The New York herald., 1869-02-23
YORK HERALD TUESDAY FEBRUARY % lseerRpLE SHEET

LIZ DllHUls
little Of IL. That is true. do not pretend that 1t
o "a any y % ~ a the as a s
country and goyernment to sound financial condi-
hon. do not pretend tnst 4 10 more tnan step
and shall % happy n 1 have sug.
PRIMARY necessity, and which wall be adopted with
such unanimity or BY such majority - win make
them the beginning leading 70 some nxed and ex.
tended system TO be developed as our national
policy In the future. To the iuture and TO another
Congress am willing TO leave much Of this work.
mitee general Dill for the regulation and collection
OF internal taxes, had occasion 70 speak incident
s believe and now repeat THAT i, however We nay
dispute In regard TO the changing or one form OF
public security for another, the amount or volume
made, viewing this G6anclai question in all Iights,
There H. after al, but one way IN which the debt OF
The industry Of the people. the productions Of our
aoor and OF our soil, eventually TO pay itn II
should e reasonable man 40 who being IN posses
SION s o. . handsome and productive estate, finds
nnn. himself. on account OF the extraordinary ex-
Tending his utle incumbered with heavy
dept Tor which his notes and bonds have been given.
wnne at the same time the magnitude OF his iabfi-
ties and some uncertainty as TO his purpose OF
prompt and faithful payment have together c0ntri
Duted TO impair bs credit and deprecate the value
Of his oblgauonss The answer Is easy. He should
increase Dy every proper means his resources and
tae regular income from his property, without dim
unnecessary expenses. And all this he must add
In order to regain lost credit manifest determine
to the letter and spirit OF the contracE by which L
was incurred. All this Will be necessary ID re-estaD-
deals and with all this he win have not oniy that
capital which consists III the ownership Of property
but that other and In some sense higher security
0ner which comes from confirmed and trusted credit.
Such citizen need never fear bankruptcy Such
citizen can pay IN good time all he owes. Such
citizen VIII always be able TO borrow anew Whatever
money he needs at lowest rate OF interest In the
market. Now. make the case OF this responsible and
trusted citizen the case OF the nation government
and is not the same all respects true OF OF
the oherf Is anything else true to be relied on
TO Int US from our present embarrassments? Let US
consider Drieny the revenue OF the United States.
Let us look al the actual means we have or may
count on hereafter with which to meet, provide
our magniacenS and rich national INHERITANCE.
Take frst the revenues OF the past year, with all
With al tne ann On @
balance OF over $2S 900 carried 10 surplus
account at the close OF the fiscal year. Look next
to the coming year. and what is the prospect? The
Secretary OF the Treasury estimated for the s-
cal year, to end on the Soth OF June 1870 to meet
sos THIS Is against for the pres pres
ent year, which. VIII expire on the Soth OF June,
assS mn asng ,t e, difference In our favor Of
In tnls House assure that all thar will be required
Tor the next fsca year will not exceed $500 000000
aggregate retrenchment OF s46 OOo, 600 as COM
pared with the present year. have confidence that
isI sLs u not TOO favorable statement. What win
June 80, 1901 Mr. Wells the Special Commissioner
Of Revenue, places them at
From customs duties lin g0d) $17O ZOO
From internal taxes on the basis OF the
present laws and with new and more
efficient and honest administration OF
From miscellaneous sources, including
the premium on gold, sales Of land and
nIIh lp r1V1 rfr LA N rHn
Making total Of of.................s sa5e, ,ooO, 900
cpating an increase OF revenue are founded 80 far
a. revenue from Internal taxes Is concerned In part
on the receipts to be expected from distilled Spirits
tobacco, cigars and other sources Those receipts
will be much increased as is already proved by the
working Of the amended law OF July last relating to
distilled spirits; and II, at this session. even In
the next Congress, we can enact into law the
pending general bill, which has passed the House
and gone TO the Senate, revising reforming ana re-
adjusting the whole system Of internal taxation,
still larger aggregate sum w1n be raised for public
use without any proporttonate addition to the bur-
dens OF the people. But counting confidently on re-
formed, faithful and honest administration or the
government under the incoming President look
of the laws than the Special Commissioner has esfi-
mated. Studying the subject with all the care and
calculation that have been able TO give 70 T. VEN
shall have for the fiscal year ending June 30 lS7o:-
For customs duties un gold $50, ,o000 900
From miscellaneous sources. ........... 20OOOOoo
Total. ssss ooo. .ooo
This WIN indicate surplus for that year Of ninety
eight million dollars, IS against surplus estimated
by the Special Commissioner OF sxfysix million dol
lars over the aggregate OF needed expenditures es
timated by the Committee on Approprations
Mr.. speaker, win not pursue THIS subject Of ma
tional resources and national revenue-ths proof OF
our means to live and our means to paY-any fur
tner: return 20 the prscncaj RUfS7s Uf7s An irnpsirsd
pubic 20tits How are wefo be relieved OF the n
convenlences OF deprecssed currency m wnat s are
ioe @ sps S an 'S Ses q meet dso
honestly the questions, What DO we owey and, In
Us ws sna ~ this s9 s
nrst section OF this bill. Let rs be frank with
our creditors and % with the world; @ This great
credit IN the money market Of the world ought
to be as high as the highest; and II Il fingers almost
est which we have TO pay on our public bonds, IL is
because capitalists at home abroad are ignor
sven reason 70 doubt our Whine
to meet our obligations In the letter and spirit
OF the terms on which they were contracted. Listen
TO what read from foreign paper which has Just
been sent to me- Felix Aucatgne French Journal
ist and economist. has pubished in the Put7e, at
Paris, very friendly notice OF American securities
In Europe. An English paper. transatng and re-
publishing this article makes this COMMENT
If French hold Of the idea that the row
the United States that sbe most scrupulously hon
Strength viii b. given 70 Amercan credit Germany 4 %
pressed with those notions and the consequence hst tho
The win shortly when ,aa credit will be strong
In Paris.
Can anything be truers Fus est ab hoste doceI ana
vet that Is written In no spirit or hostility.
The second section OF the bill is not provision for
the resumption oil specie payments, but preparation
for resumption. IL leaves TO the people by their
voluntary transactions TO bring about for themselves
change from the usc OF deprecated paper 20 the
representative OF actual values. And while this Is
done by giving the power to enforce contracts for
coin and coin values The provision rs so carefully |
guarded in terms not TO be subject to the objec
tion most frequently urged against such an act OF /
legislation II cannot be made an instrument In the
hands OF q hard creditor for the oppression OF an /
embarrassed debtor under the specious prctext ofre
newal OF a contract made on different basis. |
whether In view OF the decision just made by the |
Supreme Court OF the United States any pro- |
vision OF law for lcgalizlng contracts FOR the |
payment OF coin be needed, may, perhaps, |
X, 0pa1fion T,yt N "a Qucaflon wnlcn 4