The national Republican. [volume] (Washington City [D.C.]) 1866-1870, 1867-03-13
THE PRESIDENTS REAL VIEWS
ON THE FINANCIAL CONDI-
TION OF THE COUNTRY. C1

rather than to what certain persons and news
papers assert that he says, that body would
manifest more respect for itself and exhibit
a greater regard for the public interest than |
II does now. .... ~
The recently unauthorized publication Of
The Presidents views, so-called, on the
financial condition Of the country-partly said
and partly never said, partly true and partly
untrue, but published by friend with no
bad intentions-has been caught up by the
radical press generally. and especially by an
unprincipled sheet in this city, and shame
fully perverted, as the chief conductor Of
that print well knows how TO peryert even
the greatest truths, until The PRESIDENT is
made to appear in a totally false position.
The print referred to, containing the base
perversion, was gratuitously circulated in
both branches Of Congress on Monday for
the purpose Of contributing so much add.
ional fuel to the dangerous radical confa-
grafton now spreading over the country as
fire runs over the prairies. ...
without commenting at any length upon
the unauthorized published report Of con-
versations had with The PRESIDENT, we give
below The PRESIDENTS real views Of the
financial condition Of the country, expressed
officially in his last message to Congress.
BY those views he is willing to be judged,
and by none others: r..
The revenue system Of the country Is q
subject Of vital interest to its honor and
prosperity, and should command the earnest
consideration OF Congress. The Secretary
of the Treasury will lay before you full
and detailed report Of the receipts and dis
bursements OF the last fiscal year, Of the first
quarter Of the present fiscal year, Of the
probable receipts and expenditures for the
other three quarters, and the estimates for
the year following the Both OF june 1866.
might content myself with reference to
that report, in which you will find all the in
formation required for your deliberations
and decision. But the paramount import
ance OF the subject SO presses itself on my
own mind that / cannot but lay before you
my views Of the measures which are re-
quired for the good character, and, might
almost say, for the existence Of this people
The life Of a republic lies certainly in the
energy, virtue and intelligence Of its citizens;
but II is equally true that good revenue
system is the life Of an organized govern
ment. / meet you at time when the ma
ton has Voluntarily burdened itself with q
debt unprecedented in our annals. Vast as
is its amount IL fades away into nothing when
tha h1aes;,, III ot
will be conferred upon our country and upon
man 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 inaugurate just
policy, which shall at once be put in motion,
and which shall commend itself to those who
come after us for its continuance. We must
aim at nothing less than the complete ef.
facement OF the financial evils that neces-
sarily 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, discharge it fully within 0
definitely fixed number of years.
1t is our first duty to prepare in earnest
for our recovery from the ever-increasing
tNllS VI WlluOut Y
sudden revulsion, and yet without untimely
procrastnation. For that end we must
each in our respective positions, prepare tn,
way. / hold 1t the duty Of the Executive
to insist upon frugality in the expenditures
and sparing economy is itself O great M
tional resource. OF the banks to which au
thority has been given to issue notes secured
by bonds of the United States, we may re-
quire the greatest moderation and prudence
and the law must be rigidly enforced when
its limits are exceeded. We may, each one
OF us, counsel our active and enterprising
countrymen to be constantly on their guard
to liquidate debts contracted in paper cur
rency, and, by conducting business as nearly
as possible on system of cash payments OF
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 thu
duty deyolyes on us to diminish by law the
amount Of paper money now in circulation
Five years ago the bank-note circulation O
the country amounted to not much more
than two hundred millions; now the circula
ton, bank and national, exceeds seven hun
bred millions. The simple statement of the
fact recommends more strongly than any
words of mine could do the necessity of our
restraining this expansion. The gradual re.
duction Of the currency is the only measure
that can save the business of the country
from disastrous calamities; and this can be
almost imperceptibly accomplished by grad
ually funding the national circulation in Sc
curities that may be made redeemable al
the pleasure Of the Government.
Our debt is doubly secure-frst in the
actual wealth and still greater undevelopeC
resources Of the country; and next in tn,
character Of our institutions. The most in
telhgent observers among political econo
mists have not failed to remark, that tn,
public debt Of country is safe in proportion
as its people are free; that the debt of
republic is the safest Of ALL Our history con
firms and establishes the theory, and is,
firmly believe, destined to give it still NOR
signal illustration. The secret Of this supe
riority springs not merely from the fact tina
in republic the national obligations are dis
. tributed more widely through countless nun
bers in all classes Of society; it has its roo
In the character of our laws. Here all mel
contribute TO the public welfare and bea
their fair share of the public burdens. Dur
ing the war, under the impulses ofpatriotism
the men Of the great body Of the people