, 1865-12-06

Is the only measure that can save the business
cf the country from disastrous ealamities ::
md this can be almost impcrcepubly accom-.
pllshed by gradually funding the national
dc mable at the pleasure Of the Government.
Our debt is d0ub1y sccure-hrst in The ac-
tual wealth and sill greater undeyeIoped re-.
sources Of the country aud next In TIC char
actcr Of our Institutions. The most intejll-
gent Observers among political economists
have not failed TO remark that the public debt
ot country Is safe in proportion a. its people
are free thAt the debt, Of a republic il he
latest Of all. Our history confirms and cstab-
l!sbrs The theory, and is, l firmly believe,
destined to give It still stronger illustration.
The secret OF this superiority SPRINGS not
merely from tho fact that in republic tie
national obligations are distributed more
widely through countless numters In ali
classes Of society; it has lis roots in the char
to the general welfare, and bear thcir fair
share Of the public burdens. During the war
under the Impulse Of patriotism, the men
Of the great body Of the people. with
out regard to their own comparative want of
wealth, thronged to our armies and dllcd our
fleets Of war, and held themselves ready to Of:
fer their lives Tor the public good. Now, in
country should bear their just proportion oi
the burden Of taxation, while Ia our fmuost
system, through means of which increased VI
tnElty Is incidentally impaired to all the In.
dustrial interests or the nation, the duties
should be so adjusted as 10 fall most heavily
on ar.lclcs Of luxury, leaving the necessaries
OF liic as Tree from taxation as the absolute
wants Of the Government, economically ad.
minislered, will justify. No favored class
should demand freedom from assessment, and
the taxes should he 70 distributed as not 10
tall uuduly on the poor, but rather on tile &C.
cumulated wcalth Of the country. We should
look at The national debt just as 1t is-not as
Q national blessing, but as a heavy burden on
tie industry Of the country, to be discharged
1t Is estimated by the Secretary of the
Treasury that the expenditures for the fiscal
gear ending the Soth Of June, 1856, will cx-
ceed the receipts SIZE, ,104,ON. Its graft.
flying, however, 10 state that 1t Is also esti-
mated that the revenue for the year ending
the :Dth OF June, 1867, will excefd the ex.
pt nditures in the sum Of Sill, ,Gse, sis. This
clcnt for the purpose, may te applied to the
reduction Of the public debt, which, on the
S1st dly of October, 1886, was s., ,740, ,S54, 1iO.
Every reduction will diminish the total
amount of Interest to be paid, and so enlarge
the whole shall be lIquIdaied; and this, rs
Will bc seen from the estimates Of the Score
taIy OF the Treasury, may be accomplished
by annual payments even within period not
exceeding thirty years. I have filth that we
shall do MI this within u reasonable time !;
That, Us we hare amazed the world by tho
to be beyond the control Of any government,
80 VIC shall equally show the superiority Of
onr 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 informa-
tion respecting the details its management
reference Is made to the annual report OF the
Commissioner.
have dwelt thus fully on our domestic at.
fniIs because Of their trnnscendent mpor-
lance. Under any circumstances our great
extent Of territory and variety Of climate,
producing almost every thing that Is uecessa-
r. for the vents, and even the comforts of
varying policy Of foreign Powers, and protect
us nsafnst every temptation to "cntansltug
aliRuccs,H while at the present moment the
re-establfshment Of harmony, and the
strength that comes from harmony, will be
our best security against ,tsnations who feel
been and it will be my conetant aim to pro-
mote peace and amity with all foreign na-
tions and powers and have every reason to
believe that they all, without exception, are an
mated by the same disposition. Our relations
with the Emperor Of China, so recent In their
origin, are most friendly. Our commerce
opmcnts; and II Is very pleasing to
find that the Government of tlat
ereat Empire manifests satisfaction with
our policy, md reposes jQst confidence In
the fairness which murks our intercourse.
