The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1869-12-07

premium OIL gold at the d,.,c Of their purcnnsr
and would bring bankruptcy and ruin to thou
sands. Fluctuations, however In tic pau ynIur
of the measure OF ail vnucs-Eoll-Is tct triu.ntnl
TO the interest of trade. II makcs the man of
business an involuntary gambler. for in all sales
where future payment Is to he made both parties
speculate ns to what will be The value OF The
currency to bc paid and received. earn.
cStly recommend To you, then, such icgisil.
ton as Will insure n gradual return To
specie payments, and put an immediate stop 10
fluctuations I'm the value OF the currency The
methods to secure the former Of these results are
rs numerous MS spectators OH political economy
To secure the latter see but one way. and that
Is 10 authorize the treasury 10 redeem lis own
paper ut 4 fixed price, whenever presented and
10 withhold from circulation all currency so re.
deemed until sold again for gold. The vast re.
sources OF the nation, both developed and un.
developed, ought TO make our credit the
best OH earth. With u less burden OF taxa
tion than the citizen has endured for six
years past. the entire public debt could be paid
III ten years. But II is not desirable that the pco.
pie should DC taxed to pay IL In that time. Year
by year the ability TO pay Increases In Il rapid
ratio, but the burden OF interest ought to bc re.
ducctl us rapidly rs IL can be without violation
OF contract. The public debt Is represented In
great part by bonds having from five to twenty
tcrcst al the rate Of SIX and i've per cent. rcspec-
lively. II is optional with the government to pay
these bonds ut any period after the eNpira-
tlon OF the least time mentioned upon their
face. The time has already expired when great
part may he taken up, nnd Is rapidly approach
Ing when oil may be. 1t Is believed that all Which
are now due may be replaced by bonds bearing n
rate OF Interest not exceeding four and half per
cent, and MS rapidly ns the remainder become
| due that they may he replaced In the same way.
| To accomplish this, 1t may be necessary to au-
thorizc tho interest TO DO paid Mt either three or
| four OF the money centres OF Europe. or by any
| assistant treasurer OF the United States. ut the
option OF the holder Of the bonds. suggest this
| subject for the consideration OF Congress, and
also simultaneously with this, the proprIety OF
redecmlng our currency, as before suggested, at
It's market value, ut the time the law goes into
| effect.
| TAXATION.
| The subject OF the tariT and internal taxation
will necessarily receive your attention. Tile rcvc-
nues OF the country are greater than its require.
mcnts, and may with safety be reduced; but, as
the funding OF the debt in a four ami n four.and-
a-halr per cent. loan would reduce tho annual
current expenses largely, thus after funding, JUS.
| tfying greater reduction OF taxation than would
be now eXpedlcnt, suggest the postponement OF
It may be advisable TO modify taxation and the
| tariff In Instances where unjust burdensomc
determinations are made by present laws; but
| general revision OF the laws regulating this SUBJ
jcct recommend TO be postponed for the present.
also suggest the renewal OF the taxation Of in
comes but at u reduced rate, say three per cent,
md this tax to expire I'm three years. With the
funding OF the national debt, as here suggested.
I feel safe in saying that ta$es and revenue from
imports may be reduced shrcly from sixty to
eighty millions per annum ut once, and may be
still further reduced from year to year the re-
sources Of the country arc developed.
WAYS AND MEANS.
The report OF the Secretary Of the Treasury
shows the receipts of the government for the
fiscal year ending seth June to be s37o, ,043, ,747
expenditures, Including Interest, bountics, &C.,
to be S32l 400, 597 The estimates for the ensuing
year are moro favorable TO the government, and
will, no doubt, show u much larger decrease OF
the public debt Tho receipts in the Treasury
beyond the expenditures havc exceeded the
amount necessary 10 place to the credit OF The
sinking fund, rs provided by law. To lock up the
"arplus in the Treasury and withhold It from cir
.iatiOn would lead to such contraction OF tho
currency as TO cripple trade and seriously Affect
the prosperity OF the country. Under these cir.
cumstances, the Secretary OF the Treasury and
using oil the surplus currency In the Treasury In
the purchase OF government bonds, thus reducing
the interest.bearIng Indebtedness OF the country,
md OF submitting to Congress the question
or the disposition to be made OF tho bonds so pur-
chased. The bonds now held by the Treasury
amount TO SIS 1000, 900, Including those belonging
to the sinking fund. / recommend that the
whole be placed to the credit OF the sinking fund
Your attention Is respectfully invited to the
recommendations OF the Secretary OF the Treasury
for the creation OF the ollcc OF Commissioner OF
Customs and Revenue and for the Increase o
certain classes OF officials. and the substitution
or Increased national bank circulation to replace
the outstanding three per cent. certificates, and
most especially to his recommendation for tho re
peal OF the laws allowing share OF fines, penal
ties, forfeiturcs &C., to officers Of the government
or to informers.
The 0flce or Commissioner OF Internal Reye
nue is one OF the most arduous and responsible
under tho government. It fnlls little short OF n
Cabinet position In Its importance and RESPONSE
bties. would ask for II, therefore, such iegls
latton as In your judgment will piace the ol,!cc
upon footing Of dignity commensurate with Its
Importance. ana With the character and tile quail
lncations OF the class OF men required to I'LL It
properly.
| OPPRESSED NATI0NALITIEs.
80. TOO, Its people sympathizo with oil peoples
struggling for liberty and self.government. But
while 30 sympathzlng, it Is due to our honor tlai
We should abstain from enforcing our Views upon
unwilling nations, and from taking an interested
part, without invitation. In qunrrcls between dif.
fcrcnt nations, or between governments ant, their
subjects. Our course should always DO In con-
formity with strict justice and law, international
anu local. Such hns been tile policy OF the ad.
ministration in dealing with these questions.
CUBA.
For moro than q year, q valuable province OF
Spain, and near ncignbor OF ours, In whom all
our people cannot bIt feel deep interest, has been
strugging for independence and freedom. Tie
people and Government OF the United States ell.
| tertain the same warm feelings and synlpatNIes
for the peupc OF Cuba In their pending struggle
that they manifested throughout tho previous
struggles between Spain and her former colonies,
In behalf OF the latter. But tho contest han Mt no
tmo assumed conditions which amount TO war
In the senac OF international law, or which would
show tho existence Of q de Jacto political orgaui.
Zatlon OF Insurgents sufficient to Justify recou