Evening star. [volume] (Washington, D.C.) 1854-1972, 1868-12-09
Tn. President takes occasion in the closing


annual message of bis term, to reiterate the
views he has so often expressed in opposition
TO the Cen gressional p1 n of reconstruction.
He seems determined to fight it ou. with the
legislative branch until the last hour OF his Of
fetal career. He strenuously advocates the
repeal of pretty much everything Congress has
done in this connection, but probably has
no serious expectation that his voice
Will be potential with that body.
On the financial question he agrees mainly
with the recommendations of Secretary McCul.
loch, but improves the occasion to further ven-
tlate his hostility to the body Eat the other end
OF the avenue" He compares the expenditures
OF the war with Great Britain. the Mexican
war, and the war of the rebellion, in order to
display startling facts in connection with
the expenditures tor the latter, and pro-
eeeds to draw gloomy picture, indeed.
he says "the receipts from Internal revenues
and customs have, during the past three years,
gradually diminished and the continuance of
useless and extrayagart expenditures will iu-
volve US i'll national bankruptcy, or else make
inevitable an increase of taxes, already too
oneTous, and in many respects obnoxious on
account of their inquisitorial character. One
hundred millions annually are expended for
the military, force, the larger portion of
which Is employed in the execution of laws
ana uncOnSJtuuOnaI;
hundred and fifty millions are required each
year to pay the interest on the public debt; an
army of tax-gatherers impoverishes the ma
ton, and public agents, placed by Congress
beyond the control OF the Executive, di.
vert from their legitimate purposes large
sums OF money which they collect from
the people In the name of the Government"
All this is respondent enough, but he hastens
to add deeper color by suggesting that with.
out proper care the small balance which il is
estimated will remain in the Treasury at the
close OF the fl cal year will not be realized and
additional millions be added to a debt which is
now enumerated by billions" Let us hope
that he has taken jaundiced view OF the stu.
anon, In consequence of the unpleasant reIa-
tons he holds with the Lawmakers. Doubtless
the incoming President Will see things through
vastly more cheerful spectacles.
The Precedent favors a reduction of the rata
OF interest," and argues that the holders of our
securities have already received upon their
bonds larger amount than their original in.
vestmeht, measured by a gold standard. He
therefore thinks 1t but just and equitable that
the six per cent. interest now piid by the Gov
eminent should be applied to the reduction of
the principal in semi-annual instalmsnts
which in sixteen years and eig ht months would
iquidate the entire national debt Six per
cent. III gold would at present rates be equal
to nine per cent. in currency, and equivalent
10 the payment OF the debt one aud a nalf tiIae
IN fraction less than seventeen years. THIS,
III connection with all the other advantages
derived from their investment, would az
ford to the public creditors a fair and liberia,
compensation for the use of their capital.
and with this they should be satisfied
lie adds. THE lessons of the past admonish the
lender that II Is not well TO be er anxious in
exactlDg from the borrower rigid compliance
with the letter of the bond, which is good
Pencletonien doctrine. He argues at consider
able length in favor of a return 10 specie paw
meIts, and thinks the time has come when the
Government and the National Banks should
be required to take steps and make all neces-
sary arrangements TO that end. When this is
accomplished he tayors law forbidding the
circulation ofnotes of a less denomination than
$50, so that the people may have a metallic cur
rsncy.
Upon the Indian question he endor=es the
policy of providing lands fer the various tribes
when they may be encouraged to abandon their
nOmadiC habits.
In regard to our difficulty with Paraguay
the President says the special correspondence
has not reached here, but that Minister Nc
Mahon has been instructed to proceed without
delay TO Ascuncion to investigate the matter.
The President favors the extension Of our
outside possessions. and hints that we may not
only get the Danish islands, but also ST. Do
mingo and Cuba.
Upon the question of our relations with
Great Britain the President does not give any
information as 10 the precise condition of the
pending between the two coun-
tries, but says he is ''not without hope OF being
able to lay before the Senate, for its considera-
ton durIng The present session, protocols call
culated TO brlng 10 an end these Justly exciting
and long -existing controversies This means,
probably, that the Johnson-Stanley protocsl
has been amended here and sent back to the
British Government for concurrence.
The President, III closing, takes occasion to
renew his recommendations for various amend
ments Of the Constitution, providing for cleo
ton of the President and Senator's by 4 direct
vote of the people, &c.
In many respects the message is an able
document, but the general opinion will IN.
doubleday be that il is greatly marred by the
bitterly hostile spirit manifested towards Con.
gress in almost every paragraph.
legal question of considerable importance
as affecting the rights Of an individual once