The Somerset press. [volume] (Somerset, Ohio) 1873-1977, 1875-12-10

lo~ses which arise from the contest in
Caha, and thai ssse interests of humanity
itself demand the cessation of the strife
before the whole island shall be laid
waste and larger sacrifices of life be
made, I shall feel in INV duty, shoul.i
my hopes of a satisfactory adjustment
and of the early restoration of peace
and the REMOVAL of futnre canses of
complaint be unhappily disappointed.
Congress at some period not far remote.
and during the present session, recon-
mending what may then seem to me to
BE- necessary.
THE TREASURY REPORT.
The report of the Secretary of the
Treasury shows the receipts from Gus
toms for the fiscal year ending June 80,
1874, to have been S16s, I03. 1873 SO. and
for the fiscal year ending June 80, 1875.
to have been S157.167. .722 35. decrease
for the last fiscal year of $5.936,111 "a;
receipts from Internal Revenue for the
year ending June 80, 1874. were $l0l,-
409,7 80, and for the fiscal wear end
ing June 80. 1875. were S11O, ,O07, ,493 5S;
increase 81 ,597, ,7OS 6s.
The report also shows 4 complete his
tory of the working of the department
e. A. Y.n, ~aa- al oo,,.sr. raono,
mendations for reforms and for legisla-
tinn which ] concur in, but can not COM
ment on SO fnllv as 7 should like to do
If space would permit, but will confine
myself to a few suggestions which
look upon as vital to the best interests of
the whole people, coming within the
resumption. Too much stress can not be
laid upon this question, and ] hope
Congress may be induced at the earliest
day practicable to insure the consumma-
ton of the act Of the last Congress at its
last session to bring about specie re-
sumption on and after the LIST of Janua-
1OfO AT tuC lulbhC~%- ~ OC a
great blessing if this could be consum-
mated even at an earlier day. Nothing
seems to me more certain than that a
full, healthy and permanent reaction
can not take place in favor of the indus
tries and financial welfare of the conn
try until we return to a measure of val
eI 81, -:
world. While we nse a currency not
equivalent to this standard, the worlds
recognized standard, specie becomes a
commodity like the products of the soil.
the surplus seeking a market wherever
there Is demand for it. U: der onr
present system We shnnld want none,
nor wonld We have any. were it not that
customs dnes must he paid in coin. and
hecause of the pledge to pay the interest
Of the public debt in coin. The yield
of precious metals world flow ont for
the purchase Of foreign productions. and
leave the United States hewers of wood
and drawers of water because of wiser
legislation on the subject of finance by
the Nations with whom we have deal
ings. ! am not prepared to say that
can suggest the best legislation to secure
the end mort heartily commended.
1t will be source nf great gratifca-
tion to me TO be able to approve any
measure of Congress looking effectively
toward securing resumption Unlimit-
ed initiation would probably bring about
specie payments more speedily than any
legislation looking to the redemption of
legal tenders in coin, but it would be at
the expense ofhonor. The legal tenders
would have no value beyond settling
present liabilities, or, properly speaking
repudiating them. They would buy
nothing after debts were all settled.
There are few measures which seem to
me important in this connection, and
which commend to your consideration
First-a repeal of so much of the Le-
gal-tender Acts IA makes these no:es re-
ceivable for debts contacted after a date
to be fixed in the act itself. say not later
than the 1st of January, 1877. We
should then have quotation at real val
ues, not fictitious ones. Gold would no
longer be at premium, but currency at
a discount. A healthy reaction wonld
set in at once, with desire to make the
currency to equal what it pnrports to he;
the merchants, manufacturers and trades:
men of every calling conld do business
on fair margin of profit. The money
to be received having an unvarying val
ne; laborers and all classes who work
for stipulated pay or salary would re-
ceive more from their income, because
extra profits would no longer he charged
by the capitalists to compensate for the
risk of a downward fluctuntion in the
value of the currency.
Second-That the Secretary of the
Treaeury be authorized to redeem say
not to exceed 100000 monthly of lie.
gal tender notes by issning in their
stead long bonds hearing interest at the
rate of Is 100 per cent. per annum of
denominations ranging from $500 to
81 900 each. This would in time reduce
the legal-tender notes to volume that
could be kept afloat without demanding
redemption in large sums Suddenly.
Third-That an additional power be
given to the Secretary of the Treasury
to accumulate gold for the final redemp-
ton of the currency, increasing the rev.
enue, curtailing expenses, or both. 1t
is preferable to do both, and / recon-
mend a reduction of expenditures be
made wherever it can be done without
impairing the Government obligations
or crippling the due execution thereof.
One measure for increasing the reven
ne, and the only one | think of. is the
restoration of the duty OH tea and coffee.
These duties would add probably S18,-
100000 to the present amount received
for imports and would in no way in
crease the prices paid for those articles
by the consumer. These articles are the
products-of countries collecting a revenue
aaI Ia