Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1875-12-16

eign countries. The correspondence submit
ted herewith shows few of the constantly OF
curing questions on those points presented t
the consideration of the Government. Their
are few subjects to engage the attention 9
Congress on which more delicate relations o
more important interests are DEPENDENT
CURRENCY.
The report of the Secretary of the Treasur
shows that the receipts from customs, for tn
fiscal year ending June 80, 1874, to hav
been $l63, 103, ,833.69, and for the fiscal yea
ending June 80, 1875, to have been $l57,
467 1926; decrease for the last fiscal yea
of S5,936,1l1.34. The ceipts from Interna
Revenue for the year ending June Both, 1874
we're $102, ,409, ,7849O and for the year ending
June 3Oth, 1875, s110,007, ,493.5S; increase
81, ,597, ,7OS6S. The report also shows com
plete history of the workings of the Depart
ment for the last year, and contains recon-
mendations for reforms and for legislation
which concur in, but cannot comment on 81
fully as I should like to do ifspace woult
permit but will con6ne myself to few sug
gestions which I look upon as vital to th'
best interests of the whole people, coming
within the purview of the Treasury-I meal
specie resumption. Too much stress canno
be laid upon this question, and [ hope Con
gress may be induced, at the earliest day prac
ticable to insure the consummation of the ac
of the last Congress at its last session to bring
about specie resumption, on and after the 1s
day Of January, 1879, at furthest. 1t woulc
be q great blessing if this could be consum
mated even at an earlier day. Nothing seems
to me more certain than that full, healthy
and permanent reaction cannot take place in
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 equiVa
lent to this standard-the worlds recognized
standard--specie becomes commodity like the
products of the soil the surplus seeking a
market wherever there is demand for it
Under our present system, we should want
none, nor would we have any, we're it not
that customs dues must be paid in coin, and
because of the pledge to pay interest on the
public debt in coin. The yield of precious
metals would flow out for the purchase of for.
eign productions and leave the United States
hewers of wood and drawers of water, because
of wiser legislation on the subject of finance
by nations with whom we have Dealings
am not prepared to say that can suggest the
best legislation to secure the end most hearth
ly recommended. 1t will be source of great
qualification to me to be able to approve any
measure of Congress looking, effectively to-
ward securing resumption. Unlimited inAa'
ton would probably bring about specie pay
ments more speedily than any legislation look
ing to the resumption Of the legal tenders in
coin. But it would be at the expense of hon.
or. The legal tenders would have no value
beyond settling present liabilities, or, properly
speaking, repudating them. They would buy
nothing after debts were all settled. There are
a few measures which seem to me important
in this connection, and which commend to
your earnest consideration. A repeal of SO
much of the legal tender act as makes these
notes receivable for debts contracted after a
date to be fixed in the act itself; say not later
than the first of January, 1877. We should
then have quotations at real values--not 6cti
tious ones. Gold would no longer be at q
premium, but currency at a discount. A
healthy reaction would set in at once, and
with it desire to make the currency equal to
what it purports to be. The merchants, man
ufacturers and tradesmen of every calling
could do business on 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
for their income, because extra profits would
no longer be charged by the capitalist to COM
pensate for the risks of a downward Auctua
ton in the value Of the currency.
Second. That the Secretary of the Treasury
be authorized to redeem, say not to exceed
s2,OOO.OOO, monthly, of legal tender notes, by
issuing in their stead long bond bearing in
terest at the rate of 65.l0O per cent. per an
nun of denominations ranging from $50 to
$1,000 each. This would, in time, reduce the
legal tender notes to volume that could be
kept afoat without demanding redemption in
large sums suddenly.
Third. That additional power be given tc
the Secretary of the Treasury to accumulate
gold for final redemption, either by increasing
revenue, curtailing expenses, or both. 1t is
preferable to do both, and l recommend that
reduction Of expenditures be made wherever
it can be done without impairing the Govern
ment's obligations or crippling the due execu
ton thereof. One measure for increasing the
revenue, and the only one think of, is the res
toration of the duty on tea and coffee. These
duties would add probably eighteen million
dollars to the present amount received from
imports, and would, in no way, increase the
prices paid for these articles by the consumer
These articles are the products of countries
collecting revenue from exports, and as we, the
largest consumers, reduce the duties, they pro-
portionately increase them. With this addi
tion to the revenue, many duties now collected
and which give but an insignificant return fol
the cost of collection, might be remitted and
to the direct advantage Of consumers at home
1 would mention those articles which enter
into the manufactures of all sorts. All duty
paid upon such articles 60 directly to the cost
of the articles when manufactured here, and
must be paid for by the consumers. These
duties not only come from the consumers at
home, but act as protection to foreign manu-.
facturers of the same completed articles in
our own and distant markets. | 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 Government than at present
exists through the Court of Claims, especial
ly those claims growing out of the war.
Nothing is more certain than that very large
per centage of the amounts passed and paid
are either wholly fraudulent or are far in ex
cess of the real losses sustained. The large
amount of losses proven, on good testimony
according to existing laws, by affidavits of 6c'
titious or unscrupulous persons, to have been
sustained on small farms and plantations, are
not only far beyond the possible yield of those