The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1865-12-20


tive to insist ispsn fragality in the expsn-
ditares; and sparing economy isf itself =
great national resource. or the hanks to
which authsrity has been given 70 issue
notes secured By bonds If the United States,
se nay require the greatest mvdsratisn
and prudence. and The law must " rigidIy
enforced when its ltmits are exceeded. We
may, each one .sf us, csnnsel eur active and
entesPrising codauymen to be constantly
On their gaard. tsliquidats debts contract
ed 20 paper currency, and, by csadyct-
ing business as nearly as possible % Z sys-
TEN Of cash payments or short csadits, to
hold themselves prepared to rstura 10 the
standard Of gold and silver. Ta aid our
fsllow.ciiizens. in the prudent infringement
II their monslary Affairs. the daty dsvslses
los Us to diminish by law the ssssaut ssf
paper Money now in circulatisA Bye
years ago ihe bank -nsts circulatiea Of the
country amoonted to not much nore than
twe hundred millions now the circulation.
bank and national, exceeds seven hsndred
millions. The simple statement Of the fact
rscomnends mere strongly than any words
Of mine could do, the nscessity Of osr. re-
straining this expansion. The graduslre
daction Of the currency is the. saly meas.
sre that can save the business of the ceun-
Try from disastrous calsmities; and this
can be almost imperceptlbly accomplished
by gradually funding the national circula-
tion IN securities that may be made re-
desmable at the pleasure Of the Govern
ment. a
Our debt is dsubly secure--frst ia the
actual wealth and still greater uodeveloped
resources Of the country and next in The
character Of our institutions. The most
intrlligent observers among political econ
omists have net failed to. tetntsk ,-thst the
public debt Of country is safe in proper
lion a. It's people ars free; that the debt
of a republic 10 the safest of all. Our his
tory confirms and establishes the theory,
, and is, 1 6rmIy believe, destined to give it
. still more signal illustration. The secret
si this superiority springs not merely from
the TACT that in republic the national OBJ
ligaiIons are distributed more widsI through
countless numbers in all classes OF society;
il has its root 10 the character Of our laws.
Here oil nen contribute 10 the public vel
fare. and bear their fair share sl the public
bsrdens. During the war. under the in-
pulses Of patriotism, the men si the great
body Of the people, without regard 10 their
avn cooperative want of wealth, threngsd
10 ssr armies asd filled our Geets OF war.
and held themselves ready to offer their
lives for the public good. Now, in their
turn. the property and incsme pf the coun-
uy should bear their just prsportiOR OF the
burdvs Of taxation, while IN our imPost
system, thrsagh means Of which increased
vitality is incidentally impartsd to all the
Industrial interests Of the nation, the du-
Ties should be 50 adjusted as to fall most
heavily on articles OF luxury, leaving the
nscessarics Of life as free frsm taIatisn as
the absolute wants of the Gsvernment, -
economically administered, will justify. No
favored class should demand freedom from
assessment, and the taxes should be so dis.
lributed as not to tall undniy on the poor,
but rather ON the accumulated wealth Of
the coantry. We should look 81 the ma.
tlonal debt Just as il ls--not as national
blessing, but as heavy barlea on the In
dustry oi the country, 70 be discharged
without unnecessary delay.
u is estimated by the Secretary Of the
treasury that the expenditure for the rs.
cal year ending the S0th Of June, 1866.
will exceed the receipts 2,ls4,s47. Ii
Is gratifying, however, TO state that u IS
alss estimated that the revenue for the year
ending the 30th June, 1867, will exceed
the expenditures in ihs sun Of slib6s2..
SIS. This anount, ur so much ~ may be
deemed sufficient iur the purpose. may be
applied 10 the reduction ol the public debt,
which, on the slst day Of 0clsber. 1865,
was 81, ,74o, ,S54,750. Every reduction v AL
diminish the total amsnat ui interest 10 be
paid, aud ssenlarge the means Of stlil.iurs
thsr reductions, until thF whole shall b.