Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1869-12-14


preaching when 1t may well be believed that a
which are now due may be replaced by bond
bearing rate OF interest not exceeding fou
and half per cent. and as rapidly as the re
mainder become due they may be replaced II
the same way. To accomp psh this it may b
necessary to authorize the interest to be palt
at either of the three or four money-centres O.
Europe, or by any of the assistant treasurer
OF the United States, at the option 0f the hold
er of the bond. | suggest this subject for The
consideration of Congress, and also slmulta
our currency, as before suggested, at Its marke,
value at the time the law goes into effect, in
creaslng the rate at which currency will be
bought aud 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
1ill necessarily receive your attention. The
revenues of the country are greater than the
/ requirements, and may, with safety, be re
dRced but as the funding Of the debt 10 four
or four and half per cent. loan would reduce
the annual current expenses largely, thus, after
funding justifying greater reduction OF taxa
ton than would now be expedient, suggest a
postponement of this question until the next
meeting Of Congress.
| It may be advisable to modify taxation and
tariff in instances where unjust or burdensome
determinations are made by the present laws
but of a general revision of the laws regulating
| this subject recommend the postponement for
| the present.
THE INCOME TAX.
also suggest aremoval Of the tax on incomes,
but at reduced rate, and this tax to expire In
three years,
| With the funding of the national debt, as
| here suggested feel safe 10 saying that the
| taxes and revenue from imports may be reduc-
| ed from sixty to eighty millions per annum at
once and may be still further reduced from
year to year as the resources of the country are
| developed.
| FISCAL STATEMENT OF THE GOVERNMENT.
| The report of the Secretary of the Treasury
shows the receipts Of the Government for the
fiscal year ending June 30ih, 1910, ,943, TAT, and
expenditures, including bountles, &c, $32l,-
400, 597 The estimates for the ensuing year
are more favorable to the Government, and will
no doubt show much larger decrease CT the
public debt. The receipts in the Treasury be-
yond the expenditures have exceeded the
amount necessary to be placed to the credit of
the sinking fund, as provided by law. 10 lock
| up the surplus in the Treasury and withhold it
| from circulation would lead to such contrac
tion of currency as to cripple trade and serious
ly affect the prosperity OF the country. Under
these circumstances, the Secretary of the Trea-
sury and myself heartily concurred in the pro-
priety of using all the surplus currency in the
Treasury in the purchase ofGovernment bonds
thus reducing the interest bearing indebtedness
of the the country, and of submitting to Con
gress the question OF the disposition to be made
OF the bonds SO purchased The bonds now
held by the Treasury amount to $75.0 900, 600.
| including those Of the sinking fund | recom-
mend 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 Treas
ury for the creation of the office of Commits
sioner of Customs and Revenue, for the increase
of the salary Of certain classes of officials, and
the substitution of increased national bank cir
culation to replace outstanding three per cent.
certificates, and most especially to his recon-
of fines, penalties, torfeltures. etc., to the OIL
| fcers of Government or to informers.
COMMISSIONER OF INTERNAL REVENUE.
The Office of Commissioner of internal Rev
enue is one of the most alduous and RESPONSE
Bile under the Government, and falls but little
short of Cabinet positions in its importance
fore. such legislation as in your judgment will
place the Office upon footing of dignity com
mensurate with its importance and with the
character and qualifications If the class of men
required to eli it properly.
CUBA
As the United States is The freest of all ma
tons, SO do its people sympathize with all peo-
pie struggling for liberty and selfsgovernment.
But while so sympathisiDg it is due to our hon.
or that we should abstain from enforcing ouI
views upon unwilling nations and from taking
an interested part In quarrels between different
nations. or between governments and their SUBJ
iects. Our course should always be in con-
tormity with strict Justice and law-interna-
! tiona and local. Such has been the policy OF
this Administration In dealing with these ques-
tions for more than year. valuable prov
ince of Spain, and near nelghbor OF ours, IN
whom all our people cannot but feel deep III
terest has been struggling Tor independence
and freedom The people and government Of
the United States entertain the same warm
feelings and sympathies for the people OF Gu
ba in their pending struggle that they manifes
ted throughout the previous struggles between
Spain and her former colonies In behalf Of the
latter The contest has at no time assumed
conditions which amount to War IN the sense O.
international law, or which would show the ex
lsence of de facto political organization o
the insurgents sufficient to Ju ,tify recognition
of beligerency. The principle is maintained
however, that this nation Is Its own judge o
when to accord the rights Of bellIgerency either
to people struggling to free themselves from
a government they believe to be oppressive o.
to lndependent nations at war with each other
The United States has no disposition to inter
fere with the existing rela ions OF Spain to he
colonial possessions on this continent. They
believe that in due time Spain and other Eu
ropean powers will fud their interest in termi
mating those relations and establishing thei
present dependencies as independent powers.
These dependencies are no longer regarded a
subjects of transfer from one European powe
to another. When the present relations of col
onies ceases they are to become Independent
powers, exercising the right or choice and o
self-controi in the determination OF their tutur
condition and relation with other powers.
The United States, in order to put stop t
the bloodshed in Cuba, and IN the interest Q
, the neghboring people, proposed Its good OH
ces to bring the existing contest to ternina
tion The offer, not being accepted by Spal
on the basis which we believed could be re
ceiyed by Cuba, was Withdrawn. 1t is hope
that the good Offices of the United States ma
nrnve advantageous for the settlement of thi
unhappy strife. In the mean while, numbe
of Illegal EXPEDITIONS against Cuba have bee
broken IN. 1t has been the endeavor Of tn
:, Administration to execute the neutrality laws
! no matter how unpleasant the task, made so b
the suffering We endured from the lack of lik
good faith towards us by other nations.
/, SPANISH SEIZURE OF AN AMERICAN VESSEL
On the 26th of March last the United State
schooner Lizzie Major was arrested on the hig