The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1865-12-09

of our currency, and not shrink from devis>
ing policy which, without being oppressive
to the people. shall Immediately begin to
effect re luction of the debt, and, If persist
ed in. discharge it fully within definitely
fixed number Of years.
1t is our first duty to prepare in earnest for
our recovery from the ever-increasing evils OF
an irredeemable Currency, without sudden
revulsou, and not without uutimely procrasti>
nation For that end, we must, each in our
respective positIo prepare the way. l
hold it the duty of the Executive to insist up>
on frug; lily IN the expenditures; and a
sparing economy is itself great nat onal
resource. OF the banks to which authority
has been given to issue notes secured by
bonds OF the United States, we may require
the greatest moderation and prudence, aud
the law must be rigidly enforced when It's
limits are exceeded. We may. each one of
us, counsel our active and enterprising coun-
trymen To be constantly on their guard, 10
hquldate debts contracted IN Il paper currtn-
cy, and, by conducting business as nearly as
possible on a system Of cash payments or
short credits, to hold themselves prepared TO
return to the standard OF gold and silver
To aid our fellow-citiZens in the prudent
IN auagement of their monetary affairs the
duty devovcs on US TO diminish by law the
amount OF paper money now IN circulation.
Five ;ears ago the bank >note circulation of
the country amounted 10 not much more than
two hundred millions; now the circulation.
bank AMI national. exceeds seveu hundred
millions. The simple statement Ot the fact
r.commenls more strongly Than any words
: of mine could do, the necessity or our re-
( s,raining this expansion The gradual re-
ductiOn of the currency i. the only measure
Il. IL.
! from disas rouS cal4mitieS; and this can be
almost imperceptibly accom- ished by graiu-
ally funding the national circulation IN Sc
curities tina, mag be made redeeIab!e at the
pleasure OF the Government.
Our debt Is doublv s-cure-hrst in the
actual wealth and still greater developed re
sources Of The country: and mex. IN the
. character of our institutions. The most IN
te.lIgent observers among political econJ>
mists have not failed II remark. that the
public debt OF a cOunIryis safe il proportion
a. It's people are free: that the debt OF re-
public is the safest OF all. Our history cons
firms and establishes the theory, and IL, /
firmly believe, destined 10 give it u still more
signal illustration. The secret of this superb
oritv springs 10; merely from the fact that in
. republic the national obligations are dis
trIbuted NOR, widely through countless NUN.
bers in a. classes of society: 1t has Ms root
in the character Of our laws. Here all men
contribute to the public welfare, aud bear
their fair share of lhe public BURDEN. Du
ring the war, under the impulses of patriot.
ism, the men Of the great body Of the people,
without regard to their OWE comparative wam'
nf wealth. th.oaged 10 our armies aud filed
our fleets OF war, and held themselves ready
to offer their lives for The Pubic good Now,
in their turn. the property and income OF the
country should bear their just proportion OF
the burdens Of taxation, while IN our impOst
sys.cm through mc.ns Of winch increased
vitality IL incidentally impaired To al! the in
dustr'ai Interests Of the uaijpE. the duties
should be 50 adjusted rs 20 70 ID most heaviiy
on articles Of lExu-r. leaving the nece,-aries
of lie free from taxation rs the absolute
wants OF the GO:ern nent, economically ad
tniuistered, will Justify. No favored elias:
sLoud demand freedom from assessment.
and The taxes shruil be 50 distributed not
to fall uuduly ou The poor. but .ther On the
accumulated wealth OF tie country ",
>hOuid look At th. national debt Just - j, /,
-unt a. n national blessing. bat as heavy
burden on the Industry Of the country. TO he
discharged Nj EOut unnecessary delay.
: Il i estimated bv the Secretary OF th'
Treasury that the expeud tures fer the tisca
year ending the -lHin pl Jui'- IH't. VIII ~
coed the receipts ; ll2.l9I.947. II i CRAFTY
ing however. to state that it l. also estimate
of June. 1861. will exceed the expenditure,
in the sum OF 81 LOSSES. TINS amount
or so ruch a. mas lie deemed sufficient 70
the purpose. may be applied to the reduction
, of the PUBLIC debt, which. on the list DIV o
, October, $50, was $2.7I0. ~J4.sjl. Ever
, reduction will diminish the total amount o
interest to be paid. ard 80 caiar-c the nnau
: of still further reductions, uul!l the who.
shall be liquidated; and this. a. i'll be >eci
. from the e.tImaies OF the Secretary of tn
Treasury, may be accomplished by ani.ua
p,ynents even within 81 period not exceeiiu:
thirty years. ] lave faith thai W. shall d
all this within a reasonable time: that a. W
have amazed the world by the suppression 0
a Grill war which was thought to be be
youd the control OF anv Government. so W
hall equally show the superiority of on
institutions by the prompt and faithful dis
charge OF our national obligations.
The Department Of Agriculture under it
present direction. is accomplishing much il
developing and utilizing the vast agriculta
raj capabilities of the country, and for IntOr
: nation respecting the details of its mama 70
ment. reference is made to the annual repor
: of the Comm .siUner.
I | have dwet thus fully Oh our d,mesti
affairs because of their trauscendeut impor
lance. UEder anv circumstances, our grea
extent of territory and varieties Of climate
u producing almost every th.ag that is uecessa
i ~ for the wants, and even the comforts c
man. make US signaliy independent Of III
varying policy of foreign Powers, and protec
US against every temptation to eHtaug lin
a alliances, while at the present moment In
= re-establishment OF harmony, aud the siren g;
e that comes from harmony, will be our be-
: security against nations who feel power am
. forget rights For myself, il has been am
e it will be my constant aim TO promote peac
e and amIty with ali foreign nations and Pow
G ers and | have every reason to believe tina
they all, without exception, are animated b
: the same disposition. Our relation with tn
: Emperor OF China, SO recent in their origin
b. are most friendly. Our commerce with hi
D duminons Is receiving new Developments
P and it is very pleasing to find that the Gov
5 ernment of that great Empire manifest
I satisfaction With our policy, and rcposes JUS
: confidence in the fairness which marks GU
: intercourse. The unbroken harmony betwee
: the United States and the Emper r of Russi
5 Is receiving new support from an enterpris
designed to carry Geographic lines across tn
(, continent OF Asia, through his doninions
and so connect us with all Europe bya chan
mel OF intercourse. Our commerce will
} South America is about 10 receive encourage
4 ment by direct line of mail steamships L
? the rising Empire of Brazil. The diStn
guished party OF men of science who hav
- recently left our county to make q sclentiii
f exploration of the natural history and river
a and mountain ranges of that region, hav
4 received from the Emperor that generous
y welcome which was to have been expected
/ from his constant friendship for the United
States. aud his well known zeal in promoting
, the advancemeu OF knowledge. 4 hope il
entertained that our commerce with the rict
and populuus countries that border the Medl