Bristol news. [volume] (Bristol, Va. & Tenn.) 1867-189?, 1868-12-18
1he Presilenl,s hInasnne.

! vigorous, LUMINOUS, ana comprehensive
state paper. At the very threshold the
| President calls the attention of Congress to
the disorganised condition Of the country
under the various laws which have been
passed upon the subject OF reconstruction,
which, be declares, after cair trial, have
failed, aud there seems 10 be no good rea
son why they should longer remain on the
! statue book. The views of the President
1 upon this ,utject are in the main those
! which he has stated on former occasions,
aud are expressed in tone of great empha.
] sis and earneStness. The consistency and
StcadfastneSs with which President John
son, from the beginning to the end of his ad-
mInistraiion, has adhered to his views upon
the constitutional question involved in re-
1 construction, challenge admiration from all
whose Judgment is lot clouded by party
| prejudice and viii be remembered hereaE
ter as Distinguishing aud honorable charac-
| 'eristic- of The man and administration
! Although he can have no hope of inhuenc-
/ ing Congress- to a change, yet the utter fail
ure so lar 10 realize the happy results which
were to flow from it's legislation naturally
coufirms the President in his original con-
viriiOns on the subject.
| Iu regard to the tenure-of Cfllce bill, the
! President urges that It's repeal is denan-
He also regards the army appropriation act
of March2, 1867, as containing provisions
which Interfere with his constitutional func-
tons as commander r-in-chief.
! The condition of the finances is next con-
sidered, aud IL is stated that, compared with
! the growth OF our population, the public
| expenditures have reached an amount uu-
! pt ecedented in our history. The facts which
go to show this are Of great interest, aud
| worthy the special attention Of the reader.
| These considerations are employed TO Illus
trate the necessity of retrenchment in all
branches OF the public service. The re-
ceipts Of internal revenue and customs are
said, during the past three years, to have
gradually diminished, aud the continuance
of extravagant expenditures will iuvole rs
in national bankruptcy, or else make an
Increase of taxation inevitable. Reference
is made to the report of the receipts for the
fiscal year ending June 80, 1868, were S4O5,
| 63S, ,OS3, and that the expenditures for the
same period we're 1917 sac, ,2S4, leaving in
the treasury a surplus OF S2S, ,297 ,79S. Ii Is
estimated that the receipts during the pres
ent fiscal year ending June 80, 1869, will
he S34l ,G92, ,SGS, and tae expenditures 1896
52,4 40, showing small balance of S5,24O,-
39o 10 favor of the government. For the
fiscal year ending June 30, 1870, it is esti-
mated that the receipts will amount to
1927 ,O00,000 and The expenditures TO $3O3,
| O0O,U00 leaving an estimated surplus OF
S24, ,000, 600.
10 this connection the President refers TO
our public ind debtednrss, which has accumu-
lated with such alarming rapidly, and
which, from a debt of siXty-four millions
iusl prior to the outbreak Of the late war,
nad risen at its conclusion to $2,S73, ,992,-
900.
The Secretary of the Treasury shows that
on the first day Of November, 1861, this
amount had been reduced to So 40 ,504 ,450;
but at the same time his report exhibits All
increase during the past year ot S3j, ,625,-
lO2 for the debt on the l,t day OF Hovem-
her last is stated to have been 81, ,527, 4 20 -
552. 1t is estimated by the Secretary that
the returns far the past month will add to
our liabilities the further sum of eleven
nillions-making a total increase during
tn rteen months OF forty and half mil
lions.
The President renews his recommepaa-
tion In his message of December 4, 1915,
to devise policy to begin to effect reduc.
tion of the public debt and make provision
the payment OF our obligations at as ear
" period Ms rlay be practicable. He states
that various plans have been proposed for
the payment OF tue public debt, aud that,
however they may have varied as TO the
time and mode in which it should be re-
duced, there is a general concurrence AZ to
he propriety OF a reduction in the present
rate Of interest. The exhorbtarcy of the
existing rate has led to an Inquiry respect
iug The consideration which the government
actually received for its bonds, aud the con
cusion is becoming prevalent that the
amount il obtained IN real money was three
or four hundred per cent. less than than
the obligations which it issued in return.
whist the national credit should he sa.
credly observed, the President says we
81 ould not forget what is due to the masses
of the people. He thinks it may be asSum'
ed that the holders of our securities
have already received upon their bonds a
larger amount than their original invest
ment, measured by a gold standard. Upon
this statement Of fact, he says, 1t wonld
seem but Just and equitable that the six per
cent interest now paid by the governmtn' NJ
should be spplisd to the reduction OF the
principal in Semiauuual installments which
in sixteen years aud eight months, would
Iionidate the entire national debt. Six pei
J cent. in gold would at present rates ht
equal to nine per cent. in currency, and
equivalent 10 the payment OF the debt one
aud a half time in traction less than sew
euteen wears. This. the President think9
, would afford the public creditors fair ano
liberal compensation for the use OF thel
canital.
In reference 10 the condition Of the eircu
lating Medium, the President merely reit
crates, substantially, that portion OF his las
annual message which relates 70 That snn
iect. The anomalous condition of our eur
: rency is held to be- in striking contrast WIN
that W ich was originally designed. Elua
and exact justice requires that all the cred
itors of the government should be paid II
currency possessing uniform value, which
can only be accomplished by the restoration
of the currency TO the standard established
hv the constitution. Facts derived irou
our commercih Al statistics are next deduceC
TO show the feasibility of making our cur
: rency correspond with the constitutions
standard. IL Is urged that the time ma
come when the government and nationa
banks should be required to take the mes
. efficient stems and make all necessary ar
raneements for resumption of specie pay
ments. The President adds;
"Specie payments having been resumed
nv the government aud banks, ali notes o
hills or naper issued by either of n less de
nomiuation than twenty dollars should D.
! law be excluded flom circulation, SO Una
: the people may have the bepiit and c0nyen
j fence Of "a gold and silver currency Wh'cI
in all their business trausac lions, WI %
!. uniform in value at home and abroad
The President next makes reference I
: the report Of the Secretary Of the Interior
including the operations of the land once
pension Office, patent Office and the India
bureau. In regard to tho Indian trioe'
4 the President says that treaties "llh var
g ous o. them have been coneluaeh' ana ina