Ashtabula weekly telegraph. [volume] (Ashtabula, Ohio) 1853-1873, 1865-12-09

galisy In. the expenditures |; and sparlng
economy II itself great national resource. on
the banks 70 which authority has been given 10
Issue notes secured by bonds Of the United
States, we may require the greatest moderation
and prudence, and the law must be rigidly en-
forced when Its limits are exceeded. We may,
eHch one of u.s. counsel our active and enter
prising countrymen to be constantly on their
guard, 10 liquidate debts contracted In q paper
currency, and, by conducting business as nearly
az possible on o system Of cash payments or
short credits, 10 hold themselves prepared to re-
turn to the standard of gold and silver To aid
our feow-citizens In the prudent management
OF their monetary affairs, the duty detolves on
us TO diminish by law the amount Of paper
money now In circulation Five years ago the
bank-note circulation of the country amounted
to not much more than two hundred millions;
now the circulation, bank and national, exceeds
seven hundred Millions The simple statement
of the fact recommends more strongly than any
words Of mine could do. the necessity Of our
restraining this expansion. The gradual re-
duction Of the currency is the only measure that
can save the business Of the country from disas-
trous calamities and this can be almost impcr-
ceptibly accomplished by gradually funding the
national circulation In securities that may be
made redeemable at the pleasure ofthe Govern
ment.
THE WAY TO TAX.
Our debt Is doubly secure--6rst In the act uap
wealth and still greater undeveloped resources,
of the country and next In the character Of our
institutions. The most intelligent Observers
among political economists have not failed to-
remark that the public debt Of a country Is safe
In proportion as its people are free that the debt
of q republic Is safest of all Our history con-
firms and establishes the theory, and Is i firmly
believe, destined to give 1t a still more signal
illustration. The secret of this superiority
springs not merely from the fact that In re-.
public the national obligations are distributed
more widely through countless numbers In ALI
classes ofsociey Il has its root in the character
Of our laws. Here all men contribute to the;
public welfare and bear their fair share ofthe'
public burdens. During the war under the inn
pulses Of patriotism, the men of the great body
of the people without regard to their own conn,
paratve want of wealth thronged to- cur asrsses
and filled our fleets vi war, and bald themselves
ready to offer their lives for the public good.
Now in their turn the properly and income 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 incidentally impaired to all the in
dustria interests of the nation the duties should
be so adjusted to fall most heavily on articles
of luxury, leaving the necessaries of life as free
from taxation as the absolute wants of the
Government, economically administered will
Justify. No favored class should demand free.
dom from assessment and the taxes should be
80 distributed IS not to fall unduly on the poor,
but rather ON the accumulated wealth Of the
country. We should look at the national debt.
just as it is-not as national blessing, but as q.
heavy burden on the industry of the country,
to be discharged without unnecessary delay.
ESTIMATES.
II is estimated by the Secretary Of the
Treasury that the expenditures for the fscae
year ending the 30th OF June, 1856, will exceed
the receipts Sl12,l94987. II 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 10 tn Q
sum Of Sl1l ,682,8lS. This amount, or so
much as may be deemed sufficient for the pur-
/ pose, may be applied to the reduction Of the
public bebt. which on the 3lst day of October.
1865, was S2;730. 854,750 Every reduction
will diminish the total amount Of interest to be-
paid, and 50 enlarge the means Of still fnrther
reductions, until the whole shall be lQudated;
| and this, as will be seen from the estimates or
the Secretary efths Treasury, may be acson,
pIished by ANIMAL payments even within q
period not exceeding thirty years. ] have
faith that We shall do all this within a reason.
able times that, as we have amaaed the world
by the suppression Of a civil war which was
Thought to be beyond the control Of any Gov
erpnsnt. 80 We shall equally show the superi.
ority Of our institutions by the prompt and
faithful discharge Of our national obligations.
| AGRICULTURAL
| The Department Of Agriculture, under in
present direction, Is accomplishing much in
devolping and utilizing the vast agricultural
capabilities Of the country, and for Information
respecting the details OF its management ro-
ference is made to the annual report Of ths
Commissioner.
YOREIos RKLAroYs.
/ have dwelt thus fully on oar domestic
affairs because Of their traDscendent import
Ind asrx
extent Of territory and variety of climate,
producing almost every thing that 10 nccsssa
for the wants. and even the comforts of mau,
make Us siOgularly Independent Of the vary
ing policy OF foreign Powers, and protect AZ
against every temptation to "entasging
). alliances" while at the present moment tie
re. establishment Of harmony, and the strength
that comes from harmony, will be our best
securely against "nasious who feel power
and forget right. For myself, it has been
and il will bo my constant ain 70 promote
peace and amity with all foreign Dations and
, Powers; and lhave every reason to believe
that they all, without exception, arc animated
by the same disposition. Our relations with
, the Emperor Of China, 80 resent in their
, , origin, ere most friendly. Our commerce.
with his dominiOns s receiving new devel.
} opments; and it 10 very pleasing to find that
the Government Of that great Empire mani
tests satisfaetion with our policy. and rsposes
jut confdsrce in the fairness which marks
: our intercourse. The unbroken harmony be-
! tween the United States and the Emperor OF
: Russia is receiving 9 new support from an
enterprise designed to carry te!egraphic lines
across the continent Of Asia, through his
dominioos, and to connect US with all EuIe %
by new channel OF intercourse. Our com.
: merce with South America Is about to rs.
ceivs encouragement BY q direct line Of mail
i steamships TO the rising Empire Of RrazI.--
The distinguished party Of men Of science who
have recently ieft eur soantry TO make Q
= cientifc exploration Of the natural history
4 and riv.rs and mountain ranges Of that rsgisu,
Q have received from the Emperor that generous
welcome which was TO have been expected
from his constant friendship for the United
States, asd his .wellknown zeal in promoting
: the advancement Of knowledge. A hope d,
: entertained that our commerce with the rich,
2 and populous countries that border the Medi-
! ; terranean sea may be largely increase l.-
{ Nothing will be wanting. on the part OF this
: Government, TO extend the protection Of oar
hage over tie enterprise Of our fellow. citizens :.