The Indianapolis daily herald. [volume] (Indianapolis, Ind.) 1865-1868, 1865-12-06


The discharge ftsr sersies u over eight
huudrvd thousand ,roops aai the pepsrt-
meat l. procesiiag rspily Ia the work Of
fsfther reduction. The var estimates are
reduced RON Sjl6,2fo, i3i 10 S5s.sl4.44f.
which amount in lhs opinion Of toe Depart
ment, IL adequate Ter peace Embellishments
The measures Of TepeRcbmeu, Ia each Be.
rsau aud branch Of the .ssrvise eslslat adil. !
gent economy zorthy OK communication.
Reference 10 also made la tho report To the
necessity Of providing FOR q uniform militia
system. aud 10 the proprisiy Of maki1g suit.
allie provision for wounded ana disabled OF.
Gers and soldiers
Ths revenue system Of the county is sub.
ject Of vital Interest 20 its honor aHd prosperi-
~. and should command the sarnest consiier-
alton Of Cosgress The Secretary Of the
Treasury will lay before YOU foil and de-
tailed report Of the receipts and disburss-
menis Of the last FISCAL year, Of The frst
quarter Of the present fiscal year, Of the
probable receipts aud expenditures for The
other three quarters. aud the estimate for the
year following the 30lh OF June SCI. |
might content myself with a references to
that reportin which you will Cad all the In.
formation required for jour deliberations
aud decision. hut the paramount import
snce Of the subject 80 presses itself on nv
own mind. ihai cannot lay before You my
views Of the measures which are reauired
for the good character, and I might almost
say, forihe existence Of this people. The life
| Of republic lies certainly in the energy, wiz
tue, aud intelligence Of its ciiiEeng but IL is
equally true that good rsveuue system IL
the life OF an organized government meet
you at a time when the natiou has voluntar-
/ lily burdened itself with debt unprecedent.
ed in our annals. Vast as 10 it's amount, il
fades away into nothing when compared
with the countless blessings that will be con-
ferred upon our eeuntry and upon nan, by
the preservation OF the nations lie. New,
on the hrst occasion OF the meeting Of Con-
gress since the return Of peace, IL Is OF the
utmost importance TO inaugurate q Just poll
/ cy, which shall NJ once be put in motion, and
which shall commend itself to those who
come after us for its continuance. We must
aim At nothing less than the complete efFsce.
nent of the financial evils that necessarily
followed state OF civil war. We must en-
deavor to apply the earliest remedy to the de-
ranged state Of the currency, and not shrink
from devising policy, which, without being
oppressive TO the people, shall Immediately
begin to effect reduction Of the debt, and
II persisted in, discharge it fully within q
definitely fixed number Of years. $500
Ii Is our first duty 10 prepare in earnest for
our recovery from the sver-increasing evils
Of an irredeenablc currency, without sud-
den revulsicn, and yet without untmely pre-
crastinatien. For that end, We must each
in our respective positions, prepare the way.
| hold il the duty of the Executive to insist
on frugality In the expenditures; and spar
ing economy is itself great national re-
source. or the banks 10 which authority
has been given TO issue notes sucured by
bonds OF the United States, we may require
the greatest moderation and prudence and
the law must be rigidly enforced when its
limits are exceeded. We may, each one OF
US, counsel our active and enlerprisng soun-
try men to be constantly on their guard to
liquidate debts contracted in n paper curren-
cy, and, by conducting business as nearly as
possible on a system of cash payments or
short credits to hold themselves prepared Ia
return to the standard of geld and silver
To aid our felow-cltilen in the prudent man
agement Of their monetary affairs, the duty
devolves on us 10 diminish.by law the amount
of paper money now in circulation. Five
years age the bank note circulation of the
couatry amounted TO not much more than
TWO hundred Millions now the circulation,
bank aud 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 restrain
ing this expansion. The gradual reduction
of the currency is the only measure that can
save the business of the country from dsas-
trous calamities; and this can be almost i'm
percepubly accomplished by gradual 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 ne
tual u ealth md still greater undeve,oped re-
sources of the country; and next In the cha
racter of our institutions. The most inte,li-
geHt observers among political economists
have not failed to remark, that the pubic
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 confirms and
establishes the theory, and 10, firmly be-
lievs, destined to give it still more signal
illustration. The secret Of this superiority
springs not merely from the fact that in a
republic the national obligations are distrib-
uted more widely through countless Runbers
in all classes Of society; it has its root in the
character of our laws. Here all men cor.
tribute 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 OF the people,
without regard to their own comparative
want Of wealth, thronged to eur armies and
filed our fleets Of war, and held them selves
ready to offer their lives for the public good.
Now, in their turn, the property and income
of the country should bear their just proper
ton of the burden Of taxation, while in our
iInpost system, through means Of which in
creased Vitality is incidentally impaired to
all the industrial interests of the nation, the
duties should be so adjusted as 10 fall most
heavily on articles of luxury, leaving the
neeessaries OF life free from taxation as
the absolute wants Of the Government eco
nomically administered, will justify No ia
vored class should demand freedom from
assessment, and the taxes should be 20 dis
tributed as not to fall unduly on the poor,
but rather on the accumulated wealth OF the
country. We should look ut the national
debt just as II is-not a. o national blessing,
but as q heavy burden on the industry Of the
country, to be discharged without nnaseessa-
ry delay.
1t is estimated by the Secretary Of the
Treasury that the expenditures for the fiscal
year ending the Both of June, 1866, will ex-
coed the receipts SIP, 1874 947. 1t is crafty
ing, however, to state that 1t in also estimat-
ed. that the revenue FOR the year ending the
both Of June, 1857 will exceed the expendi-
lures in the sum Of Sill CS2 ,SlS. This
amount, or so much as may be deemed sutii-
cieut for the purpose, may be applied to the
reduction Of the public debt which, on the
Slst day Of October, 1865, was 81. 740. s54, $50
Every reduction will diminish the total
amount of interest to be paid, and so enlarge
the means Of still further reductions, until
the whole shall be hquidated and this, as
will be seen by the estimates Of the Secretary
of The Treasury, may be accomplished by an-
nual payments even within period not sx-
ceedng thirty years. have faith that we
shall do all this within q reasonable time;
that, have amazed the world by the
suppression ola civil war which was thought
to be beyond the control Of any government
so we shall equally show the superiority of oar
institutions by the prompt and faithful dis
charge Of our national obligations.
The Department Of Agriculture, under its
present direction, is accomplishing much in
developing and utilizing the vast agricultural
capabilities of tho country, and fer informa-
ton respecting the details Of its management
reference is made TO the annual report Of the
Commissioner.
have dwelt thus fully on ur domestic az
fairs, because Of their transcendent import