The Manchester journal. [volume] (Manchester, Vt.) 1861-current, 1868-12-15
nrnrcrlos or rnn nEr.

cembor lth, 1865. Il was suggested that
policy should be devised which. with
ont being oppressive to the people
would al once begin TO effect 4 reduc.
tion q the debt, and i persisted in, dis
charge il fully within definite number
Of years The Secretary Of the Treas.
ury iorcibly recommends legislation Of
this character, and Justly argues that
the longer il is deferred the more diff
cult must become its accomplishment
We should follow the wiso precedcnis
established in 1889 aud 1916. and with
out further delay make provisions for
the payment of our obligations at as
early day as practicable The fruits
of their labors should be enjoyed by our
citizens, rather than used to build up
and sustain moneyed monopohes in our
own aud other lands. Our foreign debt
is already computed by the Secretary
Of the Treasury at $3.50, 100000 Sew
oral foreign countries receive interest
upon a large portion Of our securities,
and American taxpayers are made to
contribute large sums for their support.
The idea that such a debt is to become
permanent, should be at all times dis
carded, as involving taxation too heavy
to be borne, and payment once in every
sixteen years at the present rate Of in
of an amount equal to the original sum.
This vast debt, if permitted to become
permanent and increasing, must event
ually be gathered into the hands of a
few, and enable them to exert dan
gerous and controlling power in the
affairs of the general government. The
borrowers would become servants of
the lenders, and the lenders masters of
the people. We now pride ourselves
upon having given freedom to four mill
lions of the colored race 1t will then
be our shame that forty millions Of peo-
pie, by their own liberation Of usurpa-
tion and proaigacy, have suffered them
selves 10 become enslayed, and merely
exchanged slaye-owners for new task
masters in the shape of bondholders
and tax gatherers. Besides, permanent
debts pertain to monarchial govern
ment, and tending to monopolies and
class legislation, are totally irreconcili-
be with free Institutions. Introduced
into our republican system, they would
gradually but surely sap its foundation,
and eventually subyert our government
al fabric and erect upon its ruins
moneyed aristocracy. 1t is our sacred
duty TO transmit unimpaired to our pos
terity the blessings of liberty which
We're Dequeathcd TO us BY the founders
of the republic, and by our example,
teach those who are 70 follow us care
fully to avoid the dangers which threat
en- free and independent people.
TIE CONDITION or THE CURRENCY.
In referring to the condition Of the
circulating medium, shall merely re-
iterate substantially that portion Of my
last annual message which relates to
that subject. The proportion which the
currency Of any country should bear to
the whole value Of the annual produce
circulated by its means, is a question
upon which political economists have
not agreed Nor can il he controlled
by legislation, but must be left to the
irreyocable laws which everywhere reg
ulate commerce and trade. The cireu-
luting medium viii ever irresistibly Aow
to those points whore it is in greatest
demand. The law of demand and sup
ply is as unerring as that which regu-
lates the tides Of the ocean, and indeed
currency, like the tides, has its ebbs and
flows throughout the commercial world. !
At the beginning of the rebellion, the
bank note circulation of the country
amounted to notmuch more than 5000
000,000 Now the circulation of ma.
tional bank notes and those known as
legal tenders is nearly seven hundred
millions. While it is argued by some
that this amount should be increased,
others contend that a decided reduction
IS absolutely essential to the best inter
ests Of the country. In view of these
divers opinions il may be we'll to ascer-
taiE the real value Of our paper issues
when compared with metallic or con
vertible currency. For this purpose let
as inquire how much gold and silver
could be purchased by the seven huud- /
red millions OF paper money now in cir
culation Probably not more than half
tue amount Oh the latter showing that
when our paper currency il compared 4
with gold and silver, its commercial
value Is compressed into three hundred 4
aud fifty millions. This striking fact 4
makes it the obvious duty Of the gov.
ernment, as carly as may be consistent
with the principles Of sound po itical .
economy to take such measures as will .