Shenandoah herald. [volume] (Woodstock, Va.) 1865-1974, 1869-12-09

!orin all sales, when future payment Is to
be made. both parties speculate as to what
will be the value of the currency to be
paid aud received.
SPECIE PAYMENTS.
| earnestly recommen d to you, then,
such legislation as will insure gradual
return TO specie payments, and put an lni
mediate stop to fluctuaiion in the value OF
currency. The methods to secure the for
/ aier of these results are as numerous as
are the spectators on political economy
IL secure The latter, see but one way,
and that is to authorize the Treasury to re-
deem its own paper at a fixed price when
ever presented and 10 withhold from cir
oaiat.on eli currency 50 redeemed It'll
Id again for goll.- the vast resources
of tue nation, both developed and unde-
| yeloped, ought to make our credit the best
| on earth With "a less burtaen of taxation
than the citizen has endured for six years
past the entire public debt could be paid
~ ten years. Bnit is not desirable thai
the people should be taxed top " itin thai
time Year by year the ability to pay
increases in a rapid ratio, but the burden
of interest ought to be reduced as rapidly
| as can be done without the violation OF
contract. line puh!ie debtis represented
in great part By bonds having from Eve tc
. twenty, and from ten TO forty years to
4 run, bearing interest at the rate. OF ak
| per cent, and five per cent. respectively
1t is optioasi with the Goyernsaent. to pay
these bonds at any period alter the expi-
ration OF the least time mentioned upon
their face The .ilue has already expired
"hen graf rart Df them may be taken
j up, and is rer'.iy approaching when all
may be- Il is beiit we'd tha: 81 which are
now due may be replaced by bonds bear
/ iDg rate # interest Nc. exceeding four
and oue half per cent, and as rapidly az
the remainder beco ne due that they may
be replaced in tue same way. 20 accom-
plish this it may De necessary to authorize
the interest to be paid at either of three OF
tour OF the money centres OF Europe, or
/ by any assistant sreasurers of the Uulted
States, at the option of the holder Of the
| boud suggest this subject for the con
sdeFation OF Congress, aud also stimuli
tancously with this the propriety OF re
deeDlng our currency, as before suggest
ed, at It's market value at the time the
law goes Into effect. increasing the rate at
shich currency viii ~ bought agI 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 tar
! Il and Internal taxation viii necessarily
receive your attention. The revenues OF
the country are greater thaa the require
menss, aud may with safety be reduced ;
but, as the funding of the debt III 4 OF
Il per ecut. loan would reduce the annu-
al current expenses largely, thus after
fiuuiog, justiying greater reduction q
taxation than would be now expedient, |
| suggest the posiponenent OF this question
uuti the next meeting Of Congress. Ii
may be advisable to modify taxation and
the tariff, IN instances where uuj ust OF
berdensone discriiniuatl0Hs are made by
he laws regulating this subject recon
inend tie postponeiaeut OF for the present
| also suggest the renewal OF tho tax on
incomes, but 1T reduced rate, say of )
per cent, and this tax to expire i'll three
years " it'll the funding of the national
ucbs, SIS here suggested, feel safe i'll say
p,~ .i.4,s. ..4J.s <G'3e,AvVe
vuU to $50, 100000 per aunuu at once,
and may be still further reduced from year
10 year, as the resources OF the Country
age developed.
RESOURCES OF raz COUNTRY.
The report of the Secretary Of the
Treasury SHOWS the receipts OF the Gov
eruncni for tue fiscal year ending June
3vth, 1869, 20 be $40, 943.747, and the
expenditures, in iutiug interest, boun-
ties, &o., 10 DC 1921 400 597. The
estimates for the ensuing year are more
favorable to the Government, aud will, no
ucubt, show much larger decrease OF
the public debt. The receipts in the
treasury beyond exp ndtures have ex,
ceeded The amount necessary to place to
the credit OF the sinking fund, as provi
ded by Law, To lock uP the surplus in
the Treasury and within Id it from circu-
lation would lead to such contraction OF
the currency as to cripple trade and seri-
ousiy affect tue prosperity Of the country
Under these circumstances the Secreta
ry of the Treasury and myself heartily
concurred in the propriety Of using all the
/ surplus currency III the Treasury in the
Dur,...ss e OF Government bonaas, .hus re-
ducing the iu,ervSS..- bearing Indebtedness
Of the country and Of submitting " Con
gress the question of the disposition to be
made Of the bonds SO purchased The
bonds now held by the Treasury amount,
to about $75, 900 600, including those
belonging to the sinking fund recon-
mend that The whole be placed to the credit
of the sinking fund. Your attention is
respectfully Invited to the recommended
tlons of the Secretary Of the Treasury for
the creation of the Office of Commissioner
of Customs Revenue for the increase of
salary to certain classes of officials and
the substitution of increased National
bauk circulation to replace the outstanding
three per cent. certificates aud most es-
pecially to his recommendation for repeal
Of laws allowing shares OF ines, penalties,
forfeitures &c, to officers of the Govern
meut or intorners The Office of Com
missioner of internal Revenue is one of
the most arduous aud responsible under the
Government II falls little, if any. short
of Cabinet position in its Importance and
responsibilities | would ask for 1t,
therefore, such legislation as in your judy
mept will place the Office upon footing of
dignity commensurate with its Importance
and with the character aud qualifications
of the class Of men reouire3 To ell IT nrop-