Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1868-12-16
SYNOPSIS OF THE PRESIDENTS
MESSAGE.

In lieu Of publishing the whole Mes
sage, which is unusually voluminous, we
herewith give brief abstract of it which
we believe contains all the principal points
brought out. The Message opens as fol-
lows:
t'ELLoW-CITIZENs OF THE SENATE
AND HOUSE OF REPRESENTATIVE ::
Upon the re-assembling of Congress, it
again becomes my duty to call your at
tentlon to the state Of the Union, and to
its continued disorganized condition I'M
der the various laws which have been
passed upon the subject of reconstruction.
1t then proceeds to assume that unjust
and excessive legislation is the SO urce of
the greatest wrongs inflicted upon ma
'tions, and applies the argument to the
case of the laws passed by Congress dur
ing the last three years, which it de-
nounces as unnecessary and unconstitu-
tional
The repeal of tn, Tenure of Office
Bill is again recommended as being IN.
constitutional and also embarrassing to
the President. -aa
The finances Of the country is fruit
full topic, and occupies large proportion
Of the message The expenditures of
the present time are compared with the
frugality of the early days of the Repub-
lie, and without abiding to the changed
circumstances which the war occasioned
he draws very dismal conclusions from
the comparison.
The public debt is not neglec ted and
some very sta ting propositions are
put forth in that connection. One of
them must prove to be especially bewild-
ering to mathematicians-it is that the
consideration received for the bonds BY
Government is supposed "to be 300 or
400 per cent. less than the obligations is
sued in return" We had always sup
posed that to take 100 per cent from
any sum of money would exhaust the
! pile, but Andy has different ideas in re-
/ gard to it, and seems to be as original in
that respect as in his views of political
economy, or the duties of the President
But more serious proposition is con-.
tanned in the following extract:
Our national credit should be sacredly
observed; bat, in making provision for our
creditors, We should not forget what is
due to the masses of the people 1t may
be assured that the holders of our secuYi-
ties have already received upon their
bonds larger amount than their original
investment, measured by a gold standard
Upon this statement of facts it would
seem but just and equitable that the six
/ per cent, interest now paid by the Govern
ment should be applied to the reduction
of the principal IN semi-annual install
ments, which in sixteen years and eight
months, would liquidate the entire nation
al debt. Six per cent. in gold W, uld, at
present rates, be equal to nine per cent
IN currency, and equivalent to the paying
of the debt one and ahalf times in frac-
ton less than seventeen years This, in
connection with all the other advantages
derived from their inve tment, would af-
ford to the public creditors a fair and lib
eral compensation for the use of their
capital and with this they should be sat
isfied. The lessons of the past admonish
the lender that it is not well to be over
anxious In eXacting from the borrower
rigid compliance with the lett er Of the
bond.
This is simply proposal to repudiate
the principal Of the debt IA toto and pay
! the interest for sixteen and two third
years. No argument is needed to show
the atrocity of the proposition.
In regard to the currency, he thinks
if the Cover nment and the bonds should
earnestly inaugurate specie payments, and
exclude all notes and billsof a less demon
ination than $50 from circulation, that
our currency troubles would soon come to
an end.
In regard to the Iudian affairs he sides
with the Secretary of the Interior and
against the plan recommended by Grant,
Sherman, Sheridan and Secretary Scho-
field, which is to transfer. the control of the
Indian affairs to the War Department
Our foreign relations are reported to
be in satisfactory condition generally,
though the most important subject under
that head-the Alabama claims--is not
mentioned at ALL He takes occasion here
to remark that he fears that the condition
of this country under the present laws
Of Congress has checked the growth and
expansion of free principles in neighbor-
ing nations. .. a
The following constitutional amend
ments are again recommended for adop-
ton: -t..-
l, For an election of President~an
Vice President by q direct vote Of the
people, Instead of through the agency of
electors, aud making them ineligible for