Western Reserve chronicle. [volume] (Warren, Ohio) 1855-1921, 1871-12-06
Presidents Message on the Financial
SifnafiOn.

A~AOcAuCNts AccsdSt VI tnc EtuanClAl
Situation.
We make the following extracts from
the Presidents Annual Message sent to
Congress on Monday last, in regard to
the subjects of the National Debt, Re
duction Of Taxes, The Collection of the
Revenue and Gold VS.. Currency:
THE NATIONAL DEBT
The national debt has been reduced to
the extent of $50, O57, 1850 during the
year, and by the negotiation Of national
bonds al a lower rate of interest, the in
terest on the public debt has been so far
diminished that now the sum to be
raised for the interest ccount is nearly
81, OOO, 600 less than on the LIST of March,
1863.
REDUCTION OF TAXES.
twas highly desirable that this rapid
diminution should take place, both to
strengthen the credit of the country and
TO convince its citizens of their entire
ability to meet every dollar of liability
without b~ankrupting them, but in view
of the accomplishment of these desirable
ends OF the rapid development of the re-
sources of the country, its increasing
ability to meet large demands, and the
amount already paid, it is not desirable
that the present resources of the country
should continue TO be taxed in order to
continue this rapid payment. I there
fore recommend a modification of both
the tariff and internal tax laws. I rec
ommend that all taxes from internal
sources be abolished, except those on
spirituous, vinOus and malt liquors, and
tobacco in its various forms from stamps
In rca1fnGfrn~ tho tariff I Gruurrnuf fh0F a
careful estimate shall be made of the
amount of surplus revenue collected IN
der the present laws after providing for
the current expenses of the government,
the interest account and a sinking fund,
and that this surplus be reduced in such
manner as to afford the greatest relief to
the greatest number. There are many
articles not produced at home, such as
medicines compounded, etc, from which
very little revenue is derived, but which
enter into general use. All such articles
1 recommend be placed on the free list.
Should q further reduction prove advisa-
BILE, I would then recommend that it be
made upon those articles which can bear
it without disturbing home production
or reducing the wages of American
labor. I have not entered into figures,
because TO do so would be to repeat all
that has been laid before you in the re-
port Of the Secretary of the Treasury.
THE COLLECTION OF THE REVENUE.
The present laws for collecting reve-
nues pay collectors of customs small
salaries, but provide for shares in all
seizures, which, at principal ports Of
entry particularly, raise the compensa-
ton Of these officers to a large sum. II
has always seemed TO me as if this sys-
TEN must at times work perniciously.-l
1t holds out an inducement to dishonest
men, should such get possession of those
offices, to be lax in their scrutiny of
goods entered, to enable them finally to
make large seizures. Your attention is
respectfully invited to this subject.
GOLD VS.. CURRENCY.
Continued fluctuations IN the value Of
gold, as compared with the national cur
has a most damaging effect upon
the increase and development of the
country, in keeping up prices of all arti-
cles necessary in every day life, and it
a spirit of grumbling, prejudicial
alike to national morals and the national
finances. Ifthe question can be met as
to how to get a fixed value to our curren-
that value constantly and unifoI mly
approaching par with specie, a very dee
-irahIa nhinaf will ha 0ainad /