The Hillsborough recorder. [volume] (Hillsborough, N.C.) 1820-1879, 1868-12-23

The President renews his recon me nda
tlon in his message OF December 4, 1865, i
devise policy 10 begin to effect reduc
tion of the public debt and make provision
Tor the payment Of our obligations at as ear
~ period as may be practicable. n,
states that various plans have been propos
ca Tor the payment Of tbe:public debt. ant
that, however they may have varied as /,
The time and mode in which il should be
reduced, there Is general concurrence 4.
TO the propriety Of reduction in the pres
ent rate Of interest. The exorbitancy ol
the existing rate has led 10 an inquiry res.
Pectlng the consideration which the govern
ment actually received Tor its bonds. and
the conclusion is becoming prevalent tina,
the smeuntit obtained in real money was
three or four hundred per cent. less than
the obligations which IL issued in return.
Whil't the national credit should be So
cfetliy observed, the President says we
should not forget what's due to the masses
Of the people. lie thinks il may be sssun.
ed that the holders Of our securities have
already received upon their bonds larger
amount than their origisal investment,
measured by gold standard. Upon this
statement Of facts. he says. il would seem
but just aud equitable that the sir per cent.
interest now paid By the government sI,ocld
De applied 10 the reduction Of the principal
IN semi.annnal inssIments which, in slx.
teen years and eight months. would liqui-
date the entire national debt. Six per cent.
ln gold would az present rates be equal to
nine per cent. in currency, aud equiv alent
to the payment OF the debt one and 4 half
time IN fraction less than seventeen
years. This, she President thinks, would
afford The public creditors fair and libe.
raj compensation lor The use of their capi-
tat. 8
In reference 10 the condition OF the cir.
rulating medium. the President merely re-
i'erates. substantially, that portion OF his
last annual message which relates to thai
subject. The anomalous condition of our
currency IS held TO be 10 striking contrast
siih that which was originally designed. !
Equal and exact justice requires that all |
he creditors Of the government should be
'a'd ~ currency possessing unlform va.
ue, which can only be accomplished by
ne restoration OF the currency TO the stand.
Ird established by the consultation. Facts
leriyed IRON our commercial statistics are
lext deduced 10 show the Feasibility Of
making our currency correspond with the
Constitutional standard. IL is urged that
he time has come when the government
nd national banks should be required to
Ike The most efficient steps and make all
ecessary arrangements for a resumpIion
' specie payments. The President adds:
specie payments having been resumed h
y the government and banks, all no,es mr.
Ills oil paper issued by either oi a les. de.
ominati"n than twenty dollars should By
iw pe excluded from circulation, so that
'e people may have The benefit and con.
enIenee OF gold and silver currency
thlch, IN all their business ssctions.
broad"
The President NEXT makes reference 10
le report OF The Secretary OF the Interior.
'c'u"ing the operations of the land office,
ensi"n office. patent olIice and the Indian :
a
ufeau. 10 regard TO the Indian tribes, the
resident says that the treaties with various !.
them have been concluded. and that h. :
'ruially sanctions the stipulstions which
Toside Tor necessary lands for :hem, where :
icy may be encouraged to settled habits
id industrial pursuits.
The President neIt makes reference 10 I
e reports of the Secretary of War, Navy
Id the Postmaster General. Il
Our foreign relations are said TO be friend. Q
!. except tha, in regard to Paraguay, the Il
between the President ef that q
untry and Mr.. Washburn h,s led to in. e
ructions 10 our newly appointed minister il
Paraguay, Mr.. McMshon, to proceed 10 al
,uncionsand investigate the whole mat. N
!. and he rear admiral Of our squadron N
that station has.been directed to attend N
} new minister with proper naval force hi
sustain such just demands as the oeca- OF