The Sun.
London, England, 1867-12-04 00:00:00

LATEST INTELL IGEN CE.

(REUTER'S TELEGRAMS.)

AME ctICA.

PRESIDENT JOHNSON'S MESSAGE TO
CONGRESS.

NEW YORK, Dec. 3.
The following is a summary of President John-
son's Message to Congress :

" The expectation of au easy restoration of the
Union has been disappointed by Congressional
legislation. No Union exists, as our fathers under-
stood it, but I still hope that all will finally concur
in a settlement consistent with the country's inte-
rest and the Constitution.'

" Mr. Johnson urges Congress to repeal the act
placing the South under military rule, a rule which,
if continued, will increase taxation, and may finally
produce national bankruptcy. A standing army
and an expenditure of over two hundred million
dollars per annum would probably be required to
maintain the supremacy of negro government.
" Referring to the extent of the Executive duty
to oppose unconstitutional legislation, Mr. Johnson
says that if Congress should pass an act, even
through all the forms of law, to abolish a co-ordi-
nate department of the Government of the country,
the President mast take the high responsibility of
his office to save the life of the nation at all hazard.

" IVith regard to the currency question, Mr.
Johnson says that a return to specie payments is the
obvious duty of the Government at the earliest
moment consistent with sound principles of politicil
economy. A reduction of the currency need not
necessarily follow. A sound currency should be
restored, . and the public faith regarding the debt
should be sacredly observed. A return to specie
payments would remove the prejudice which may
arise against paying the earnings of the masses
and the bondholders in a currency not uniform.
" Treating of the finances of the country the
Message states that last year the receipts were four
hundred and ninety million dollars, and the ex-
penses three hundred and forty-six millions.
According to the estimates, next year's receipts will
he four hundred and seventeen millions, and the
expenses three hundred and ninety-three millions.
The War Department estimate is seventy-seven
millions.

" Alluding to foreign affairs, Mr. Johnson states
that no question has seriously disturbed the coun-
try's foreign relations. The Alabama claim is still
unsettled, and Mr. Johnson says he felt it his duty
to decline arbitration in the matter, because, as
hitherto proposed, it would be accompanied by re-
servations incompatible with the rights and interests
of the country. Mr. Johnson adds----' No appre-
hension need be felt that Great Britain will persist
in refusing to satisfy th.se just and reasonable
claims, involving, as they do, the principle of non-
intervention, which henceforth is not more impor-
tant to America than to other nations.'

" The Message further announces that a treaty
has been concluded with Denmark for the cession
to the United States of the islands of St. Thomas
and St. John.

" Mr. Johnson also urges Congress to declare

that the naturalisation of a foreigner or a citizen of
the United States absolves the recipient from
alle-
giance to the sovereign of his native country."
The report of the Secretary of the Treasury, sent
to Congress, estimates the receipts for three quar-
ters, ending in June next, at $296,000,000, and the
expenses at $295,000,000. The receipts for the
year ending in June, 1869, are estimated at
$381,000,000, and the expenses at $372,000,000.
The public debt has been reduced by over
$59,000,000 since November last.
The Secretary of the Treasury strongly advocates
a contraction of the currency, the payment of the
principal of the bonds in gold, and the continuance
of the national banks. lie also recommends the
conversion of the whole of the National Debt into
Six Per Cent. Bonds, redeemable in 20 years, the
Government to retain one-sixth of the interest, with
the view of distributing it proportionately among
the different States instead of allowing the States
to tax the bonds.