The Cadiz sentinel. [volume] (Cadiz, Ohio) 1864-1911, 1865-12-13


Department., is adequate for peace estsb-
lishment x1he measures of retrenchmeTt
ia each Bureau and blanch of the service
exhibit diligent economy worthy Of COM
mendatiOu. Reference is also made in the
report to the necessity OF providing for uni-
form militia system, and TO the pfopTiety of
making suitable provision for wounded and
disabled officers and soldiers.
A JUST FINANCIAL POLICY RECOMMENDED.
The revenue system OF, the country is
subject Of vital interest to It's honor and pros
perity, and should command the earnest
consideration of Congress. The Secretary
Of the Treasury viii lay before you full aud
detailed report of the receipts and disburse-
mtnts of the lat fiscal year, of the first
quarter Of the present fiscal year, Of the pro-
bable receipts and expenditures for the 9TH
er three-quarters, and the, estimates for the
year following the 30th of June, 1866.
.Iuiglit content myself with reference to
that report, in which you will find all the
information required for your deliberations
| and decision. But the paramount impOr-
tance of the subject SO presses itself on my
mind, that | cannot but lay before you my
| views of the measu cs which are required !or
the good character, aud | might say for the
existence oil this people. The life of the re-
public lies certainly in the energy, virtue,
and intelligence OF its citizens; but it is
equally true that good revenue system is
| the life of an organized government. | meet
YOU at a time when the zion has volunta-
rally burdeBed i.seH with a debt ,unprecc-
dcnted in our annals. Vast asis i.samuaht,
it fades away to nothing when it is compar-
| ed with the coun less blessings that will be
coutei red upon our country and upon man
| by the ple.ervation of the nations life
| Now, Oh the frs 'oc. a ion Of the meeting of
| Congress since the rel urn of peace, it is of
the utmost importance to inaugWate a Just
polc5, which sh Ill at once be put in motion,
and which shall commen itSelfto those who
come after ustof it continuance. Wemust
aim at nothing less thlt the complete cfface-
mcnt Of the financial evils that necessarily
followed state Of civil wa. We must ell
deavor 10 apply the ea. liest remedy to the
deraugel state. Of til. currency, and not
shrink from devising policy which, with
out being oppressive to the eople, shall i'm
mediately begin tn effect reduction Of the
debt, and, if pr 81 ted in, discharge it fully
within definitely fixed number of years.
GRADUAL REDU CrIoN OF CURRENCY RECON
MENDED.
1t is our first duty to epare in earnest
for our recovery from the cver-incrcaSlng
evils of an irredc erlab'e currency, without Il
sudden revulsion, and yet without untimely
procras ination. For that end we must,
each in onr respectiv, positions, prepare the
way hold it the dltJ of Executive to in
sist upon frug liity in the expenditures; and
"a sparing economy is itself yreat national
resourae. OF the notes secured by bond:
of the United stat, we may require the
greatest moderation and prudence, and the
law must be r;gdly enforced when its limit
are exceeded. We may each one Of us
counsel our active and enterpriSing country
men to be constantly on their guard, to Ii
quidate debts contracted in a paper currcu
cy, and, by. conducting business as nearly a
, possible. on a system of cash payments o.
short credits, to hold themselves prepared
to return TO the. standard Of gold and silver
To aid our iellow-ttizens in the prudcn
management Of their monetary affairs, th
! duty dcyolves on us to diminish by law thu
amount Of paper money now in circulation
Five years ago the bank note circulation o
; the country amounted to not much more
than two hundred millions, now the circula
ton, bank and national, exceeds seven hun
died millions. The simple STATEN mt OF tn
fact recommends more strongly than an
words Of mine could. do, the ncccsstyoi' on
restraining this expansion. The gradual re
duution OF the currency is the only meas o.
that can save the country from diSa>trou
caialuities; and this can be almost impercep
tibly acc omplislled by gradually funding tn
national circulation in securities that may b
mad. rGdeemable at the pleasure ot'thc G0Y
! crnmcnt.
sECuRITY OF TIE PUBLIC DEBT.
! Our debt is doub'y sccurc-airst in tn
! actual wealth and still greater unlevclone
u Resources Of the country; and next IN til
u character ofour institutions. The most II
u tcligent obServersamong political economist
> have not failed to remark, that the publ
= debt of country is safe in proportion as II
> reop!c are free; that the debt OF rcpub
g Is the safest Of all. Our history confirm
d and establishes the theory, and is, firm
r believe, destined to give i: s. stillnore sign
u illustration. The secret of this superiorit
o spiings not me ely from the fact that in
o rel ublic the national Obligations are dlstribl
! ted more W de!y through countless numbe
:, in all classes of society; i has its root III Il
IL charact I Of our laws. Here all men COZ
J. tribute to the pablo welfare, AMI bear the
81 fair share of the public burdtnr., Durir
+ the war, under impulses of patriotism, II
u men of the gr, at body of the people, will
out regard to their own c)inlatatlve want
wealth, thronged to our armies and flIlt
III our fleets of war, and held themselves rcat
r t. offer their lives. for the public good.
X Now, in their turn the property and incon
II of the country should bear their just pr
le portion OF the burden of taxation, while,
3 our mpost system, through means of whit
Oh increased vitality is incidentally impaired
Sc all the industrial interests of the nation Il
n duties should be SO adjusted q, TO fall mo
J.. heavily ON articles Of luxury, leaving d
al nec,ssaries of life as free from taxation
x ~ Noheot,ta ,ra,,ts of ~ Gnvnrr,nn,
us ooon,~,oal' ono m to"od ~;, ;,,st;fr