Smyrna times., 1868-12-16
THE PRESIDENTS MESSAGE.

The last of the messages Of President John
son, was sent to Congress on Wednesday is like
all the other communications TO Congress from
the same sOurce-lengthy, entirely too lengthy
for most country papers. At the very thresh-
old the President calls the attention of Con-
gress to the disOrganized condition of the coun-
try under the various laws which have been
passed lover his vetoeSl upon 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 books. The views of the President
upon this subject are in the main those which
he has stated on forIner occasions
La regard to the tenure -ot-Ofice BILL the
President urges that its repeal is demanded by
the best interests of the country. He also re-
CARDS the army appropriation act of March ,,
1867, as containing provisions which interfere
with his constitutional functions as command
er-in-chiet.
The condition of the finances is next cOnsid-
cred, and it is stated that, compared with the
growth of our population, the public expendi
lures have reached an aE:ount unprecedented
in our history. These considerations are en-
plOyed to illustrate the necessity of retrench-
ment in all branches of the public service
The receipts of internal revenue and customs
are said, during the past three years, to have
gradually diminished and the continuance Of
extravagant expenditures will involve us in ma
tlOnal bankruptcy, or else make an increase Of
taxation inevitable.
In this connection the President refers to
our public Indebtedness, which has accumulat-
ed with such alarming rapidity, and which,
| from debt of sixty-tour millions just prior to
the outbreak of the late war, had risen at its
conclusion to So, S73, 992, 909.
! The President renewS his recommendation
in his message of December 4, 1865, to devise
policy to begin to effect reduction of the
public debt, and make provision for the pay
ment of our obligations at as early period as
may be practicable. He states that various
plans have been proposed for the payment Of
the public debt, and that, however they may
have varied as to the time and mode IN which
it should be reduced, there is a general con-
currence as to The propriety OF reduction in
! the present rate of interest.
Whilst the national credit should be sacred
ly observed, the President says we should not
| forget what is due to the masses OF the peoples
He thinks it may be assumed that the holder.
of our securities have already received upon
THEN bonds larger amount than their original
investment, measured by gold standard
| Upon this statement of facts, he says, it would
seem but Just and equitable that the six per
should be applied to the reduction of the prin-
cipal in semmi- annual instalments which, in
sixteen years and eight months would liquid
ate the entire national debt Six per cent IN
gold would at present rates be equal to nine
per cent. In currency, and equivalent to the
payment of the debt one and q half time In
fraction less than seventeen years. This, the
President thinks, would afford the public cred
itOrs fair and liberal compensation for the
use of their capital.
In reference to the condition of the circulat-
ing medium, the President merely reiterates,
substantially, that portion Of his last annual
message which relates to that subject. 1t is
urged that the time has come when the gov
ernment and national banks should be requir-
ed to take the most efficient steps and make
all necessary arrangements tor q resumption of
specie payments.
Our foreign relations are said to be friendly,
except that IN regard to Paraguay, the contro-
versy between the President Of that country
and Mr. Wsshburn has led to instructions to
our newly appointed minister to Paraguay,
Mr. McMahon, to proceed TO AsunciOn and in
vestigate the whole matter, and the rear ad-
miral of our squadron on that station has been
directed to attend the new minister with pro-
per naval force to sustain such Just demands as
the occasion may require.
Our relations with Mexico during the past
year are said to have been marked by an in
oreasing growth of mutual confidence. Nego-
tiations are said to be pending with view to
the survey and construction of ship canal
across the isthmus of Darien under the auspices
OF the United States. The President has been
reluctantly obliged to ask explanation and sat-
lStactlon for national injuries committed by the
President of Hayti.
Reference is made to the acquisition of Alas
Ia, which it is said was made with the view of
extending national jurisdiction and republican
principles in the American hemisphere, and as
step in the same direction treaty was made
tor the purchase of st. Thomas, which remains
Tb.. PrnS;J.S. Pat'pn on 10 tne senate.
tional policy would seem to sanction the acqui-
SitioR and Incorporation into our federal Union