The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1875-12-11
the 30th Of June, 1875 w,rc $40, .493 SO,
AN increase of 1851, 7O3 g.
sPECIE RESUMPTION

AN increase Of $7,597,70SGS
sPECIE RESUMPTION.
The report also shows a complete history
Of the working of the department for the last
year. aud contains recommendations Tor re
forms and for legislation, which l concur u
but cannot comment on so fully us l sho"o
like to do if space would permit, but WI
confine myself to few suggestions wElcn
look upon AS vital to the best interests OF tht
whole people, coming within the purVieW "'
the treasury. | mean specie Resumption
Too much stress cannot ba laiu upon 'hls
question, ana hope congress may be induced
at the earliest day practicable TO insure the
contamination OF the act of the last congress
at its last session, to bring about specie re-
snmntion on and after the 1st day of Janu
orv 1879. at the farlhest. 1t would be great
hlessinp If this could be cOnSummaed even
al an earlier day. Nothing seems to be more
certain than that a full, healthy, and perma-
nent reaction cannot take place in favor of
the industries and financial welfare of the
country, until we return to the measure OF
values recognized throughout the civilized
world. While we use currency not equiva-
lent to this standard, the worlds recognized
standard, specie becomes commodity like
the products of the soil, the surplus seeking
market wherever there is demand for 1t.
uuCl Oul DltScht S(SItul We SllDulu W dfl
none, nor would we have any were it not that
customs dues must be paid in com and be-
cause of the pledge to pay the interest 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 the hcwcrs of wood and the drawers
of water, because Of dc wiser legislation on
the subject of finance By the nations with
whom we have dealings. am not prepared
to say that can suggest the best legislation
to secure the end SO heart ly to be commend'
ed 1t will be a source of great qualification
to me to be able to approve any measure oil
congress looking effectively toward securing
resumption. Unlimited Initiation would pro-
badly bring about specie payments more
speedily than any legislation looking 70 the
redemption of lega.tcnders in coin, bat 1t
woud be at the expense OF honor. The legal
tenders would have no value beyond settling
present liabilities, or, properly speaking, re-
pudiatng them. They would buy nothing
afterthe debts were all settled
AN INCREASED REVENUE.
There are a few measures which seem to
me important in this connection and which
commend to your earnest consideration;
/. The repeal of 80 much Of the legal-tend
or acts as makes these notes receivable for
debts contracted after date to be fixed in the
act itself-say not later than the first of Jan
uary, 1877. We should then have quotation
OF zeal values, not fictitious ones. Gold
would no longer be at premium, but cur
rencv at a discount 4 healthy reaction
would set in at once, ard with 1t a desire to
make the currency equal to what it purports
to be- The mechanics manufacturers, and
tradesmen, and every calling, could do bust
ness on fair margin Of profit. The money
to be received having an unvarying value
laborers and all classes who work for stipu
lated pay or salery would receive more tor
their income, because extra profits would no
longer be charged by the capitalist to com
pensate for the risk Of a downward Huclua'
ton in value of the currency.
2. That the secretary of the treasury be
authorized to redeem, say not to exceed 81
100000 monthly, of legal-tender notes, by is
suing, IN their stead, long bond bearing in
terest at the rate of 65.100 per cent. per an.
mum, of denomination ranging from $50 to
$1,000 each This would, in tlme reduce
the legal-tender notes 10 volume that could
be kept aaoat without demanding redemp.
ton in largessums suddenly.
8. That additional power be given to the
secretary of the treasury to accumulate gold
for final redemption, either by increasing the
revenue, curtailing expenses, or both. 1t is
preferable to do both, and recommend that
a reduction of expenditures be made where
ever it can be done without lmparing gov
ernment obligations or Gripping the due ex
ecution thereof One measure for increasing
the revenue, and the only one | think OF, is
the restoration Of the duty on tea and coffee
These duties would add probably $1s,00o,0fU
to the present amount received for imports
and would in no way increase the prices paid
for those antilles by the consumers. These
articles are the products Of countries collect
ing revenue from exports, and as we, the
largest consumers, reduce the duties, they
prOportlonately increase them. With this
addition to the revenue, many duties now
collected, and which give but an insignificant
return tor the cost of collection, might be re
mitted and the direct advantages of the con
sumers at home. would mention those ar
tIcles when enter into the manufacturers OF
all sorts. All lntes paid upon such articles
20 directly to 'tr cost of the articles when
manufactured here, and must he paid for by
the consumers The duties not only come
from the cons ners at home, but act as a
protection t. reign manufacturers OF the
same articles +, our own and distant markets
MOTHER SCHEME.
will sugGr-t or mention another subject
bearing upon ,hc problem of how to enable
the secretary e me treasury To accumulate
balances. 1t j. - devise some better method
of verifying CLAIMS against the government
than al present exists, through the court OF
claims, especially those claims growing out
Of the late war. Nothing is more certain
than that large percentage of the amounts
passed and paid are in part, or wholly, frau
dulent or are far in excess of the real losses
sustained. The large amount of losses, prov
en- on good testimony, according to the exist
ing laws, by the afidavIt5 of fictitious or un-
scrupulous persons to have been sustained
on small farms and plantations, are not only
far beyond the possible yield of those places
for any one year, but, as every one knows
who has experience in tilling the soil, and
who has visited the scenes of these spoliations
are in many instances more than the lndivid
ual claimants were ever worth, including
their personal and real estate. The report OF
the attorney general, which Will be submit
ted to congress at an early day, will contain
a detailed history of the awards made and OF
the claims pending Of the class here referred
to.