Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1874-03-12
He also contrasted the expenditures
of the Government in a series of tables,

The following extracts relate TO
some of the principal points of the
speech:
Three months after the commence
n1ett Of the present Administration, on
the 4th of March, 1869, the then Secre-
tary of the Treasury found himself in
possession of surplus balance over
and above the preceding years re-
ceipts and expenditures of S49,000,000,
of which S45, 100000 had been accumu-
lated within thfee months. These large
sums of cash in hand should have been
held sacred as foundation for the re-
demption of the legal tenders upon
which TO begin resumption. Instead
of doing this he inaugurated a system
of a redemption Of the bonded debt not
due, whilst entirely neglecting the le-
gal tender debt, past due, and insisted
upon continuing the ruinous war taxa
ton, for the purpose of extending this
policy. He bought 81 100000 of
bonds the first year, upon which he paid
apremium of IS, 800, 79l, thus paying a
bonus out of the public funds for the
privilege of doing not only continued
injury to the industry of the country
by an enormous taxation, but also In
diverting its resources from the hqui-
datiOn of demand notes such as the
legal tenders and by the payment of
the funded obligations having eighteen
years to mature. According to the
Treasury statement issued the LIST of
March, 1874, there was purchased $685.
253,S00 of bonds between April, 1869,
and Sept %, 1874, upon which was paid
a premium of S39,75S, 1921. If this
had not been done there would now be
nearly S50,000,000 IN the Treasury with
which to meet the present deficiency
and save the country from the impend-
ing necessity of increasing the public
debt or imposing more taxation. 1t
is difficult to find words to sufficiently
express a proper condemnation of such
a suicidal policy.
Mr.. Wood next gave history Of the
moiety spy system and the Sanborn
contracts:
When the general appropriation bill
was before Congress, IN the spring of
1870, the Houses disagreeing upon some
of its provisions, conferees were ap-
pointed and an effort was made to in
sert as an amendment the provisions
authorizing the appointment of these
persons, but it failed. Subsequently
other conferees were appointed under
the same bill, when a Senator from
South Carolina-now Assistant Seere-
tary of the Treasury-succeeded in get
ting it adopted. The bill became a law
on the Sth Of May, 1872. In June of
the same year subsequent bill author
lied an appropriation of 100000, to
be used at the discretion of the Secre-
tary of the Treasury, for detecting and
bringing to trial and punishment per-
sons guilty of violating the internal
revenue laws, and $4,000 in addition
was given for the same purpose in the
regular appropriation bin. Thus $780,
600 was placed at the disposal of the
Secretary, besides the power of making
special arrangements with the three
persons now employed under the San
born contracts. These large sums of
money thus appropriated and the power
conferred upon these three irrespOnsi-
blc pcISOIS, II viii Dc StSuy were all
placed outside of the bureau for the
collection of internal revenue. In
that Office properly belonged every
thing appertaining to this branch Of
the public service; yet, for some mys-
terious object, the head of that de-
partment was not only deprived of all
power, but all knowledge of what was
going on through this secret agency.
Under these contracts the grossest out
RACES have been committed upon pri-
vate rights. The same species of in
timidation and oppression adopted by
all Customhouse officials and their
spies and infOrmers have been adopted.
and large sums have been collected.
one half of which have gone into the
pockets of these persons.
1t will thus be seen that the authori-
ty really conferred upon the Secretary
of the Treasury has been abused. The
law authorized him to employ three
persons to assist the officers of the gov
eminent in collecting revenue which
had heretofore been evaded. His sole
power was confined to the appointment
of persons TO act in cooperation and