Year: 1868

ne has fallen of twenty-five to thirty


per cent. To this statement, there are


two exceptions-f che stocks OF Massa.


chussetts and Calis0ff1fA which have


maintained their former price In gold,


because the interest has always beoe.


paid in gold, and few. if any Of them


are on the market. Railroad bonds.


which, as general thing, are worth


more now than before the war, be-.


cause the floating debt of the companies


have been paid Off and their business


generally improved--that were about


par in gold before the war, now COM


mand about the same price in green.


backs, showing that their gold value has


been reduced from twenty i've to thirty


per cent. OF course the relative prices


of bonds are not entirely uniform, be-


cause various circum stances enter into


them: but it will be found on examina-


tion that they bear about the same gem


eral price m greenbacks that they did


in gold before the war Another OBJ


stacle to the adoption Of any plan for


returning to specie payments, is the cry


that the right way to resume is to re-
sumo at once. ~ fser ssetsff ffaaf SIS


!. I have labored to find that this means


nything but the indefinate postpone


ment of resumption. Every one must


comprehend that the Government cam
not redeem the Qreenback currency


without first collct ting the gold to do
it with; that it cannot return to specie


payment BY contraction without taking
time to contract, with .all its attending
calamities; that in short, there is no
process by which it can be done. how
ever runious, that does not involve
time Ifthe Government should pay out
the seventy millions surplus gold now
in the Treasury, in the redemption of an
annual amount of grcenbacks. the whole
country would know that it was not pre-
pared to redeem any more. The gold
paid out would not pass into circulation,
but sink back into an article of mer
chandise, the balance of the green back
currency be but little improved, and the
net result Of the operation would simply
be the contraction of the currency to the
extent of seventy millions, and the inde-
finite postponement o. the redemption
of the balance.


Fut the great obstacle to the return
to specie payment, and the one which
we shall have the greatest difficulty in
overcoming, is the interest against it
The premium upon gold, and the advan-
tages it gives to certaia classes over
others was unavoidable in the begin
ing, but should not be allowed to con
tinue single day longer than is neces
sary. The present condition Of things
produces great inequalities aEnong the
people, which if longer continued, will
give rise to heart burnings, and tend to
the public sentiment in re-
Iation to our national obligations.


To illustrate, l will suppose that
has an income of $4,000 in gold, de-
rived fiom interest on United State
stocks. Upon this he would pay an
income tax in currency, but no tax on
,he stock from which it is derived When
his income is converted into currency
t will net him about 81, 1000 in currency,
derived from agriculture, merchandise
'r manufactures, and pay a tax of at
east two per cent. on the appraised val
lie of the differd kinds of property from
which this income is derived This
will reduce his income probably to SO,
90, upon which he pays an income tax,
eaving balance in favor Of A as be. |
ween them of So 500. /


To illustrate again: A is the owner of |
'lO, 900 five twenty bonds, from which |
e derives an income of 5000 in gold. |
his gold, when converted, will realize


800 in currency. and upon his bonds
e pays no tax whatever. Bis the own
+ OF $4,000 In SIN per cent. railroad
onds. from which, he derives an income
t S6O0 in currency, and upon these
onds he pays at least two per cent for
tate anil county purposes, which will
educe his iccome to 4o0-just one half
le amount of AS. b may, perhaps.
OF feel very comfortable ever this state
f things. and will be led to inquire in
, this great inequality. He will be told
lat so far as it arises from taxation it


unavoidable. as the States can not tax
government securities; but SO far as it
rises from the condition of the curren
y, speedy relief may be afforded by the


government if it will. Equal rights are
lie gift of God to all men, and equal
onditions in society, equal facilities for
cquiring wealth, equal rewards for la.
or, and the equal support of public bur-
ems should be given by every Govern
ent to its people SO far as it may be
ossib!e To the man who lent his mon
to the Government to carry on the
ar for the suppression Of the rebellion
e are grateful Whatever NAV have
cen his motives, he was public bene-
ctor, and entitled to the thanks of the
alton. To him the Government must
sep faith, whatever that faith may be:
II good faith covers nation like a I
ear and refreshing atmosphere, which .
lparts health and vigor to men, and
rough which all nature seems beautiful
I'd bright. But when faith is broken it


as if the air were filed with noxious
'pors which obscure the sight, impair I
e health, and end in darkness, disease +,
Id death. But while our creditors


ould receive all they are entitled to in
W and equity, it is not bad faith to i'm
owe the condition of the bal &
ice of the people. and bring !.
EN- up as nearly as possible to the ,
me prosperous level. The exemption