Sioux City register. [volume] (Sioux City, Iowa) 1858-1871, 1865-12-16


medately begin to effect a reduction" Of
the debt, and, if persisted in, discharge it
fully within = definitely fixed number OF
years.
Refrenchment Recommended.
II Is our first duty TO prepare in earnest
for our recovery from the ever Increasing
evils Of an irrsdeemable currency, without
. sudden revulsion, aud yet without un-
timely procrsstina.ion. For that end, we
must, each in our respective positions,
prepare the way. I hold Il the duty OF
the executive to insist upon frugality in
tho expenditures md . spsriog economy
10. itself = great national resource. OF
the banks to which authority has been
given to issue notes secured BY bonds Of
the United States, 10 may require the
greatest moderation and prudence, and
the Law must be rigidly enforced when ito
limits are exceeded. We may, each one
Of Us, counsel our active aud ensesprising
countrymen TO be constantly on their
guard, to liquidate debts contracted in .
paper currency, and, by conducting bust:
ness as nearly As possible on . system OF
cash payments or short credits, to hold
themselves prepared to return - the
standard Of gold and silver.
Return to Specie Payment Desirable
To aid our fellow citizens in the pru-
dent management Of their monetary af-
fairs, the duty devolves on Us to diminish
by law the amount Of paper money now
in circulation. Five years ago the bank
note circulation of the country amounted
to not much more than two hundred mil
lions; now the circulation, bank and
national, exceeds seven hundred millions.
The simple statement Of the fact recon-
uends more strongly than any words Of
mine could do, the necessity Of eur res
training this expansion. The gradual re-
duction Of the currency 10 the only meas
IRE that can save the business Of the
country from dis astrous cslamit;es and
this can be almost impercep.ibly accom-
plished by gradually funding the national
circulation in securities that may be
made redssmab!e at the pleasure Of The
government.
Security Of our Debt.
Our debt is doubly secure-6rs.
in the actual wealth and still greater un-
developed resources OF the country and
next in the character Of our institutions.
The most intelligent observers among po-
Gtical economits have not failed to remark
that the public debt Of country is safe
in proportion Is ito people are free that
the debt Of republic is the safest Of oil.
Our history confirms and establishes the
.hebry, and 10, l firmly believe, destined
TO give It a still more signal illr stration.
The secret # this superiority spring, not
Derely from the fact that in republic
the national obligations are distributed
more more widely through countless num-
bers 10 oil classes of society; i has it,
root in the character Of our laws. Hero
oil men contribute to the public welfare,
aud bear their share Of the public bur
dens. During the war, under the impul-
body Of the people, without regard to
their own comparative want or wealth,
thronged to our armies and filed our
fleets Of war, and held themselves ready
to offer their lives for the public good.
Property and Income to bear their Bur-
den Of Taxation.
Now, in their turu, the property and IN.
como Of tie country should bear their
just proportion of the burden of taxation,
Ahile in our impost system, through means
Of which increased vitality 10 incidentally
impaired to ell the industrial interests Of
the nation, the dulies should DO 90 adjust
ed as to fall most heavily on articles Of
luxury, leaving necessaries Of life as free
from taxation as the ABSOLUTE want Of tho
government, economically administered
will justify.
The National Debt.
1t is estimated by the Secretary Of the
Treasury that the expenditures for the
fiscal year ending tho Both Of June 1856,
will exceed the receipts Sll2, l94.949 1t
is gratifying, however. to state that it 10
also estimated that the revenue for the
year ending the 30th Of June 1897, will
exceed tho expenditures in thu sum Of
$lll,6S2,6ls
Our Foreign Relations.
While q The present moment the re-
establishment Of harmony, and the
strength that comes from harmony will DO
our best security against nations who ie-
more and forget Right, for myself, il has
been. add it will bs my constant aim to
promote peace and unity with al foreign
nations and powers, and l have every
reason 70 believe that they oil, without
exception, are animated with tho same
disposition.
Our Past and Present.
When, on the organisation of our gov
eminent, under the constitution, the Presi
dent Of the United States delivered bic
inaugural address to the two houses Of
Congress, he said to them, aud throug
them to the country AID to mankind, that
the preservation OF the sacred FIRE Of
liberty aud the destiny Of the republican
model Of government are justly consider
ed as deeply, perhaps as finally staked on
the experiment intrusted to the American
people," Aud the house Of representa-
.ives answered Washington by the voice
of Madison: 1--WE adore the invisible
hand which has led the American people,
through 90 many difficulties to cherish .
conscious responsibility for the destiny Of
republican liberty More than seventy
six years have glided away since these
words we're spoken; the United States