The Conservative. (M'connelsville, Ohio) 1866-1871, 1867-12-12


are set forth and fully explained in
the able and instructive report Of the
Secretary of the Treasury.
On the Both of June. 1866, the pub
lie debt amounted TO 81, 1888 425, S79 on
the Both of last June. it was S2,602,
1873, 215 showing II reduction during
tho fiscal year of s91 ,226 ,664.
During the fiscal year ending June
goth 1867, the receipts wore S400, 634.
01O, and the expenditures S34G, 729, 129,
leaving an available surplus of Sl43,-
904, 1881.
1t is estimated that the receipts for
the fiscal year ending Juno 30, 1868,
will be S417, 16t ,92S, and that tn ex-
penditurcs will reach the sum of
1898, 269, 236, leaving in the Treasury
a surplus OF S23, 1872, 702.
For tho fiscal year ending June 30.
1869, 1t is estimated that the receipts
will amount to 1881 100000, and that
the expenditures will DO 1913, 90, 900,
showing an excess OF 8 $1,000, 900 III IA.
vor Of the Government.
The attention Of Congress is earnest
w invited to the necessity of u
thorough revision of our revenue sys-
tem. Our internal revenue laws and
Impost system should be so adjusted
as to bear most heavily on articles of
luxury, leaving the ncccssarics Of life
us free from taxation as may be con-
sisicnt with tho real wants Of the Gov
ernment.
Economically administered, taxa
ton would not then fall unduly on
men of moderate means, aud while
none would be entirely exempt from
assessmeny, all, IN proportion to their
pecuniary abilities, would contribute
toward the support Of the State.
A modification ofthe internal rev
enue system by II large reduction in
the number Particles now subject TO
tax, would DC followed by results
equally advantageous 10 the citizens
and ;he Government. It would rem
der the execution Of the laws less OK
pehsivo and more certain; remove OBJ
struc:iUns to industry; lessen tcmpta.
tion to cvade the law; diminish viola>
tons and frauds perpetrated upon It's
provisions; make its operation less
inquisitori0l, ard greatly red uce IN
numbers the army Of lax ~gathercrs
created by the system, who take from
mouths of honest labor the bread il
has earned.
Retrcnchmcnt, reform and economy
should be carried into every branch of
the public service. that the expcndl.
lures OF the Government may be re
duccd, and the people relieved from
oppression and taxation. a sound
currency should be restored, and the
public faith, IN regard TO the national
debt, sacrcdly observed.
The accomplishment Of these impor-
tant results, together with n rcstora.
ton OF the Union Of the States upoa
the principles Of tho Constitution.
would inspire confidence, at home and
abroad, in the stability of our lnstitu-
tons, and bring TO tho nation prosper.
ity, peace and good will.
The public faith docs not depend
alone upon adequate revenue laws, MOI
upon economy in the administration
of the Government. 1t rests upon the
observance Of cotructs in spirit as well
as in letter IN fact. without this
there will be neither efficient admin
is,ratlon OF revenue laws. nor economy
in expenditures.
Nothing but absolute insolvency will
save from the infamy Of reputation a
nation that docs not pay its def Is
according to the understanding at the
time they were contracted; and when
a nation voluntarily violates this UNI
d%erstanding, It will soon be unable.
from every effect Gifts own example,
to enforce its revenue laws, and its
expenditures will only be checked by
its inability to collect.
How much Of the decentralization
which exists in the revenue service of
the United States, is attributable to
the failure of the Government to re
deem the legal tender notes according
to their tenor, would be nm interesting
subject of inquiry, but hardly appro-
prla!e in a communication like this.
Now, to what is the United States
pledged in regard to the public debt ?
Is it not that il shall be paid according
to tho understanding between the
Government and the subscribers to It's
loans. Mt the time the su%bscriptions
were solicited and obtained? Can
there be any question in regard to the
nature Of this understanding? Was
1T not that while interest bearing notes
should be converted into bonds. or paid
in lawful money, the bonds should be
paid, principle as well as interest, in
coin.
Was not this the understanding Of
the Congress which passed the loan
bills, and ofthe people who furnlsned
the money? Did any member of the
House or OF the Senate, prior TO 1864;
in the exhaustive discussion Of these
bills, ever ultimate that the bonds TO
be Issued in accordance with their