, 1869-01-06

ltlequires, however, thst there sho1ld be unity
OF tu1po.e On the psrt Of the Executive, Of Con:
The fact ,hat the work to be accomplished is Of
aEch paramount importance that nothing else
sssoud t. Slowed to erfese with It. trsqu1es
collection and disbursement OF tho revenue shall
os slpo1nted On some other grounds than the de-
tell csmparn speeses. .ns er IL aount @ ousy
Contributed 70 nd in elections. It requires that
s:ongress shall exercise the most 1tgid economy
hcrrtefoFc expended far foltincations, 1vers aud
nEasoofs. eeatt snfTey, nsw buildings, tho rnann-
snd - to Ts, eoa:9
fule no president for tbs Immediate future It
1e7nttes That no more money shall be used for the
roe.y tre.tS shall Se neeotaied Fs ia tss a Iss pf
roeet with the sandwich 1ilAnds. the operation Of
which !. ss!eul,ted 70 immedtAely impair The
Distinction nade between the promotion OF nero
pf1Tase snu selfish snds, snd the uae psotee:1on
STOP talking about ihs letter of t1s go eentas, K n
rsspeet 10 the payment Of debls, but il the spirit
q me same honesty determine rtat the debts
ehtll be paid. With these requisluens supplied,
the extrtcatton Of the nation nom It's nnsncial
enbaTa.smcuts e and the attainment Of great na-
noral EofpesisJ oecomea Within n limited pc.
1loo 3 mater OF no uncertainty. To disregard
aud refuse them Is TO- prot,act but Tot 70 prevent
the attainment Of hike result, for the nauon,
., time; certainly aritI Ont of tss asleaiue nj
les will be through the honesty and economy OF
1e iIotsiduall4m, and through tho d1velopuets
TIC government either wills or directs It. q -
REs1oRA71oN or sAI1osAL cRKD1T, AND REsuxP-
ftnY UY AFKC1E PAYMENT
The Commissioner docs net ieel that 1t IL hts
province to present any plan IN detail, whereby d
surplus like that anhcipa aHd can be best u-ed fol-
ssst ~ nE Ess11 g but he
! Plus, OF from TWO TO two and a hall pcr cent or
the whole debt. were applied regularly, month
after month, and yesr after year. 70 putchale II
| the MARKET and thp oY hS
geld lntese,t bearing obhEanons:df The govern
1nenr,, 80 long "a thoee obligations can be Oh
| and II, At the fane time. tho legal.tender note!
| were. under certain restrictions as TO time an.
quannts, made convertible At the pleasure Of Iii
toecE lEto intere estchcaI1nE bonds. tnAt the vAlu
| OF both bonds and curseIcy might be 20 Rreatl!
aIo go rapidly enhanced as 10 make Asesun1p,i1I
of fepecte Payments matte1 OF much less din
II It he objected that this measure involve
contraction Of the legal.teruet currency. til
rueh contraction. Resumption Of specie pay
ments can be commenced at any time; but ID
question Is not one Of fcommeucclacnt but OF cor
tlunance, and In order that there may be coniinu
auce there must be certain proportion or ratt
first established between the amnnnt 10 be II
deemed snd ths agency ts9tnl ghtcn g % !;
ieral.terier anl National sane currency IN es
tetcncc> could not probably With a2fety, At ID
f5sE 5sn sns 1o ou9 o@ @ uaea sas &C. e. L.
: such amount OF eoio at command, and Tor the n
| TUE hut two methods present themselves for 4
uttatI neut. g1z.. either 10 hoard and accnmu1a:
| gold out 0f the national surplus revenue, or
reduce the volume of1he currency, either BY d
rect pa5m or ty funding (Which L. IN one sen
aiso pay tntrt(. tou point where the ablt1ty Of II
Treasury will be sufficient 10 compass the CT
desired. The first Is q work OF time and depen
ent upon many contingencies; the second can |
sdecisd norr rsg.dlyIpc1hnps a. rapidly as M
be desirable. Bu: this Is the problem to I
| worked ont eooEcr or later, and u the COM mi
, ttoncr has rightly stated its conditions much
| the d,se useisn which Is continually taking pla
i respecting the necessity OF currency and tho d
| sue Of the people tor fits continuance Ia OF col
Z | paIauvefy ntt1t n mcut
A. beafrg upon the proposition to accnmula
T. En1d in ,he rtratufy with Tiew OF redu mpla
5 II Is important 10 consider the enact position
the United states IN reepecta 10 furctGn conut
| etal relations and exchanges,
, Thus II appests from the statts..es Of Co
rnetce and unvigssioc, that the Imports and {
3 pos,s OF reeschaEdsse-cxports reduced TO &c
vaucs- AID exclusive Of the movement OF bulfl
1 arc Epccie-fos the fiscal year 1858, wera al i
+ lowe:
I Net imports Of merchandise. S3t-,5t9
2 Net exports Of lnerchandise....::..... s8aOls,
hnta ~