The Democratic advocate. [volume] (Westminster, Md.) 1865-1972, 1868-12-17

source vigorous, luminous, and com
pretensive state paper. At the very
threshold the President calls the atten
tion OF Congress to the aisorganized
condition. of the country under the va
'rioas laws which have been passed up
on, the subject of reconstruction, which
he declares, after a, fair trial, have
. failed, and there seems to be no good
reason why they should longer remain
on,the statute book. The views of the
President upon this subject are in the
tmain those which he has stated on for.
uner occasions, and are expressed in a
stone of great emphasis and earnestncss.
Tine consistency and steadfastncss with
(which President johnson, from the be-
ginning to the end Of his administration,
has adhered to his views upon the con-
sttutional question involved in recon
strGetion, challenge admiration from all
whose jud sment is not clouded by par
prejudice and passion, and will be
Js,t,a i >hered hereafter as distinguishing
'0'no Loaor 1,hie characteristics Of the
anu n adm, Illustration. Although
u.s. ,l4 cam have no hss,nc of influencing
CoSeressTto a change, yett the utter fail
are so far to realize the happy results
which we're to flow from its legls. S'ion
naturally confirms the Presidens III HIS
original coz yictioas CD the subject.
In regard to the tenure Ofofhce bill,
the. President urges that its repeal is
demanded by the best Interests of the
country He also regards the army
appropri.tiou act OF March 2, 1867, as
containing provisions which interfere
with his constitutional functions as com
pander- in chief. .,..,,,ssy
The cSnditicn Of the finances is next
considered. and I. is stated that, com
par dwith the growth o. ouE ropulatlon'
The public expenditures have reached
an amount unprecedented in our history.
The facts which go to show this are OF
great interest and worthy the special
attention of the reader. These consid
erations are employed to Illustrate the
necessity of retrenehment in all branch
es Of the public service. The receipts
of Internal revenue aud customs are
saids during the past three years, to!
have, gradually diminished. and the
continuance Of extravagaut expendl-
lures will involve US in national bank
ruptcy, or else make an increase of tax
alton inevitable. Reference is made to
shs,separtof the Secretary of the Treas
,urry, which shows that the receipts for
the fiscal year ending June 30, 1868,
were S4O6 ,639; 1888, and that the expen
ditares fergthe same period were $751;
.340,2S4, leaving in the treasury sur
plus Of SIS, 297, 799. 1t is estimated
that the receipts during the present
fiscal year ending j une 30, 1859, will
be $341, 392 86S, aud the expenditures
1896, 152,4 40, showing small balance
of SIS, 40,399 in faxer Of the govern
nent.iplF For the fiscal year ending June
80, 1870, tit is estimated that the re-
ceipts will amount to 1927 900 600, and
the expenditures to S303, 000, 900, lcav-
ingan estimated surplus Of $24 900 900.
.--Iu this connections the President re-
fersito ourpublic which
has accumulated; with alarming rapidity,
and which, from a debt Of sixty Tour
millions Just prier to the outbreak of
the. late war; has risen at its conclusion
to .s2,S73, 992, 909. alJqeh
The Secretary of the Treasury shows
that on the first day of November, 1867,
this amount, had been reduced to ST.
49I,504J450; but at the same, time his
report exhibits an increase during the
past yeir OF, S35, 625, 102; for the debt
% the list day of November last is sta
ted to have been $2,527 ,l29, 552. 1t is
estmatedlby the Secretary that the re-
turns for the. past mouth will add to our
Liabilities the, further sum of eleven
millions- making total increase dur
ing thirteen mouths OF forty-six and a
half millions gaafe eEa aeisJ
1.-The President fenews his recommen-
dation III his. message OF December a,
1865, to devise policy to begin to ef-
fectsa reduction OF the public debt and
make provision forethe payment of our
obligations 1T as early a period as may
Be practicable. He states that various
plans, have been proposed for the pay
apept of the public debt, and that, how
raEery sthay may have syaFied as to the
,ti,ne ind mode in which it should be
reduced, there is a general concurrence
as to the propriety of a reduction ID the
present rate Of interest. The exorbi
fancy offthel existing rate bias led TO an
inquiry respecting the consideration
which the government actually received
fof It's bonds, and the conclusion is be-
coming preyalent that the amount it
.eBtame a 1nreal money was three or four
.hundyed, ,per cent less than the obliga-
.tions which il issued in return.
Whilst the national credit, should be
sacredly observed, the President says
I'VE shoiIid pot forget what.is due to the
masses Of the people. He thinks it
may Be assumed that the holders OF our
securities have already received upon
their .bYpds. asIsrger sameunt than Their
original Investment, measured by
gold IstaHderd d upoa atals statement
sof fscts,sale says,IIt @oaidiseeiii but isl
and equaabrei Filat riae SIX per lcclit-. 10
Aerese pow paid sbyi tue government
IshoqI} be applied 70 a ilte fsdynQeatilon OF
1ad7Rr#sIuaiaaisa pilfsnnlal insttitisps :
mlich;Ii Mut7 siedecai1s years aud eight
'lhohsHs iSa'aid iqaidare the eatlre ma
tle.sh rdsbl. SIX, per ccut3 Iu go'd
Would II present rates be equ.l % iiiae
Isfl%lae ~ 80 sarf ency and equiv AeiiJ.f !,
,tssdg s@ aJst5 ,fEls y
t.alnsas rae lou less IllN8 seYea@as 4
4 hi l,z,- ts....-t.rr--