The Jeffersonian. [volume] (Stroudsburg, Pa.) 1853-1911, 1865-12-14

my Vi COHHShudliOn. lbCiSiShSS Ia o'oO
made in the report to the necessity OF
providing for uniform militia system,
and to the propriety of making suitable
provision for wounded and disabled Of
ficers and soldiers.
The revenue system Of the country is
a subject Of vital interest to its honor and
prosperity and should command the earn
est consideration of Congress. The Sc
cretary Of the Treasury will lay before you
a full and detailed report of the receipts
and disbursements ct the last fcal year,
OF the first quarter of the present fiscal
year of the probable receipts and ex-
pen&itures Cor the other three quarters,
and estimates for the year following the
30th of June, 1866. | might content
myself with a reference to that report, in
which yoa will find ali the informa
tion required for your deliberations
and decision But the paramount I'M
portance of the sub.cc to press itself
on my own mind, that | cannot but lay
before you my views of the measure,
which are required for the good charac
ter. and might almost say, for the cxis
tence of his people. The life of re
public lies certainly in the energy, vir-
tue and intelligence of It's citizens but
it is equally true that good revenue
system is the life of an organized gov
ernment. ] meet you at time when
the nation has voluntarily burdeued itself
with a debt unprecedented iu our annals.
Vast as It's amount, it fades away into
nothing when compared with the count.
less blessings that will be conferred
upon our country and upon men by
the preservation of the nations life
Now, on the first occasion of the
meeting Of Congress since the return OF
peace, it is Of the utmost Importance to
iuausuratc just policy, which shall at
once be put in motion, and which shall
commend itself to those who come after
rs for its continuance. We must aim at
nothing less than the complete effacc-
ment of the financial evils that necessari-
ly followed a state of civil war We must
endeqvor to apply the earliest remedy to
the deranged state of the currency. and
not shrink from dcvising policy which,
without being oppressive TO the people,
shall Immediately begin to effect re-
duction of the debt, and, ifpersisted in,
discharge it fully within definitely fixed
number of years.
Il Is our first duty to prepare 10 earn
est for our recovery from the ever increas-
ing evils Of an irredeemabIe currency
without sudden revulsiou, and yet with
out untimely procrastination. For that
end We must, each in our respective posi-
Sions, prepare the way. | hold it the
duty Of the Executive 10 insist upon f. u
gallty 10 the expenditures and spal;ng
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 re,
quire the greatest moderation and rru
-dencc, and the law must be rigidly en-
forced when It's limits are exceeded
We may each of US. counsel cur active
and enterprising countrymen to lie con.
stautly on their guard, to liquidate debts
contracted in paper currency, and by
conducting business as nearly as possible
on system of each payments or short
credits, to hold themselves prepared to
return to the standard of gold and silver
To aid our fellow citizens in the prudent
management of their monetary affairs.
the duty devolves upon US to diminish
by Law the amount Of paper money now
IN circulation. Five years ago the bank
note circulation Of the country amounted
70 not much more than two hundred mil
Hons now the circulation, bank and ma
sICDal, exceeds seven hundred millions
The simple statement of the fact recon-
mends more strongly than any words Of
mine could do the necessity of our res
training this expansion. The gradual
reduction of the currency is the ouly
measure that can save the business Of the
country from disastrous calamities and
shis can be almost imperceptibly accom-
plished by gradually funding the national
circulation in securities that may be made
redeemable at the pleasure of the Gov
cTnmcut.
Our debt is doubly secure-frst in the
actual wealth and still greater undevelep
ed resources Of the country and next in
the character of our institution. The
most intelligent observers among poiiti-
cal economists have not failed to remark.
that the public debt of country is safe
IN proportion as Its people are free that
the debt Of q republic is the safest of all.
Our history confirms and establishes the
theory, and is, | firmly believe, destined
10 give it still more signal illustration !
The secret Of this superiority springs not
merely from the fact that in a republic
the national obligations are distributed
more widely through countless numbers
IN all classes Of society it has its root in
the character Of our laws. Here all men
contribute to the welfare, and bear their
lair share Of the public burdens. Dur
ing the war, under the impulses of patri
otism, the men Of the great body of the
people, without regard to their own com
want of wealth, thronged to our
armies and filed our fleets of war and
held themselves ready to offer their lives