Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1869-12-08
PRESIDENTS MESSAGE.

In coming before you tor the hfst time as Nhlc
Magistrate Of this great nation IL is with graft
tude 10 The Giyer OF all good for the many bene
Cts we enjoy.
We are blessed with peace az home and are
without cntauginr alliances abroad 90 torCh1jt
trouble. With n territory unsurpassed in fer
tility, Of an area equal 20 the abundant support
0i five hundred millions of uc0plc. and uhlunding
10 every variety of useful mineral in quantity sui-
hcient to supply the world for generations with
oxuhcpnt crops with variety OF climate adapt
ed 30 the production of every species Of earth 5
riches, and suited to the habits, tastes and re-
quirments Of every living thing with popula-
ton Of 40 OO0, 900 of free people an speaking one
language with facilities for every mortal TO ac-
Quire an education; with institutions closing to
none the avenues 10 fame or any blessing or i1r-
tune that may be conceived with freedom of the
pulpit, the Press and the Schools; and with % rcyc-
nue. flowing into the National Treasury beyond
the requirements Of the Government Happily.
harmony is being rapidly restored within our own
borders. Manufactures hitherto unknown ia our
country arc springing up in al directions, pro
ducing q degree of national independence un-
cqualed by that Of any other power.
These blessings and countless others are cn-
trusted b. our care, and more for safe keeping
for the brief period of our tonurc-o-0hco in short
we must each Of us return 20 the ranks of the
people who have conferred upon us our hlnurs
and account 20 them for our stewardship. / ear
nestly desire that neither you nor ! may Doe con-
htlnutu uN free ana enlightened constituency
nor hy our own conSCionccs.
Emerging from rebellion of gigantic macui.
tude, aided ms IL was by the sympathy and us-i-t-
ance of nations with which we were at peace.
eleven States Of the Union were four years ago
left without legal State governments \ national
debt had been contracted American commerce
was almost driven from the seas. The interest 1i
one-half of the country had been taken from the
control OF capitalists and placed where ull labor
rightiully belongs in the keeping of labor.
The work Of restoring State Governments loyal
TO the Union Of protecting and fostering free
labor, and providing means for paying the inter
est on the public debt, has received ample ntten-
ton from Congress. Although your efforts have
not met with the success in all particulars that
might have been desired yet ON the whole they
have been more successful than could have been
reasonably anticipated. Seven States have been
fully restored 10 their places in the Union. The
eighth, Georgia, had an election, at which she
ratified her Constitution, Republican 40 form,
elected Governor, members of Congress- @ State
Legislature and all other officers required. The
Governor was duly installed, and the Legislature
met and performed all the acts then required OF
them by the reconstruction acts of Congress.
Subsequently, however, in violation OF the CON
sttuton which they had Just ratified, a. since
decided hy the Supreme Court oil the state. they
unseated the c0lOred members of the Legislature
and admitted to seats some members who were dis
qualified by the second clause OF the llth amend |
70 klt an article WHICH they
themselves had contributed to ratily.
Under these circumstances ! would submit 10 !
you whether it would not be wise without delay |
to enact n law authorizing the Governor of Gelr- |
gin to convene the members originally elected to |
the Legislature, requiring these member, 10 take !
the oath prescribed by the reconstruction act and
none to be admitted who are ineligible under the |
third clause of the nth amendment.
The freedmen, under the protection which they |
have received, are making rapid progress in learn
ing, and no complaints are made Of lack Of indus
try ON their part where they received fair remu-
neration for their labor
The means provided for paying the interest Of
The public debt, with all other expenses Of the
government, are more than ample.
The loss OF our commerce is the only result of
he late rebellion which has not received sufficient
attention from you. To this subject ! call your
earnest attention. Twill not now suggest plans
" which the object may be Effected, but will if
Necessary, make it the subject ola special mes
age during the session of Congress.
