, 1866-01-26

reference - also made 10 the report 10 the
necessity otpr9Yidipg for a paiEorus militia
system, and to the pr6priety of making ,s,,it.
able PrOyisi99s for wounded and disabled
officers and soldiers, .'-,'',
The revenue system Of the country Is a
subject Of vital interest to It's honor and
prosperity, and should command the earnest
consideration'0f Congtess." 't'."'''l h7A 70
/ a. The Secretary Of u e Treasury viii Iay Be-
fore you a-full aud detailed report of tie rg.
ceiPss and disbursements of tie last fisesl
year, Of the probable receipts and expendi.
tuFes for the other three duartsrs; aud4ths
estimates for the year following the 8Orh0f
June, 1866. might content myself Kitha
reference TO that report, IN which SoudWiH
md all the information REQUIRED for your de-
Liberation and decision But the paramount
Importance of the subject so presses itsslfoh
my own mind, that l cannot but lay before
you my views Of the measures which are re,
quired for the good character, I might al.
most say, for the existence of this people
The life ofa Republic lies certainly in TIE
energy, virtue and intelligence of its citizens:
bat 1t is equally true that good revenGe sysi
tcm Is the life Of an organized Government.
L meet you at time when the nation has
voluntarily burdened itself with debt uppSeI
cedented in our annals Vast as its amount
1t fades away into nothing when compared
with the countless blessings that will be con.
leTred upon our country aud upon man. BY
the preservation of the nations life Now
on the first occasion of the meeting of Con,
gress since the return Of peace, it is of the
utmost Importance to iuaugurate Just policy
which shall at once be put in motion, and
which shall commend itself to those who
come afterus for its continuance We must
aim at nothing less than a complete effaces
ment OF the financial evils that necessarily
followed state OF civil war We must enx
deaVor to apply the earliest remedy to the
deranged state of the currency aud notshriuk,
from deyising policy which, without bning
oppressive to the people, shall Immediately,
begin to effect a reduction of the debt, and if
persisted in, discharge it fully within de-
dnitely fixed number Of years. ..-...-
Specie Basis. .-.
tits our duty to prepare in earnest for our re-,
coVery of the ever-increasing evils Of an fire.
deemsble currency, without sudden revufsion,
and yet without untimely pFocrastination, For
tnat end we must each in his respective position
ecntiFe to insist upon frugality in the expendi-5
tures and ,sparing economy Is itself great
national resource. -...... me
or the banks to which authority has been
given to issue notes secured by the bonds of theI
United States, we may require the greatestmodsy
GRAFTON and prudence, and the law must be rigs
idly enforced when its limits are exceeded, We
may each one Of US, counsel our active and en-
terprising COuntrymen to be constantly on their
guard, to Hquidste debts contracted in paper
currency, and By conducting business as nearly
as possible on system OF cash payments or
short credits, to hold themselves prepared to
return to the standard of gold and silver .i.
To aid our fellow citizens in th e prudent man.
agemeut of their monetary affairs, the duty de-
wolves on US to diminish by law the amount Of
paper money now in circulation. Five. years,
ago the bank note circulation of the country
amounted to not much more than two hundred
now the circulation, bank and nation
al, exceeds seven hundred millions. The Simple
state N co t of the fact recommends more strongly
than any words Of mine could do, the necessity
of our restraining this expansion. The gradual,
reduction Of the currency is the only measure
that can save the business Of the country frOrhp
disastrous calamites; and this can be slmostt
imperceptibly by gradually funding the natiopal
circulation ID sacurites that may be made re-
deemabls at the pleasureUf the Government. '''''
.5,E ~. ,aI Pa6Ee Debt. aa '.-f"'
Our debt ID doubly sedure--ersti In the actualI
wealth and still greater pndeTeleRed resources
Of the county and next in the character OF our
insathtioRs. The most intelligent Observers
anopgapolitioal ,econOmists have not failed tor
remark that the public debt of country is safeO
Ia proportion ,as its people are free that the
debt Of tepubilc is the safest Of all. Our his
tory cOuHruis and establishes the theory and Isl
firmly belieye, destined to give il a still lmOPs7
signal ILLUSTRATION. The secret of this superi5t
ority springs not merely from the fact that in
republic the national obligations are dstribGted
more widely through countless numbers in all
classes Of society, it has its root in the cbaTac
ter Of our laws Here all men eorttfbute to the
public welfare, and bear theif fair share ofthe'
public burdens. During the war the Impulses
of patriotism, the men of the great body of the
people, without regard to their own compare
tive want Of wealth. thronged to our armies and
filed our fleets of war, and held themselves in
readiness to offer their lives for the public goOdel
Now, in their turn, the property and income Of,
the country should bear their just proportion OF
the burden of taxation, while in our impost sys-
TEN, through which means increased vitality is '7
Incidentally impaired to all the industrial inteE-1
ests Of the nation, the duties should be so ad-r
usted as to fall most heavily on articles OF lux
Try, leaving the necessaTies Of life free from
axation as the absolute wants and real neces-
titles o. the government, economically admin
stenedEEin justify No favored class shouid
lepand reedqm from assessment, and the taxsS o.
hould be 50 distributed as not to fall undulyen -
he pdJr, but rather on the accumulated wealth
# ti E country. Wesshouid look at the national ID
ebt just as 4itris-Rot as a national btessingir1
,ut as heavy burden on the industry OF the 10
ountry, to be discharged without unnecessary
I.4o-r''Tn' H lSt b -77E b. GIi4 Do. 7'+
- Jos si ,EEpsadifufs.ga =, p -a-JsV Il.
IFS estihiat6d by tbeiSecretary Of the Treas
nv nat sfbe representatives, for the fiscal year end
= tbessothio of jane, 1865, VIII exceed the re-
efbtss sir, ,fs4 ;94F III gratifying, ho%eyerI,
stste AZ is also estimated that the revenue for
Se wear ending the 3Oth 6f 5une, 1867, will e1-
eei the expenditures in ths sum OF $lII,es2,1
i6 This amount, or 50. much as may be si1fis na
isnt for The purpose, may be applied 70 the re-,1o
ucti6n Of ihe public debt Eaiss -aS ?, e thf sl
q :, In dimipish the total amount of inssn
rest to bspald and sos enlsIgs the means Sfo,
m furths sr rsnetonsy until the Wn91s onnt'2t
1aIl be ouidatedl; and this as WIZ pc teeHa"
III, the estimates of the Secretary Of the Treas
~ NAV be- saccomplisbsd7by sppuaEPs{% eah\
! rfv -