The Wichita city eagle. [volume] (Wichita, Kan.) 1872-1883, 1877-11-15

'tauncncu Df the most prompt anu
wise legislation given to our rulers.
As no theory can be worse for the (
credit than the present con-
fusion in the public finances, nor com
plete without a comprehension 10 its
end, submit for the reflection Of
your readers what appears, TO me. a
practical theory of its finale
To this end, | propose 10 make q
few suggestions:
LIST. That Congress shall make an
unalterable constitutional obligation,
of the national debt.
2nd. BY the same means and au
thority debar, forever. the payment
of any rebel debt, created bys or
through the agencies of the rebellion,
or for slaves, aud Ihus the govern
nient and the world know just what
we have to pay.
3rd. Retrenchment is indispensable.
Subsist the army and frecdmau's bu-
reau. Oh the population whose insu-
bordinstion renders their existence
necessary, hold them in subsection,
aud adopt the territorial plan OF recon-
struction.
Discharge all supernumerary Off
cials, reduce salaries of those remain
ing to fair equitable compensation
Tor services rendered, collect the rev
enue closely and economically, and
have il honestly returned.
Restrict the sessions of Congress 10
ninety days.
lie revenue will then pay the cur
rent expenses, aud have a surplus 20
prudently apply to the liquidation OF
the national debt.
The national Debt is now all due, or
maturing in very short time, at the
option of the government.
The bonds are liable TO taxation,
both by the general and state govern
ments through legislation.
propose 10 reduce the interest to
four per cent, and as an equivalent
for this reduction, exempt them, until
paid. from, taxation in any form. This
viii maintain The faith of the govern
| ment, and render them desirable ia
yesiments to all classes of people.
Call in the entire debt for equitable
revision, which arrange in a well de-
sisod series OF easy annual payments,
all at maturity payable IN coin and
| bearing sem-annual coin interest
| This, as think will appear, saves the
| government the annual pay ment IN
roin OF SI4 AL ,474 0S, As follows:
| Feb. /. notwithstanding
debt ........ -, sI,9l2, Se3,c4l 81
| Feb. /, currency interest
bealing debt. .......... SOS, 7o5'63o.Ou
Total interesting bearing
debt ................. S2,2al, 07l, 6.l st
| The annual average coin in
terest upon which now
| ls.......-......... sloo,-OI,"VV 0e
BY non-taxable bonds. 4442I,474 o,
| Leaving the annual coin In
| tettst. Sco.o4-,o-o'-
| The gold revenue from IN
| ports i estimated at 90. Slu0,u0O,OUO.ut
Which viii pay The interest
and leave in the treasury
| IN gold Observation-Disclosures. SiIi los, it'.''
| OF which / would pay on the
public dcbt annual. Sl0,000,e0O o.
| And have a balance in the
treasury oi.-........... Sl.l1o. -. 81
| to sell upon the market as the only use lof
which gold is now required
BY the revolving process OF the SEMI
annual payment OF the interest Si4,-
| 42l .4S4 O3, or the absolute use Of the
same gold finding It's way back TO the
treasury in pay ment of imports, pays
again the maturing interest al the
close of the next approaching halt
year. to perform again and again the
same functions, and not requiring the
government TO hold at any time from
the market, but one-h half of the annual
payment.
BY This process is thrown constant
IL on the market one hundred mil
lions of gold from the treasury, TWEEN
ty millions of maturing bonds, equiya-
lent TO coin in their operations on the
market, and thirty-fiye millions OF an
nual coinage, an aggregate Of one
hundred aud fifty-five millions aunu-
allv in circulation, and the govern
ment is made a seller instead OF the
buver of coin in the market, over
which the bulls aud bears of Wall
street have DO control-the result be-
ing produced by The Institution OF
four per cent. tax paying bonds
for six per cent. non-taX paying bonds,
and embracing this most important
feature, that the whole interest OF The
debt is, and the whole principal Will
eventually be paid by revenue col
lected chiefly from the aflluent and
rich as The principal consumers OF
those luXuries from which the revenue
is mainly derived, and releases the
poorer classes from the oppression OF
It's burden.
The pernicious effects of locking up
in the treasury one hundred million
dollars of the peoples gold al CON
sequent loss annually OF six million
dollars interest is too manifest to
every thinking mind for comment.
And this brings us to the coniem-
plaiion of the currency internal reye-
uue.
The whole revenue being es-
tmated at .............. 1881, uUO,OUD. %
From which deduct the coin
revenue. .......... ...... lOu,tUO,UCU,Uu
Aad allow the exemption we
have asked on the bonds
for n0n-taXation. 1900
000.03, and we have. ..... IA eco COO 90
Leaving ali unexrenGed bal
ance OF. ......... 225,CC0, 00O 90
BY bill OF relrenchment now
before Congress il l. pro-
posed {, reduce ali eN-
penses Of the government
except interest on bonds
TO. l91,O'u,UHV.o1
Leaving al uncApended bu-
lion in the treasury Of. loIO00,OOG.00
At disposal OF Congress, or
as an Offset 10 the circula-
ting currency debt, which
Feb. Isl WIS.,. 80. S4lS,u2f,oS0'1I
And which. in four years, by
this process, ii funded,
would all be locked up in
the treasury.
But it's better use is, and viii be, 2
reduction of taxation.
Thus far all is well.
But. as this large gold revenue is
derived from imports, they must be
heavy. and if larger than our imports |
the balance must annually be paid in |
tho only medium recognized by inter
national laws-geld or sitreF.
That balance in 1868 was one hun
bred and twenty millions of dollars:
Of which the Secretary of the Treas
lry saws: "The only means to pay
hat balance has been, and is, the sale
IF our securities abroad at a discount
IF 40 per cent?" thus enhancing in its
oayment of our debt the aggregate
principle and premium paid tor coin,
every dollar of which must finally be
,aid, with interest, in coin.
In this problem lays, to great ex-
ent, The depreciation of our currency.
rs only remedy--a properly adjusted
arifr, a stimulated, productive indus
49, Nth on innraoce1 Iayalopmppf IF |