Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1875-12-08

iuS mitulu JIG puTVleW OF treasury. mean
specie resumption. Too much stress cannot be
lald upon this question: and hope Congress
may De induced at the earliest day practicable
10 insure the consummatoD of the act of the
last Congress at its last session, to briug about
specie resumptlon ION aud after the lst day of
January, 1879" at furhest.
1t would be a great blessing if this could be
consummated even at an earlier day. Nothing
seems to me more certain than that full,
healthy and permanent reaction cannot take
place ID favor oil the industries and financial
welfare OF the country until we return to Il
measure of values recognized throughout the
civilized world. While We use currency not
equivalent to this standard, the worlds recog-
nlzcd standard, specie, becomes a commodity
like the products of the soil, the surplus seek
ing market wherever there is demand for
it. Under our present system We should want
none, nor would we have any were it not that
customs dues must be paid in coin, and be-
cause of the pledge to pay interest on the pub
lie debt in CON- The yield Of precious metals
would How out Tor the purchase of foreign pro-
ductious and leave the United States "heygers
OF wood and drawers of water" because of wiser
legislation on the subject of finance by the ma
lions with whom we have dealings. am not
prepared to say that | can suggest The best leg
lslatlon to secure the end most heartily recon
mended.
IMITATION IS REPUTATION.
1t Will be source OF great qualification to
me to be able to approve any measure of Con-
gress looking effectively toward securing "re-
sumption. Unlimited imitation would proba
bly, bring about specie payments more speedily
than any legislation looking to tho redemption
M "a inCy11 NHnS.
at the expense of honor. The legal tenders
would have no value beyond settling present
liabilities or, properly speaking, rcpudiating
them. They would bring nothing after the
debts were all settled. There are few meas
ures which seem to me important in this con-
nectlou, and which [ commend to your earnest
consideration: repeal of so much of the
legal tender act as makes these notes receivable
for debts contracted after date to be fixed in
the act itself, say not later than the lst of Jan
uary, 1877. We should then have quotations
at real val ucs, not fictitious ones. Gold would
no longer be at premium, but currency at a
discount. A healthy reaction would set in al
once, aud with 1t desire to make the currency
| equal to what 1t purports TO be.
| Inc merchants, manufacturers and tradesmen
of every calling could do busn oss on Il fsi; lnar
| gin of profit the money TO be received having
an unvsrylng value Laborers and all classes
| who work for stipulated pay or salary would re.
ceive more Tor their income, because extra pro.
| fits would no longer be charged by the Capitalist
| to compensate Tor the risk Of downward 6uc.
| tuation in the value of the currency. Second
| That the Secretary Of the Treasury be authoriZ
ed to redeem, cay not to exceed 81, 700, JUO
monthly Of legal tender notes by issuing in their
stead long bond, bearing interest at the rate OF
| 5.65 100 per cent. per annun Of denominations
rsng ing from So to 5000 each This would,
| in time, reduce The legal tender notes to a vol.
ume that could be kept afoat without demand
| ing redemption in large sums suddenly Third
That additional power be given to the Secretary
of the Treasury to accu nulale gold Cor final re-
sumption, either by increasing revenue, curtail-
ing expenses or both. II is preferable to do
both, and | recommend that reduction of expen
ditures be made wherever it can be done With
out impairing Government obligations or Grip
ping the due execution thereof One measure
for increasing the revenue and the only one |
think Of, is the restoration Of the duty on tea
and coffee.
DUTY on TEA AND CuFFEE.
These duties would add probably SIS, on, OO0 to
the present amount received from imports, and
would in no way increase the prices paid for
those articles by the consul mars. The articles
are the products of countries collecting revenue
from ca ports and rs we (the largest consumers)
reduce the duties they proportionally increase
| them. With this addition to the revenue many
duties now collected, and which give but IN in
| significant return TO: the cost of collection
nigh: BIZ remitted, and to the direct advantage
| OF consumers at home. would mention those
articles which enter into manufactures Of all
! SORTS All duty paid upon such articles GOES
directly to the cost of the article when manu-
featured here, nd must be paid for by the con-
sumers. These duties not only come from the
consumers ST home, but act as a protection to
foreign manufacturers of the same completed
articles in own and distant markets. [ will
suggest or mention another subject bearing
upon the problem of show TO enable The Sec
rotary Of the Treasury to accumulate balances"
1t is to devise some better method Of verifying
| claims against the Government than at present
exists through the Court of Claims-especislly
those claims growing out of the late war. Moth
ing is moro certain than that very large per-
centage of the amounts passed and paid are
the real losses sustained. The large amount of
losses proven-on good testimony according to
existing laws, by affiisvits of fictitious or I'M
scrupulous persons-tO have been sustained on
small farms and plantations, are not only far
beyond the possible yield Of those places for any
one year, but, MS every one knows who has had
experince in filling the soil and who has visited
the scenes Of these spoiations, are in many IN
stances more than the individual claimants were
ever worth, including their personal and real
estate. The report of the Attorney General,
which will be submitted to Congress at an early
made and Of claims pending of the class here re-
ferred to.
MILITARY AFFAIRS.
The report OF the Secretary Of War, accom-.
panying this message gives detailed account
OF army operations for the year just passed ex-
psnses for maintenance &C., with recommend
atoms for legislation, to Which respectfully in.
vite your attention. To some of these invite
special attention.
First The ne,assity of making S30O nO0 NJ
the appropriation for the subsistence department
available before the beginning of the next fiscal
year. Without this provision troops at points
distant from supply production must either 80
without food or existing laws must be violated.
1t is not attended with cost to the Treasury
Second. His recommendation for the enact
ment of system of annuities for the families of
deceased officers by voluntary deductions 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 officer has witnessed in
tho ot ;fipars 2Cinr suHAanlr Lai.