Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1870-01-09

an PudiaiiOn-SpasmOd Gold Sales
o. Federal Taxation, etc.
d. The annual message of Gov. Hoffman
TO the Legislature of New York is a very
interesting document. He gives his views
II at much length touching the national
al affairs, finances, credit, the currency, etc.
u We make the subjOined extracts:
= FEDERAL AFFAIRS.
The people of this State are deeply con-
cerned in a wise administration of Federal
affairs. As representing them, believe
: it to be my duty, before closing thismes-
sage, to call attention to, and to protest
f against, whatever, in the policy of the
General Government, strikes at their com
, mercial and agricultural interests, or is, in
any way, prejudicial to their welfare
Iprotest against the revolutionary course
of Congress with reference to amendments
of the Constitution of the United States
by which, among their other efforts at
Capitalization, they seek the absolute con-
troll of elections in the States. PowerlCss |
themselves to amend it by direct act, and |
unable to procure the voluntary consent of |
three-fOurths of the States, they force the |
consent of the Southern States as a condi- |
ton to representation, and thus override |
and nullify the will of others, whose pro-
per relations to the Federal Government
have never been interrupted, and whom
they cannot COnstrain.
Iprotest against the action of both Con-
gress and the President of the United
States, in subjecting thepeople of Georgia
anew to military power their State Gov
| in full nd he |
| restoration of their constitutional relations |
with the Federal Government having been
recognized by the Federal authorities as
complete,
| lprOtest against the longer exclusion
| from representation of any of the States
if any one be excluded, the rights of all
are unsettled, and the harmony of our GOV
eminent is destroyed.
| TARIFF.
| l protest against the favoritlsm of our
| present tariff laws, which have virtually
destroyed American shipping, and which
| bear Oppressively upon the masses of the
people and especially upon the great agri-
| cultural States, between whom and our |
| own State the relations are close and init
mate, and upon whose prosperity and |
freedom from unjust eXaCtiOns depend |
| largely the welfare of the whole country |
| and its ability to defend its honor and pay
| its debts. | protest against pOstpOning,
as has been suggested by the President of |
the United States, the revision Of those |
laws. The evils connected with them are
already of long continuance. and imme- !
| date relief is required
Our taxation for the accumulated re- :
sponsibilities and present cost of the Fed !
eral Government is heavy; its weight will
be felt more severely now that low prices
for our agricultural and other products
are likely to prevail. The people submit :,
cheerfully to all taxes necessary for the
support of the government and of its
credit. They have a right to demand,
however, that the burden of a very /
heavy taxation shall be fairly and equally
adjusted and so adjusted as to interfere
as little as possible with their daily COM
fort II i3 the direct interest of the pcO-
pie at large that they shall be able to buy :
Chcaply whatever they have to buy. Our
present tariff of duties on imports COM ;
pels the many to pay high prices for the !
benefit of few. Although enacted dur
ing the great need Of the government, it
was nevertheless, framed not for the one
great end of giving the Federal Treasury e
the largest income, but with the view of
favoring certain apeCial private in !
terests. Nn government has a right
to tax except to obtain its nee
essary revenue. To impose taxes
upon articles Of daily need for the :
mere purpose, by increasing their price,
of fayoring the capitalists engaged in
their manufacture or production, is an =
abuse of the taxing power. So long as !
laws are enacted upon this principle,
those whose special interests are to be :
bcneticially affected by them, TO push
through schemes which favor their pri-
Yate business, regardless of the interests
alike Of the people and of the Federal .
Treasury.
Laws of this nature tend to the build
,ag up Of moncvcd mDnOpOlies, to the L
aggregation of capital in few hands, and
to the creation and Strengthening of an
Legitimate influence TO which Congress
becomes more and more subject In en- u
forcing duties intended to be prOhibitOTy,
an extraordinary and very costly body Of 7
officials is made necessary, the temptation !.
20 smuggling and fraud is increased, and
official delinquency is made common;
evils which would be avoided while the
revenue would not be decreased, by re .
turn to the simple duty Of government,
and 10 moderate imposts.
To make a lust tariff Of duty the .
principle of favoritism should be aband-
oncd altogether. If the principle be adj Z
mitted no limit can be placed on the
abuses under IT,
NATIONAL FINANCES.
protest against the continuance Of
financial policy which fails either to I
strengthen the public credit, or to dimin a
ish the peoples burdens; which keeps
values uncertain and unsettled; which
battles business foresight; which, while
permitting the sale of government gold, !
leaves the country subject to all the evils
Of an irredecmabe paper currency; which
threatens TO Withdraw from the people I
what is now in use as money before pro-
yiding a substitute; which, underlined IN I
character and variable in action, exposes "
the business of the country constantly to
the chances of disastrous paniCs; which d
seeks to exert a fluctuating control over
the gold market, instead of making steady 5
progress towards permanent soundness IN
financial condition; which can suggest v
no method Of meeting the legal tender {
promises, except to get them back from
the people by a process - contraction | /
both painful and dangerous; which neg
ccts to redeem the legal-tcnder notes held
everywhere among the people, yet, with '
the proceeds of excessive taxation, pur-
chases at premium bonds that the gov {
eminent is under no obligation to pay for c
nearly fifteen years; which saves
few millions annually in interest on
the bonds thus purchased, when, by
| raising the credit of the country to :
its proper level, many millions more
could be saved by the negotiation of a
new loan at a lower rate of interest
| which assumes that the rate of interest on
our bonds can be lowered at the sole will
of the borrower or that capitalists who
now hold bonds paying six per cent. in
| tcrest in gold can be persuaded to eX-
| change them voluntarily for bonds bear
ing only four and-a-half per cent. which
failing to devise a permanent financial
system to which the business of the
| country could, without undue sacrifices,
! conform, substitutes a series of expert
ments that entail losses upon individuals,
without contributing to the general good;
which suggests nOremedy for the tluCtuat-
| inc value of the legal tender notes, except
| that the government shall redeem these
promises at price fixed by itself, which
is to be less than their face, or, in other