Dallas herald. [volume] (Dallas, Tex.) 1849-1873, 1865-12-16

maus Tor the year following the oUln OF
June, 1866. must content myself with a
reference to the report, in which you will
had all the information required for your
d-liberation and decision; but the para.
mount importance of the subject so presses
itself on my own mind, that | cannot but
lay before you my views Of the measures
which are required for the good character,
and, might almost say, for the existence
of this people. The life of a republic lies
certainly in The energy, virtue ard intelli-
gepce OF its citizens, but il is equally true
that good revenue system is the life of
au organized Government, I meet you at
tine when the Nation has voluntarily
burdensd itself with debt Unprecedented
in our annals As TO its amount, 1t fades
away into nothing when compared with the
countless blessings that will be conferred
upon our country and upon man by the
preservation Of the Nations life. Now, on
the first occasion of the meeting of Con-
gress, since the return Of peace, it is of the
utmost Importance to inaugurate u 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
etfacenent of the financial evils that neces
sarily followed a stale of civil war
We must endeavor to apply the earliest
remedy to the deranged state of the cur
rency, and not shrink from devising
policy which, without being oppressive to
the people, shall Immediately begin to eff
feet reduction of the debt, and, if persist
ed in, discharge ii fully within definitely
Hn, 81, Ia E,cI .l,tt,r
to prepare in earnest Tor our recovering
from the ever increasing evils of an ire
deemable currency without sudden revul-
sion, and without untimely persistency.-
To that end, we must each, in our respecN
tive position, prepare the way Should it
be the duty of the Executive TO insist on
frugality in the expenditures and support
economy, itself National resource. OF
the 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 the
law must be rigidIy eutorc d when its lim-
its are exceeded. We may each one of us
counsel our active and cntcrprising coun-
tIymen to be constantly oO their guard to
liquidate debts contracted in paper cur
" as possible on system of cash pay
mens or short credits, to hold themselves
prepared to return to the standard offbgod
aud silver. To Id our iellowscitizeus in
the prudent manag ment OF monetary af~
fairs, the duty devolves upon rs TO dimin'
ish, by law, the amount of paper money
now in circulation Four years ago the
bank note circulation OF the country
announced to not more than two hundred
millions; now, the circulation, bank and
National, exceeds seven hundred millions.
The simple statement of the fact recon-
mends, more strongly than any words If
mine could do, the necessity of our re-
straining this expansion.
The gradual reduction of the currency is
the only measure that can save the business
of the country from disastrous calamity, and
this can be almost imperceptibly accom-
plshed by gradually funding the National
circulation in securities that may be made
redeemable at the pleasure of the Govern
ment. Our debt is dOubly secured-tirst, in
the actual wealth and still greater undevel-
oped resources of the country and next, in
the character of our institutions. The most
intelligent observers among political econO-
mists have not failed to remark that the
public debt of a country is safe in proper
ton as its people are free !; that the debt of
a republic is safest of all. Our history con-
firms and establishes the theory, and is, |
firmly believe, destined to give it still
more signal illustration. The secret of this
superiority springs not merely from the fact
that the Republics natural obligations are
distributed more widely through countless
10, la of If hagi &c
secret in the character of our laws. All
men contribute to the public burden
During the war, under the impulses of pa
triotsm, the most of the great body of the
people, without regard to their own com
parative want of wealth, belonged 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 import system,
through means of which increased vitality
IS incidentally impaired 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 necessaries Of lite as
free from taxation as the absolute wants of
the Government, economically administered
VIII Justify.
No favored class should demand freedom
from assessn ept, and the tax should be 50
distributed as not TO fall unfairly on the
poor, hut rather on The accumulated
wealth of the country. We should look at
the National debt just as il is~--nO. as a
Rational blessing, but as a heavy burden
on the industry of the country, to be dis
charged without unnecessary delay. Ills
estimated by the Secretary of the Treasury
that the expenditures of the fiscal year,
ending the 30th of June, 1866, will exceed
the receipts SIP, l94,91T. 1t is prat-
flying, however, to Jtase that il is also es-