Delaware gazette. [volume] (Delaware, Ohio) 1855-1886, 1869-12-10

4
I rapidly as can be done without tn
violation Of contract. The public deb
is represented, in great part, by bonds
having from five to twenty and from
ten to forty years to run, bearing in
terest at the rate Of six per cent. ant
five per cent. respectively. It
| optional with the Government to pa
its bonds at any period after the expi
ration of the last time mentioned upOI
their face. The time has already ex
pired when 3 great part Of them MAJ
Be taken up; and the time is rapidly
approaching when All may De.
It is believed that all which are nov
due may be replaced by bonds bearing
rate Of interest not exceeding fou
and a half per cent, and as rapidly as
the remainder becomes due that they
NAV be replaced in the same way. IL
accomplish this il may be necessary Il
authorize the interest to be paid al
either Of the three or four of the money
cente1s Of Europe, or by any Assistant
Treasurer Of the United States, at the
option Of the holder of the bond.
suggest tins subject for the cOnsidera-
tion of Congress also, simultaneously
with this, the propriety of redeeming
our currency as before suggested, at
its maket value, at the time the law
goes into effect, increasing the rate at
which the currency VIII be bought and
sold from day to day or week to week,
at the same rate Of interest as the Gov
ernment pays upon its bonds.
The subject OF tariff and internal
taxation viii neceEsarily receive your
attention. The revenues of the couu-
try are greater than the requirements,
and may with safety be reduced but
as the funding of the debt in four or
four and half per cent. loan would
reduce the annual current expense
largely thus after funding justifying a
greater reduction of taxation than
would be now expedienty I suggest
the postponement of this question un-
til the next meeting of Congress. IT
may be advisable to modify taxation
and the tariff in instances where un-
Just or burdensOme diserimiD8tiOns
are made by the present laws but a
general revision of the laws regulating
this subject I recommend the postpone
ment Of for the present. / also suggest
the renewal of the tax on incomes but
at a reduced rate, say three per cent,
and this tax to expire in three years.
With the funding of the national
debt, as suggested, 1 feel safe in saying
that the taxes and revenue from inn
ports may be reduced sixty to eighty
millions per annum at once, and stifl
further reduced from year to year as
the resources of the country are devel-
Oped.
Treasury shows the receipts OF the
Govern ment for the fiscal year ending
June 80, 1869, to be $50, ,943, ,747, and the
expenses, including interest, bounties,
65c., 1921, 400, ,597. The estimates for the
ensuing year are more favorable to the
Government, and will, no doubt, show
large decreases of public debt. The
receipts in the Treasury beyond expen-
ditures, have exceeded the amount nee
essary to be placed to the credit of the
Is n
lock up the surplus in the Treasury
and withhold it from circulation, would
lead to such contraction of currency as
to cripple trade and seriously affect the
prosperity of our country. Under
these circumstances the Secretary and
myself heartily eOneurred in the pro-
priety of using all the surplus curren-
Government bonds, thus reducing the
interest bearing debt of the country,
and of submitting TO Congress the
question of disposit1Oa to be made OF
the bonds so purchased, The bonds
now held by the Treasagy amount to
about S75, ,000, 900, including those be-
longing to the Sinking Fund. / recon-
mend that the whole be placed to the
credit of the Sinking Fund.
Your attention is respectfully in
vited to the recommendation of the
Secretary of the Treasury for the erea-
tion of the Office of Commissioner of
customs revenue, for the increase Of
salary to certain classes OF officials,
and the substitution of an increased
National bond circulation to replace
the outstanding 3 per cent. certificates ;
and most especially to his recommen-
dation for the repeal of laws allowing
shares of fines, penalties, forfeitures,
etc, to officers of the Government or
to informers.
The Office of Commissioner of In
ternal Revenue is one of the most ar
duous and responsible under the Gov
ernment. 1t falls but little, if any,
short of Cabinet position in its i'm
portanee and responsibilities. I would
ask for it, therefore, sgEch legislation as
in your Judgment viii place the Office
on a footing of dignity commensurate
with its Importance, and with char
acter and qualifications Of the class of
men required to fill it properly
As the United States is the freest of
all nations, SO do its people Sympathize
with all people struggling for liberty
and self-government but while so
it is due to car honor
that we should abstain from enforcing
our views upon unwilling nations, and
from taking an interested part With
out interfering in the quarrels between
different nations, or between govern
ments or their subjects, our course
should always be in conformity with
strict Justice or law, International and
local. Such has been the policy Of the
Administration in dealing with these
questions. For more than year
valuable province of Spain, and near
of ours, in whom all our
people cannot but feel deep interest,
has been struggling for independence
ment of the United States entertain
the same warm feelings and sympa-
thies for the people of Cuba in their
pending struggles between Spain and
the former colonies in behalf Of the
latter, but the contest at no time as
sumed the conditions which amount to
a war in the sense of international
law, or which would show the exist
ence of a de f0ct0 political organization
Of the Insurgents sufficient to justify q
recognition of belhgerency. The prin-
eiDle is maintained, however, that this
nation is its own judge when to ae-
cord the rights Of be1ligerency, either
to a people struggling to free them
selves from a government they believe
to be oppressive, or to Independents
nations at war with each other. The
United States have no disposition to
interfere with the existing relations of
Spain to her colonial possessions on
this continent; they believe that in
due time Spain, and other European
those relations and estab-
fishing their present dependencies as
powers-members of the
family of nations. These dependen-
cies are no longer regarded as subject
to transfer from one European power
to another. When the present rela-
tions of these. colonies cease they are
10 become Independent powers, exer-
5ising the right of choice and of self
control in the determination of their
1uture condition and relations with
lther powers. The United States in
1rder to put stop to bloodshed in
Cuba and in the interest of a neighbor-
ing people proposed their good Offices
10 bring the existing contest to a ter
The offer not being accept
I'd by Spain on basis which we be-
ieved would be received by Cuba, was
1t is hoped that the good
0ffices of the United States may yet
prove advantageous for the settlement
Of this unhappy strife. Meanwhile a
of Illegal expeditions against
Cuba have been broken up. 1t has
been the endeavor of the Administra-
lion to execute the neutrality laws in
good faith, no matter how unpleasant
The task, made so by the suffering we
have endured from lack of like good
faith towards US by other nations. The
United States schooner Lizzie Major !