Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1865-12-20
tbegin to effect q reduction Of the debt, and,
if persisted 7in, diseharge2it fully within

fbegin to effect reduction Of the debt, and
Z if persisted in, diseharge2it fully within
definitely fixed number Of years. VI ..e,.l,
= It's o1I first duty to prepare in, earnest
for recovery from the, eyer.increasings evils
of,an irredeemable currency, without sud.
den revulsion, and yet without untimeiy
7 Eprocrastination. For that end, we must each
I'm our respective positions. prepare the way.
/ hold 1t the duty of the; Executive. toinsist
upon frugalifY in the expend itnras aud q
sparing, economy is itself q great national re-
source. Of tM banks. to which. authority has
been given to issue sotes. secured by bonds
of the. United States, we may require tho
greatest moderation and prudence and the
law must Be rigidly enforced when it. limits
are exceeded We may, each one Ct us,
counsel our active and enterprising country.
men to be constantly on their guard, to liqui,
date debts contracted in q paper. currency,
and, By conducting business as nearly as pos;
sibie on system of cash payments or short
credits, to hold themselves prepared, to re-
turn to the standard of gold and silver To
cid our fellow-citizens in the prudent man
agement Of their monetary affairs. the, duty
.devo1yes en- us to diminish by law the anount
of paper money now in circulation. Five
yearsago the bank note circulation Of the
sountry amounted to not much more than
Two hundred millions; now the circulation,
bank and national, exceeds seven hundred
millions. The simple sfptement Of tile fact.
recommends more strongly than any words
OK mlne could DO, the necessity Of our re-
s!ralolng TINS expansion. The gradualre-e
duetlon OF the. currency is the only. measure
thai can save the business of the. country
from disastrous calaInities and this can be
almost imperceptibly accomplished BY gradu. :
ally funding the national circulation i in Sc .
curitios thas may be made iedeenable atths
pleasure OF the Government. " - :.
Our debt is doubly secure-frst in the ac- !
tual wealth and still greater undeseloped re-
sources of the country; and next in tho,
character Of our institutions. The most in-
tclisert observers am5ng political economist. ::
have not failedsto, remark, That the pablo. i,
debt Of country .is safe in proportion as, its,
people are free; that the debt of republic
is the safest Of all. Our history confirms
and establishes the theory, and, ,isA frnly :,
believe, destined TO give, it q still more signal
illustration. The secret of this superiority
springs n5t merely from the fact that In q.
republic the national obligations are distriLu.
ted more widely through countless numbers
in all classes Of society; it has it's root in i
the character o., olr laws; Here, all men
contribute to the public welfare, and bear
their fair share Of the public burdens. Du- :,
ring the war, under the impulses of,patriot-,,,
ism, the men Of the great body Of the peo-, {.
pie, without regard to their own. com paratiys. :
want of wealth, thronged 10 our armies and
filed d1,ur fleets of war, and Aeld theInselyes>yT
ready to offer their lives for the public good,
Now, in their turn, the property and income i
of the country should bear their Just propor-,,i
tion Of the burden Of taxation, wilhelm our, ,
impost system, through means of which in
creased vitality is incidentally impaired to all.
the Industrial interests of.the nation, the J,
duties should be so. adjusted as to- fall most
heavily on articles of luxury, leaving the
rccessIr1rs
the absolute wants of the Government, eco
nomically administered, will justify. No
favored class should demand freedom from
and the taxes Should be 80 dis
tributed as not to fall unduly on the poor, but
rather on the accumulated wealth of. tho 3
country. We should look at tie natiouul
debt just as it is-not.as q national blessing,
but as q heavy burden on the industry Of tie =:
country, to be discharged without upnecessa- !;
ry delay. l.-sl.l
:. It lis estimated by the Secretary Of the Is
the expenditures for the fiscal: I:
ycar ending the 30th of June, 1866, will iex-
ceed the receipts $ll2, ,l94. .947. 1t is graft.
firing, however, TO state that it is also estima-
ted thatthe revenue for the year ,endingthe
Both OF June, 1867, will exceed the expesdi- =
lures in the sum of $lll,6S2,8l8. =. This j.
amount, CT so much as may be deemed suffi- /.
cient for the pupose, may &c applied to the
of the public debt. which, on the
3lst day of October. 1865, was. .S2,740, ..
$50. Every reduction will diminish the total
amount of interest to be paid, and sosealargs 8
The means of still further reductions; until.
the whole shall be hquidated and this, as %
will be,seen from the estimates of the Secre-s
tary Of the Treasury, may he. accomplished :.
by annual payments, even with a. periodnot $
exceeding thirty, years. I havedaith ,thatHe, !,
shall do all this within a reasonable time; {,
that as we have, amazed the world by the
of a civil war which was thought I
10 be. beyond the control of any Government i
s0EWe snall equtiiy SHOW tuo~ superiority OF.
our institutions by the prompt and faithful
discharge of our national obligations. ss4se;s!
The department OF Agriculture, under ita,s
present direction, is accomplishing much insis
developing and utilizing the vast agricultural <
capabilities Of the country, and for: informas
ion respecting the "details of its management, .,
reference is made to the annual report.of the :;
-; 4 scr.sss-a siss<sesss. 81
q have dwelt thus fully on sour- domestic
r4iairs because of their -transrendent impor
ance, Under any. circumstances, urgreat
extsnt Of territory and variety Of climate, ''s
producing almost every thing that is neces- .
;ary Tor the wants, and even the comforts off:9
NAN, makezuss gularly independent of the
varying policy foreign powers, and protect J,
us against every temptation to N"ertangling
alliances wlile'atshe present moment tEee
establishment of harmony, and the strength
that comes from harmony, will be our best 3
security against nations who feel power and
forget rig gltA, For myself, itthas been and it :;
will be myconstant aim to promote peace -
and amil y with oil foreign nations md Pow. =
srs dIkayo every reason to believe that
they all, without,exception, are animated by