The Richmond palladium. [volume] (Richmond, Ind.) 1855-1875, 1865-12-14

Snu the estimates loi tiic S@A iNA.S"A'4~
the Soth of June. 1866. l might con
tent myself with q reference TO that re
mort, in which YOU will find all the infor-
nation required for Your deliberations
and decision But the paramount I'M
portance of the subject so presses itself
on NV mind, that l cannot but lay be
fore YOU nv views OF the measures
which are required for the good charac-
ter and, | might almost say, for the eN
istence of this people. The life of a re-
public lies certainly in the energy, vir
tue. and Intelligence of its citizens; but
it is equally true that good revenue
system is the life of an organized gov
ernmeut / meet YOU at a time when
the nation has voluntarily burdened
itself with a debt unprecedented in our
annals Vast as is its amount, il fades
away into nothing when compared with
the countless blessings that will be con-
ferred upon our country and upon man
bv the preservation of the nations life.
Now, on the first occasion OF the meet
ing of Congress since the return OF
peace, it is Of the utmost Importance 10
inaugurate a Just policy, which shall NJ
once be put in motion, and which shall
commend itself TO those who come al
ter us for its continuance
We must aim at nothing less than the
complete efiacement of the financial
evils that necessarily followed a state of
civil war We must enaeavor To APP
ply the earlies; remedy 10 the deraneed
state of the currency, and not shrink
from devising policy which, without
being oppressive to the people. shall i'm
mediately begin TO effect reduction OF
the debt and. if persisted in. discharge
it fully within n definitely fixed mum
Der of wears.
1t is our first duty TO prepare in ear
nest for our recovery from the eNerln
creasinc evils of an irredeemable eur.
rency. without a sudden reyulsion, and
vet without untimely procrastination.
For that end, we must, each Ia our re
spective positions, prepare the way.
/ hold it the duty of the Executive TO ~
+ sist upon frugality in the expenditures
and a sparing economy is itself great
national resource. OF the banks To
which authority has been given 10 issue
notes secured by bonds OF the United
States, we NAV require the greatest
moderation and prudence and, the law
must be rigidly enforced when its limits
/ are exceeded. We may, each one or
u.s. counsel our active and enterprising
countrymen to be constantly on their
guard, TO liouidate debts contracted in
u paper currency. and, by conducting
business a nearly rs possible on
system of cash payments or short crcd-
its, to hold themselves prepared To re
turn to the standard of gold and silver.
To aid our fellow citizens in the prudent
management of their monetary aifairs,
, the dnty devolves on us to diminish by
law the amount of paper money now N
circulation. Five years ago the bank
note circulation Of the country amounted
to not much more than two hundred
millions now the circulation, bank anu
national exceeds seven hundred mil
lions The simple statement of the fac.
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 disastrious calami
ties: and this can be almost inperceptibly
accomplished by gradually funding the
national circulation in securities that
NAV be made redeernablc at the pleasure
of the Government.
Our debt is doubtly secure-hrst in
the actual wealth and still greater un
developed resources ot the country ],
next in the character of our institutions.
The most intelligent observes among
political economists have not failed TO
remark, that the public debt of country
. is safe in proportion a. its people are
free that the debt of republic l. the
! safest Of all Our history confirms ahd
. establishes the theory, and is, | firmly
believe. destined to give Il still more
signal illustration The secret of this
superiority springs not merely from the
i fact that in a republic the national obi
cations are distributed more widely
through countless numbers in all classes
> of society: it has its root in the charac
ter of our laws. Here all men con
tribute to the public welfare, and bear
their fair share Of the public burdens.
During the war, under the impulses oil
q patriotism, the men of the great BODY OIL
q the people, without regard 10 their own
a comparative want OF wealth, thronged
: to our armies and filed our fleets of war
r and held themselves ready to oher theli
lives for the public good. Now, IN ,heif
turn. the property and income oil the
!, country should bear their just proportion
7, of the burden Of taxation, while IN oar
imports system through means OF whI;li
, increased vitality is incidentally lt
narted TO all the industria. interests ki
: the nation. the duties should be so ay'
ipsted as TO fall most heavily on articles
rf luxury leaving the necessaries %
: life as free from taxation as the absolute
wants of the Government, econorntcaiis
= administered, will justly.
:. No favored class should demand free
dom from assessment, and the taxes
should be so distributed not TO fal
= unduly on the poor, but rather on tns
II accumulated wealth OF the country. We
should look at the national debt just n
= il is-not as a national blessing, but a
: heavy burden on the industry OF the
= country. to be discharged without un
!, necessity delay.
tis estimated by the Secretary o
20 the Treasury that the expeditnres To-
N the isceal year ending the Both OF June
Of 1866, will exceed the receipts sll2. l9',
d 9is II is gratifying, however. TO state
that il is also estimated that the revenue
ho goth OF .lune