Shenandoah herald. [volume] (Woodstock, Va.) 1865-1974, 1868-12-17
THE PRESIDENTS MESSAGE.

uCueo IucSodSc.
At the very threshold the President
calls the attention of Congress to the dis
organized condition of the country under
the various laws which have been passed
upon the subject of reconstruction, which,
he declares, after 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 main those which
he has stated On former occasions, and are
expressed in tone of great emphasis and
earnestness. The consistency and stead
fastness with which President Johnson
from the beginning to the end of his ad-
ministration, has adhered to his views up
on the constitutional question involved in
reconstruction, challenge admiration from
all whose judgement is not clouded by par
ty prejudice and passion, and will be re-
membered hereafter as distinguishing and
honorable characteristics of the man and
his administration. Although he can
have no hope of influencing Congress to a
change. yet the utter failure so far to re
alize the happy results which were to flow
from its Legislation naturally confirms the
president in his original convictions of the
| subject.
In regard to the tenure Of Office bill, the
President urges that its repeal is demand
ed by the best interests of the country
He also regards the army appropriation
act of March 2, 1867 as containing pro-
visions which interfere with his constitu-
tional functions as commanders in chief
The condition of the finances is next
considered, aid it is stated that, compar-
ed with the growth of our population, the
public expenditures have reached an
amount unprecedented in our history
The facts which 60 to show this are of
interest, and worthy the special attention
of the reader. These considerations are
employed to illustrate the necessity of re-
trenchment, 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 expen-
ditures will involve us in national bank
ruptcy. or else make an increase of taxa
ton inevitable Reference is made to the
report of the Secretary of the Treasury,
which shows that the receipts for the fiscal
year ending June 30, 1868, were S405,-
63S, 083, and that the expenditures for
the same period were $377 $40. 2S4. leav-
ing in the treasury surplus of $2S 297, )
1913. 1t is estimated that the receipts du-
ring the present fiscal year ending Jnne
80, 1869, will be S341 1892, S6S, and the
expenditures 1886, 1852, 40, showing a
small balance of S., 240, 1893, in favor Of
the government. For the fiscal year end
ing June 80, 1870, it is estimated tina,
the receipts will amount to 1927 900, 900
leaving an estimated surplus of 1874 ,00O,.
600.
In this connection the President refers
to our public Indebtedness, which has &C.
cumulated with such alarming rapidity
and which, from debt of four mil
lions just prior to the outbreak of the late
war, had risen at its conclusion to s.,
1878, 1892, 900.
The Secretary of the Treasury shows
that on the first day Of November, 1867
this amount had been reduced to 81, 491,
504, $50 /; but at the same time his report
exhibits an increase during the past veal
of $35 ,625. 1902; for the debt on the Is
day of November last is stated to have
been $2,527 ,129. 552. 1t is estimated by
the Secretary that the returns for the pas
month will add to our liabilities the fur
ther sum of eleven millions-making to-
| tai increase durino thirteen months of for.
ty-six and half millions
The President renews his recommends
dation in his message of December 4
1865, to devise policy to begin to effec
a reduction of the public debt, and make
provision for the payment of your obliga
tons at as early period as may be prac.
ticable. 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
general concurrence as to the proprie
ty OF reduction in the present rate of in.
terest. The exorbitancy of the existing
rate has led to an inquiry respecting the
consideration which the government actu
ally received for its bonds, and the conclu
sion is becoming prevalent that the amount
1t obtained in real money was three or foul
hundred per cent, less than the obligations
which is issued in return
Whilst the national credit should be sa
credly observed, the President says WI
should not forget what is due to the mas
ses of the people. He thinks it NAV be
assumed that the holders of our securities
have already received upon their bonds &
larger amount than their original invest
ment. measured by gold standard. Up.
on this statement Of facts, he says, it would
seem but inst and equitable that the six
per cent interest now paid by the govern.
ment should be applied to the reduction Of
the principal in scmi-annual instalments
which, in sixteen years and eight months,
would liquidate the entire national debt
Six per cent in gold would at present
rates be equal to nine per cent in curren.
cy, and equivalent to the payment of tie
debt one and half time in fraction less
than seventeen years. This, the Presi.
dent thinks. would afford the public cred
itors fair and liberal compensation fol
the use of their capital.
In reference to the condition of the
circulating medium, the Presi lent merely
reIterates. substantially, that portion of his
last annual message which relates to that
SUBJECT. The anomalous condition of our
| CURRENCY is held to he in str;k;nr oontros,