Sunbury American. [volume] (Sunbury, Pa.) 1848-1879, 1865-12-16
,,,t consideration of Congress. The Sec.

frst quarter OF the present fiscal year, of the
probable receipts and expenditures for the
other three quarters, and the estimates FOR
the year following the 30th of June, 1856.
might content myself with reference to
that report, in which you will find all the
information required for your deliberations
and decision. But the paramount impor-
tance of the subject SO presses itself on my
mind, that cannot but lay before you my
views OF the measures which are required
for the good character, and, l might also
say, for the existence of this people
The life of a republic lies certainly in The
energy, virtue and intelligence OF It's citi-
zeps but it is equally true that good reve-
nue. system is the life of an organized Govern,
ment. meet you at time when the nation
has voluntarily burdeued itself with q debt
unprecedented in our annals. Vast as its
amount, it fades away into nothing when
compared with the countless blessings that
will be conferred upon our country and
upon man 10y the preservation of the ma
tion's life. Now, on the first occasion OF
the meeting of Congress since the return OF
peace, it is of the utmost importance to in
augurate a just policy, which shall at once
be put in motion, and which shall COM
mend itself to those who shall come alter
us for its continuance.
we must aim uU nOtullS lesS tuah 'hS
complete efiacement of the financial evils
that necessarily follow state OF wal
We must endcavor to apply the earliest
remedy to the deranged state of the curren-
cy, and not shrink from deyising policy
which, without being oppressive to the peo-
pie, shall Immediately begin to effect re-
duction of :he debt, and, if persisted III,
discharge it fully within definitely fixed
number of years
1t is our first duty to prepare in earnest
for our recovery from the ever erincrcasing
evils of an irredeemabe currency, without
q sudden revulsion, aud yet without untime-
ly procrastinatioh. For that end we must,
each in our respective positions, prepare the
wav I hold it the duty Of the Executive
to insist upon frugalty in the expenditures;
and sparng economy is itself great ma
tional resource. OF the banks which au-
thority has been given to issue notes secured
by bonds of the United States, we may re-
ouire the greatest moderation and prudence,
and the law must be rigidly enforced when
its limits are exceeded.
We NAV, each one Of US, counsel our ac-
tive and enterprising countrymen to be
constantly on their guard, to lquidate
debts contracted in paper currency, and,
by conducting business as nearly as possible
on n system of cash payments or short cred
its, to hold themselves prepared to return 10
the standard of gold and silver. To ala
our fellow citizens in the prudent manage
ment of their monetary affairs, the duty de
wolves on us to diminish by law the amount
oc money now in circulation.
Five years ago the bank note circulation
of the country amounted to not much more
than S200,000,000. Now the circulation,
bank and national, exceeds $700,000,O00.
bo e., or Of fba fact
mends more strongly than any words OF
mine could do, the necessity of our restrain
ing this expansion. The gradual reduction
of the currency is the only measure that can
save the business of the country from disas
trous calamitics; and this can be almost
imperceptibly accomplished by gradually
funding the national circulation in securities
that may be made redeemable at the pleasure
of the Government.
Our debt is doubly secure--first in the
actual wealth and still greater undcveloped
resources of the country; and next in The
character of our Institutions. The most in
telligent observers among political econo-
n,Ists havo not failed to remark, that the
public debt of 4 country is safe in proper
tion as its people are free; that the Gebt OF
republic is the safest of ALL Our history
confirms 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 in republic the
national obligations are distributed more
widely through countless numbers in all
classes of society; it has its root in the char
acter of our laws. Here all men contribute
to the public welfare and bear their fail
share of the public burdens. During the
war, under the impulses of patriotism, the
men of the great body of the people, with
out regard to their own comparative wan
of wealth, throngcd to our armies and hllec
our fleets of war, and held themselves ready
20 offer their lives for the public good
Now, in their turn, the property and income
of the country should bear their just pro
portion of the burden of taxation, while IL
our impost system, through means of whicl
increased vitality is incidentally impaired
to all the industrial interests of the nation
the duties should be so adjusted as to ial
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. M
favoured class should demand freedom iron
assessment, and the taxes should be so dis
tributed as not to fall unduly on the pool
but rather on the accumulated wealth q
the country. We should look at the ia
tional debt gust AS 1t is--not as nationa
blessing, but as heavy burden on the in
dustry of the country, to be discharge
without unnecessary delay.
Iti estimated by the Secretary of the Treasur
that the expenditures for the fiscal year ending II
3Oh of June. ls66 will exceed the receipts Sll
lyhni7. II "a gratifying, however, to state that
Is also Estimated that the revenue for the year enc
ing the Both OF June, 1867, viii exceed the eXpend
t,ireH in the sum Of Siil 6S2,SlS. This amount
go much as may be deemed sufficient for the Iurpos
NAV be Applied to the reduction Of the public deb
which on the 3lst day OF October 1865, was 81 IL
S5l 7j0
Every reduction will diminish the total amount
interest to be paid, and enlarge the means OF At
furtherreductuns. until the whole shall be liquid
ted and this as will be from tho estimates
the Secretary of the Treasury, may be accomplish
by annual payments even within n period not e
eyeding thirty years. / have faith that we shall
all this within reasonable time that, a. we ha
amazed the world by the suppression OF civil WI
which WAS thought to he beyond the control OF al
Government SO we shall equally show the superio
ty of our institutions by the prompt and ial'hiui
charge of our national obligations.
The Department of Agriculture under It's prese
direction, is accomplishing much IN developing a
utilizing the vast agricultural capabilities OF
country and for information respecting the deth
II Its management reference il MADE to the amt
report of the Commissioner.
/ have dwelt thus fully on our domestic AHA
because of their transcendent importance. tnd
circu. aDccg, great extent OF territory a.