New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1870-12-09

- to render it certain that s5Qtal reduction
for tho present year will exce62 960, 000, 900.
The natural increase of the business Of the
country during the next eighteen months is
likely to be such as to show surplus for
the fiscal year ending June 30, 1872, OF
about $40, 900. The principal Of the pub
lie debt on the last day Of November, 1870,
63,O44 So. Of this amount $685., 269, 239 0S
was represented by United States notes and
fractional currency not bearing interest.
The banks of the country, acting within the
authority Of the existing law, will require
about $3.50, 300, 900 of bonds to be placed on
deposit as security for their circulation.
Should the present system of furnishing
paper circulation for the country, partly by
the treasury and partly by national banks,
furnished by the treasury or by the banks,
the credit Of the United States will be &C.
cured for the redemption Of the notes.
From this new policy Of the country, it
follows that the amount of $500, OOO, 900 of
/ the public debt will remain unpaid, exist
ing either in the form of treasury notes in
circulation, without interest, or in bonds
owned by banks and held as security for the
redemption of their notes, and that only
subject to payment. The financial prospect,
although highly favorable, is not such as to
warrant important changes in the revenue
system at the present session of Congress-;
but should the result during the coming
year meet my expectations, it will be posi-
bic at the December session of the Forty
second Congress to make material reduc-
ton in revenues without impairing the
ability Of the government to make salts
factory payments OF the public debt
The reduction already made has been ad-
70 roOua IN tho nOnnfrv mt only n tho
particulars indicated, but in other respects
hardly less important. There is much evil
dence tending to show that no event since
the conclusion of the war has contributed
so much to the diffusion of republican
opinions in Europe. The spread of these
opinions stimulates emigration from Eu-
rope, at the same time prepares the way for
the establishment of free institutions on
that continent.
Nor can there be any doubt that the pol
icy of accepting, just as prominent, would
retard emigration from Europe, especially
reading and rejecting classes. Whatever
arguments may be adduced, or whatever
theories may be advanced, the fact must
ever remain that the public debt is public
evil. 1t is especially burdensOme to the Ia
boring classes, and it is, therefore, in their
interests to provide for the convenient re-
duction of the existing national debt. This
pOucy Will uOI pEcFcut SUCH CuhuSoo III Tue
revenue system from time to time as will
equalize the inevitable burdens of our pres
ent condition, and within a comparatively
short period taxes may be removed from
many articles Of prime necessity.
1t is an occasion of satisfaction that no
other nation ever passed through greater
war with SO slight shock to industry and
business.
Intelligence from various parts of the
United States shows that all classes, espe-
cially the laboring classes, are in the enjoy
ment Of more than average prosperity,
whether tested by the experience Of this
country, or by the present condition Of other
nations.
No reason can be found. however, in the
favorable condition of public and private
affairs, for neglecting any proper means for
equalizing and diminishing the burden of
taxation, but it does not justify the state
ment that the nation can make provision
for the public debt by many means recon-
mended, without embarrassing its industry
and retarding its psogress.
GEORGE S. BOUTWELL,,
Secretary of the Treasury.