Delaware tribune. [volume] (Wilmington, Del.) 1867-1877, 1868-12-17
Mr.. Johnson's Last Message.

with scolding administered to Congress
upon the character of its legislation, especi-
ally concerning Reconstruction. This is
nothing new, and therefore nothing to the
purpose.
TIE FINANCES
next receive consideration. Upon this sub
ject. Mr. j. gives long array of figures to
show how much greater our expenses now
are than formerly We should think so
He does not mention, however that they are
less for ordinary government purposes than
in the last year Of Democratic rule. He
gives the following figures:-
| II is shown by the able and comprehen-
| sive report Of the Secretary OF the Treasury,
that the receipts for the fiscal year ending
June 30, 1868, were Si05, ,63s, ,OS3, and that
| the expenditures for the same period were
| $377, $40, ,2S4 leaving in the Treasury a sur
plus Of 1928, 237, ,79S. 1t is estimated that
the receipts during the present fiscal year
ending June 30. 500, will be 80 1892, SGS
| and the expenditures, 1896, l52, 40, showing
| Il small balance of $5, 240, ,39S in favor of the
| Government. For the fiscal year ending
June 30, 1870, it is estimated that the re-
| ccipts will amount TO 1872, 900, 900, and the
| expenditures to 1908, 900, 900, leaving an es
timated surplus of 1924, 100000
Following this, Mr.. j. recommends that
plan be adopted to pay off the debt at once,
within IL certain number of years. He argues
that not to adopt this policy will be to make
the debt permanent, and entail on the peo-
| pie the great burden of the principal, with
| the payment every sixteen years OF interest
equal iu volume. He thinks the creditors
will become small and dangerously power
ful class, and that great numbers OF tax
gatharers will prey upon the people.
REDUCING THE RATE OF INTEREST.
Upon this subject, Mr. J. says:-
Various plans have been proposed for the
payment Of the public debt. However they
may have varied as to the time and mode in
which it should be redeemed, there seems to
be u re erral concurrence as to the propriety
md business of reduction in the present
rate Of interest. The Secretary of the Trea-
sury in his report recommends five per cent;
Congress, in Il bill passed prior to adjourn
mcui on the 9Th of July last, agreed upon
four and four and half per cent; while by
many three per cent. has been held to be an
amply sufficient return for the investment.
The general impression us to the eXDrbitancy
| Of The existing rate ot interest has led to an
inquiry in the public mind respecting the
consideration which the Government has
| actually received for its bonds, and the con-
clusion isbecaming prevalent thatthe amount
which it obtained was in real money three
or fur hundred per cent less than the obli-
cations which il issued in return.
1t cannot b denied tiat we are paying an
extravagant percentage for the use of the
| money b proved. which was paper currcn-
| cy. greatly tleprr, inied below the value OF
| coie. I i i,c; i, mall. apparent when we
| consider thit bnn,lhnlers receive from the
| Treasury, upon each dollar they own in
| Government securities, six per cent. in gold,
which is nearly or quite equal to nine per
cent IN currency that the bonds are then
converted into capital for the national banks,
upon which those institutions issue their cir
culalion, bearing six per cent. interest; and
| that they are exempt from taxation by the
| Government and the States, and thereby en-
hanced two per cent. in the hands Of the
| holders We thus nave an aggregate of
| seventeen per cent. which may be received
| upon each dollar by the owners OF Govern
| ment securities.
THE NEW REPUTATION PLAN.
A system that producas such results is
Justly regarded as layoring few at the ex-
pensc of the nany,and hls led To The further
inquiry whether our bondlollcrs, in view OF
the large profits which they have enjoyed,
| would themselves he averss to Il settlement
of our Indebtedness upon plan which
would yield them "A fair remuneration, und at
the same time be just to the taxpayers ol
the nation Our national credit should be
sacrcdly Observed hli, in making provision
for our creditors W.. should not forget what
is due to the masses of the people. II may
be assumed that the holders Of our securi-
ties have already received upon their bonds
| krtsr tt,xf ret
mcnt, measured by n god standard. Upor
this statement of facts it would..scem but jus
and equitable that the six per cent. interes
now paid by the Government should be ap
piled to the reduction Of the principal il
semi-annual instalmcnts, which in sixteci
: years and eight months would liQuidatc th'
entire national debt.
Six per cent. in gold Npalda, present rate
be equal to nine per cuui in currency, AM
) equivalent to the payment OF the debt on
r and half time in a fraction less than seven
teen years. This, in connection with all th
other advantages derived from their invest
ment, would affird To the public creditors
c fair and liberal compensation for the use q
y their capital, and with this they should b
: satisfied. The lessons of the past admonis
a the lender that it is not well to be oyer-anS
ious in exacting from the borrower rigi
compliance with the letter of the bond.
He recommends resumption ofspccie pay
ments, but says ga reduction of our papc
;, ''circulaling medium need not nccessaril
d 'follow.'
u PUBLIC LANDS.
" During the fiscal year ending June 81
o 1868, G,655, 700 acres of public land were di
d posed Of. The entire cash receipts of I'll
II General Land Office for the same periu
were 81 ,G32, 7i5, being greater by $2si, s.
10 than the amount realized from The san
n. sources during the previous year. The ei
. tries under the Homestead law cover2,32
=. :, 923 acres, nearly one-fourih of which W
y taken under the act of June q. 1865, " it
applies only to the States Of Alabama, MI
IS sissppi, Louisiana, Arkansas and Florida.
le PATENT OFFICE.
IN During the year ending the Both of .
lis iembcr last, the expenses of the Pate.l
iii flee exceeded the receipts by one huud ,
G. and seventy one dollars and, including 4
issues and designs, fourteen thousand ol
hundred and lil'ty-three patents were issue
PACIFIC RAILROAD.
he The companies constructing the railw'
no from Omaha to Sacramento have been INC
~ energeticaly engaged in prosecuting q
US work, and il is believed that the line will
u completed before the expiration of the ne
| y
he to these companies amounted, on the
CIV instant, to $if337, 900, and additional wo
m had been performed to the extent of $'
dy 81 900.
ew WAR DEPARTMENT..
me The report of the Secretary of w
,h. contains information of interest and impt
tance respecting the several bureaus of t
War Department and the operations of
dy army. The strength of our military for'
cr- on the 3Olh of September last, was fort
ay- eight thousand men, and it is computed tn
tc. by the LIST of January next, this number "
m. be decreased to forty-ihree thousand. 1t
ola tie opinion of the Secretary of War Il
~ within the next year considerable dimir
y o's tion Of the infantry force may be made wi
out detrimcnt to the interests ofthe count
NAVY DEPARTMENT.
H., y, The report of the Secretary of the Ma
aes exhibits the operations of that departmt
'ua and of the navy during the year. A cons
to cradle reduction of the force has been effe
J ed. There are forty-two vessels carrying ft
Pa. hundred and eleven guns, in the six squ'
rops which are established in different ma