Baltimore daily commercial. [volume] (Baltimore, Md.) 1865-1867, 1865-12-06

the Jour immediately the rebellion
was S3533,s5. The revenues of the last fiscal yea
amounted to Sl4,556,l5S, and the expenditures L
Sl3,6A,I8 leaving surplus of receipts over eXpen
dtures of Ss6l,f30. Progress has been made in re
storing the postal service in the Southern States.
The views presented by the Postmaster Genera
against the policy of granting subsidies to mai
steamship lines upon established routes and in ayo
OF continuing the present system, which limits The
compensation for ocean service to the postage earn
ings, are recommended to the careful consideration
/ VI Congress.
1t appears from the report Of the Navy that while
at the commencement of the present year. there
in commission $50 vessels of all classes and descrp
tons, armed with 5000 guns and manned by LOB
men the number of vessels at present in commission
is III, with $50 guns and y 2S men. By this prompt
reduction OF the naval forces the expenses Of the
Government have been largely diminished aud a
number OF vessels, purchased for maya! purposes from
the merchant marine, have been returned To the
Eeacciul pursuits OF commerce. Since the suppress
sion of active hosilities our foreign squadron hay
been reestablished and consist of vessel, much
efficient than those employed on similar service pre-
yious to the rebellion. The suggestion for the en-
! establishment OF one in fresh water for iron-cad
vessels, is deserving OF consideration as Is aSo the
! recommendation for different location and more
ample grounds for the Naval Academy:
In the report of the Secretary Of War, Il general
summary Is given OF the military campaigns OF 1851
and 1865, ending in the suppression OF armed resist
anee to the national authority n the nSJrgent States.
Inc operations oil the general illustrative bureaus
o.! the W al Department during the past year are de-
tailed, and estimate made OF the appropriations
that VIII be REQUIRED t"r military purposes IN the
fiscal year commencing the Both day OF jung lo66.
The national military force ON tho LIST OF May, lst5,
numbered lG005t6 men. Its proposed to reduce the
| military establishment to peace footing, compre-
hending fifty thousand troops OF all arms, organized
so as to admit of an enlargement by filling up the
ranks to cighytwU thousand six hundred if the cir
cumstances of the country should require augnen
The volunteer force has already been reduced by
the discharge from service of over eight hundred
thousand troops. and the Department is proceeding
rapidly in the work Of further Reduction The war
estimates reduced from S5h,2iul3l to 3,Hl i'll,
which amount in the opinion of the Department, is
adequate for peace establishment. The measure
Of rctrenrhment in each Bureau and branch of the
service exhibit Il diigent economy worthy Of com
menoalion. Reference is also made in the report TO
the necessity OF providing i9r uniform militia sys-
tom, and to the pr"puety OF making suitable provs-
ion for wounded ana disabled officers and soldiers
The revenue system of the country is 4 subject Of
vital interest to It's honor and prosperity and should
command the earnest consideration of Congress-
The Secretary Of thu Treasury will lay before you
ill and detailed report OF the receipts and dburSe
mens of the last fiscal year OF the first quarter of the
present fiscal year. OF the probable receipts and en-
pcnditures for the oIhcr three quarters, and the eS
mates for the year following the 10Th of June 1866.
might content myse with reference to that report,
in which you Will ind all the information required
for your deliberations and decision. But the para
mount importance Of the subject 20 presses itself on
my own mind. that cannot hut lay before YOU my
views of the measures which are required for the
good character and | might almost say, for the
existence of this people. The life of u republic lies
certainly in the enersy. virtue and intelligence OF its
citizens; but it is equally true that a good revenue
system is the life of an organized government |
meet you at q time when the nation has voluntarily
burdcned itself with debt unprecedented in our an
nothing when compared with the countless blessings
that will be conferred upon our country and upon
man by the preservation of the nation life.
Now, on the iIrst occasion OF the meeting OF Con-
grcss since the return Of peace, ii is of the utmost
Importance to inaugu!ate gust policy, winch shall
nj once be put i'll motion, and which shall commend
itself to those who come after Us Tor Its continuance
We must aim at NOTHING lgse thaq the complete eff
tacCment OF tue financial evils that necessarily fol-
loweda state of civil war We must cndeavor to
apply the earliest remedy to the deranged state Of
tho currency, and not shrink from dey-ing policy
immediately begin TO effect Il reduction OF the debt
and if persisted ill., discharge 1t fully within def
uitcN fixed number OF years.
