Fayette County herald. [volume] (Washington [Washington Court House], Fayette County, O. [Ohio]) 1860-1???, 1869-12-16

ed on at tue discretion of the Ex-
ecutive.
Under this authority, elections
were called. In Virgi MIA the elec
ton took place on the 9th of July,
! 1869. The Governor and Lieuten-
ant Governor elected have been in
stalled; the Legislature met and
did all required by the resolution,
and by all the reconstruction acts
of Congress, and abstained from
all doubtful authority. l recon-
mend that her Senators and Rep
resentatives be admitted to seats,
and that the State be fully restored
to it's place in the family of States.
Elections were called in Missis-
sippi and Texas to commence on
the 30th of November, 1869, ard
to last two days in Mississippi and
four days in Texas. The elections
have taken place, but the result is
not known. 1t is to be hoped that
the acts of the Legislatures of these
States, when they meet, will be such
as to receive your APPRECIATION, and
thus close the work Of reconstruc-
ton.
Among the evils growing out of
the rebellion, and not yet referred
to, is that of an irredeemqble cur
rency. 1t is an evil which | hope
will receive your most earnest at
tention. 1t is a duty, and one of
the highest duties of the Govern
ment, to secure to the citizens a
medium of exchange Of fixed, un-
varying value, This implies re
turn to a specie basis, and no sub
stitute for it can be devised, 1t
should be commenced now, and
reached at the eraliest practicable
moment consistent with a fair re-
gard to the interest of the debtor
class. Immediate resumption, il
practicable, would not be desired
1t would compel the debtor class
to pay beyond their contracts the
premium on gold at the date of the
purchase, and would bring bank
ruptcy to thousands. Fluctuations,
however, in the paper value Of the
measures of all values, gold, is de-
trimental to the interests of trade
it makes the man of business an
involuntary gambler; for in all
sales, which future payment is to
be made, both parties speculate as
to what will be the value of the
currency to be paid and received,
l camestlyrecommend to you then,
such legislation as will insure 9
gradual return to specie payments
and put an immediate stop to fiuct
uation in the value of currency
The methods to secure these result;
are as numerous as are the specu
lators on political economy. 10
secure the latter / see but one way,
and that is to authorize the Treas
ury to redeem its own paper at
fixed price whenever presented; tc
withhold from circulation all sucl
currency redeemed until sold again
for gold,
The vast resources Of the nation
both developed and undeveloped,
ought to make our credit the bes
on the earth. With less burden o
taxation than the citizens have en-
dured for six years past, the en-
tire public debt could be paid il
ten years but it is not desirable
that the people should be taxed tC
pay it in that time. Year by yea
the ability to pay increases in
rapid ratio; but the burden of in
terest ought to be reduced as rap
idly as can be done without the vi
olation Of contract. The public
debt is represented, in great part
by bonds having from five to TWEEN
ty and from ten to forty years tt
run, bearing interest at the rate o
six ner cent and five per cent. re
spectively. 1t is optional with til,
Government to pay their bonds a
any period after the expiration o
the last time mentioned upon thei
faces. The time has already ex
pired when q great part Of then
may be taken up, and the time i
rapidly approaching when all ma,
be. It is believed that all whicl
are now due may be replaced b,
bonds bearing a rate of interes
not exceeding four and a half pc
cent and as rapidly as the remain
der becomes due, that they may b
replaced in the same way, To ac
complish this it may be necessar.
to authorize the interest to be pai
at either of three or four of th
money centers of Europe, or b
any Assistant Treasurer of the Uni
ted States at the option of the hold
er of the bonds. | suggest thi
: subject for the consideration G
Congress 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 at til
rate at which currency will b
bought and sold from day to, da
q or week to week, at the same rat
of interest as the Governmer
t pays upon its bonds.
j. The subject Of tariff and intel
!. nal taxation will necessarily +,
y ceive your attention. The rev'
!, nues of the country are create
e than the requirements, and ma,
3 with safety, be reduced But {
the funding of the debt in fol
Y or a four and a half per cent. loa
e would reduce the annual currer
a expenses largely, thus, after fun'