng debt of the country
and of submitting to Congress the ques-
on of the disposition tn be made of the
bonds so purchased. The bonds now held
blythe Treasury amount to about $75, 900,
Ono, including those belonging to the sink
ing fund. | recommend that the whole bt
placed to the credit of the sinking fund.
Your attention is respectfully invited to
the recommendations of the Secretary OF
the Treasury for the creating OF the office
of Commissioner of Customs Revenue
for the increase of salary to certain classes
of officials; and the substitution of in
creased national bond circulation to re-
place the outstanding per cent. certif.
Gates. and more especially to his recon-
mendation for the repeal of laws allowing
shares of fines, penalties, fOrfeitures, etc,
to officers of the government, or to in
formers.
The office of Commissioner of Internal
Revenue is one of the most arduous and
responsible under the government 1t falls
but little, if any, short of aCabinet position
ih its Importance and responsibilities.
would ask for it, therefore, such legislation
as, in your judgment, will place the office
on footing of dignity commensurate with
its importance, and with character and
qualifications of the class of men required
to fill it properly.
AS the United States is the freest Of all
nations, so, too, its people sympathise with
all people struggling for liberty and sell
government; but while so sympathising
it is due to our honor that we should alb
stain from enforcing our views upon TN
willing nations, and from taking an inter
ested part, without invitation, in the quar-
rels between different nations or be
tween governments and their subjects
Our course should always be in conform
ity with strict justice and law, information
al and local. Such has been the policy Of
the administration in dealing with these
questions. For more than a year a vain
able province Of Spain and near neigh
Dor OF ours, in whom all our people can.
not but feel deep interest, has been strug
Cling for independence and freedom
The people and government of the
United States entertain the same warn
feelings and sympathies for the peo
pie of Cuba in their pending strug
gle that they manifested through
out the previous struggles between Spai1
and former colonies in behalf of the latter
but the contest at no time assumed tn,
conditions which amount to war in tn,
senses of international law, or which
would show the existence of a de fdc.0 DO
litical organization of the insurgents, suf
ficient to justify recognition of belliger
ency. The principle is maintained, how
ever, that this nation is its own Judge wheI
to accord the rights of belligerency eithe
to people struggling to free themselve
from government that they believe to b.
oppressive, or to Independent nations a
war with each other The United State
have no disposition to interfere with tn
existing relations Of Spain to her cOlOnia
possessions on this continent. They be
lieve that in due time Spain and Othe
European Powers will find their lnteres
in terminating those relations and estab
fishing their present dependencies as indie
pendent POwers--members of the family O
nations. These dependencies are no lOnge
regarded as subject to transfer from on
European power to another. When tn
present relation of colonies cease, they ar
to become Independent powers, exercisin,
the right of choice and of selfcontrol il
the determination of their future cOndi
ton and relations with other powers. TIL
United States in order to put stop t
bloodshed in Cuba, and in the interes
of neighboring people, proffered thei
good offices to bring the existing con
test to termination. The offe
not being accepted by Spain on a basi
which we believed could be received b,
Cuba, it was withdrawn. 1t is hoped tina
the good offices of the United States ma
yet prove advantageous for the settlemen
of this unhappy strife. Meanwhile /,
number ofillegal expeditions against Cub
have been broken up. 1t has been the en-
dcavor of the Administration to execut
the neutrality laws in good faith, no maj
ter how unpleasant the task, made so b.
the suffering we have endured from lack G
like.good faith towardus by other nations