This
would in time reduce the legal-tender notes to a volume that could be
kept afloat without demanding redemption in large sums suddenly.
Third. That additional power be given to the Secretary of the Treasury
to accumulate gold for final redemption, either by increasing revenue,
curtailing expenses, or both (it is preferable to do both); and I
recommend that reduction of expenditures be made wherever it can be done
without impairing Government obligations or crippling the due execution
thereof. One measure for increasing the revenue--and the only one I
think of--is the restoration of the duty on tea and coffee. These duties
would add probably $18,000,000 to the present amount received from
imports, and would in no way increase the prices paid for those articles
by the consumers.
These articles are the products of countries collecting revenue from
exports, and as we, the largest consumers, reduce the duties they
proportionately increase them. With this addition to the revenue, many
duties now collected, and which give but an insignificant return for the
cost of collection, might be remitted, and to the direct advantage of
consumers at home.
I would mention those articles which enter into manufactures of all
sorts.
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