The Ouachita telegraph. [volume] (Monroe, La.) 1865-1889, 1869-12-18
From the New Orleans Picayune.
The Message.

/ y y
view Of the points of, chief inte-
rest.
On the reconstruction question
! the President uttcrs some fine
sentiments and recommends some
extraordinary acts. He advises
| the admission of Virginia on the
basis Of the election held last
summer, and that of Texas and
Mississippi on tho basis Of the
recent elections. At the same
time he advises the replacing of
Georgia in a sort of territorial
condition, by constraining her to
adapt her legislation to the inter
pretations Of Congress OF what
she ought to do, and the require
ments OF party, which she must
do to merit favor.
While the President favors adj
mission for the three States,- and
pronounces the constitution adopt
ed in Georgia to be Republican
in fornl," he advises the over
throw OF the State constitution by,
act OF Congress-, and his political
friends meet him, by engineering
to keep out. those who ought TO
| be in; and favor his action to-
wards Georgia on the opposite
plea, that it's Government is not
repubiican. Considering these
contraries, the. message cannot
be thoughtto have any propitious
; bearingsonf a satisfactory settle
ment Of these questions. The
soft words of the President are
not agreeable to his friends, and
their hard. acts will evidently be
accepted by him.
He is enamored of the happy
effects OF reconstruction on the
labor question; and somebody has
induced him to say Of the negroes
that "no complaints are made of
Hack Of. Industry when they have
fair compensation for their labor"
Some Of the time spent in .junkct-
ing about last summer might have
been more profit ably employed in
gainin e%inforElatio on onTthis sub
| ject, in which he appears to be
remarkably deficient about enoto-
rioUS iacts.YsL< ag4SsAFlz@ e B5JE
1t is also rather rash in him to
say that at}Ie loss of our COM
smcrce is only the result of the,
late afebelliDn." Very few. men
concur. with him in that opinion.
There were other. causes, and
among the chief the bad legisIa-
ton .ofllis party friends. > = -fi
He is i'll favor OF 4 resumption
Of specie payments eat the ear}i-
| est practical moment, consistent
with q fair re gard to the Interest
Of the debtor elstss;'' but sSilnme-
! dat e resumption, ifpra actical, isnct,
Idesirable.'' With these common
places, he-suggestS one step to-
ward making d gradual return to
specie payments; which is to au-
| thorize the Treasury 70 buy up its
EownG paper cat a fixed price"
when presented, and to withhold
! the same from circulation until
sold again for gold.H In other
words, the Presidents idea Of the
best means for attaining good
~ct'rrency and maintaining the ma
| tiOnai credit is to turn broker in
| gold, buy up it's own paper at de-
Dreciated rates, and sell it again
at a profit. With what face the
advocate of such plan can ever
talk O.. rapudiation as dishonora-
blo, it is difficult to conceive.
AS a financial measure, in aid
| of the Treasury, the President re-
eommends the plan, which has
been advocated eXtensively,.in in a
pamphlet dated from Paris for
the issuing Of new bonds, at a
rate of interest not exceeding +!
per cent, payable at the option of
the holder, at any of the money
centres in Europe Or the United
States. with which to take up
maturing bonds. . -.'...
This plan is likely to have con-
siderable support in Congress, if,
which competent financiers doubt,
it shall be thought practicable.
The message recommends q
renewal of the tax on income re-
duced to 3 per cent.
1t is opposed to a general revis-
ion OF the tariff, and advises post
ponement until another Congress,
and until after the debt is funded.