Bellows Falls times. [volume] (Bellows Falls, Vt.) 1856-1965, 1869-12-10
TUE CURRENCY.

OF an lfreueeHdDlS CuiIenC.' ~ 10 al
evil which / hope will receive your mos
earnest attention. 1t is duty, and one
of the highest duties of the Government
to secure to the citizens medium OF ex
change, of fixed and unvarying value.
RETURN TO SPECIE PAYMENTS.
This implies return to a specie basis
and no substitute for it can be devised
Ii should be commenced now, and reach.
ed at the earliest practicable moment,
consistent with a fair regard to the inter
ests of the debtor class.
IMMEDIATE RESUMPTION NOT DESIRABLE.
Immediate resumption, if practicable,
would not be desirable. 1t would com,
pei the debtor class 10 pay beyond their
contracts the premium on gold at the
date of their purchase, and would bring
bankruptcy and ruin to thousands. Fluc-
tuations, however, in the paper value OF
the measure of all value, gold, is detri-
mental to the interests of trade. 1t
makes the man Of business an inyolun-
tary gambler, for in all sales, when flu.
ture payment is to be made, both par.
ties speculate as to what will be the val
ne Of the currency to be paid and re-
ceived,
GRADUAL RETURN TO SPECIE.
earnestly recommend to you, then
such legislation as will insure O gradual
reeurn to specie payments and put an
immediate stop to Lamentations in the val
ue Of currency. Themethods to secure the
former of these results are as numerous
as are the spectators on political ec,no
my. To secure the latter / see but one
way, and that is to authorize the treasu
ry to redeem its own paper at fixed
price, whenever it is presented, and tc
withhold from circulation all currency
SO redeemed until it is sold again for
gold. The vast resources of the nation,
both developed and undeveloped, ought
to make our credit the best on earth, with
less burden of taxation than the citi-
zens have endured for six years past.
The entire public debt could be paid in
ten years, but it is not desirable that peo-
pie should be taxed to pay it in that
time. Year by year the ability to pay
the tax increase in rapid ratio, but the
burden Of interest ought to be reduced as
rapidly as can be done without the vio-
lation of contract. The public debt is
represented in great part by bonds,
lar ing frvu, ave to twenty years W run,
bearing the interest at the rate of six per
cent. and five per cent, respectively. 1t
is optional with the government to pay
these bonds at any period after the expi-
ration of the last time mentioned upon
their face. The time has already arrived
when great part of them may be taken
up, and is rapidly approaching when all
may be. 1t is believed that those which
are now due may be replaced by bonds
bearing ratio of interest not exceeding
A. per cent, and as rapidly as the re-
mainder becomes due. that they may be
replaced in the same way. To accom-
plish this, it may be necessary to author
ize the interest to be paid at either of the
three or four money centers of Europe
or by any assistant treasurer of the Unit
ed States, at the option Of the holder o
the bonds. suggest this subject for thu
consideration of Congress, and also sim
ultaneously with this the propriety of re
deeming our currency as before suggest
ed at its market value at the time tn
law goes into effect, increasing the rat
at which currency will be bought an,
sold from day to day or week to week, a
the same rate of interest as the govern
ment pays upon its bonds.
The subject of tariff and internal taxa
ton will necessarily receive your atten
ton. The revenues of the country ar
greater than the requirements, and ma,
with safety be reduced, but the fundin,
of the debt in a four or four and hal
per cent. loan would reduce the annua
current expenses largely, thus, after fund
ing, justifying a greater reduction of tn
taxation than would be now expedient
| suggest postponemont of this question
until the next meeting of Congrets. l
may be advisable to modify the taxation
and tariff in instances where unjust Of
burdensome determinations are made b,
the present laws, but general revision
OF the laws regarding this subject woulC
recommend the postponement of for th,
present. | also suggest the renewal O
the tax on incomes, but at a reduced
rate, say Ct 3 per cent. and this tax t.
expire in three years, with the fundin,
of the Nationald debt before suggested.
feel safe in saying that the taxes and tn
revenues from imports may be reduced
safely from s60,000,0O0 to $4,000, O0(
per annum at once, and may be still fur
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