New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1875-09-04
SPECIE PAYMENTS By TAXATION.

wtspou OF IMPOSING MORE TAxEs-AIAssNENT or
SPECIE FOR NEUTRALITY-SUSPICIOUS.
To the Edftor Of me Trtbune.
SIR: There are many financial doctors, as
notice in my daily reading OF your paper and ain one OF
them | fear my medicine will prove too powerful an
eetc for the infant Of century in years bt as IN
cases of animal poison, hydrophobia snake bites, &C.,
the heroic treatment OF excsion and cauterzaon the
only efficient remedy financially the remedy In KIND
Ia taxes Specie payments only be attained Dy nav
ing the specie pay with II the virtue existed In lsoi
ltbe preservation VI the Union being the Obec sufficient
to cause the willing sacrifices then made, and the subnis
sion to the systom OF taxation then established ana u
complainngy borne AMI II national debt Is curse
oppressive through interest burden benetng capital
alone common sense teaches that tho shortest honest
method OF liquidation the wisest The present system
OF funding one OF bonds into another OF longer date
m lesser rate of interest tickles tho but post
poncs payday. The herosm which endured the burdens
Of s6l71 should be equal to the burden OF such re-
imposition Of taxes will cancel the debt quickly Ten
years Of wisely imposed and faithfully collected taxes
will do it. with the experience OF 1871, and
with but little increased expense and with existing ma
chinery 5000 900 year can be collected Allowing
per liberal cOmmissOn-for the work, and we
have $50 900 per year for the object e. retire
nent of United States bonds With the sinking fni 1t
would take less than ten years to cancel every evidence
OF debt.
attempting to secure low premium gold. and retain
the gold for currency redemptions The Customs reve
last week at NewYOrk 2.500OOO or at the rate
OF Sl3O,OOO,O00 yearly; the actual income Is about
go 600 600 We need 800 900 for interest and
other liabilities, leaving $50 900 for the redemption
OF bank notes. National notes are secured by national
bonds which secured by grecnbacks, pig upon pork
arrangement condemned at heart by every
person should propose that such legislation be had as
would retire national bank circulation pro rata with the
cancellation the bonds and in lien OF 1t issue Treasury
paper which should DO redeemed from the reserves in the
vaults Ten years OF such boarding gives 100000
SPECIE which would pay nearly 100 cents per dollar on
every form OF paper promises anOat. The legislation
ought to mind that at time should the specie reserve
I've less than 50 per cent Of the liabilities. GreeDbacks
are at discount now, not because OF want OF taith In
the Treasury much as from knowledge OF their, at
present, ncOnverbility. With such a commOnsense,
bsnesslike, honest action, confidence the strength OF
mercantile aud national credit, would he practical
thing Specie would long before the decade ended be the
medium and we could be saved from the silly expedlcnt
increasing the debt by issuing bonds to buy specie to
resume with Ia virtue enough in America TO stand
this 10 years doubt it. Patriotism is the dema-
goue's appeal tn the MASSES for personal ends Bun
conbe will ~ strained to its extreme to denounce my
views for they sterny practical which Is their only
merit, Dr. SANGRADo.
Netc- York. Aug. II, 1875.