Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1865-12-10

r. pie statement OF the lacb . = :.
g, more strongly than any words OF mn
p could do, the necessity Of our restraint
of this expansion. The gradual reduetit
of the currency is the only measure tn
can save the business of the country fro
~ disastrous calamities, ard this can be a
Z most imperoeptibly accomplished
* gradually funding the National eircuii
\. ton in securities that may be mao
e redeemable at the pleasure OF the Govern
l ment
~ Our debt is doabiv secure, first
N the actual wealth. aud still greater undt
- vsloDed resources of the country, next ]
= the character of administrations. The mos
II intelligent observers among politics
J, economists have not failed to remar
\ that the public debt of a country is SAT
= in proportion as its people are free; tina
J, the debt of % Republic is the safest of all
# Our history confirms and establishes TIA
q theory, and is, / firmly believe, destine,
+ to give il a still more signal illustration
q The secret of this superiority springs no
+ merely from the fact that in Republi
: the national obligations are distributes
: more widely through countless number
: IN all classes of society; it has ITS root II
. the character of our laws. Here all meI
: contribute TO the public welfare, and beal
! their fair share of the public burdens
I During the war under the impulses o
/ patriotism, the men of the great body
! OF the people, without regard TO theii
f own comparative want of wealth
! thrOnged TO our armies and filled OIIl
fleets of war, and held themselves ready
4 to offer their lives for the public good
Now, in their turn, the property and in
come Of the country should bear theiI
justproportion of the burden of taxation,
which, in our imp0st system, through
means of which increased vitality is in
CidentallY impaired 10 all the industrial
interests Of the nation, the duties should
be 50 adjusted as to fall most heavily on
articles of luxury, leaving the necessaries
of life as free from taxation as the ab5O-
Lutte wants of the Government, ecOnOm-
ically administered, will justify. No
flvOred class should demand freedom
from assessment, and the taxes should be
s distributed as 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 as a
national blessing, but as a heavy burden
ON the industry of the country, TO be dis
chargedwithOut unnecessary delay.
EXPENDITURES FOR THE FISCAL YEAR.
1t Is estimated by the Secretary of the
Treasury that the expenditures for the
d
eighteen hundred and sixty-six. will
exceed the receipts 1l2, ,194, ,947. 1t is
| gratifying, however, to state that il is
also estimated that the revenue for the
year ending the thirtieth Of June, eigh-
I yeen hundred and siXty-seyen, will eX-
! ceed the expenditures III the sum of Sill, =
/ 6S2, SIS. This amount or so much as
may be deemed sufficient for the pur-
/ pose may be applied to the reduction
Of the public debt, which on the thirty
1 first day of October, eighteen hundred
and siXty-fve, was S2,740, 854, $50.
I Every reduction will diminish the
/ total amount Of interest to be paid, and
50 enlarge the means Of still further re-
/ ducu0ns until the whole shall be liquida-
I ted, and this, as viii be seen from estimates
/ of the Secretary of the Treasury may
/ be accomplished by annual payments
even within period nOteXceeding thirty
years. / have faith that we shall do all
this within q reasonable time; that as
we have amazed the world by the sup
preston of q civil war which was thought
10 be beyond the control of any govern
nent, so we shall equally show the su-
periOrity OF our institutions, by the
prompt and faithful discharge of our ma
tional obligations.
The Department of Agriculture, under
its present direction, is accomplishing
much in developing and utilizing the
vast agricultural capabilities of the cOun-
trv. and for information respecting the
details of its management reference is
made to the annual report of the Com
missioner.
RELATIONS WITH OTHER ERGOVERNMENTs.
have dwelt thus fully on our domes-
tie affairs because of their tFanscendent
importance. Under any circumstances,
our great extent Of territory and variety
Of climate, producing almost everything
that is necessary for the wants and even
the comforts of man, make us singulariy
Independent of the varying policy Of for
eign powers, and protect Us against every
temptation to q entangling alliances,
while at the present moment the re-
establishment of harmony and the
strength that comes from harmony
will be our best security against
'natiOns who feel power and forget
light" For myself, q has been, and
viii be, my constant aim TO promote
peace and amity with all foreign nations
and powers and | have every reason to
believe that they all, without exception,
are animated by the same disposition.
Oar relations with the Emperor Of
China, 80 recent in their origin, are most
friendly. Our commerce with his domin-
ions is receiving new developments and
il is very pleasing to find that the Gov
ernment OF that Great Empire nanifests
satisfaction with our policy, and repOses
just confidence in the fairness which
marks our intercourse. The un-
broken harmony between the United
States and the Emperor of Russia
is receiving new support from an enter
fs.fa
across the continent of Asia, through his
dOminions, and so to connect Us with all
Europe, by new channel OfintercOurse.
Our commerce with South America is
about to receive encouragement by di
rect line Of mail steamships TO the rising
Empire Of Brazil, The distinguished
party of men of science who have re-
Gently ieit our country to make a scien-
titic exploration of the natural history
and rivers and mountain ranges Of that
region, have received from the Emperor
that generous welcome which was to
have been expected from his constant
friendship for the United States, and his
well known zeal in promoting the adj
vancement of knowledge. \ hope is
entertained that our commerce with the
rich and pOpulOus countries that border
the Mediterranean Sea may be largely in
z
part Of this Government to extend the
protection of our flag over the enterprise
Of our fellOw-citizens. We receive from
the powers in that. region assurances of
good viii, and it is worthy of note that n
special envoy hes brought US messages
of COndolenee on the death of our late
/ Chief Magistrate from the Bey of TunIs,
whose rule includes the old dominions of
Carthage ON the African coast.
Our domestic contest, now happily
ended, has left some traces in
our relations with one, at
! least, of the great maritime powers. The
/ formal accordance of beIligerent rights to
| the insurgent States was unprecedented,
and has not been Justified BY the issue.
! But in the systems of neutrality pur-
sued by the powers which made that
[ concession there was marked difference.
| The materials of war fer Che insurgent
/ States We're furnished in a great measure
/ from the workshops of Great Britain;
and British ships, manned by British
1 subjects, and prepared for receiving
! British armameGts, saiiiedfrOm thepOrts
/ Of Great Britain to make war on American
| commerce under the shelter of commits
sion from the insurgent States. These ships
! having once escaped from british ports,
/ ever afterwards entered them in every
/ part of the world TO refit and so to re-
/ new their depredqtions,
/ The consequences Of this con-
| duct were most disastrous to the States
/ then in rebellion, increasing their desola-
] ton and misery by the prolongatiOn of
our civil eantest, { had, moreover, the
effect, to q great extent, to drive the
! American flag from the sea, and to trans
fer much Of our shipping and our COM
merce to the very power whose subjects
/ had created the necessity nor such a
change. Tnese events took place tefore
! / was called TO the administration of the
| Government. The sincere desire for
| peace by which / am animated led me to
! approve the proposal already made to
submit the questions which had thus
arisen between the countries to arbitra-
ton. These questions are of such mo-
ment that they must have commanded
the attention OF The great powers, and are
50 interviewer with the peace and inter-
ests Ofeyery one OF them as TO have en-
sured an impartial decision. / regret
to infofm you that Great Britain
declined the afhtrament but oh the
other hand invited US to the formation of
4 joint commission to settle mutual
4 CLAIMS between t1e JW0 countries, from