At the March term Congress by Joint resolution
authorized the Executive to order elections in the
'tates OF Virginia, Mississippi and Texas to sub
nit to them the constitutions which each had
reyiously IN convention framed, and to submit .
hese constitutions, either entire or in separate
arts, TO be voted upon at the discretion Of the
.xecutiye Under this authority elections were d
allied. In Virginia the election took place on u
he 9th Of July, 1869. The Governor and Lieut. I
Governor elected have been installed, the Legis-
ture met and did all required by the resolution n
nd by all the reconstruction acts Of Congress and
)stained from all doubtful authority
! recommend that her Senators and Representa- Ia
YES be admitted and that the State be fully re-
ored 10 its place in the family of States
Elections were called in Mississippi aud Texas. Il
commence on the Both of Nov 1869, and To last a
70 days in Mississippi and four days in Texas a
he elections have taken place, but the results y
c not known. 1t is 10 be hoped that the acts of d,
G Legislatures of these States, when they meet, 70
III be such as to secure your approval, and thus -
use the work OF reconstruction
Among the evils growing out of the rebellion >,
not yet referred TO- is that olan irrcdeemable co
rrency. 1t is an evil which hope will receive ="
ur most earnest attention. 1t is duty, and II,
OF the highest duties Of government 10 secure q
the citizens medium of exchange of fixed I'M Il,
rying value.
This implies a return to a specie basis, and no u
bsttute for it can be devised. 1t should be By
mmenced now and reached at the earliest prac- nv
able moment consistent with a fair regard 10 ",
e interests Of the debtor class.
Immediate resumption, if practicable, would vi
I be desirable. 1t would compel the debtor al
'ss to pay beyond their contracts the premium OF
gold at the date Of their purchase aud would a.
ing bankruptcy and ruin to thousands Fluc- M
alton, however, in the paper value of the meas in
G Of all values, gold is detrimental TO the in pi
rests Of trade. 1t makes the man of business q,
involuntary gambler, for in all sales where fu- II
re payment is TO be made, both parties speculate N
10 what will be the value Of the currency to be g
id and received IN
earnestly recommend TO YOU, then, such legis- Ii
ton as will insure gradual return to specie o
yment, and put an immediate stop to iluctua- n
Dns in the value of currency. The methods to
cure the former OF these results are numerous b
are the speculatiOns on political economy.
To secure the latter | see but one way, and y
lat is to authorize the Treasury to redeem its S
4n paper at fixed price whenever it is present ;
l; and TO withhold from circulation all currency \
redeemed until it is sold again for gold t
The vast resources Of the nation, both deyel
ped and undeyelOped, ought to make our credit y
10 best on earth. With less burden of taxa X
on than the citizens have endured for six years /
asst, the entire public debt could be paid in ten
ears, but it is not desirable that the people should
e taxed to pay it in that time.
Year by year the ability to pay the debt in
reases in rapid ratio, but the burden of inter
st ought to be reduced as rapidly as can be done
Without the violation of contract The public ,
ebt is represented in great part by bonds hay
ne from five to twenty and from ten to forty
ears to run bearing interest at the rate Of
tx per cent, and five per cent. respectively. It'll
optional with the Government to pay these bonds
It any period after the expiration OF the first time
mentioned upon their face. The time has already
arrived when great part Of them may be taken
up and IS rapidly approaching when all may be.
II IS believed That those which are now due may
be replaced by bonds bearing rate of interest not
exceeding A per cent, and as rapidly as the re-
nainder become due that they may be replaced in
the same way.
10 accomplish this it may be necessary TO au-
thor2e the interest TO be paid at either of the |
three or four Of the money centres of Europe or
by any Assistant Treasurer of the United States, .
at the option Of the holder OF the bond | suggest /
this subject for the consideration Of Congress and
also simultaneously with this the propriety OF re-
deeming our currency, as before suggested, at its
market value at the time the law goes into effect,
increasing the rate at which currency will be |
bought and sold from day 10 day. or week 10
week, at the same rate of interest as the Govern
ment pays upon It's bonds.
The subject OF tariff and internal taxnton will
necessarily receive your attention. The revenues
OF the country are greater than the requirements
and may with safety be reduced but the fund
ing of the debt in four four and one-half
per cent. loan would reduce the annual current
expenses largely, thus, after funding, justilying
a greater reduction OF taxation than would he
now expedient.
] suggest postponement Of this question un-
til the next meeting of Congress II may be adj