The Jeffersonian Democrat. [volume] (Chardon, Ohio) 1854-1865, 1865-12-15

49, hSs A'uWs Vu tne UTSt OCCsSlOn OIL
the meeting Of Congress since the return
OF peace, it is Of the utmost Importance to
insugurate just policy, which shall at
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 effacemcnt
OF the financial evils that necessarily fol =
lowed a state Of civil war. We must en-.
doavor TO apply the earlies! remedy to the
deranged state OF the currency, and not
shrink from dovising policy which,
without being oppressive TO the people,
shall Immediately begin 10 effect rcduc
ton Of the debt, end, if persisted IN, dis
charge il fully within a definitely fixed
number of years.
1t is our first duty to prepare in earnest
for our recovery from the ever increasing
evils Of an irredeemablo currency, with.
out sudden revulsion, and yet with out
untime!y procras.ination. For that end,
we must, each in our respective positions,
prepare the way. l hold it the duty Of
The Executive TO insist upon frugality in
the expenditures and sparing economy
is itself great national resource. or
tho banks TO which authority has been
given to issue notes secured by bonds of
the United States, we may require the
greatest moderation and prudence, and
tho law must be rigidly enforced when its
limits are exceeded. We may, each one
OF us, counsel our active and cnterprisiug
countrymen to be constantly on their
guard to liquidate debts contracted in q
paper currency, and, by conducting busi-
ness as nearly as possible on system OF
cash payments or short credits, to hold
themselves prepared to return to the
standard OF gold and silver. To aid our
fellow citizens in the prudent manage
ment OF their monetary affairs, the duty
devolves on us 10 diminish by law the
amount OF paper money now in circula.
ton. Five years ago the bank note cir
culation OF the country amounted 10 not
much more than two hundred millions ;
now the circulation, bank 'and national,
exceeds seven hundred millions. The
simple statement OF the fact recommends
moro strongly than any words Of mine
could 90, the necessity of our restraining
this expansion. The gradual reduction a
Of the currency. is the only measure that
can save the business Of the country; and
this can be almost imperceptibly accom-
piished by gradually funding the national
circulation in securities that may be made
redeemable at the pleasure OF the Gov
crnment.
Our debt is doubly secure--first in the
actual wealth and still greater undeyel.
oped resources Of the country and next
IN the character Of our institutions. The
most intelligent observers among political
economists havo not failed to remark that
the public debt OF country is safe in
proportion as its people are free /; shat the
debt OF q republic is the safest of ALL
Our history confirma and establishes the
theory, and is, l firmly believe, destined d
to give it a still moro signal illustration -
The secret of this superiority springs not
merely from the fact that in republic the
national obligations are distributed more
widely through countless numbers in all
classes OF society it has it's root in tho
character Of our laws. Here all men
contribute TO the general wolfare, and
bear their fair share Of the public bur-
dens. During The war, under the i'm
pulses OF patriotism, the men of the great
body OF tho people, without regard to
their own comparative wan! Of wealth,
thronged to our armies and filled ou,
fleets of war. and held themselves ready
to offer their lives for The public gocd.-
Now, in their turn, the property and in.
come of the country should bear their Just
proportion OF the burden of taxation
while in our impost system, through
means OF which increased vitality is Incl
dentally impaired 10 all the industrial in.
terests OF the nation, the dulies should be
so adjusted as to fall most heavily on arti
cles OF luxury, leaving the necessaries o
lie as free from taxation MS the absolute
wants of tho Government, economically
administered. will justify. No favored
class should. demand freedom from as
ressment, and the taxes should be 80 dis
tributed as not to fall unduly on the poor
but rather on the accumulated wealth o
the country. We should look at the ma
tional debt just as il is--not rs O nstiona
blessing, but as heavy burden on the il
dustry OF the country, TO be discharged
without unnecessary delay.
1t is estimated by tho Secretary of tn,
Treasury that the expenditures for tho iis
cal year opding tho 30th of June, 1865, will
exceed the receipts Sll2,Io4. 047. II 4
gratifying, however, to state that ii is ala,
estimated that the revenue for tho yea
ending tho 30th of Juno, 1867, will excoe,
the expenditures in the sum of $IIl, ,GS2,
8l8. This amount, or so much ns may b,
deemed sufficient for tho purpose, may b,
applied to tho reduction of the public debt
which. on the 3lst day of October, 1865
was So, ,7iO.854, $50. Evory reduction will