The Morristown gazette. [volume] (Morristown, Tenn.) 1867-1920, 1875-12-15
SMUGGLING.

Necessary, I'll
j - SMUGGLING.
Abiding to smuggling through the
i free zone, and raids on the Rio
Grande, the President says: "An
experiment. of an armed vessel on
! Rio Grande for that purpose is on
trial, and it is hoped that if not
thwarted by the shallowness of the
river and other natural obstacles.
l it may materially contribute to the
4 protection ofherdsmen of Texas"
7 Ocean tefegraphs are discussed at
great length, but no allusion is made
to the postal telegraph.
Discussing r. g-,
SPECIE RES JTlfP1ION H.
the President says TOO much stress
cannot be laid upon this question,
and I hope Congress may be induc-
ed al the earliest day practicable to
insure the ,cousummation of the last
session, to bring abont specie re-
sumption on and after the first day
of January, 1879, at the farthest. 1t
would be great blessing if this
could be consummated even at an
earlier day. Nothing seems to me
more certain than that a full, healthy
and permanent re-action cannot take
place in favor of the Industries and
financial welfare of the country, I'M
til we return-to measure of values
recognized throughout the civilized
world. While we use q currency
not equivalent to this standard, the
world 8 recognized Standard, specie
becomes a commodity like products
of the soil, the surplus seeking
market wherever there is a demand
for it. Under our present system
we should want none nor would we
have any, were it not that customs
due are unpaid in coin and because
of pledges to pay the interest on the
public debt in coin. The yield Of
the precious metals, would flow out
for purchases of foreign productions
and leave the United States hewers
of wood and drawers of water be-
cause of wiser Legislation on the
subject Of finance by nations with
whom we have dealings. | am not
prepared to say that / can suggest
the best legislation to secure the end
most heartily recommended. 1t will
he a source of great qualification 10
me to he able to approve any meas
ure of Congress looking effectually
toward securing resumption. Un-
limited imitation would probably
bring about specie payments more
speedily than any legislation look
ing to the redemption Of legislation
in coin, but it would be at the ex-
pense of honor. The legal tenders
would have no value beyond settling
the present liabilities. or properly
speaking. repudiating them They
wOuld buy nothing after all debts
were settled. s.#.E
LEGAL TENDERS.
There arc a few measures which
see to me important in this connec-
tiOn and which | commend to your
earnest consideration. A repeal of
so much OF the legal tender act as
makes these notes receivable for
debts contracted after Il certain date,
to be fixed in the act itself, say not
later than the 1st of January, 1877.
A hearty reaction would set in at
once, and with it desire to make
the currency equal to what it pur-
ports to be.
The President elahorates the good
effects which would follow. this sug-
gestion. Second, that the Secretary
of the Treasury be authorized to re-
deem, say not to exceed two mil
lions of dollars monthly, Of legal
tender notes, by issuing in their
stead a long bond bearing three six
ty-fve hundredths per cent, of de-
nominations ranging from ifty to
one thousand dollars each. Third,
that additional power be given the
Secretary of the Treasury to ac-
cumuIate gold for final redemption,
either by increasing the revenue or
decreasing expenses, or both. 1t is
preferable to do both. sf-%
RESTORING DUTIES.
The restoration of the duty on tea
and coffee is suggested: also the re-
duction on certain articles, such as
hardly pay for the cost of collection
and such as enter into manufactures.
CLAIMS AGAINST THE GOVERN
MBNT
He suggests some better means
be found for verifying claims against
The Government than through the
Court of Claims, especially those
growing out of the late war. They
are in nearly every instance exor-
bitant.
WAR DEPARTMENT.
In discussing the report of the
Secretary of War, he invites special
attention to making three @hundred
thousand dollars Of the subsistence
appropriation available before tie
beginning of the next fiscal year:
the repeal of the law abolishing
mileage and q return to the old sys-
tenn OF appropriation for torpedo
trialsabya corps Of engineers and
permanent organization for the sig
nal corps. t.-erFrfr ria N.
IIEE.N4A W. 90
The condition of our navy at this
time, he says. is a source ofsatisfac-
tion. Reviewing the details of the
defects as compared with other ma
tions. he. says: But neither our con-
tinental situation or our foreign
policy, require we should have a
large number of these powerful
crushing iron clads, while our posi-
ton aud the nature of our ports
combined make those Of other pa
tions little dangerous to rs under
any circumstances. We have fifty
war ships, including fifteen iron clads