Daily Ohio statesman. [volume] (Columbus, Ohio) 1855-1870, 1865-12-06


and expenditures for the other three quarters,
and the estimates for the year following
the 30th of June, 1866. i might content
myself with reference to that report,
in which you will find all the infor-
nation required for your deliberations
and decision. But the paramount import
ance of the subject so presses itself on my
own mind, that cannot but lay before you
-my,Views of; the measures which are res
quired for the good character, and, i might
almost say, for the existence of this people.
The life of republic lies certainly in the
energy, virtue, aud intelligence OF its, citis
zens; but it is equally true that a good rev.
enpe.system is, the. life of an organized
governments. meetyotla at q time when
the nation has voluntarily burdened itself
with debt Unprecedented in Our,annas.-
Vast las is It's amount, it fades away into
nothing when eUmpared,with the countless
blessings that will be conferred upon our
country ahdupon man blythe preservation
OF the nations life. , Now, on The first occa-
sion of the meeting of Congress since the
retnrn -of peace, it is of the utmost
importance, to ipailgurateN just policy,
which shall at once be put in notion
aud which shall commend itset to those who
come after us for its continuance. We must
aim at nothing less than the, complete efIhoe-
ment of the financial evils that necessarily ioI-
lowed state ofscivhwar, I'VE must endeavorr
to apply the earliest remedy to the deranged
state of the currency and not shrink from dc.
yisins a polic 4 Which. without being Oppressive
to the people, shall Immediately begin to effect
Ia reduction of the debt, ahdif persisted I'M
discharge it fully within a definitely fixed nnm
Der Of years .tt,l ..sfus 'alS
/ 1t is our first duty to prepare In earnest for
our recovery from the ever-iucreasing evils OF
an irredeemable currency, without sudden re-
vulsion, and yet without uutimely procrastina'
ton. ~ For that end, We must each IN OurlTe-
spective positions, prepare the way. u hold II
the duty Of the Executive to insist upon frugal
ity in theexpenditures; and splring economy
is itself q great national resource, Or the
banks to which authority has been given to is
sue notes secured by bonds of the United States.
we may require the greatest moderation and
prudence, and the law must be rigdly enforced
when lis limits are exceeded, We may each
one OF us, counsel our active and enterprising
countrymen TO be constantly on their guard, TO
Uquidate debts cohfaced In paper currency,
and, by conducting busiLess as nearly as posi-
bic on u system OF cash payments or short cred
its, to hold themselves prepared to return TO the
standard Of gold and silver. To aid our fellow
citizens in Che prudent management Of their
monetary affairs, the dnty devQlyes on, us to di-
minish by law the amount OF paper money
now in circulation Five years ago the bank
note circulation ct the country amounted topot
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 restrain
hi. O.
the currency is the only measure that can save
the business of the country from disastrous
ealamities; and thiseRf be almost timperoeptibly
accomplished by gradually funding the national
circulation in securities that may be made re-
deemabe at the pleasure of the Government
Our debt is doubly secure-first. in the
actual wealth and still greater undeveloped
resources of the country; and next in the
character of our institutions. The most in
telligent observers among political eeonO-
mists have not failed to remark, that the
public debt of a country is safe in proper
tion as its people are free; that the
debt of a republic is the safest of
alloI OUR history confirms @ and
establishes the theory, and is; / firmly believe,
destined to give 1t a still more signal illustra-
ton. ~The-secretpf this superiority springs not
merely from the fact that in a republic the ma
tional obligations are distributed more widely
through countless numbers in all classes Of
society it has its root 10 the character of our
laws. Here all men contribute to the public
welfare, and bear their fair share of the public
burdens. Dslring the war; under the impulses
OF patriotism, the men of the great body of the
people, without regard to their own comparative
want Of wealth, thronged 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 aud income of
the country should bear their just proportion Of
the burden Of taxation, while 10 our impost
system, throughmeans of which increased Fitali-
ity is incidentally impaired to all the industrial
interests of the nation, the duties should be so
adjusted as 10 fall most heavily on articles Of
luxury, leaving the necessaries Of life as free
from taxation as the absolute wants Of the
Government, Neconomicaiy administered,5 will
Justify. No favored class should demand
freedom from assessment, and the taxes should
be SO distributed as not to fall ,unduly on the
poor, but rather on the accumulated wealth of
the country. We should loUk at the national
debt Just as 1t is-not as national blessing, but
as a heavy burden on the industry of the country,
to- be discharged without unnecessary delay.
Itis estimated by the Secretary of the Treasury
that the expenditures for the fiscal year
ending the 30th of June, 1856, will exceed the
receipts $ll2, ,194,9H. } 1t Is gratifyi1g, how
ever, to state that il is tlso estimated
that the revenue for the year ending
ther30th a of June, 1861 will exceed the
expenditures in the sum of $l11,6S281S.@-
This amount, or so much as may be deemed
sufficient for the purpose. maybe applied
to the reduction of the public debt, which,
on the 3lsti day of October, 1865, was $2,-
740S54,750. Every reduction will dimin-
ish the total amount OF interest to be paid,
and so enlarge the means OF still further re-
ductions, until the whole shall be liquidat-
ed; and this, as will be seen from the esti-
mates of the Secretary of the Treasury,
may be accomplished by annual payments
even within a period not exceeding Thirty
years. have faith that we shall do all this
within reasonable time; that, as we have
amazed the world by the suppression of a
civil war whichwas thought to be beyond
the control of any Government, so we shall
equally show the superiority of our ipsti-
t6tions by the prompt and faithful dis
charge of our national obligations.
The Department Of Agriculture, under its present
direction, is accomplishing much in developing and
utilizing the vast agricultural capabilities OF the
country and for Information respecting the details
of its management reference is made to the annual
or have dweIt lhps fully on our domestic affairs
because of their transcendent Importance. Under
any circumstances, great extent of territory and
variety OF climate, producing almost everything
that is necessary for the wants and even the COM
fogtsOf man, make us singuarly independept of the
varying policy Of foreign powers, and protect US
against every temptation to " eltangling alliances
while atiths present moment the te-establjshmen(
of harmony, and the strength that comes from har-
.mopy, viii be our best security against !" nations
who feel power and forget right, " For myself; il
has been and twill be my constant Aim "a promote
peace and amity with all foreign nations aad Pow
ers I and | have every reason to believe that they
all nit amin akal hyt tha