Richmond weekly palladium., 1875-12-09

look upon as vital to the best inter-
ests a. the whole people, com1nG with
In the puryiew os the treasury.
SPKcIK RKsUMPrIoH.
l mean specie resumption. Too much
stress cannot be laid upon this quas-
ton, and hope Congress may be In
duced, At the earliest day practicable.
TO insure the cOnsummstton Of the act
OF Congress- at It's last session, to bring
about specie resumption on and after
the nrst OF january. 1879, at furthest.
1t would be . great blessing II this
could be contaminated 1t an earlier
day. Nothing seems to me more GER
tain than that . full, healthy and per-
manent reaction cannot take place I'm
favor of the industries and financial
welfare OF the country until we return
to measure Of values recognized
throughout the civilized world. While
We use currency not equivalent tn
this standard, the worlds recognized
standard, specie becomes q commodity
like the products OF the soil-the sur
plus seeking q market wherever there
is q demand for IL. Under our present
system we should want none, nor would
we have any were 1t not that customs
dues must be paid In coin. and because
of the pledge to pay the interest on
the public debt In coin. The yield OF
precious metals would flow out for the
purchase Of foreign productions, and
leave the United States hewers Of wood
and drawers OF water, because Of the
wise legislation on the subject OF
finance by the nations with whom. we
have dealings. am not prepared to
say that ] can suggest the best legis-
latiOn to secure the end most speedily.
It will be a source of great gratifica-
tion to me to be able to approve any
measures OF Congress looking effectu-
ally toward securing resumption. Un-
limited imitation would probably bring
about specie payments more speedily
than any legislation looking to the re-
demption Of legal tenders in coin; but
it would be at the expense of honor.
The legal tenders would have no value
beyond settling present liabilities, or,
properly speaking, repudiating them.
They would buy nothing after debts
are all settled. There are a few meas
ures which seem to be important I'm this
connection which commend to your
consideration. A repeal OF so much of
the legal-tender acts as makes these
notes receivable for debts contracted
after a date to be fixed in the act it
self, not later than the lst OF January,
1877. We should then have quotations
at real values, not fictitious ones. Gold
would no longer be at a premium, but
currency at a discount. A healthy re-
action would set in at once, and, with
the desire to make the currency equal
with what it purpOrts to be, the mer-
chants, manufacturers, and tradesmen
of every calling could do business on a
fair margin of profit, the money to be
received having an unvarying value.
LabOrers and all classes who work for
stipulated pay or salary would receive
more, because extra profits would no.
longer be charged by the capitalists to,
compensate for the risk of downward
fiuctuation i'm the value Of the currency.
Second, that the Secretary OF the
Treasury be authorized to redeem say
not to exceed 81, ,OOO, 900 monthly OF le-
gal-tender notes by issuing, in their
stead, long bonds, bearing interest at
the rate of 3.65 per cent. per annum, OF
denominations varying from $500 to.
81 900 each. This would in time re-
duce the legal-tender notes to a volume
that could be kept afiOat without de-
manding redemption in large sums sud-
denly. Third, that additional power be
given to the Secretary of the Treasury
to accumulate gold for the final re-
demption of the currency, by increas-
ing revenues and curtailing expenses,
or both. 1t is preferable to do both
and / recommend that q reduction OF
expenditures be made whenever 1t csn
be done without impairing the govern
execution thereof. One measure for
increasing the revenue, and the only
one, think, Is the restoration OF the
duty on tea and coffee. These duties
would add probably $1s, ,OO0, 900 to the
present amount received for imports,
and would in no way Increase the
prices paid for these articles by the
consumers. These articles are the
products of foreign countries collecting
revenue from exports, and as we, the
largest consumers, reduce they pro-
Fortunately Increase them. With this
addition to the revenue, many duties
now. collected, and which give but an
insignificant return for the cost of col
lection, might be remitted, and to the
direct advantage of consumers alone.
I would 9Aention those articles which
enter into manufactures OF all sorts
All duties paid ia for such articles go
directly to the cost of the article when
manufactured here, and must be paid;
for by the consumers. The duties not
only come from the consumers alone
hut act as a protection to foreign man.
ufacturers of the same completed ar
ticle in our own and distant markets.
FRAUDULENT CLAIMS.
will suggest or mention another
subject bearing upon the problem OF
how to enable the Secretary Of the.
Treasury to accumulate balances. 1t
is to devise some better method of
verifying claims against the govern
ment than at preeent exists through
the Court Of Claims, especially those
claims growing out of the late. war--
Nothing Is more certain than. that a
large percentage of the amounts PASSED
and paid are part or wholly fraudulent,
or are far in excess of the real losses :.
sustained. The large amount of
losses proven on good testimony, ac-
cording to existing laws, by aff1davits .
of fictitious and unscrupulous persons .
to have been sustained on small farms
and plantations, are not only far be-
yOnd the possible yield of such places.
but as every one knows who has expe-
rience in tilling the soil, and who has
visited the scenes OF the spOliations.
are In many instances more than the
individual claimants were ever worth,
including their personal and real es-
tate.
The report of the Attorney General,
which will be submitted to Congress at
an early day, will contain a detailed
history of the awards made and of
claims pending, of the class here re-
ferred to.
THE WAR DEPARTMENT.
The report Of the Secretary of War,
accompanying this message, gives 4
detailed account of the army opera
ttOnS FOR the year just passed, the ex-
penses for maintenance, etc., with
recommendations for legislation, to
which respectfully invite your atten-
ton. To some of these invite special
attention. First, the necessity OF
making $4,000 of the appropriation
for the Subsistence Department avail
able before the beginning of the next
fiscal year. Without this provision,
the troops at points distant from sup
ply posts must either go without food,
or the existing laws must be evaded.
It is not attended with cost to the
Treasury. Second, his recommends
tion of an enactment of q system OF
annuities for families of deceased OIL
GERS, by voluntary reductions from the
monthly pay OF officers. This. again,
is not attended with burden upon the
Treasury, and would. for the future,
relieve much distress which every old
army offlcer has risked iR the past, of