New-York tribune., 1871-01-04

have any topar~ prs OF allowing these bills
TO be delayed mt I'd session deprives me- iod in
SnaSIe hi ny tes uni - h. sitSSodiasp my signature
from bil permit desirable and proper appropriations
alternative but to sign bls containing Objectionable
Items To refuse my signature, and thus defeat appro-
priatiOns which art necessary.
FEDERAL AFFAIRS.
The disposition Of the Federal Administration TO un-
necessary unwse. and unconstitutional interference
with the pursuits and rights OF the citizen and with the
state governments continues, and Ia great evil BY
the prolonged dlsranchsement Of portion OF people OF
the South aud by other means. tho fun and final resto
ration TO them OF political rights OF the control OF the
affairs and of the free choice OF their representa-
ves is STILL for partisan ends delayed and obstructed
to the prejudice OF good government ana oi lho ecnoa
welfare.
HoYfMAS's FREE TRADE THEORIES.
We are made endure the evils OF an oppressive and
reguated tariff Of dutes and have no Immediate pros
pect Of substantial relief The principle OF special pro-
lection with the general sentiment OF the werd
and 20 this t must or later yield, although is
whO during the last ten years have secured
than ten reyis of the tarn all tendng 10 gher
and higher protection. still manage " control congress
and its committees
coasts both oceans. and are maritime people by III
heritance from almost every stock that 10
by the suicidal operation of our own laws destitute OF
shipping Not only have we been driven from the oeen
great lakes Canadian-buit vessels are grau
ally drawing trade away from us, because costing mum
less they can accept lower rates OF freight
ing, in which, few years ago, we eXcelled the WCIu
has become lost art among us; Our agrlcrll1rists
rea tS nS pceaed prcs for what they raise
and want To sell, are, nevertheless, cOmleled
TO pay an enhanced price what they need and have
to buy. Blankets, wooden clothes, and many other
things Of common dearer in this country than IN
other to the injury OF those whose lot ~ IS 70 Wok
very hard for their comforts which class constitutes he
great bulk people hese aTe O sof for or
the benefit of few capitalists, under the raise prsense
o ns To S SF nns faTorsm 90 ali to the manua
turing and mining capitalist; not to the nen empOyed
not enure TO the benefit OF the public treasury nor 90
they make the general condition of the a1orer whether
I'm out OF factories better Even the protected capta
lists beginning 10 share in the effects OF the general
arrangement and languOr in business generated by TINS
persons in occupations in which, If left TO their own
skill and resources they would, by their own admissions
fail.
There is no sufficient remedy for this except in The
absolute rejection from our Federal legislation OF the
equal protection; have right 10 special fayors;
and it Is wrong which it seems Is me, ought to shock
the moral of every one for Government under
the pretext of raising revenue 10 tax the whole people
IN order thst few men may dU pi%nace tha hs6
duties and a complex system OF taxes lald on many
articles Uhe larger number of which contribute little to
the revenue) while they make necessary the nanten-
ance out Of the revenues ana consequently at the cus
Of additional public burdens, ~ many more Government
officers than would be required by simpler method
render frauds more profitable ana easier OF accomplish
official corruption Piecemeal amendments 10 The Iarh
of little yalue. What We need Is, that fcDuRe sha
overlooked or forgdtten of the Practice OF imposing
taxes for any purpose save the one OF procuring neoea
sary revenue for the Public Treasury. No compromise
should be made on this question; nothing accepted by
the people short Of the establishment OF Iarn as mod
crate as the necesse, or tine Government WIZ permit
applied 10 few articles as VIII yield the required
amount and adjusted strictly to its only Lawful purpose
that Of raising revenue
TIE NATIONAL FINANCES.
The administration Of the Federal finances exhibits no
improvement. Taxes still levied to an amount greatly
OF the needs of the Government and the excess
is applied to the payment in advance, OF Government
bonds which we not Obgcd to pay for many to
come. Part of these levied through the custom
houses TO the extent OF s2OOOOOo1 year, payable in
coin, although the quantity Of gold required ny the Gov
less than $2OOOCO. The surplus of coin or much Of H.
is from time to time, sold in Wast for the purpose s
is caimedl Of keeping down the premium on gold when
considering the magnitude OF the Federal revenues there
ought TO be- and If the Federal finances were wisely
mans ged there would not be, any premium. Notwith
standing the reduction of the premium ON gold in the
past year, 1t is admitted on all hands, 10y the yernmen
officers well 10y others that we have made no real
progress toward specie payments. Nor have we any
guaranty that the premium on gold will not rise again
we can have none except III the Government growing
in the actual means OF redeemng It's circulating
f'f''' TIE RESPONSIBILITY FOR SUSPENSION.
The Federal treasury has had In circulation for many
years promssOry notes OF its own payable on demand
10 the amount OF siOOUOOOO These notes made lawful
tender for debts, constitute now the money habtually
used by banks and the people in all transactions These
promises the treasury not redeem and this n0nre
dempton, and nothing else makes the present coIton
of things which Is known as suspension OF specie pay
notes i'm coin the notes would worth much god
in other words the money now used 10y banks and the
dition Of things would be. of itself. without any
further arrangements, fun ana complete
return TO specie payments. All that il
necessary to establish such condition is that
the Federal treasury make itself ready to redeem it
own notes and nothing will be required to maintain that
sound condition but that the Federal treasury slal
continue 10 redeem the notes The banks are NOT Iespo
sibe for the present suspenson they have no dne IN
respect to it they helpless to put an end to ii they
pay their debts in the lawful money OF the coun
try fhat
which the Government alone can make worth ss much as
timing to pay their debts In this same kind OF money.
would be dealing, in all transactions, on the specie basis
There would be shock TO business In transition 80
effected No contraction of the currency, and cOnse-
quently trngeney III the money market need precede
ii. No demand for the acnal possession OF CON- among
the people would follow IL for manifesting as they do
now great confidence in the legatender notes. they
would have still more falth IN thei .hen Was esao
shed that the notes command coin ut the treasury on
S ana ihsI . ~oa SySns S the dTeFnmen
shall do n order 20 promote return 20 specie payments
s mncb 40 g"id viii he moi only needless but mschcv
No new regulations for the banks are necessary 10
this end and needless regulations always do harm The
last wheS "a. tn rs cents to the dollar in
gold they - pay, during the past year,
In the same S"ith w cents; they VIII, WIN
the Same opt. IN !ssal ltender notes, they being
eaally abundant nen they are worth 100 cents; ana
The Treashry might easily have put itself In condi-
ton 10 pay its notes demand long before
this From April 1855 the close of the war. down to
through ito customhouso aggregate of s92aOoo in
gold coin II had laid aside only II in five Of these
eeipts for the purpose Of redeeming ts egaltender
notes il would have now in its vaults slsOoO0 Of coin,
absolutely belonging TO itself. exclusive OF what Is re-
tanned from time To time 10 meet sccrung interest," and
| exclusive also of private deposits.
The whole amount Of legal-tender notes outstanding
uncuding fractional currency and making allowance
FOR lost Is S95 The fund ON hand for the
redemption " notes, would be now, II u IN had been
saved nearly oneha Of the amount OF notes in crcu
atiOn-a proportion much larger than private bank in
good credit finds necessary TO keep on hand TO meet
s circulation. The superior credit OF the Federal Treas
uIy would OF course. maintain its notes at par with gold
less OF coin than would be required by
private banking Incorporation. cannot doubt that
the Government notes would rise to par with gold and