The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1867-05-30

the rap,disv and safety which, under our form Of Gov
eminent, great military and naval establishments can DO
disbanded and expenses reduced from war 70 peace
footing During the fiscal year ending the 3oth OF june
1856 the receipts were $685. 60 the expenditures
Il Is estimated thai the receipts for the fiscal year end
ing the 30th Of June, 1857, will be $40 ooi $50 anu
that expenditures will reach the sum OF S35 azs os
leaving in the Treasury surplus OF Sl5S 633 305 For
the nsca year ending June 80 1868 is estimated that
the receipts will amount TO $3.50 900 and the
expenditures win be $3.50, 24i Gal, showing an
eminent These estimated receipts may be
diminished by reduction OF excise ana
import duties: but after all reductions shall
have been made tho revenue OF the present and OF
following years viii doubtless be sufficient 10 cover al
legitimate charges upon the Treasury aud ieave ARE
cpal debt There now TO be no good reason why
taxes may be reduced the country advances 10
population and wealth. and yet the debt be extngusned
within the next quarter OF century"
may be argued that we have not seen the nna issue
o. ms system THIS Is true We may make axe nnan r.ss
OF the nation and counseract the advantages which
paper money has already given Us. We may, II we
listen TO the resumptionis adopt the unwise aud unjust
system which England adopted tho termination of tn,
war with France. We may resolve TO paw with gold
s snd with low prices the debt IN
this s''s esuar Try during ss'i the last IL
nations welfare With paper money have carried on
costly war; borrowed principally among ourselves, an
enormous sum Of money, paid larger amount OF axes
.SsASA
the resources Of the country have been at the same
time aeveloped and It's prosperity Increased ana tho
financial position OF the nation is the President has
Said moro satisfactory than he most sanguine could
have anticipated" Now in few concluding words,
lot warn the people Of this country that their past
prosperity will be reversed, and the bright antcpations
expressed in the Presidents statement will most
tany not be realized II they led by tho advocates OF
convertible currency to renqush their representative
paper money, the money OF civilization and progress
and the money Of the carly ages of babarism
namely an exclusive metallic currency, or, which is
same thing paper currency convertible into metallic
currency at xed price. OF the disastrous effects OF
such policy have most significant warning in tho
pas, experience OF England The greater part OF the
debt OF that country contracted in what was called
deprecated paper currency with high scale OF prices
The English legislators determined to make the people
pay this debt in gold with reduced scale Of prices In
ths way the burden Of the debt which the people OF
England had TO endure, added to immensely. And
only So but by tho contraction Of the circulating
medium, the productive industry of the country was
checked and industry mpcded. The distress prvation,
confusion and which in 1876 1Sl9 1925 1887 1889,
1S47 1857 and 1S66-ths fatal mistake entaed on the
English poopc-arc ascertained and undeniaole Inc
agricultural the manufacturing and the commercial IN
tercss have in turn suffered most severey and during
year the middle classes have By the operation Of
Pees bill, been despoiled 10 an enormous amount Sc
curtes OF all kinds deprecated to extent almost
in that land OF paRics, and the
ahorng classes are suffering much privaton from want
of emplOvmeut vsf