Dodgeville chronicle. [volume] (Dodgeville, Wis.) 1862-current, 1875-12-17
SENAseR BoeY, Of Missouri having

OENAASh OOoi3 VI uuioSOuIl udFluS
introduced bill Id the Senate author
izing the payment Of import duties in
greenbacks, ibe Chicago Tribune puts
to him the following pointed inquiry,
and calls Upon him to explains:
Would not your project produce
substantially the following results:
The Government, instead of receiving
100000, 600 gold a year from GUS
toms, would get about the same number
of greenback 'dollars." At present the
Secretary Of the Treasury is required
to pay from this sum, in round num-
bers, $135, 100000 for interest on the
national debt and for the sinking fund,
-Sl02 900, 900 for the former and
$3S, 600, 900 for the latter. He then
has S25 ,OOO,O0 in gold, which he can
either hoard for purposes Of fesump-
ton or sell for greenbacks with which
to defray current expenses. The two
items Of interest ard sinking fund by
contract with the public creditors must
be paid in gold. The Secretary Of
the Treasury would therefore have to
60 into the market with his $3.50, 0O0,-
900 of greenbacSs, received from du-
ties, and buy gold. He cannot sell
bonds for the purpose of meeting these
two itemsj he has no authority to do
so, and the plan would adj Sla5, 00O,-
O00 year to the public debt. He
cannot force any one to buy his green
backs or to give any particular price
in gold for them. All he can do is to
sell them for what they will bring, for
what the gold brokers are willing to
give in exchange for them. His $780,
900, 900 in greenbacks will not baing,
at the outside, more than $1S5 100000
to 100000, 900 in gold, SO that the loss
in revenue will be fully $780, 100000
in golds AS our income and outgo
just about balance each cther,-~there
will be deficiency Of $25, 100000 for
the fiscal year, this will necessitate
the levy of new taxes yielding to thg
amount of fully $25,000,0OO per an
nun, to be distracted from the pock-
cts of the people. AS your party put
itself on record, last session, against
the purely revenue tax OH tea and cof-
fee, some other commodities must be
burdened with still higher protective
tax to fill the hole in the Treasury left
by your scheme of receiving duties in
currency. But onr tariff is already so
high, as the message of the President
and the report of the Secre tary of the
Treasury show, that it is well-nigh
prohibitory, and has decreased the
revenue Sc 100000 during the past
year. Any further increase Of "pro-
lection rates would, therefore, still
further diminish our receipts. Your
plan involves, then, first largely cut
ting down our national income, and
trying to restore it by levying taxes
that will cut it down still farther
The plan also involves Secretary Bris-
tow's going into the market to buy
vast quantities of gold and running
the chance of being prevented, by
corners and speculative schemes, from
getting the gold which now surely
comes to him, and Which is absolutely
necessary for the honest and honorable
discharge of our most solemn nation
al obligations.
How is your plan to do what you
claim for it in the way of increasing
our prosperity, hasteuing the resump-
ton of specie-payments, and appreci-
ating the greenbacks We are glad
to note, by the way, that you have
changed your views and now believe in
resumption, although SO ignorant of
the way to bring it about. And now,
Senator Bogy, will you please rise and
explain =?