The Portland daily press., 1866-01-05
your constituents, who will be cheered by the
prospect OF reduction of their burdens.
ASSUMPTION OF STATE nrprs

! your constituents, who will he cheered by til
prospect OF a reduction of their burdens.
ASSUMPTION OF STATE DEBTS.
In my address last year took occasion (
present certain considerations why the indebl
edness of the States, including all their mn
inequalities, should be assumed by the Govern
ment of the United States. The importanc
of the subject must be my apology for repeat
ing them. The war was fought for no specis
locality, nor for any particular generation. TIL
contest was purely and simply for natiolla
existence, and to preserve in perpetuity re
publican institutions in tie United States fo
all time to come, and for the human race
Those who have fallen cannot be restored, to
the grave will not give up its dead. The en-
ormous sacrifice of life, the measureless wo
caused by the struggle, can never be shared b.
those who succeed us. The pecuniary burdel
can and should be. Men were demanded TO
the armies, and the inducements offered b,
the national government were inadequate Il
procure them. States supplied the deficiency
doing only what necessity required, and which
had they failed to do, the struggle itself mus
have been failure. The law conscribing sol
diers, produced directly the most meager re
suits, though indirectly it stimulated States tc
increase their efforts, and through State action
and State energy alone, the armies were re.
cruited. The most efficient means was the
payment of large bounties. Compelled by the
1nexorable necessities of the case to this vast
expenditure, it should be at tha common
charge of the whole country. Upon these
considerations alone. the demand for this as
sumption rests upon impregnable grounds
Coupled with these are others of equal weight,
The enormous charges of the national govern
ment have driven it to lay its hands upon ev-
cry national resource. Clothed by the consti-
tuition with the sole power of levying imposts,
which in olden time was entirely adequate
TO the supply OF the national wants, there still
renamed an abundant field from which the
States could gather revenue as their necessi-
ties demanded. The changed condition of af-
fairs has compelled the general government to
the exercise of legitimate though hitherto un-
accustomed powers. The act levying excise
and income taxes penetrates every pocket and
reaches every branch of business and irdustry
VI this no loyal person does or will complain.
The act creating a national currency is rapid
ly driving all State banking institutions from
eqistence, thereby drying up most important
source of State revenue. Very large amounts
OF capital have been withdrawn from taxation
by investments in the government bonds, in
vited thereto by that very exemption. The
States, accordingly, find themselves laboring
lshed means of meeting them.
But beyond all these and reaching into the
future, the lime is not remote when the terri
tories between the Mississippi and the Rocky
Mountains, which to-day are but waste SO
Tar as human habitancyis is concerned, will be
the abode of millions OF people, and come as
States within the pale of the Union. These
States will have no such inheritance of debts
as will oppress the industry of their older sis
ters unless the nation comes to their relief,
but, on the contrary, will furnish attractive
fields OF settlement to citizens of those States,
who, to escape the onerous taxation of their
present homes, will seek new ones in these, at
present, uninhabited regions. We have by
our blood and our treasure, dedicated this
country a the abode of liberty; and those who
are to partake of its blessings have no right to
refuse, so far as they can, to participate in its
cost. and contribute their share to mitigate
the burdens.
The growth Of the United States In the past
in population and wealth, has been a marvel
in human history. The decade closing with
1850 exhibits the most astonishing results
That system Of inter-communication by rail-
roads and locomotives. unknown to the world
forty years ago, had been largely adopted by
our people and was just beginning to produce
its legitimate fruits, in an unrivalled national
when the war ofthe rebellion broke
upon us. Railroad construction in the loyal
States has been pressed notwithstanding the
war, and already the lines are commenced at
either end which are to unite the Atlantic
and Pacific. These will bring the fertile re-
gions which they are to traverse within the
compass of far easier journey than our fore
fathers, coming from other portions of New
England, had in reaching central Maine. Al
ready the vast metalliferous wealth found in
the valleys and declivities of the Rocky Noun
tains, is stimulating enterprise and adventure,
till the highways across the plains are throng-
ed with the trains of the emigrant pressing
their slow footsteps to the new-found Ell Do
RADIO. With the railroad to the Pacific COM
pleted, the imagination can hardly compute
the result. This is the enchanter's wand,
which, in that now remote region, is to build
cities and populate States, as it has already in
the nearer west, with a rapidity no statistics
CO Id have foretold, and where but for its mag
ic potency, primeval solitude would now reign
through a vast domain. The addition to the
national debt of the liabilities of the States,
VIII not equal six months expenditure in pros
ecuting the war. That debt, large as it IS, in
comparison with any other in our past history,
the country has demonstrated its ability to
carry. The certain knowledge of those yet
vast and multiplying resources which the gen.
ius and industry of the American people are
day by day unfolding, affords confident assur-
ance that this increase will not be sensibly felt
in the national finances. The rapid growth
of the country in population and wealth will
constantly diminish the pressure of the bur-
den by enlarging the base upon which it rests
d 81, BANKS AND CURRENCY. "
The imitation of the currency at this time,
is producing injurious effects upon the bust
ness Of the country, by stimulating specula-
tion and enabling comparatively very small
number of persons to engross many of the
leading staples demanded for general consump-
ton. From this state of things calamitous f.
nancial results may be anticipated. XII. ...
For the most part, the power and duty to
reduce the amount OF currency, rests with the
national government, it having swelled the
volume to an enormous extent by its own is
sues. The policy indicated by the Secretary
of the Treasury, deserves the support of all
who desire to return to stable basis. 1t is to
be attended with difficulties, at best. These,
however, must be met promptly, otherwise
greater evils will overtake the country. The
difference between the value of paper money
and gold is very much less than it was year
since, but the prices of Commodities have not
declined relatively or anything like it The
large demand coming from the South tends to
maintain them, but the facility for obtaining
means to carry on large speculations in conse-
quence of the great volume of currency afoat,
is, without doubt, the main cause of the rul-
ing high rates. The States can do but little
to affect this matter. NAH at ..5a .-'1- ..-
Under the existing laws of this State, banks
which since February "a, 1866, have voted to
surrender their charters and become banking
associations under the laws of the United
States, are required to file bond or deposit
stocks or other securities with the Treasurer
of State, to the acceptance of the bank COM
missioners, to secure the redemption of all
bills of banks so surrendering, Issued prior
thereto by the same, or by the association to
which 1t has converted itself afterwards, and
that the bills so redeemed shall not be e-issu-
ed or again put in circulation, but shall be de-
stroyed; provided, however, it shall be made
to appear tllat such association cannot imme-
diately procure of the comptroller of the cur
rency of the United States, circulating notes
to use as currency in the place of the bills SO
equired to be redeemed and destroyed, the
bank commissioners may authorize such banl,
to reissue and CONTINUE in circulation such
bills for period to be fixed by them, not ex-
ceeding twelve months after being authorized
tn act az a national bankino association and