Ellsworth American. [volume] (Ellsworth, Me.) 1855-current, 1867-12-13

the Presldent ought to he entirely reIleYed
from such responsibility, if he cannot meet
it by reason Of restriction placed by law
upon his action.
1t is ON the currency question that the
President talks most reasonable. Most
all of the Journals speak well Of this por-
ton of the message. The Bangor Dem
ocrat does not like it, however. We quote
so much of this portion of the message -
Equal and exact justice requires that all
the creditors of the government should be
paid in a currency possessing uniform val-
ue. This can only be accomplished by
restoration Of the currency to the standard
established by the ConstitL ti,h. and by
this means we would remove a discrimina-
ton which may. if it has not already done
so, create prejudice that may become
deep rooted and widespread, and imperil
the national credit. The feasibility of
making our currency correspond with the
constitutional standard may be seen by
reference to few facts derived from our
commercial statistics. The production of
precious metals in the United States from
1919 to 1853 inclusive. amounted to $50
900, 900; from 1858 to 1860 inclusive, to
Si35, 100000, and from 1864 to 1867 in
elusive. to $557 500, 900, making the grand
aggregate OF products since 1919, SI,l74,-
O0O,OOO. The amount of specie coined
from 1919 to l657lnclusive. was Si3G. 900 :
O0O, From 1858 to 1860 inclusive, Sl25.-
100000, and from 1861 to 1867 inclusive.
S3lO, 900, making the whole coinage
since 1859. S074,000.O00. From 1916 to
loN inclusive. the net exports of specie
amounted to 5'27I 900 coo from 1858 to
1860 inclusive. 1922, 10000; making the
aggregate OF net exports since 1919. $74',-
OJo,000. The figures show an excess of
prodlct over net exports Of 5 i}3. 900 OJ0
There are in the Treasury Sill 900, 900 in
coin. more than $40, ,000, 900 dollars i'll cir
culatlon ON the Pacific coast, and few
millions in the National and other banks,
IN all about 100, 0,O0j,O00 dollars, This,
however. taking into account the specie in
the country prior to lol9, leaves more
than three hundred millions of dollars
which have not been accounted for by ex-
portation, and therefore remain i'll the cOun-
try. These are important facts, and show
how completely the inferior currency will
slpercede the better, foregoing it from cir
culation among the masses, and causing it
to be exported as a mere article of trade.
to add to TIE money capital of foreign
lands. They show the necessity of our :e-
firing our paper money, that the return of
gold and silver to the avenues of trade may
be invited, and demand created which
will canse the retention at home of at least
SO mnch of the productions of our rich and
inexhaustible gold bearing fields as may
b. sufficient for purposes of circulation -
, 1t is unreasonable to expect return to a
sound currency so long as the Government
!, by continuing to issne irrcdeemablc notes
fills the channels of circulation with de-
prcciatcd paper. Notwithstanding a coin
age by our mnts since 1919 of eight hun
drcd and sevcnty-four millions of dollars.
the people are nov strangers to the cur
rency which was designed for their use and
. benefit and specimens of the precious
metals bearing the national device are sci
dom seen except when produced to gratifv
the interest excited by their novelty.
During the fiscal year ending June 80
S67, the receipts were S490,63lOI0, and
the expenditures $3i6. 729 l29, leaving an
invariable surplus of l43,904.o $50. 1t is
estimated that the receipts for tina fiscal
year ending June 80 1868 will $Il7. lGl,
92S, and that the expenditures will reach
the sum of $393, ,269,226, leaving in the
Treasury surplus of s23 s92.702. For
: the fiscal year ending June:}0, 1859, it is
estimated that the receipts will amount to
1881 ,OO0,o00 and the expenditures will be
372,000, 900 showing an excess of$9 ,000.-
900, in favor OF the Government. The at
: tenti0n of Congress is earnestly invited to
the necessity of a thorough revision of our
revenue system. Our internal revenue
laws and import systems should be So I'D
justed us to bear most on art cles of lux
ury, leaving the nessaries of lie as free
from taxation as may be consistant with the
real wants Of tho Government economically
administered. Taxatian would not then
fall unduly on the man of moderate means
and, while none would be entirely exempt
from assessment, all in propotion to thcil
pecunary abilities would contribute toward
r the support of the States. A modification
of the internal reuenue system by large
reduction in the number of articles now
t subject to a tax would be followed by results
equally advantageous to the citizen and the
g Government. 1t would render the execu.
t ton Of the law less expensive and more Ger.
0 tain, remove obstacles to industry. lessen
the temptations to evade the law, diminish
the violations and fraud perpertrated upon
its provisions, make its operations less in.
1 quisitOrial. and greatly reduce in number
: the army of tax. gathers created by the sys-
TEN. (which takes from the mouth of hon
est labor the bread it has earned.' Re.
, trcnehment. reform and economy should
pc carried into every branch of the public
} service, and the expenditures of the Gov
: ernment may be reduced and the people re
leved from oppressive taXati n. A sound
} currency should be restored and the public
: faith in regard to the national debt sacred.
ly observed The accomplishment of these
important results together with the rcstor-
alton OF the Union of the States upon the
principles ofthc Constitution wocld inspire
confidence a. home and abroad in the stabil
ity of our institutions and bring to the ma
ton prosperity, peace ana goodwill.
The Alabama claims are alluded to thus:
No arrangement has as yet been reach
ed for the settlement of our claims for
British depredahons upon the commerce
of the United States. | have felt it my
duty to decline the propositions of arbi-
traton made by Her Majesty's Govern
ment. because it has hitherto heen accom-
panied with reservations aud limits tions
incompatible with the rights. interest, and
honor OF our country. 1t is not to he apprc-
hcpded that Great Britain will persist in
her refusal to satisfy these just and reason
able claims which involves the sacred