The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1865-12-09

pScy OF grcnfing subsidies f OCEAN mail steamship lines
upon established roues and in tavor of continuing the
present system which limits the compensation for ocean
service the postage earnings recommended TO the
carefal consideration OF Congress.
II appears from the report of the Secretary OF th
Navy that while at the o: the present
year. there IN commission $50 vessels OIL elStas
aud descriptions armed with 5000 gins and manned y
0OC men, the number OF vessels at presetn eomlss
sion is IT. with $50 guns and 1212S men Bgs52ns
prompt reduction of pasl forces the exeseof me
Government have been lnfSy diminished. and kunber
of vessels purchased purposes from the MGR
chant marine have ben red to the peaceful Iy1r-
sts of ; sstTa aed
and consist of vessels mucn nrre efclent Lian th9se
employed similar service previous to the reoellon'
The suggestion or the enlargement OF the navyyards
and esnecay for the esas shnent Of one III fresh water
for IRON clad vessels deserving OF consideration as is
also the recommendation for different location and
more ample grounds for the Naval Academy.
In the report of the Secretary of War general summary
il given of the military campaigns OF 1864 and 1863 ending
in the suppression OF armed resistance TO the national
thory i'll the nslrgen States The operations OF Is gen
era administrative bureaus Of the War Department Gnr
the past year detailed and estimate made OF TIC
appropriation that viii be required Tor nihary purposes
In the fiscal year commencing the Goth day OF June,
1866 The national lilary force on the LIST of May,
1865 numbered 000 SIG men. 1t Is proposed to reduce
the military establishment TO peace footing, compre-
hendng fifty thousand troops OF all arms organized SO
as admit of enlargement bv ing up the ranks to
eightytwo thousand six hundred. if the circumstances
OF country should require augmentation OF the
army The volunteer force has already been reduced
by the discharge from service Of over eight hundred
thousand troops and the Department Is proceeding
idly in the work OF further reduction. The war esi
mates reduced from Sjl6 240 131 TO s338l4, ,46l.
which amount in the opinion OF the Department, is
adeQute for peace establishment. The measures OF
retrenchment in each Rureau and branch of the service
exhibit diligent economy worthy OF commentator.
Reference is also made in the report to the necessity OF
providing for uniform militia system. and To the pro-
priety Of making suitable provision for wounded and
disabled officers and soldiers
The revenue system of the country is subject of Vi
ko1t tnta ~ 20 nd
command the earnest conside :aon of Congress. The
Secretary the Treasury will lay before you full and
detailed report of the receipts and disbursements Of the
last fiscal year. of the first quarter of the present fiscal
year. Of the probable receipts and expenditures fof the
other three qu ters and the estimates for the year fol-
lowing the 30th of june 1866. might content myself
with reference that report, in which you will find
all the information required for your deliberations and
decision, But the paramount importance Of the subject
presses itself on lny own mind that cannot but lay
before you my views Of the which required
the good character and, might almost say, Cor the
cxisten'e OF this people The lie OF republic lies GER
tainly in the energy, virtue and intelligence Of its ct
2ens but it is equally true that good system
is the life of an organized Government meet you at
time when the nation has voluntarily hurdcned itsei
with debt unprecedented in our 2hnals Vast as IS
it's amount fades away into nothing when compared
with the countless blessings Iha; iw:I DE conferred
sion Of tho meeting OF Congress! since the return
Of peace It is of the utmost ifpoance to nausurate
L just policy. wli:h shall at {nce be put in motion
after us for it's continuance We must aim at nothing
less than the complete eacemcn ot the financial evils
that necessarily followed state OF civil war We must
endeavor to apply the earliest remedy to the deranged
state OF the currency and not shrink from devising
policy which, without being oppressive to the people
shall Immediately begin to effect reduction OF the
debt and if persisted in, discharged it fully within
definitely fixed number Of years.
II is our first duty to prepare in earnest FOR cur re-
covery from the ererincreesing evils Of an redeemable
currency, without sudden revulsea and yet without
unmey procrastination. Fer that end we must, each
In our respective positions prepare NE way. loid IL
the duty of the Executive 20 insist upon frugay IN the
expenditures; and sparing econdniy ts itself great
national resource the banks td which authority has
been given to issue notes secured bybonds OF United
States we nay require the greatest moderation and pr-
dence and the law must be fSiGy enforced when its
limits exceeded. We ma5, each ono OF rs, counsel
On their guard to adate eJts In paper
currency and by condc}inG business IS nearly as pos
sie on asystem of cash aStng4s or ehort rediis 70
gold and silver To aid orr Fellow ctizens II the pru
dent infringement Of their afairf the duty de-
wolves TO diminish by law the amount Of papS
money now in circulation. Five years ago the be x ;
OF the country amounted to not much =
than two hundred idillions: now the circulation,
aud nati1nal freseSs seyen an1dred nihoss, 7a
than any words OF iIie 90, {Lc heec s,
restraining this expansion. The gradual reduction OF
the currency is the only that can rave the busi
nos the country disastrous caamities; and this
be almost impcrcepiibly accomplished by gradually
funding the national circulation N securities that may
ment.
our debt is douby securc-frst in the actual wealth
anI still greater uneveloped resources OF the country;
AID next in the character OF our institutions The most
intelligent observers among political economists have
failed to renarh that the public debt of country
safe In proportion its people are ree that the debt
Of republic is the safest Of all Our history confirms
and establishes the theory and is firmly believe des
tined TO give still signal illustration The Sc
cret of this superiority springs not merely rom the c
that republic the national obligations distributed
more widely through countless numbers i'll all classes OF
society; it has its root in the character Of orr laws
Here all contribute to the public welfare, ana bear
their fair share OF the public burdens During the war;
under the impulses of patriotism, the men OF the great
body of our people, without regard to their own COM
paratiye want OF wealth. tnronged to our armies ana
filled our fleets OF war, and hello themselves ready 10
offer their lives for the public good. Now, in their turn
the property and income Of the country should bear
their Just proportion OF the burden OF taxation; wbte
in our mpost system through means ofwhch increased
vitality incidentally impaired to all the industrial in
tcrests Of the nation the uties sould be adjusted
to fall most heavily on ares OF luxury, leaving the
of life as ire from taxation as the absolute
wants OF the Government, economically admins ereu
will justify, No favored class should demand freed IN
from assessment and the taxes should be so distributed
as hot 10 fall unduy the poor but rather on the ac
cumulated wealth Of the country. We should look az
national debt Just it isnot as national olesslhB
but heavy burden 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 ending the
Both of June 1866 will exceed the receipts sll2,-
l94947 1t is gratifying, however. to state That II
is also estimated that The revenue for the year end
ing the SOth Of June, 1867, will exceed the expendi-
lures in the sum of Sill 6S2 9l8. This amount, OF
50 much as NAV be deemed sufficient for the pur-
pose may be applied to the reduction OF the pub
lie debt, which, on the 3lst day Of October, 1868,
was 81 740 S54, $50. Every reduction will dlmnlsh
the total amount Of interest to be paid and so en-,