The Caledonian. [volume] (St. Johnsbury, Vt.) 1837-1867, 1865-12-15
For that end, we


pare the way. l hold it the duty of the
Executive to insist upon frugality in the
expenditures and a sparing economy is
itself great national resource. OF the
banks to which authority has been given
to issue notes secured by bonds of the
United States, we may require the great
est moderation and prudence, and the law
must be rigidly enforced when its limits
are exceeded. We may, each one OF us,
council our active and enterprising coun-
trymen to he constantly on their guard, to
lionilatc debts contracted in paper cur
rency. and, by conducting business as
nearly as possible on system OF cash
payment or short credits, to hold them
selves prepared to return to the standard
Of cold 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
wears ago the bank note circulation of the
country amounted to not much more than
two hundred millions now the circula-
ton. bank and national, exceeds seven hun
1red millions. The simple statement of
the fact recommends more strong ly than
any words Of mine could do, the necessity
Of our restraining this expansion. The
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 impercentibly &C
complishcd by gradually funding the ma
tional circulation in securities that may be
made redcemable at the pleasure of the
Government.
Our debt is doubly secure-tirst in the
actual wealth and still greater undeveloped
resources OF the country; and next in the
character OF our institutions. The most
intelligent Observers among political econ
omi-,s have not failed to remark, that the
pubic debt OF "a country is safe in proper
lion - lis people are free: that the debt of
Il republic /, the safest of all. Our his
tory confirms and establishes the theory.
ami is, firmly believe, destined to give it
a still more 81 gnal illustration. The secret
Of this superiority springs not merely from
the fact That in a republic the national OBJ
legations are distributed more widely
.hrOurh countless numbers in all classes of
s,ri.ty; ii has is root in the character of
or laws. Here all men contribute to the
pubic welfare, and bear their fair share of
the publ.c burdens. During the war, I'M
der the impulses of patriotism, the men of
tie great body OF the people, without re-
gard to their own comparative want of
wealth, throngcd to our armies and filled
oar fleets Of war, and held themselves
"1tiy to ,iier their lives ,'or the public
good. Now, IN their turn, the property
md income OF the country ShonId bear
t'.2!: Ju>i Proportion Of the burden Of tax
alton, while III our ilnpost system, through
means CT which increased vitality is Incl
dcntaly impaired to all the industrial in
tereSiS of tha nation, the duties should be
50 adjusted is to fall most heavily on arti-
cles OF luxury, leaving the necessaries of
life IL free from taxation as the absolute
wants OF the 90 Icrnment, economically
administered, will justify. No favored
clas, should demand freedom from assess
mnt. and the taxes should be so distribu-
It'd as not to tall unduly on the poor, but
rather on the acc umulated wealth of the
country. We should look at the national
debt llst a it s-not as national bless
in. but a. Il heavy burden on the industry
Of the country, to be discharged without
unnecessary delay.
1t is estimated by the secretary Of the
treasury that the expenditures for the fiscal
year cn lin the 3Oth of June, 1856, will
exceed the receipts SIP, 1891. 1t Is
gratifying, however, to state that it is also
estimated that the revenue for the year
ending the j0th of June, 1866, will ex-
cccd the expenditures i'll the sum OF Sl1l,-
GS2.Sl This amount, or SO much as
may be deemed sufficient for the purpose,
may be applied to the reduction of the
public debt, which, on the list day of o.
tober, 1865, was -, 40, S54,75O. Every
reduction will diminish the total amount
Of interest to be paid, and so enlarge the
means Of still further reductions, until the
whole shall be liquidated and this, as
will be seen from the estimates of the sec
rotary Of the treasury, may be accomplish
cd by annual payments even within pc
Rod not exceeding thirty years. | have
faith that we shall do all this within a
reasonable time; that, as we have amazed
the worldly the suppression Of a civil war
which was thought to be beyond the con-
troll OF any government, So we shall equal
J. show the superiority Of our institutions
b. The PROMPT and faithful discharge of
our national obligations.
the department of agriculture, under
its present direction, is accomplishing
much in developing and utilizing the vast
agricultural capabilities Of the country,
AMI for information respecting the details
OF ITS infringement reference is made to
annual report of the commissioner.
have dwelt thus fully on our domestic
ALTAR, because of their transcendent i'm
potiInce. Under any circumstances, our
great extent OF territory and variety of
climate. producing almost everything that
l. necessary tor the wants, and even the
comforts Of man, make us singularly in
dependent Of the varying policy of foreign
powers, and protect Us against every
temptation to ''enlanging alliance while
. The pres, At moment the re-establishment
OF harmony. and the straouth that COMMAS