The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1865-12-06

short credits. to hold themselves pre-
pared to return to the standard OF gold
and silver To aid our iellow-citizens IN
the prudent management of their mon
etafy affairs, the duty deVolves on us to
5. diminish by lawsthe amount of paper
money new i'll circulation. Five years
AGO the bank-note circulation of the
country amounted to not much more
than two hundred millions; now the cir
culation, bank and national, exceeds
seven hundred millions. The simple
statement of tho fact recommends more
strongly than any words of mine could
do. the necessity of restraining this eN-
pausion. The gradual reduction OF the
currency is the only measure that can
save the country from disastrous calami-
ties; and this can be almost lmperceptl-
bly, accomplished by gradually funding
the national circulation in securities that
NAV be made redeemable at the pleasure
of the Government.
Our debt is doubly secure-first 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 pollt-
zeal economists have not failed TO re-
mark that the public debt of a country
is safe in proportion as it's people are
free: that the debt of republic is the
safest of all. Our history confirms and
establishes the theory, and is, believe,
destines to give it still more signal IL
lustration. The secret of this SUPERIOR
~ snrings not merely from the fact that
in a republic the national obligations are
; distributed more widely through count
less numbers in all classes OF society 1t
has IFS root in the character of our laws.
Here all men contribute to the public
welfare, and bear their fair share OF the
nublic burdens. During the war, under
impulses of patriotism, the men OF the
: great body of people without regard TO
their own comparative want of wealth,
throuped to our armies aud filled our
fleets of wal, and held themselves ready
to offer their lives for the public good
Now. in their turn, the property and III
come of the country should bear their
, inst proportion of the burden of taxa
, fion. while in our impost system, through
means of which increased vitality is III
cidentallv impaired TO all the industrial
f interests of the nation, the duties should
he so adius ed as to fall most heavily OF
J articles of luxury, leaving the necessa
, ries of life as free from taxation as tht
absolute wants of the Government, econ
omically, administered, will justify Nc
, favored class should demand freedom
from assessment, and the taxes should
be so distributed as not to fall uA
duly OH the poor, but rather OF
l the accumulated wealth OF the country
: We should look at the national debt JUS
AZ il is-not as "a national blessing, buI
AS n heavy burden on the industry OF the
: country. to be discharged without I'm
= necessary delay.
r 1t is estimated by the Secretary of the
= Treasury that the expenditures tor the
! fiscal year ending the Both of June, 1906
q will exceed the receipts oll2.l9l ,9l7. II
is gratifying, however, TO state that 1T Is
also estimated that the revenue Tor The
. year ending the 30th of June, 1867, Will
exceed the expenditures III the sum ol
: Sill S2,SlS This amount or so much rs
: NAV he deemed sufficient for the purpose
9 NAV be applied to the reduction OF the
q nublic debt, which, on the 3lst day Of
r October, 1865, was 81, 74O, S54 100. Every
, reduction will diminish the total amount
r of interest to be paid, aud so enlarge the
means of still further reductions, until
the whole shall be lIquidated; and this,
t as will be seen from the estimates OF the
{ Secretary of the Treasury, may be ac-
!. complished 10y annual payments even
: within a period not exceeding thirty
J, years | have faith that we shall do all
: this within reasonable time; that, as
:. we have amazed the world by the sup
: preston ola civil war which was thought
9 to he beyond the control of any Govern
= ment, 50 we shall equally show the supe
Y riority of our institutions by the prompt
{ and faithful discharge of our national
= obligations.
g The Department of Agriculture, under
: its present direction, is accomplishing
0 much in developing and utilizing the
: agricultural capabilities of the country
a and for information respecting the de
f tails of its management reference is made
4 TO the annual report of the Commits
J sioner.
5 | have dwelt thus FULLY OH our do
: nestle affairs because Of their transcen
dent importance. Under any circnm
e stances, our great extent of territory
: and variety OF climate, producing al
most everything that Is necessary toI
the wants, aud even the comforts, OF
! man, make us singuarly independent OF
the varying policy of Foreign Powers
, and protect us against every temptation
to "entangling alliances" while at the
present moment the establishment Oi
harmony, and the strength that comes
from harmony, will be our best security
against nations who feel power
and forget right For myself it
has been and IL Will be
my constant aim TO promote peace and
amity with all foreign Nations and Pow.
ers and ] have every reason 10 believe
that they all, without exception, are an
. mated by the same disposition Our re-
+ relations with the Emperor of China, so
recent in their origin, are most friendly.
Our commerce with bis domiDlOns is re
ceiving Few developments; and it is very
: pleasing to find that the Government of
that great Empire maBtests satisfaction
with our policy, and rep9ses just con fl
denco IN the fairness which marks our
intercourse Tbs unbroken harmony be-
tween the United States and the EN-
peror of Russia is receiving new sup
port from an enterprise designed To carry
telegraph lines across The continent OF
Asia, through his dominioDs, and 50 10
connect US with all Europe by new
channel of intercourse
| . 4.