The Hancock Jeffersonian. [volume] (Findlay, Ohio) 1857-1870, 1865-12-08

OF the nations life p
Now, on the first occasion of the r
of Congress since the return v
of peace, it Is of the utmost impor- 7
tance to inaugurate a just policy, h
which shall at once be put in motion, S
and which shall commend itself to I,
those who come after us for It's con-
tinuance. We must aim at nothing =
less than the complete cffacement of i
the financial evils that necessarily !
followed state of civil war. We
must endeavor to apply the earliest {
remedy to the deranged state of the
currency, and not shrink from de-
vising n policy which, without being
oppressive to the people, shall i'm.
mcdiately begin to effect reduction
of the debt, and, if persisted in, dis
charge it fully within definitely
fixed number of years.
1t is our first duty to prepare in
earnest for our recovery IRON the ev-
er increasing evils OF an irredeema-
BILE currency, without sudden revul.
sion, and yet without untimely pro.
crastiiation. For that end we must,
each in our respective positions, pre-
pare the way. / hold it the duty of
the Executive to insist upon frugali-
ty in the expenditures; and sparing
economy is itsel n great national re
source. or the banks to which au-
thority has been given to issue notes
secured by bonds of the L. S, we
may require the greatest moderation
and prudence, and the law must be
rigidly enforced when its limits are
exceeded. We may, each one of us,
counsel our active and enterprising
countrymen to be constantly on their
guard. to liquidate debts contracted
in q paper currency, and, by conduct
ing business as nearly rs possible on
a system of cash payments or short
credits, to hold themselves prepared
to return to the standard of gold and
silver. To aid our fellow citizens in
the prudent management of their
monetary affairs, the duty devolves
on us to diminish by law the amount
of paper money now in circulation.
Five years ago the bank note circula-
tion Of the country amounted to not
much more than two hundred mil
: lions; now the circulation. bank and
national, exceeds seven hundred mil
, lions. The simple statement of the
fact recommends more strongly than
any words of mine could do, the ne.
ccssity of our restraining this eXpan-
, sion. The gradual reduction of the
/ currency is the only measure that can
save the business OF the country from
} disastrous calamiues and this can
, be almost imperceptibly accomplish
| cd by gradually funding the national
circulation in securities that may be
made redeemablc at the pleasure OF
I the government
| Our debt is doubIy secure-frst in
: the actual wealth and still greater un
!, developed resources OF the country
| and next in the character of our in
t stitutions. The most intelligent OBJ
c servers among political economists
c have not failed to remark. that the
5 public debt of country is safe il
: proportion rs its people are free; thai
IS the debt of a republic is the safest o
/. all Our history confirms and estab
o fishes the theory, and is, l firmly be
II lieve, destined to give it more sig
:, nal illustration. The secret of thi;
II supenority springs not merely from
q the Tact that in republic the nation
!, al obligations are distributed NOR,
a widely through countless numbers il
c all classes Of society; it has its roo
in the character of our laws. Her,
If all men contribute to the public wei
If fare, and bear their fair share of thu
Il public burdens. During the war, un
If der the impulses of patriotism, The
i men of the great body of the people
e without regard to their own compar
3 alive want of wealth. thronged to oui
armies and filed our fleets of war
/ and held themselves ready TO otfel
J. their lives for the public good. Now
II in their turn, the property and income
r, of the country should bear their just
?, proportion of the burden of taxation
e while in our impost system, through
d means Of which increased vitality i;
= incidentally impaired to all the indus
a trial interests Of the nation. the du
}, ties should he so adjusted as to fal
% most heavily on articles of luxury
y leaving the necessarles If life as free
&c from taxation as the absolute wants
Il of the government, economically ad
: ministered, will justify. No favored
y class should demand freedom from
n assessment, and the taxes should be
d so distributed as not to fall unduly
l. Oh the poor, but rather on the accu
/, mulated wealth of the country. We
n should look at the national debt Just
h as it is-not as a national blessing
) but as a heavy burden on the indus
y try of the country, to be discharged
! without unnecessary delay.
h 1t is estimated by the Secretary o!
i the Treasury that the expenditures
: for the fiscal year ending the Both OF
c June, 1866, will exceed the receipts
n Sll2, l94,9i7. 1t is gratifying, how
Y ever, to state that it is also estimated
r that the revenue for the year ending
the Both of June, 1867, will exceed
the expenditures IN the sum of SILL
= 628,SlS This amount, or so much
S as may be deemed sufficient for the
purpose, may be applied to the reduc
a tion CT the public debt, which, on the
e 3lst day of October, 1865, was S2,-
! 740,S54,750. Every reduction will
5 diminish the total amount OF interest
! to be paid, and so enlarge the means
| of still further reductions, until the