, 1874-12-08

peal Of tho Legal Tender not should tako of-
feet. Tho whole tone Of the message is of
TINT character which cannot foil to have OIL
assuring effect upon the national credit at
homo mud abroad.
CONSIDERATIONS FOR C0NGRE5sMEN.
Tho secretary Of the Treasury, in Ills ro-
porton tho National Tinances, sppnka strongly
in favor Of q return to specie payments. He
docs not treat tho matter indefinitely. Ho
proposes TINT tho Legal l-Tendcr net be re-
pealcd at date to bo fixed by Congress-, and
that q date bo fxod for the resumption of
specie payments, and TINT the Secretary be
authorized to sell bonds from time to timo
for tho redemption Of groenbaoks. Flo also
makes tho excellent recommendation TINT tho
greasy, rnggod fractional currency DO recalled
and destroyed, and silver issued III its
place. Ho llso recommends that the coinage
Of gold bo nade FREQ to prevent tho exporta-
ton Of bullion. AS part Of the general plan
for @ return to spocie payments he recoua-
monda FREQ bnnking..
In tho matter Of internal revenue ho ad-
visos tho removal Of tho tax Oh ban1s
%AIIh63 HAtEACb} NcalAGt!Na3 Alll kAuH63
and that tho loss Of revenue DO matlo
good by an increase Of tho tax on whis.
Ky by the addition Of 10 cents a gnllon.
Ho takes tic worry clenr ground that tho re-
1noval Of tho tax on ten and coffee was great
mistake, involving a loss Of twenty millions Of
revenue without the least benefit or relief to
the public. Tho tax removed waH simply
nil 1n1 IN 81 &1,. tf
by MI export tnx, and by the so1lcrs On the
general question Of tho tariff ho says TINT,
at present, the question is ono Of serenue, not
Of protection or free trade. To adyises that
4 commission bo appointed to consider aud
report to tic next Congress,
Tho Secretary strongly recommends lis
continuance Of the present system of elaborate
md costly public buildings, and ndviscs Con-
gress to scr1ltinizo tho future appropriations
therefor. Millions Of dollnrs Gun be saved in
this particular. Flo reports that tho clerical
force Of tho Treasury Department has been
reduced, MS provided by tho last Congress-, but
lie docs not think the lowest limit Of economy
has yet been reached.
Tho Secretary makes n statement thatne
m important question now beforo Congress,
and thati is the granting Of subsidies to indi-
yiaua1s anil corporations. He declares that
tho present condition Of the Government will
not justify any increase of tho public indeht-
eaness by extending gifts or bounties III any
form to private enterprises Of my kind. In
this lie will be heartily sustained by tho hon.
est part Of tho country. There is nothing
whatorcr Of justice or right in the appeals to
tho Government by individuals nnd corpora
tons for gifts called "aid and relief" That
Government is tho wisest aud best which in
torferes tho least with the industry Of tho
people. So long rs the people aro left FREQ 10
engage in wletovcr business their habits, or
experience, or lncans, may suggest, and the
Government abstains from nny obstruction
Or hindranco thereof, other directly or ill.,
directly, by bountics aud gratuities to the
few, tho industry Of tho nation and its pro-
duction will be promoted. Tho Government
cannot discriminate in favor OF ono produc-
ton except at tho expense aud to tie injury
OF all others. It cannot select one branch Of
production, ind foster and encourage it by
bounties, sayo by IN unjust taxation Of Ill
othnrs.
Tho United States Government has no in
come or rave,lue except What is produced by
taxation. Every dollar expended by tho Gov
crn'ncnt is obtained by tax Which is paid by
the people. This tax is the withdrawal Of
that much money from tho active business
capital Of tho people. A dollnr paid in tax
satisfies q dollar Of tho public debt, or
meets a dollar of public expenditure;
the aamo dollar loft in the hauds Of the
public becomes IN agont Of production, aud
may in tho course Of year be used to pro-
duco equal to its own yalue two or throe
times over. There sllonld, therefore, never
bo q dollar Of public debt incurred, nor a
dollar expended, by the Administration save
for the Indispensable wants and necessities Of
tho Government. All money takou from tho
people in excess of tho indispensable WANTS
of tho Government. is so much private prop
erty tnken without just Cause, and so much
takon from the means OF production.
Nor is this Fundamental truth in tho laast
| changed when tho Government ID asked
to oxpond tho rovonuo derived from
| taxation for tile purpose Of giving employ
raent to labor on works in which private cani-
tai cannot DO induced to invost. This.
private capital oan hardly bo induced 10 Gill.
ploy labor III my work TINT is unproductivo,
Or which haa no promise of being productive;
Employment Of labor at TINT kind Of work il
u waste Of 1nonoy,-an absolute destruction OF
it. Ton thousand 1nbore1a might bo olu-
I ployod continuously bailing out Lake Miohi-
gnu, but ut tlo entl Of a year, or any mum.
bor Of yoars, tho like would DO aa it ia, and
nothing would como Of the expenditure II
is not sufficient to sny that during theHo yoart
there wero 10, 900 familics supported by tho
wagoa paid to the laborors. Labor TINT docs
not reproduce capital 10 os valuolens to the
country autl to tho community as If not ON.
ployod at all. II these 10000 laborore
woro employed III converting leathe,
Into el,ocu, or clay into briola, 0,
wool into furniture, Or Iron into shoyols, o,
wool Or cotton Into cloth, tlt1ro would at tle