The Potter journal. [volume] (Coudersport, Pa.) 1857-1872, 1865-12-12

iHTFtiF QIiAlDlbHtl hiiA y II '4FS4 VI We. ~''
purchased for naval purposes from the mer-
chant marine, have been returned TO the
peaceful pursuits Of commerce.
! Since the suppression of active hostllltIes
our foreign squadrons have been re-establish-
/ ed, and consist Of vessels much more efficient
/ than those employed on similar service preYI-
ous to the Rebellion. The suggestion for the
enlargement Of the>navy yards, aud especially
( for the establishment of one in fresh water for
! iron-clad vessels, is deserving OF eon5Idera-
! ton. as-ig also the recommendation tor dlI
/ ferent location aud more ample grounds TO:
( the Naval Academy.
/ Ia the report Of the Secretary Of War, a
general summary is given Of the military
/ campaigns Of 1864 and 1865, ending IN the
suppression ofarmed resistance 10 the national
|aulhoritv in the insurgent States. The oper-
atous Of the general administrative bureaus
/ of the War Department during the past year
are detailed, and an estimate made OF the
approDriations that viii be required Tor mill
tarv purposes in the fiscal year commencing
the 30th day Of June, 1866. The national
military force on the lst Of May, 1865, num-
bcrcd .OO0.5lG men. It is proposed to re-
duce the military establishment to peace
footing. comprehending fifty thousand troops
Of all arms, organized so as to admit OF an
enlargement by filing up the ranks 10 eighty
two thousand six hundred, If the circumstan-
ces Of the country should require an augment
alton Of the army.
The volunteer force has already been re-
duced by the discharge from service Of over
eight hundred thousand troops, and the De-
Dartment is proceeding rapidly in the work Of
further reduction. The war estimates are
reduced from S5l6, ,250,l ,l3l to S33, 3,8I4, SCI,
which amount, i'll the opinion Of the Depart
ment, Is adequate for peace establishment.
The measures OrTetrencLmentin each Bureau
and branch Of the service exhibit diIigent
economy worthy of commentator. Reference
is also made ia the report TO the necessity Of
providing for uniform militia system, and to
the propriety Of making suitable provision for
wounded and disabled officers and soldiers,
The revenue system Of the country is a sub
jcct Of vital interest to its honor and prosper
itv, and should command the earnest consid-
Grafton Of Congress. The Secretary Of the
Treasury Will lay before you full and de-
lailed report Of The receipts and disbursements
0f the last fiscal year, OF the PROBABLE receipts
and expenditures for the year following the
Both Of June, 1866. Rut the paramount
Importance Of the subject so presses itself on
my own mind, that ] cannot It lay before
YOU my views of the measures which are re-
CURED for tie good character, and, might
also say, for the existence Of this people
/ The life Of republic lies certainly in the
energy, virtue and intelligence Of its citizens,
but il is equally true that good revenue sys-
tenn is the life Of an organized Government.
meet you at time when the nation has vol
unfairly burdened itself with a debt unprece-
dcntcd in our annals. Vast IS is its amount
. F.1 int v1+l,iror bar, rn1
with the countless blessings that will he con-
ferred upon our country and upon man by the
preservation of the nations life. Now, on the
first stoccasion of The meeting of Congress since
The return Of peace, it is Of the utmost i'm
portance to inaugurato just policy, which
shall at once be put in motion, and which
shall commend itself TO those who come after
US for its continuance.
We must aim at nothing less than the com
plete cf,acement Of the financial evils that
necessarily followed a state Of civil war. We
must endeavor to apply the earliest remedy
| to the deranged state of The currency, and not
shrink from dcvising policy which, without
/ being oppressive to the people, shall immedi-
/ ately begin TO effect n reduction of the debt,
and. if persisted in, discharge it fully within
definitely fixed number Of years.
/ Il is our first duty TO prepare ia earnest for
| our recovery from the ever increasing evils
! OF an irredecmable currency. without a sud
! den reyulsiOn, and yet without untimely pro-
crastination For that end We must, each in
our respective positions, prepare the way. !
! hold il tho duty of the Executive TO insist
upon frugality in the expenditures and n
| sparing economy is itself great national re-
source. OF the banks to which authority has
! been given to issue notes secured by bonds of
I the Uuited States, we may require the greatest
moderation and prudence, and the law must
bo rigidly enforced when its limits are ex-
cceded.
We may, each one Of US, counsel our active
and cnterprsing countrymcn to be constantly
on their guard, to liquidate debts contracted
in paper currency and, by conducting busi-
ness as nearly as possible on system Of cash
payments or short credits, to hold themselves
prepared to return to the standard Of gold and
silver. TO aid onr fellow citizens in the pru-
! dent management Of their monetary affairs,
! the duty devolycs on Us to diminish by law
/ the amounto Of papcrmoney now in circulation.
! Five years ago the bank note circulation of
! the country amounted to not much more than
I $500, 600, 00O. Now the circulation bank and
national, exceeds S7OO,O 600, 900. The simple
statement Of the tact recommends more
/ =
the necessity Of our restraining this cxpan-
sion. The gradual reduction Of the currency
is the only measure that can save the business
Of the couatry rom disastrous calamiiies
and this can be almost imPcrceptibly accom-
/ pishcd by gradually funding the national
circulation in securities that may be made
/ rcdeemable atthe pleasure orthe Government.
( Our debt is doublv secure-frst in the ac-
/ tual wealth and still greater undeveloped re-
sources Of the country and next in the char
nctcr Of our institutions. The most intel,i-
gent observers among political economists
have not failed to remark, that the public
debt of a country is safe in proportion rs its
people arc free that the debt of a republic is
/ the safest Of all Our history confirms and
establishes the theory, and is firmly believe,
destined to give it still more signal illus
uation.
The secret of this superiority springs not