The Tiffin weekly tribune. (Tiffin, Ohio) 1859-1868, 1865-12-14


probable receipts and expenditures
for the other three quarters, and
tho estimates for the year following
the Both of June, 1866. 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 Importance Of
the subject so presses itself on my
mind, tina. | cannot but lay bef re-
You my views of the measures
which are required for tho good
character, and | might almost cay,
fer the existence of this people,
The life of tho Kepubl,c lies GER
tainly in the energy, virtue, and
intelligence of its citizens but it
is equally true that good revenue
system is the life of an organized
government. | meet you at u time
when the nation has voluntarily
burdcned itself with debt nnpre-
ccdrntcd in our annals. Vast as
is its amount, it fades away into
nothing when compared with tho
countless blessings that will be con-
ierrcd upon our country and upon
man 10y the preservation of the ma.
tion's life. Now, on the first oc.
casion of the meeting of Congress
since the return of peace, it is of
the utmost Importance to inauguar-
ate n just policy, which shall at
once be put in motion, and which
shall commend itself to those who
who come after us for its contnu-
ancc. We must aim at nothing
less than the complete eiiacement
OF the financial evils that uccessari-
ily followed state Of civil var
We must endeavor to apply the
earliest remedy 70 the deranged
state of the currency, and no.
shrink from devising n policy
which, without being oppressive
to the people, shall Immediately
begin 10 effect u reduction of tho
debt, aud, if persisted in, discharge
it fully within u definitely fixed
number of years.
1t is our first duty to prepare in
earnest for our recovery from tho
ever increasing evils of an ire
dccmable currency, without a sud-
den revulsion, and yet without un-
timely procrastination. For that
end we must, each in our respec-
tive positions, prepare the way -
hold it the duty of the Executive
to insist upon frugality in the ex-
penditurcs and n sparing econo-
my is itself great national re-
source. OF the banks to which
authority has been given to issue
notes secured by bonds of the Uni
ted States, We may require tho
greatest moderation aud prudence,
and the law must be rigidly en-.
forced when its limits are exceed
cd. We may, each one Of us coun-
sci our active and enterprisiDg
countrymen to be constantly on
their guard, liquidate debts con-
tracted in n paper currency, fnd,
!, bv conducting business as nearly
rs possible ont system of cash
, payments or short credits, to hold
, themselves prepared to return to
the standard of gold and silver
To MD our fellow citizens in tho
prudent management of their mon
etary affairs, the duty devolves on
us to diminish by law the amount
of paper money now in circnla-
] ton. 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, ex-
ceeds seven hundred millions. The
simple statement of the fact recon-
mends more strongly than any
words of mine could do, tho ne
cessity of our restraining tue ex-
pansion. Tho gradual reduction
of the currency is the only measure
that can save the business of the
country from disastrous calamities
and this can be almost impercepti-
bly, accomplished by gradually
funding the national circulation in
securities that may be made re-
deemable at the pleasure of the
Government.
Our debt is doubly secure-first
in tho actual wealth and still great
er undeveloped resources of tn,
country; and next in character Of
our institutions. The most intell-
gent observers among political
! economists have not failed to re-
mark that the public debt ofa
+, country is safe in proportion as its
people are free; that the debt ofa
, republic is the safest of all. Our
/ history confirms and establishes the
, theory, and is, | firmly believe,
, destined to give it still more sig
r nal illustration. The secret Of this
superiority springs not merely from
: the fact that in u republic the ma
. tional obligations are distributed
E more widely through countless
numbers in all classes OF society (;
a il has its root in the character OF
our laws. Here all men contrib
ute to the public welfare, and bear
, their fair share of the public Dnr'
dens. During the war, under the
, impulses of patriotism, the men OF
the great body ofthe people, with
out regard to their own eompartive
want ofwealth, thronged to our ar
mics and filled our fleets OF war,
and held themselves ready to offer
their lives for the public good.
>. .ho;,. tnrn tha nronarfy