Year: 1869

bellion and not yet referred to is that of our
irredeemable currency. 1t is an evil which
L hope will receive your most earnest atten-
tion. 1t is duty, and one of the highest
duties of the Government, to secure to the
citizens medium Of exchange and of fixed
unvarying value. This implies its return
to specie basis, and no substitute for it
can be devised. 1t should be commenced
now, and reached at the earliest practicable
moment, consistent with fair regard to
the interest of the debtor class. Immedi-
ate resumption, if practicable. would not
be desirable; it would compel the debtor
class to pay beyond their contracts, the
premium on gold, at the date of their pur-
chase, and would bring bankruptcy ard ru-
in to thousands. Fluctuations, however, in


,e paper value of the measure of all val
ues, gold, is detrimental to the interests of
trade. 1t makes the man of business an
involuntary gambler for in all sales when
future payment is TO be made, both parties
speculate as to what will be the value of the
currency 10 be paid and received. / earn
estly recommend then such legislation as
will insure gradual return 10 specie pow
ments and put an immediate stop to fuctu-
alton in the value of currency. The meth
DDS to secure these results are as numerous
as are the Spectators on political economy.
To secure the latter, see but one way,
and that is to authorize the Treasury to re-
deem its own paper at fixed price, when
ever presented, and to withhold from circu-
lation all such currency redeemed until sold
again for gold.


THE RrSnUpcEs nr MIR r.r1nr ,rn MIR.


NATIONS CREDIT.


The vast resources of the Nation, both
developed and undeveloped, ought to make
our credit the best on earth. With less
burden of taxation than the citizen has en-
dured for s'y years past, the entire public
debt could be ped in ten years, but it il
not desirable that the people should be
taxed to pay it in that time. Year by year
the ability to pay increases in rapid ratia
but the burden of interest ought 10 be re-
daced as rapidly as can be done without
violation Of contract.


THE GOVERNMENT BONDS.


The public debt is represented in a great
part by bonds having from five TO twenty
and from ten to forty years to run, bearing
interest at the rate Of per cent, and 5
per cent. respectively. 1t is optional with
the Government to pay their bonds at any
period after the expiration of the last time
mentioned upon their face. The time has
already expired when great portion of
them may be taken up. The time is rapid
ly approaching when all may be.


BONDS BEARING LOWER INTEREST.


1t is believed that all which are now due
may be replaced by bonds bearing rate Of
interest not exceeding AZ per cent, and as
rapidly as the remainder becomes due, that
thev may be repacedin in the same way. TO
accomplish this, it may be necessary to au-
thorize the interest 10 be raid at either of
the three or four Of the money centres of
Europe, or by any assistant treasurer of the
United States, at the option of the holder
of the bond. ] suggest this subject for the
consideration of Congress. Also simulta.
neous'y with this the propriety Of redeem.
ing our currency as before suggested, at its
market value at the time the law goes into
effect, and the increasing rate at which the
currency will be bought and sold from day
to dav Or week to week at the same rate oil
interest as the Government pays upon its
bends.


TAGIFRAND TAXATION.


The subject of the tariff and interna'
taxation will necessarily receive your atten
! ton. The revenues of the country Ere
greater than the requirements, and may
with safety, be reduced, but as the funding
Of the debt in 4 or A.! per cent. loan
would reduce the annual current expenses
largely, thus alter funding, justiiy:ng a
greater reduction of taxation than wlult
now be expedient. suggest the postpone
ment of this question un;il the next meet
ing of Congress. 1t may be advisable te
modify taxation and tariff in instances
where unjust or burdensome discrim ma
tions are made by the present laws, but a
general revision of the laws regulating ihit
subject l recommend the postponement o.
for the present.


l also suggest the renewal Of the tax on


incomes, but at reduced rate, say 3 pei
cent, and this tax is to expire in three
years with tie funding of the Nationa
debt as here suggested. feel safe in say
ing the taxes and revenue from imports
NAV be reduced safely from sixty TO eighty
millions per annnm at once, and still fur
| ther reduced from year to year as the re
sources of the country are developed.
The report Of the Secretary Of the Treas
urg shows the receipts of the Government
for the fiscal year ending June 30th, 1869,
% be $37O.943,747, and the expenditures,
iacludirg interest, &C., to be 1921 400 ,597
The estimates for the ensuing year arc
more favorable to the Government, and will
| no doubt, show large decrease Of public
debt. The receipts IN the Treasury beyond
expenditures have exceeded the amount in
the Treasury to place to the credit Of the
sinking fund as provided by, law TO lock W
the surplus in the Treasury would leave
such contraction of currency as to cripple
trade and seriously affect the prosperity o.
the country. Under these circumstances
the Secretary of the Treasury and myscl
heartily concurred in the propriety Of using
all surplus currency in the Treasury for the
purchase of Government Bonds, thus reduc
ing the interest bearing debt of the country
and of submitting to Congress the question
of the disposition to be made of the bonds
SO purchased. The bonds now held by the
Treasury amount to about 100000, in
cluding those belonging to the Sinking
Fund, ] recommend that the whole be
rIaced to the credit of the Sinking Fund.
REcoMM ENDATIoNs OF TIE sEcRETARy OF
THE TREASURY.


You attention is respectfully invited te
the recommendations Of the Secretary Of
the Treasury, for the creation Of the officer
of missioner of custom revenues, and
for the increase Of salary to a certain class
of officials, and the substitution Of increas
ed national bond circulation, to replace the
outstanding four per cent. certificates; and
most especially 10 his recommendation fol
the repeal of laws allowing shares of fines,
penalties, forieitu"es, ETC., TO officers Of the
Government or 10 iniormers.


COMMISSIONER OF INTERNAL REVENUE.
The Office of Commissioner Of Internal
Revenue is one of the most arduous and re-
sponsible under the Government. 1t falls
l;ttle, if any, short Of Cabinet position, in
Importance aud responsibilities. l would
ask for it, thereto e. such legislation as in
7our Judgment will place the office on a
footing of dignity commensurate with its
imnor;ance. and with the character and
qualifications OF the class OF men required
to fill it properly.


cUpA-wE SHOULD DO AS WE WOULD BE
DONE BY.


AS the United States is the freest of all
na,ious, so its people sympathize with all
STRUGGLING for liberty and self government,
bu, so sympathizing, it is due TO our honor