The unbrokcn harmony between the United
otates ana the Emperor OF RUSSIA Is RECEIVING
new snppol1 ,soan nm so.erplase acsiEnea 70
eaily tS4G1apuic untss aeIoss the Sont1ntnt ot
Asla' through nly oominons, ana 50 10 eon.
neet US Win NJ Europe Oy q new channel o.
intercourse. Our commesce with south
Amef1ea IS aoout 10 receive eneoalaeement
~ a dllect uhc OF maia steamships 70 the n,
sing EMPIRE o. 6razN. Inc olstlnstnsneo
party ol men OF science VINO naSe recently ielt
our country 20 maze q seeming exploration
o. the natural history and rivers and noun
IAN ranges OF tnat region, bave received from
tho Emperor that generous welcome which
was to have oeen expected from his constant
friendship for the United States, and his we'll
known zeal In promoting the advancement Of
kno~ledgc. A hope Is entertained that our
commerce With the rich aud populous couu-
X latgcsy Increased. Nothing WILL be want
ipe, On the part Of this Government, TO eS-
1cna me protection o. our nag over ne enter
PRISE OF our urtclow-fit11cns. we receive from
tne to"efs N thot region assurances Of sood
VIII apd II worthy OF note tnat special
envoy LAS brought US measagcs Of conaolence
on nc denia o. our iate Cmef Magistrate from
1,mr domcStic cnnfest no1f hannSiifvF tSAan G9hsn
TO-. Ia,S snrnn I'm cc. In n1r Tc,,finns ytth nns
-, 1ae't Tt6a ,1reat Ino,i,ins PoWera Tbe
t@,,,,o1 occnr,ia1re ~ i,ei;rereri r3uH,s IN ILe
tu.r-.snt S'atas yos nnnrSce,Ienfca and hos
-,.t ~, ;.sttti,u1 IN, 1hc jssue Rnt In The
rhith rncde 4i,at c.ncess,nn iherr ros a
r,art -, iifgS,rr ~ i'm matcrr;,ia ~ war cor
thr jnsn1Ncnt States wrT, fnrnjshc,l. in n rrrnt
,neosnrc fTom tLe ,yort shnns nf 1;Tcat hrit-
nin and Britisi shfrs, n,annefa hy British sub
;rctsu and nrrnorrd fnr rcceiyine british nr1nn-
ments. .nlIicd non, The pnrts oF Great Britain
"a ,',,te War ~ a1nar,fsn on-nnnrcc ,,n,.nr
t1a .1'ai,er - af ~ cnn,niss,a, fro1, ~. insnr.
wont cintcs' ThesC ah5ns- having ouce cs-
cared from British, portss ever atlcrwards en-.
fered Them In every nnrf Of The world. to rr.-
III. ani SO to renew their dcpredations' The
conscuucnccs Of this CONDUCT were most dIs
ostrotis 10 The States then in rcbeiljon incrcas-
Ing their deFolation nnd misery BY tic proiot-
gallon Of our civil contest. It had, moreover,
liz elect, 10 u great extent, to Dive the
american DAG from The sea, md to transfer
much OF our shipping and our commerce to
lhc yery Power whose subjects laI created
thc necessity for such clance, These events
tcok place before was called to the admin.
istration Of the Government. The sincere de.
Sire for peace by which I'M animated led me
TO approve The proposal, already made, to
submit the questions which had thus arisen
bel cen the countries to arbitration. These
questions arc Of such moment that they must
have commanded the attention Of the great
Towers, and are go interviewer with the peace
and interests Of every one Of them as to ha7t
ensured nm Impartial decision. rcyret te
in,orm Won that Great Britain declined tht
aIbltrnnent, but, on tho other hand, invited
us 10 thc formation of a 1oint commission ts
settle mutual CLAIMS between The two eoun
tries. from which those for the depredatIon:
before mentioned should be excluded. Thu
proposition, ipk hat very unsatisfactory form
las bcen declined.
The limited States did not prcscnt the Sub
fect as m ,mpeachment OF the GOOD faith Of
ds,mos,ttons n % @ hni % as inrniy'n@ as nMcstions .
public law. Of which the eettiemeDt is essen
! Iial 10 ihc peace Of uatIons uru. thougl
| pecunjnry rcparalion TO their injured citizen
| .la.,a