1t is first dUty to prepare IN earnest lor our re
cOycry from the eycI-ncreaSng evils OF an IRE.
dcclnable currency, without sudden reEulson, and
yet without I'm imelH procrasiinaien. For that end
We must each in our respective positions, prepare
the way. / mold il the duty OF the Executive to in
sist upon lugaly in the expenditures and -paring
economy is itsclfa great National resource. OF the
banks TO which authority hai ben given to issue
notes, secured by bonds Of the United States, we
may require the greatest moderation and prudence
and the law must be rgdly enforced when its limits
are exceeded We may, "ach one 81 uI COUNSEL our
active and cnter prsing counlrymcn to be constantly
on their guard quidatc dcbs contracted paper
currency and. b. conducting business Us nearly as
credits to hold themselves prepared ~ return to tho
standard of gold and silver. To aid our fellow citi-
zcns in the prudent management of their monetary
affairs the duty deyoves to diminish by law
Five years ago the bank-note circulation of the
country amounted t. not much more than two hun
drcd miilions now the circulation. bank and nation
mcnt Of the fact recommends more strongly than any
words of mine could do, the necessity of restraining
this expansion. The gradual reduction OF the cur
rcncy is the only measure that can save tho business
of the cGu.t.y from disastrous calamtieS; and this
can be almost lrpe ceft,b!y accomplished ny sradu-
ally funding the national circulation IN securities
that may be made redeemablc al the pleasure ot the
Government
Our debt is doably securc-frst III the actual
wealth and still greater developed o the
country. ana next in tho character Of our inStitu-
tons The most intelligent observers among polti-
P1
public debt of country is safe in proportion its
people are free; that the debt OF a republic Is the
safest Dt all. Oar history confirms and establishes
the theory. and Is. ntny believe destined TO give
it a still signal Illustration The secret Of this
a republic the national obligations are distributed
more widely through countless numbers II all classes
Of society; ii has It's root IN the charheer OF our laws
bear their fair share Of th9 public burdens.
During the war under the impulses of patriotism,
the men of the great body OF the people without re
gard to their comparative want OF wealth,
thronged TO armies and hlled our ieets OF war
and held themselves ready to oner thar lives for the
cubic good Now, in their Turn, the property and
income oi the country should bear their just proper
ton Of the burden of taXation while in our mpost
SYSTEM through OF which increased vitality Is
incidentally impaired to al the industrial interests
of the nation, the duties should be so adjusted as to
fall GOst heavily articles of luxury; leaving the
nccessarcs OF ii!e free trcm taxation as the abSo
lutte wants Of the Goyernment, economically admin
isterc will justify. No favored class OulG demand
freedom from assessment and the taxes should be
distributed as 10 to fall unduly on the poor, but
rather on the acculnuiaie@ wealth OF the country.
We should look at the national debt lust as ii !snOt
a national blessing bnt as heavy burden on the
industry Of the county to be discharged without I'M
1t is estimated by the Secretary of the Treasury
that the expenditures for the fiscal ending the
3Oth of June 1866 will exceed the receipts SIP 1871
91. 1t is gratifying however to state that il is also
estimated that the revenue for the year ending the
10Th of June, 1867, will exceed the expenditures in
the sum of Sill 062,SlS. This amount, much as
may be deemed sufficient for the purpose may be ap
piled to the reduction of the public debt which, on
the 3lst day Of OctUner 1862 was 81, ll0,S5i, 80.
Every reduction will diminish ti.e total amount of
interest to be paid, and so en arc the means Of still
reductions until the whole shall be qudated
and this will be seen from the estimates OF the
Secretary of the Treasury may be accomplished by
annual payments even within period not exceeding
thirty years, | have faith that We shall do all this
within reasonable time; that as We have amazed
the world by the suppression Of civ war which was
IN we Shall e9ualy show the supeTiority of our inst
buttons by the prompt and faithful discharge OF our
national obligations.
direction, is accomplishing much in developing and
utilizing the vast agricultural capabilities of the
country and for information respecting the details of
its management reference Is made to the annual re
port of the Commissioner,
| have DIV cit thus fully domestic affairs be-
cause Of their transcendant Importance. Under any
circumstances, great extent of territory and
rety Ilate producing almost everything that is
necessary for the wants, and even the comforts of
man. make US sngularly independent of the varying
policy Of foreign powers and protect us anainst every
temptation to Infringing alliances, while at the
present moment the 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 it has been and it will be my constant
aim to promote peace and amity with all foreign
cye that they all without exception, are animated
| by the same disposition. Our relations with the
Emperor OF China recent in their origin, most
| friendly. our commerce with his dominions is
cevng developments; and 1t Is very pleasing to
lind that the Government of that great Empire mani
tests satisfaction wi our policy. and reposes just
confidence in the fairness which marks our inter