Buchanan County bulletin. [volume] (Independence, Iowa) 1869-1891, 1875-12-17

complete history of the working of
the department TOR last year, and con-
tains recommendations for reforms
/ and Legislation Which I concur in,
but cannot comment on SO fully as
should like to do if space would
permit, but will contine myself to a
few suggestion which l look upon as
vital to the best interests of the
whole people, coming within the pur-
view OF the Treasury. l mean
SPECIE RESUMPTION.
Too much stress cannot be laid upon
this question, and l hope Congress
may be induced, at the earliest day
practicable, to insure the consumlna.
ton of the act of the last Congress
at its last session, to bring about
specie resumption on and after the
first OF January, 1879, at tarthest.-
Ii would be a great blessing it this
could be con, animated even at an
earlier date. 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 u measure Of values
recognized throughout the civilized
world. While we use currency not
equivalent to this standard the world
recognizes, specie becomes a COM
modify like the products of the soil,
the surplus seeking market where
ever there is a demand for it. Under
our present system we should want
none, nor would we have any, were it
not that custom dues must be paid in
coin, and because OF the pledge to
pay the interest on the public debt
in coin. The yield Of the precious
metals would flow out for the pur
chase of foreign productions and
leave the United States newer of
wood and a drawer of water, because
of the wiser Legislation on the subject
of finance by the nations with whom
we have dealings. l am not pre-
pared to say that can suggest the
best Legislation to secure the end, but
most heartily commend it.
1t will be source Of great gratiti-
cation to me to be able to approve
any measure Of Congress looking
effectively toward securing resump-
ton.
| MEANS OF RESUMPTION.
Unlimited initiation would probably
bring about specie payment more
speedily than any Legislation looking
to the redemption Of legal tenders in
common, but it would be at the ex-
pense Of honor. The legal tenders
would have no value beyond settling
present liabilities, or, properly speak.
ing, repudiating them. They would
buy nothing after the debts were all
settled. There are a few measures
which seem to me important in this
connection and which | commend to
your consideration: repeal of SO
much of the legal tender acts as
makes the notes receivable for debts
contracted after date to be fixed in
the act itself, say not later than the
first of January, 1877. We should
then have quotation of real values,
not fictitious ones. Gold would no
longer be at premium, but in de.
gree would make the currency equal
10 what it purports to be. The mer-
chants, manufacturers, and tradesmen
OF every calling could do business on
fair margin of profit, the money
received having an unvaryi' g value.
Laborers and all classes who work
for stipulated pay or salary would
receive more for their income, be-
cause extra profits would no longer
be charged by the capitalists to com
pensatc for the risk o: Il downward
tluctuation III the value OF the cur
rency; second, that the Secretary of
the Treasury he authorized to redeem,
say not to exceed $25, 100000 month
ly of legal tender notes, by issuing in
their stead a long bond, bearing in
terest at the rate of 1925 per cent per
annum, of denominations ranging
from $500 to $1,000 each. This
would, in time, reduce the legal ten
der notes to volume that could be
kept atioat without demanding re-
demption in large sums suddenly;
third, that additional power be gwen
to the Secretary of the Treasury to
accumulate gold for the final redemp-
ton of the currency; increasing the
revenue
CURTAILING EXPENSES,
or both-it is preferable to do both,
and l recommend that a reduction OF
expenditures be made whenever it
can be done without impairing gov
eminent obligations or cripple the
due execution of the duties thereof.
One measure for increasing the reve-
nue., and the only one, I think, is the
restoration of the duty on tea and
coffee. These duties would add
probably SIS, 100000 to the amount
received for imports, and would in
no way increase the prices paid for
those articles by the ,nsumers.-
These articles are the products Of
countries collecting revenue from ex-
ports, and as we, the largest consum-
ers, reduce the duties, they proper
tionally increase them. With this
addition to the revenue, many duties
now collected, and which give but an
insignificant return for the cost of
collecting, might be RENTED to the
direct advantage of the consumers
alone. would mention those arti-
cles which enter into manufactures of
all sorts. All duties paid upon such
articles go directly to the cost of the
article when manufactured here. and
must be paid for by consumers. The
duties not only come from the CON
sumers alone, but act as protection
to foreign manufacturers of the same
completed article in our own and
distant markets.
THE CENTENNIAL.
The board heretofore appointed to
take charge Of the articles and ma
terials pertaining to the War, the
Navy, the Treasury, the Interior, and
the Post-ofiice Departments, and the
Z Al Al