Orleans independent standard. [volume] (Irasburgh, Vt.) 1856-1871, 1865-12-15

their monetary affairs, the duty de-
!, wolves on US to diminish by law the
amount ofpaper money now in cir
!, culation. Five years ago the bank
, note circulation of t h G country
: amounted to not much more than two
hundred millions; now the circula
ton, bank and national, exceeds
seven hundred millions, The simple
statement Of the fact recommends
more strongly than any words OF
, mine could do, the necessity of our
restraining this expansion. The
gradual reduction of the currency
is the only measure that can save
the business of the country from dis
astrous calamities; and this can be
almost imperceptibly 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-frst
in the actual wealth and still greater
umdeveloped resources of the coun-
try; and next in the character OF
our institutions. The most intelli-
gent observers among political
economists have not failed to remark,
that the public debt of a country is
safe in proportion as its people are
free; that the debt Of a republic is
the safest Of all. Our history con
firms and establishes the theory, and
is, | firmly believe, destined to give
it a still more signal illustration
The secret of this superiority springs
not merely from the fact that in a
republic the national obligations are
distributed more widely through
countless numbers in all classes of
society; it has its root in the char
acter of our laws. Here all men
contribute to the public welfare, and
bear their fair share of the public
burdens. During the war, under
the impulses of patriotism, the men
of the great body ofthe people, with
out regard to their own comparative
want of wealth, thronged to our
armies and filled 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 sys-
TEN, through means of which in
creased vitality is incidentally I'M
parted to all the industrial interests
of the nation, the duties should be
so adjusted as to fall most heavily |
on articles of luxury, leaving the
neeessaries Of life as free from taxa
lion as the absolute wants of the
Government, economically admins
cred will justify. No favored class
should demand freedom from assess
nent, and the taxes should be so
distributed as not to fall unGuly on
he poor, but rather on the accumu- I
ated wealth of the country. We !
hould look at the national debt Just /
IS it is--not as a national blessing, {
tut as heavy burden on the indus {
ry of the country, to be discharged !
without unnecessary delay.
1t is estimated by the Secretary of the
Treasury that the expenditures tor the
iscal yaar ending the 30th of June, 1866,
will exceed the receipts SIP, l94,947.
It is gratifying, however, to state that it
9 also estimated that the revenue for the
year ending the 30th of June, 1867, will
exceed the expenditures in the sum OF
Eli, 692,818. This amount, or so much
IS may be deemed sufficient for the pur-
pose, may be applied to the reduction Of
he public debt, which, on the 3lst day
IF October, 1865, was $2,740,854,750.-
Every reduction will diminish the total
amount of interest to be paid, and so en-
arge he means of still further reductions,
until the whole shall be liquidated and
this, as will be seen from the estimates of
he Secretary of the Treasury, may be
accomplished by annual payment even
within a period n OF exceeding thirty
years. | have faith that we shall do all
his within a reasonable time that, as
we have amazed the world by the sup
preston of civil war which was thought
o be beyond the control of any Govern
nent, so we shall equally show the supe- ,
'iority Of our institutions by the prompt
md faithful discharge of our national OBJ (
igations. aafges slt ia a-g#g sa- t
The Department of Agriculture, under 1
IS present direction, is accomplishing I
q developing and utilizing the vast agri. '
ultural capabilities of the country, and
or information respecting the details of
is management reference is made to the !
Innual report of the Commissioner.
have dwelt thus fully on our domes- +
ic affairs because of their transcendent Z
Importance. Under any circumstances,
ur great extent Of territnrx and rarietr I