The daily Gate City. [volume] (Keokuk, Iowa) 1855-1916, 1865-12-06

say, for the exialnns1 J u Ill people. The
life Of repptHD Ees certainly in the
virtue and inteI1iepnee Of the citizens but it
iseqnAlly tina tt aeood royenne system i
| Ne life Of IN 0efni4ed gov1Sn1aent. / meet
YOU at time Win the Nation Aas voluntarily
| turdened itself With . debt unprecedented il
EOur annals. Vast - itt&s amountl it fades
away into nothing when compared with the
countless blessings that will be conferred upon
our country and upon man by the preser-
vssion o. the Nations life. Now "a the first
occasion Of the meeting Of Congress since
/ the return Of peace, it is Of the utmost i'm
!. portance to inauguratc 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 complete evasion of the
! financial evils that necessarily followed
/ state Of civil war. We must endeavor TO
apply the earliest remedy to the damaged
state of the currency, and not shrink from
devising policy which without being oppres
sive to the people, shall Immediately begin
! to, effect q reduction of the debt, and if per
sisted in, discharge il fully within a definitely
fixed number of years It is our
| first duty TO prepare in earnest for our re-
covery from the ever increasing evils of an
irredeemable currency without q sudden
revulsion, and yet withoat untimely pfocras-
tination. For that end we must each in our
/ respective positions prepare the way.
| hold it the duty of the Executive to insist
upon frugality in the expenditures, aud q
sparing economy is itself general resource.
OF the banks to which authority has been
given to issue notes secured BY bonds Of the
] United States, We may require the greatest
moderation and prudence, and the law must
be rigidly enforced when its limits are ex
ceeded We may each one Of US counsel our
active and entcrprising countrymen 10 be
constantly on their guard to liqaidate debts
contracted in a paper currency. and by con-
Quoting business as nearly as possible ON q
system Of cash payments on short credits, to
hold themselves prepared to rethrn to the
standard of gold and silver. To aid our fellow
citizens in the prudent management of their
monetary affairs, the duty devolveE on rs 10
diminish by law the amount of paper money
now in circulation. Five years agb the bank
note circulation of the country Amounted TO
not much more than two hundred millions .
now the circulation Of bank AMI national
exceed seven hundred millions. The simple
statement Of the fact recommIn ds more
strongly than any words of mine could do.
the necessity Of our restraining this expan-
sion. The gradual reduction Of the currency
I Is the only measure that can save the business
Of the country from disastrous calaInities,
and this can be almost Imperceptitly accom-
plished by gradually funding thE National
circulation in securities that may be
made redeemable at the pleas nre Of the
Government. Our debt Is doully secure,
frs, in the actual wealth and still great
er undeyeloped resources of the ctuntry, and
next in the character ofour in@tittk ions. he
fncst Intelligent observers among poiitca
economists have not failed TO reInd TX that the
! public debt of a country is safe in proportion
as the people are free. tia; the ddbi Of a re-
public Is the safest Of all. Our history con-
firms and establishes this thebry and il
firmly believed destined 10 give il ! still more
signal lilusf ration. The secret ofthe super
ority springs not merely from the fact that ia
a republic the national ohbgatlo1s are dis
trihated more widely through couJtle,- NUN
beers, TIA ail classes OF society II has it, root
in the character Of our laws. h r. all men
coutrbate 10 the public welfare an b bear their
share efthe public burdens Dutug the war
unler the impulses OF PATRIOTISM. the men Of
the CREST body OF the people. without regard
TO their own comparative want OF wealth
throneed to our armies and filed I,nr fleets OF
war, aud held themselves ready to ofier
their lives for the public good: ndw in their
turn the property aud income Of 'he country
should bear their just proportion Ii the bur
den OF taxation. While in our SYST I'm. through
means Of which increased vitality j. incidea-
tally impaired 10 all the industrial interests
Of thenation, the duties should he so adjusted
TO fall most heavily on articles Of luxury.
iraving the necesSaries OF life "A free from
igxaton as the absolute wadts OF the
Government economically administered viii
Justify. No favored class should demand free
/ dom from assessment. and the taxes should
7 be so distributed A. not to fall unduy on the
T poor. but rather on the accumulated wealth
I Of the country We should look Al the ma
! tional debt Just as il i, hot rs national
( blessing, but as heavy burden on the indus
I try Of the country, to be discharged without
unnecessary delay Ii is estimated by the
/ Secretary of the Treasury that the expendi-
I lures for the fiscal year ending the 3tah Of
/ June. 1866. will exceed the receipts Sl12..
! I9I,9f: 1t l. gratifying however, TO state
+. that ii is also estimated that the revenue for
+ the year ending the 3oth Of June, 1867, will
exceed the expenditures In the sum of Sill.
$50 SIS. This amount, or so much as NAV
I be deemed sufficient for the purpose, NAV be
applied to the reduction Of the public debt.
which, on the 3lst day OF October. 1865.
was S2..4o, S54. $50. Every reduction will
diminish the total amount of interest TO
4 be paid, and so enlarge the means Of still
/ further reduction. until the whole shall be
! llutuateu. anu tNls. as Will Oe seen from the
| estimates of the Secretary of the Treasury.
may be accomplished by actual payment even
within period notexceeding thirty wears /
/ have faith that we shall do all this within a
reasonable time that as we have amazed the
world by the suppression of civil war which
was thought 10 be beyond the control OF any
Government, so we shall equally show the sa-
perioriiv of our institutions by the prompt and
fathf 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, aud fpr informa-
ton respecting the details of It's manage
ment reference is made to the annual report
Of the Commissioner
have dwelt thus frlly on our domestic af.
fairs because of their transcendant impor-
lance under any circumstances. Our great
extent of territory and variety of climate.
producing almost everything that is necessa-
nv for the wants, and even the comfort Of
man, makes us singularly Independent of the
varying policy of foreign powers, and protects
us against every temptation to fntangling al
liances; while at the present moment the re
establishment of harmony, and the strength
that comes from harmony. will be our best
security against nations who feel Power and
forget Right For myself, il has been and it
viii be my constant aim to promote peace and
amity with all foreign nations aud powers,