The western Democrat. [volume] (Charlotte, N.C.) 1852-1870, 1865-12-12
WESTERN DEMOCRACY CHARLOTTE, N. @.

ouate for peace establishment The measures O
retrenchrnent in each Bureau and branch of the
service exhibit diligent economy worthy of com
mendation Reference is also made in the repor
to the necessity of providing for uniform mitis
sy.te4 and to the propriey of making suitable pro-
vision for wounded and disabled officers and soldiers
The revenue system Of the country is subject
of vital interest its honor and prosperity, and
should command the earnest consderationSof Con
gress The Secretary of the Treasury Will hay be-
fore you full and detailed report of the receipts
and disbursements of the last fiscal year. OF the mrs
quarter of the present fiscal year, of the probable
receipts and expenditures for the other three quar-
ters and the estimates for the year following the
3Oth of June, 1866. / might content myself with a
reference to that report, in which you will find all
the information required for your deliberations and
decision. But the paramount importance Of the
subject presses itself on my mind, that cannot
but lay before you my views of the measures which
required for the good character; and, might
almost say, for the existence of this people. The
life of republic lies certainly in the energy virtue
and intelligence of its citizens; but it is equally true
thai good revenue system is the life of an organ
lied government 1 meet you at time when the
nation has voluntarily burdened itself with debt
unprecedented in our annals. Vastas i its amount,
it fades away into nothing when compared with the
countless blessings that will be conferred upon our
country and upon man by the preservation of the
nations life Now on the first occasion of the meet
ing of Congress since the return of peace it is o. the
utmost importance 70 inaagurate just policy, which
shall at once be put in notion and which shall
commend itself to those who come after for its
continuance. We must aim at nothing less than the
complete efacement OF the financial evils that neces-
sarily followed state of civil war. We must en-
deavor to apply the earliest remedy to the deranged
state of the currency and not shrink from devising
a policy which, without being oppressive to the
people, shall immediately begin 20 effect reduction
of the debt and if persisted in, discharge it fully
within definitely fixed number of years
1t is our duty to prepare in earnest for recov
cry from the ever-increasng evils of irredeemable
without q sudden reVQlSlOn, and vet with
out untmely procrastinaf1on. For that end we
must, each in our respective position, prepare the
way. l hold tthe duty of the Executive to insist
upon frugality in the expenditures; and spariug
economy is itself great national resource Of the
banks to which authority has been given to issue
secured by bonds of the United States, may
require the greatest moderation and prudence, and
the laws must be rigidy enforced when its limits
exceeded. We may, each ore of us, counsel our
active and enterprsing countrymen to be constantly
on their guard, to ligudate debts contracted in
paper currency, and, by conducting business as
nearly as possible on system of cash payments or
short credits to hold themselves prepared 10 return
to the standard Of gold and silver. To aid our fell
low citizens in the prudent management of their
monetary affairs the duty devolves US to dimin
ish BY law tbs amount of paper money now in cir
culation. Five years ago the bank note circulation
of the country amounted to not much more than two
hundred millions; the circulation, bank and
national, exceeds seven hundred millions. The
simple statement of the fact recommends more
cessity of our restraining this expansion. The
gradual reduction of the currency is the only meas
ure that save the business of the country from
disastrous eaamities; and this can be almost i'm
perceptibly accomplished by gradually funding the
national circulation in securities that may be made
redeemable at the pleasure of the Government.
Our debt is doubly secure-hrst in the actual
wealth and still greater undeveloped resources OF
the country; and next in the character of our inst
tutions. The most intelligent observers among
political economists have not failed TO remark that
the public debt Of country is safe in proportion as
its people free; that the debt of republic is the
safest ofall. Our history confirms and establishes
the theory, and is, firmly believe, destined to give
it still signal illustration. The secret of this
superiority springs merely from the fact that in
a republic the national obligations distributed
more widely through countless numbers in all
classes of society; has its root in the character of
our laws. Here all men contribute to the public
welfare, and bear their fair share of the public bur
dens. During the war, under the impulses of patri
otism the men Of the great body of the people, wth
out regarc TO their own comparative want OF wealth,
-thronged 10 our armies and filed our fleets of war,
and held themselves ready to offer their lives for
the public good. Now, in their turn, the property
and income of the country should bear their just
proportion of the burden of taxation, while in our
impost system, through means of which increased
vitality is incidentally impaired all the industrial
interests of the nation the duties shoulc be adj
jnsed as to fall most heavily articles of luxury,
leaving the neceSSares of life as free from taxation
as the absolute wants of the Government. economi-
crlly administered, will Justify. No favored class
should demand freedom from assessment, and the
taxes should be distributed not to fall unduly
on the poor, but rather on the accumulated wealth
of the country. We should look At the national
debt just as it is-not national blessing but
heavy burden on the industry Of the country, to
be discharged without unnecessary delay.
1t is estimated by the Secretary of the Treasury
that the expenditure for the fiscal year ending the
30th of June, 1866, will exceed the receipts $ll2,
l94,947. tits gratifying however, to state that it
is also estimated that the for the year end
ing the 30th of June 1867 will exceed the expendi-
lures in the sum of 81 ,682,sl8. This amount,
much may be deemed sufficient for the purpose,
may be applied to the reduction of the public debt,
which, the st day of October, 1865, was $2,740-
854:f5 Every reduction will diminish the total
amount of interest to be paid, and enlarge the
means of still further reductions until the whole
shall be liqudated; and this az will be from
the estimates of the Secretary of the Treasury, may
be accomplished by annual payments even within
period not exceeding thirty years. have faith tina,
shall do all this within a reasonable time; that,
as we have amazed the world by the suppression of
a civil war which was thought to be beyond the
control of any Government, so we shall equally show
the superiority of institutions by the prompt and
faithful discharge of our national obligations
The Department of Agriculture, under its present
direction, is accomplishing much in developing and
utilizing the vast agricultural capabilities Of the
country, and for information respecting the "details
of its management reference is made to the annual
report of the Commissioner.
lave dwelt thus fully our domestic affairs
because of their transcendant importance. Under
any circumstances, great extent of TERRITORY and
variety of climate producing almost everything that
is necessary for the wants. and the comforts of
man. make MS singularly Independent of the varying
polcy OF foreign Powers, and protect against
every temptation to 'enangling alliances" while at
the present moment the re-establishment of har-
mony, and the strength that comes from harmony
VIII De our best security against "nations who feel
power and foreign light" For myself it has been
hp NV -,