Middletown transcript., 1868-12-19
Abstract or the Pre.,aents Message.

vigorous, luminous, and comprehensive
state paper. At the very threshold the
President calls the attention of Congress to
the dlsorganized 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 rea-
son why they should remain longer 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 EN-
phasis and earnestness. The consistency
and steadfastness with which President
johnson, from the beginning to the end Of
his administration, has adhered to his
Views upon the constitutional question in
volved in reconstruction, challenge admi-
ration from all whose judgement is not
clouded by party prejudice and passion.
and will be remembered hereafter as dis
tinguishing and honorable charactcristics
Of the man and his administration AL
though he can have no hope of influencing
Congress to change, yet the utter failure
so far to realize the happy results which
were to flow from its legislation naturally
confirms the President in his original con-
victions on the subject,
In regard to the tenure-of-ofice bill, the
President urges that its repeal is demanded
| by the best interests of the country. He
also regards the army appropriation act Of
March 2, 1867, as containing provisions
which interfere with his constitutional
| functions as commander in chief.
The condition of the finances is next
considered, and it is stated that, compared
with the growth of our population, the
public expenditures have reached an D.
mount unprecedented in our history.
The facts which 60 to show this are Of
great interest, and worthy the special at
tention of the reader. These considera-
tions are employed to Illustrate the neces-
sity Of retrenchment in all branches of the
public service. The reeeipts of internal
revenue and customs are said, during the
past three years, to have gradually d.
minished, and the continuance of extrava-
giant expenditures will involve rs in ma
tional bankruptcy, or else make an in
crease of taxation inevitable. Reference
is made to the report of the Secretary Of
the Treasury, which shows that the re-
ceipts for the fiscal year ending June 80,
1868, were $405, ,638, ,083, and that the
expenditures for the same period were
| $377 ,340, ,284. leaving in the treasury a
surplus of $2S, ,297 .798, It is estima-
ted that the receipts during the present
fiscal year ending June, 80, 1869, will be
$341 1892, 1858, and the expenditures
| 1886, 152, 470, showing small balance of
| S., ,240, 1893 in favor Of the government
For the fiscal year ending June 80, 1870,
it is estimated that the receipts will amount
to 1927 900, 900, and the expenditures to
$303, 900, 900, leaving an estimated sur
plus of $24, 900, 900.
In this connection the President refers
to our public Indebtedness, which has ac-
cumulated with such alarming rapidity
and which, from debt of sixty-four mil
lions just prior to the outbreak of the late
war, had risen at its conclusion to $2,-
873, ,992, 900.
The Secretary of the Treasury shows
that on the first day of November, 1867,
this amount had been reduced to ~, 491, :
504, ,450; but at the same time his report
exhibits an increase during the past year
of 1886 ,655, l02; for the debt ON the 1st
day of November last is stated to have
been So, ,527, ,129. .552. 1t is estimated by
the Secretary that the returns for the past
month will add to our liabilities the fur
ther sum of eleven millions making a to-
tai increase during thirteen months of for
ty-six and half millions.
The President renews his recommends
tion in his message of December 4, 1865,
to devise policy to begin to effect re-
duction Of the public debt, and make pro-
| vision for the payment of our obligations
| as early as may be practicable. He
states that various plans have been pro-
posed for the payment of the public debt,
and that, however, they may have varied
as to the time and mode in which itshould
be reduced, there is a general concurrence
as to the propriety of o reduction in the
present rate of interest. The exorbitancy
| Of the existing rate has led to an inquiry
respecting the consideration which the gov
ernment actually received for its bonds,
and the conclusion is becoming prevalent
that the amount it obtained In real money
was three or four hundred per cent. less
than the obligations which it issued in re-
turn
Whilst the national credit should be sa-
credly observed, the President says we
should not forget what is due to the mass
es of the people. He-thinks it may be as
sumed that the holders of our securities
have already received upon their bonds a
larger amount than their original invest
ment, measured by gold standard. Up
on this statement Of facts, he says, it would
seem but just and equitable that the six
per cent. interest now paid by the govern
ment should be applied TO the reduction of
the principal in semi-annual instalments
which, in sixteen years and eight months,
would liquidate the entire national debt.
Six per cent in gold would at the present
rate be equal to nine per cent. in curren-
cy, and equivalent to the payment Of the
4 debt one and half time in q fraction less
than seventeen years. This, the Presi-
- - 4 ! y n. = -. . !