The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1875-12-14

ba. The exercise of this supposition
could scarce fail to lead, if not - abu
scs, certainly to collisions perilous to
the peaceful relations of the two States.
There can be little doubt to what result
such supervision would before long
draw this nation II would be unwor-
thy Of the United States to inaugurate
the possibil lies Of such revolt by meas
ures of question of sbility, right or ex
pedien"y. or by any indirection,
Apart from any question Of ,heoret-
cal right, ON satisfied that while the
accordance Of be'igerent rights to the
insurgents in Cuba might give them a
hope and inducement TO protract the
struggle, it would he but a delusive
hope, and would not remove the evils
which this government and lis people
are experiencing, but would draw the
United State. into complications which
it has waited long and already suffered
10 avoil.
MEDIATION OR INTGRv ENT1oN.
Under these circumstances the agency
of others, either by meditation or by
intervention, seems to be the only alter
native which must sooner or later be In
voked for The termination of the strife
AT the same time, while impressed, | do
not recommend the adoption of any
measure o: Intervention ! shall be
ready at ali times, and az the equsl
friend OF both parties, to respond to {
suggestion that the good offices of the
United States will be acceptable in aid
OF bringing about peace honorable to
both 1t is due to Spain, 80 far as this
Government is concerned, that the agen
cy of third power, to which | hav;
advelted, shall be adopted only as The
last expedient. Had it been the desir,
Of the United States to interfere in ths
affairs of Cuba, repeated opportunities
for 30 doing have been presented within
the last few years, hus we have remain
ed passive and have performed on
whole duty, AMI all international obi
cations TO Spain, with friendship ant
fidelity, with a spirit of patience an'
!forbearance which negatives every pos
sible sug gestion of desire to interior
or to add to the difficulties with whicl
she has been surrounded.
MEASURES OF RESUMPTION
anu not prepared to say that | car
suggest the best legislation TO secure tn
end have most heartily commended :
1t will he a source of great qualification
to me to be able to approve any meas
ure of Congress looking effectively to
ward securing resumption. Unlimited
imitation would probably bring abou
specie payment more speedily than an,
Legislation looking to the redemption o
legal tenders in coin, but it would be a
the expense of honor The legal tend
ers would have no value beyond settlin:
present liabilities or, properly speaking
repul,ating them They would bu,
nothing after debts were all settled
There are few measures which seen
to me important in this connection ant
which commend to Your earnest con
side'ation A repeal of so muca of tn
legal tender acts as make these notes re
ceivable for debt contracted after da.
to be fixed in the act itself, sav not late
than the hrst Of January, 1877. W.
should then have qIota,ions at real val
ues and not fictitious ones! Gold would
no longer be at premium, but curren
cy at a discount A healthy reaction
would set in at once, and with it a desir,
to make the currency equal to what j
purports to be, The merchants, manu-
facturers and tradesmen Of every calling
could do business on a fair margin o
profit, the money TO be received having
an unvarying value Laborers and al
classes wno work for stipulated pay oi
salary would receive more income, be
cause extra profits would no longer h,
charged by the capitalists to compensate
for the risk of downward fuctuatior
in the value of the currency.
Second, that the Secretary of tht
Treasury be authorized to redeem, ga,
not to exceed two million dollars month
ly of legal tender notes. by issuing il
their stead long bonds bearing interes
at the rate OF 3 25 100 per cent per an
nun, OF denominations ranging from
$50 to $1,000 each This would in tim,
reduce the legal tender notes to volume
that could be kept sf1,at without deman
ding redemption in large sums suddenly
Third, that additional power be giver
to the Secretary Of tue Treasury to &C
cumuIste gold for the fina. redemption
of currency, increasing the revenue, cur
failing expenses, or both. 1t is.prefera
BILE to do both, and l recommend that /,
reduction of the expenditures be made
wherever it can b. done without impair
ing Government obligations or Gripping
the due execution thereof.
Oae measure for increasing the reve
nue., and the only one think of. is th,
restoration of the duty on tea and cof
fee. These duties would add probabl,
eighteen million dollars 10 the presen
amount received for imports, and woulC
in no way increase the prices pail fo
those articles by the consumers These
articles are the products of countrie;
collecting revenue from exports, and al
we are the largest consumers as we re
duce the duties they prnporlionately in
crease them With this addition 10 tn,
revenue many duties now collected AM
which give but an insignificant return fol
the Cost of collection, might be remitted
and to the direct advantage of consu,n
ers at home. | would mention those ar
ticles which enter into manufactures o
all sorts. All duty paid upon such arti
cles 60 directly into cash or articles
when manufactured here, and must b,
paid for by consumers. The duties no
only come from consumers at home, bu
act as protection to foreign manufac
turers of the same completed article il
our own and distant markets.