Fayetteville observer. [volume] (Fayetteville, Tenn.) 1850-1966, 1865-12-21

contribute to the public welfare,
and bear their fair share of the
public burdens. Dnring the war,
under the impulses of patriotism,
the men of the great bo'ly of the
people, without regard to their
own comparative want of wealth,
thronged to our armies and filled
our fleets war, and held them
selves ready :, 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 taxa
ton, while in our impost system;
through means Of which in
creased vitality is incidentally i'm
| parted to all the industrial inte-
rests of the nation, the duties
should be SO adjusted us to fail
most heavily on articles of luxury,
leavingthe necessaries of life as free
from taxation us the absolute wants
of the Government, economically
administered. will justify. No fa-
vored class should demand freedom
from assessment, and tae taxes
should be SO 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 rs it is-not as
a national blessing, bat as heavy
burden on the industry of the
country, to be discharged without
unnecessary delay.
EXPENDITURES FOR TIE FISCAL
YEAR.
1t is estimated BY the Secretary
of the Treasury that the expendi-
lures for. the fiscal year ending
the 30th of June, 1866, will ex-
ceed the receipts SIP, l94,947.
1t is gratifying, however, to state
that it is also estimated that the
revenue for. the year ending the
30th of June, 1867, will exceed
the expenditures in the sum of
S111,6S2,S1S. This amount, or
50 much as may be deemed suffi-
cient for the pnrpose, may be APP
piled to the reduction of the pub-
lie debt, which, on the 3lst day
| of October, 1865, was S2,740,S54,-
$50. Every reduction will di-
minish the total amount of inter-
est to be paid, and SO enlarge the
means of still further reductions,
until the whole shall be liquidated; !;
and this, as will be seen from the
estimates of the Secretary CT the
Treasury, may be accomplished
by annual payments even within
a period not exceeding thirty
years. / have faith that we shall
do all this within reasonable
time; that, as we have amazed the
world by the suppression of a CIV
il war which was thought to be
beyond the control of any Gov
ernment, 50 we shall equally show
the superiority of our institutions
by the prompt and faithful dis
charge of our national Obligations.
The Department OF >Agrlcul-
ture, under its present direction, is
accomplishing much in developing
and utilizing the vast agricultural
capabilities of the country, and
for information respecting the de-
tails of its management reference
is made to the annual report of the
Commissioner.
RELATIONS WITH OTHER GOVERN
MENTS.
/ have dwelt thus fully on our
domestic affairs because of their
transcendent Importance. Under
any circumstances, our great eX-
tent of territory and variety of
climate, producing almost every
thing that is necessary for the
wants, and even the comforts OF
man, make us singularly indepen-
dent of the varying policy of for
eign Powers, and protect ps against
every temptation to ''entangling
alliances" while at the present
moment the re.establishment of
harmony, and the strength that
comes from harmony, will he
our best security against ''na-
tions who feel power and for
get right" For myself, it has
been and it will be my constant
aim to promote peace and amlty
with all foreign nations and Pow
ers; and | have every reason to
| believe that they all, without ex-
ception, are animated by the same