The daily Argus. (Rock Island, Ill.) 1873-1877, 1875-12-08

tDbIVBE6 VI VtsO0is tOO w iSPOAN
also shows complete history OF the work
ing of the department for the last year,
aud contains recommendation for reforms
and for legislation which l concur in. but
cannot comment on 80 fully as l should
like to do if space would permit, but will
confine myself to few suggestions which
l look upon as vital to the best interests
OF the whole people, coming within the
province of the treasury, mean specie
resumption. Too much stress cannot be
laid upon this question, and hope Con.
gross may be induced at the earliest day
pr .oticable to Insure the conSumation OF
act of the last Congress, at its last session,
to bring about spe,ie resumption on and
afi er the 1st day Of January, 1879, at
furthest. II would be great
blessing if this could be
consummated even at an earlier day
Nothing seems to me more certain than
that full. healthy and permanent reac,
ton cannot take place in favor of the to-
du itries and financial welfare of the coun-
try until we return to measure of values
recognized throughout the civilized world.
While We use currency not equivalent to
this standard, the worlds recognized
standard, specie becomes commodity like
the products oil the soil, the surplus seek
Ing a market wherever there is demand
tor 1t. Under our present system we
should want none nor would We have any
we're it not that customs dues must be paid
10 coin, and because of the pledge to pay
int rest OF 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
vi -er legislation on the subject of finance
by the nations with whom we b we deal
inc. l am not prepared to say can sug-
gea the best legislation to secure the end
mo It heartily to be commended. 1t will
be a source of great gratifi :ation to me to
be able to approve any measure of Con.
gross looking effectually toward securing
re- umption. Unlimited inh4uon would
probably bring about specie payment more
sp eiiiV than any legislation looking to
the resumption of legal tenders in coin.
bu. it would be at the expense of honor
The legal tenders would have no value be-
yop1 settling present liabilities. or prop,
erlJ speaking, rcpudia ling them. They
would buy nothing after the debts were
all settled.
There are few measures which seem
| to he important IN this connection and
wli,h | recommend to your earnest con-
sid eration:
/ A repe i of so much of the legal
tender act as makes these notes receivable
for debts contracted after the date to be
liked in the act itself, say not later than
| Il 1,t ~ Ion 1917 W. cha11Id than
have quotations at real values, not dcti.
tious ones. Gold would no longer be at
premium but currency at discount A
he .l5hy reaction would set in at once and
with it desire to make the currency
equal to what it purpoIts to be. The
merchants, manufacturers and tradesmeD
aud every calling woull do business on {
fair margin of gain. The money to b.
received having an unvarying value, ia
borers and all classes who work for stipu
lated wages or salary would receive NOR,
!, for their income because extra gaia
, would no longer be charged by the CAPT
, tslist to compensate for the risk OF 1
downward huctuation in value Of the cur
rency.
5 2 That the Secretary of the TressuF
be authorized to redeem. say not to excee,
$4,000 600 monthly, of legal tender note
, Ing interest at the rate of Is per cent
: pee annum,. of denominations Iangin
4 from $50 to 81 000 each. This would Il
: tiu e reduce the legal tender notes to
b volume that could be kept after wIthou
r demanding redemption in large sums sud
e denly.
: 3 That additional power to be give
e to he Secretary OF the rreasuryt) accuu
r ulaie gold tor final redemption either b
q increasing the revenue, curtailing exper
n ses, or both. It is preferable to do bott
/. and | recommend that reduction OF ez
d peaditures be made wherever it can b
done without lDjurlng government Gblig;
y tons or Gripping the due execution Their
l. of. One measure for increasing the rev,
u uur, the only ole [ think of, is the restt
o ration OF the duty ou tea and coffe,
re These duties would add, likely, $4,000
s. 00D to the present amount received IL
lie im ports and would in no way increase tt
ID pr'oes paid tor these articles by the col
i sumner. These articles are products
at countries collecting revenue from export
Is AMI as we are the largest consumers whe
y VT reduce duties they .proportionslly il
III cre 4se them With this addition to til
D revenue many duties now collected al
lr which give out an insignificant return f.
BY thu cost of collection might be Iemitte
10 AMI to the direct advantage of consume
re at home. | could mention those articl
20 wi Oh enter iuto manufactures OF all sort
ny Al du'y paid on such articles go direct
er to be cost Of the article when manufa
c. tusad here. and must be paid for by Co
d su,ners. The duties not only come fro
Is consumers at home, but act as pIot>
a ton to foreign manufacturers of the SAT
o. 6otshed articles In our own and dists
si- markets.
sw [ will suggest or mention another su
IN jec' bearing Oh the question OF how to e
IRE able the Secretary of the Treasury TO q
Gu nulate balance. Il is to devise sol
ng ,e ter method of verifying claims agar
'as the government than now exists thIoui
lat th" Court of Claims. and especially inc
he claims growing out OF the late war. Not
he Ing is more certain than that large pt
le- ce.iage Of amounts passed and bald Z
no part or wholly fraudulent or are far in {
c9ss Of real losses sustained. The lar
an. o1t of losses proven on good testimo
bo according to existing laws by sffidavlts
~ fcl jtiOus or unScrupulOus persons to ha