, 1869-12-07
Glt TrihnmE.
TUESDAY, DECEMBER :, 1869.


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TIE PRKa1pEH1's 1E4dA9E.
The Presidents message waa delivered to
Congress Yesterday. Being the first an-
uuai communication Of bis views 10 tho |
National Legislature, it will be road with !
great interest in iii parts of the civilized
vorla.
After few introductory remarks, tho
President takes up tho subject Of recon-
stzuctiou, and gives Buccinct nu11ation Of
the progroas that has been n,aae in that be-
half since The adjournment of Congress in
March last, which he considers, on the
whole, satisfactory. In reference to the
Georgia i,nbrcguo, he recommends that
Congress pass law authorizing the Gov
ernor TO convene the Legislature originally
chosen, aud requiring the members to take
the oath prescribed By law, thereby re-
storing the expelled colored mfmbera TO
tteir seats, and e1c'nding those who are
ineligible under tie Fourteenth Amendment
to the constitution. He recommends also
thAt Virginia be forthwith restored to 1er
former psnec in the Unson' anu sa9t nef
newly-e!.cted Senators AMI REPRESENTATIVES,
lie admitted to their seats IN congress- ne
expresses the hope that the aess OF inc
ueEly-c!eetc4 leg's'a'u1cs IL 11@eisS'pp'
and le1as WILL oe SUCH as % 1ecease Inc up
probation Of congress, ana mus close 'ne
work of reconstruction. lh@ portion oi
the message, WHICH Is MI of 1t that can be
tesned political, will meet the entire ap-
probatiun Of the Republican party, and
will, we think, be satisfactory to the coun-
try. 1t is the natural sequence OF tho
election of last year, aad 1t appropriately
pro1lgures the close OF the great work Of
restoring the Union on the basla ot tfee~
dom and equal rights to all n1en-
The Re1t subject to which the PRESIDENT
addresses himself is that OF the puonc
finances. BE here enters held which Il
evidently new to him. A1a nost str1sang
Recommendation is that Congress saal pro-
vide for redeeming the greenback circala-
tion in gold by paying the market prlce tor
them un the day that the !aw goes INTO
effect, nud increasing this Ptzce from time
10 time Mt the SHINE rate us tho interest
which the government pays on Its bonds.
#, for instance, tho market value Of green
backs should be - cents to tho dollar on
the day when the law goes into effect, then
the government should commence redeem
ing Mt that rate, and should increase
the price, SO that at the end OF ont
year i, should redeem at tho tat'
Of ~ at the cntl Of two years 81, and 81
on. This plan wonld briog the greenbsck'
TO par nj tue end Of five years Tbs mos
Obvious objection to tits that it would be a1
act Of voluntary bankruptcy. The condi
tiun OF the government Ut tue presen
time il that Of involuntary bankruptcy
It's demand notes aro out, md it canno
immediately pay them. I, promises, nev
erthclehs, to pay them in full rs soon u
practicable. To pass Law providing 10
their ray,nc1t III less than par is 10 con
fess either MI inas,i!ity OF an unwllingaes
10 pay ones honest debts, either now or a
any future tune. If it is desired to retir
the grcehbacks without paying nor
than their market snlue, that objec
cnn be fully accomplished b
buying them in the open market, bu
10 pass law declaring at whnt rate, les
than par, the government will ret1ec,
them, IL, in our Judgment, calculated t
imnair, ra,hc, than enhance. the pa1
lie crejit md to nostpone. ratht
than hasten. tho time when capt.
will sock investment in our boni1a ut fo1
Der cent interest, The 1,lau is substa,
tally th, saue in its economical aspects ,
TINT adopted ly England to restore speci
payments after the wat with Napoleon
Tho coycrument nassed alaw te,n,irinp IL
Dsuk of England TO commence. on CO,
lain dav. to nav 10 mauy ounces of cold is
its five-poupd notes-beins something let
than their par yalue--and to incrcase th
amount Of gold from time to time until II
par value should be reached. In 9th.
words, the government recognized and as
sentcd to the insolvency Of the Bank
England tits own fiscal ngent) mil A1ea Il
ratc ut which it should compromise with i
creditors. We do not think, upon the Who'll
TINT this il useful nrecedert to folio,
Tho United S.ates can afforl to set be
ter example to the world-thc example
payirg nil her debts at par. The cover
uent does rot know, and has no right
know, any debtor class, or any credit
class, or any other class. The only leb
it can riehtfnlly take coenizance Of are j
own debts. While it would be prop
to arrange for the payment Of its own deb
in such manner US to produce no unnece
sa1y distress in any quarter, it would
highly improper to t44ke for the basis Of
action the supposed condition of one cla
any more than that Of another.