The Camden journal. [volume] (Camden, S.C.) 1866-1891, 1868-12-17

or the year ending June 30, 1868, the
receipts were S4O5, ,63S,0S3, and the
payments S377, ,340,2S4, leaving a sur
pulls of s2S, ,297,79S. During the year
ending June 80, 1869, the receipts will
be S34l 1892, 1868, leaving a balance of
SIS, ,24O, 1893 in favor Of the year ending
June 80, 1870, ..in which year the re-
ceipts should be 1927 100000, and the
payments S3O3,O00,000, leaving sur
plus of s24,O0O,0O0. The President
gives additional details concerning the
growth and diminuuou Of the debt be-
fore the war, and its increase during
the war, to S2,S73, 100000, the debt
being, on November l, 1868, S2,527,-
129,552 During the thirteen months
Just passed, the debt will have increased
SIG, 100000. The President urges
Congress to make provision, without
further delay for payment of our obi
cations at as early period as may be
practicable. SS50,000,0OO of our debt
are held abroad, and cur citizens are
taxed to support the foreigners who
posses. them. The debt must be re-
garded as permanent, for the result
would be that the borrowers would be.
come the servants of the leaders, and
the leaders the masters Of the people
We pride ourselves on freeing 4 600, 600
of colored men. 1t will be our shame
if40, ,O0U,O00 of people make themselves
the slaves of the bondholder. Huge
debts arc incompatible with republi'
can system. They would sap its found
ations and erect upon its ruins mo-
MED aristocracy. The. President is in
favor of reducing the rate of Interest.
The Secretary advises 5 per cent. as
the rate; Congress last session was in
favor of + and 1! per cent; others think
3 per cent enough. The President
mentions the popular arguments against
paying 6 per cent. in gold on what. was
lcut in a deprecated paper currency,
and against the payment of interest on
bonds deposited by National Banks,
which are exempt from taxation, and
7 hows that II per cent. may be received
by the bondholder. on each dollar inrcs-
ted. The opinion is advanced that the
bondholders may be willing to.come to
reasonable terms. They have received
back far more than their money invcs-
ted, and the President thinks that the
6 per cent. Dow paid. to them by the
government should be applied to the re.
duction of the principal in semi-anuual
instalments, liquidating the entire debt
in 16 years and 8 months. This would
give the public creditors a fair and lib
eral compensation for the use of their
capital. IF this provision be made, the
nation will rapidly recover its prosperity.
In regard to the currency the l'rcsl-
dent rsiterates substantially the views
expressed in his last message. The
question of the real value of the paper.
currency as opposed to metallic curren-.
cy is carefully examined, and the neces-
sity is shown of making the ereenback
convertible into specie. Legislation on
this subject IS urgently required. Nome
but the bondholdcrs receive payment
in coin the soldier, the sailor, the far
mer, the public servant, the artisan, the
mechanic and laborer, receive nothing
but deprecated paper. The only just
| plan to restore currency to the specie
standard. The President shows the
production and export of gold, aid the
amount now current, that there are now
$500, 1000, 600, in gold not accounted for,
and probably this is all in the country.
This shows that we can get back to
specie payments; but not while the gov
'crnment and the banks continne to is
sue irredeemeblc notes. If we are not
to have specie currency, let the mints
be abolished and all our specie export
ed. When the government and the
banks resume specie payments all
notes of either, of less than $40, should
be withdrawn from circulation, so as to
give the people uniform currency-at
all times uniform, stable and secure.
During the year ending June 30, lS-
IS, 6,655, 900 acres of public land were
disposed of, the cash reccips being sl,-
G32 ,745. On the 30th June, the PEN
sion rolls bore 169,G43 names, the a.
mount paid for pensions during the year
being S2+,0l0,OS2. The patent Office
report shows that II, ,l52 patents were
issued during the year.
The President is cordially in favor of
the proposed Indian treaties, reserving
lands to be occupied by the various
tri bes. This policy met with sigma
success years ago. and is more necessary
than ever before. But, in return for
what the Indians receive they should be
made to remain within their reserva-
tions. This is the only way in which
war can be avoided.
The railroad from Omaha tc Sacra
mento is expected to be completed be-
fore the expiration ofthe next fiscal
year. The amount of bonds issued to
the companies is 81 1897, 900.
The strength of the army on Septem-
Der 80, was $4,000 men, which will be
reduced bv January I 10 az. 600. The