Dodgeville chronicle. [volume] (Dodgeville, Wis.) 1862-current, 1870-12-16

power of the department to make negotiations, as
had been expected The large revenue, however,
of the government, continuing without material
credit Of the country and enabled the Treasury
Department, by weekly purchases, to reduce the
amount of surplus bonds offered for sale and
contributed to depreeiate the market value ,o1
policysof the country should contemplate reve-
nue. sufficient to meet the ordinary expenses OF
apa Pa tine On be
annually. The reduction of the public debt since
the Both day of June last has been SO great as to
render it certain that the total REDUCTION for tne
ural 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 90 yo
public debt on thela day of November, 1870, not
deduetng moneys on hand was 81, Ais 673, 044 43.
OF this amount $685. 1863 237 0S was represented by
united States notes and fractional currency not
bearing interest. The banks of the country acting
within the authority of existing law, will require
about 1898 900 of bonds to be placed on deposit
as security for their circulation Should the pres
ent system of furnishing paper circulation Tor Ine
country partly by the Treasury and partly by Ma
tlona Banks be continued or the entire circulation
be furnished by the Treasury or by the banks, the
credit OF the United States will be secured for the
redemption of notes. From this view of the policy
OF the country it follows that amount OF soO0,-
000,OU0 o. the public debt will remain unpaid, eX-
stng either in the form of treasury notes in crcu
lation without interest or in bonds owned by
nanKs and held as security or the redemption OF
thelr notes. and that only about $780, OO,OOO OF
the principal of the debt is 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 possible at the De-
cemDer session OF the Forty-second Congress TO
make a very material reduction in revenues with
out mpalr1ng the ability of the government 10
make satisfactory payments of the public debt.
me reduction already made has been advantageous
rf,f rtinr11Q
but In other respects hardly less important. There
Is much evidence tending to show that no other
event since the conclusion of the war has contrib
uted so much to the diffusion of republican
opinions in France. The spread of these
opinions stimulates emigration from Europe, and
at the same time prepares the way for the estab-
llshment of free institutions on that continent
Nor can there be any doubt that the policy OF ac-
cepting of the debt as permanent would retard en-
1gration from Europe. especially the reading and
rejecting classes. Whatever arguments may be
aaduced, or whatever theories may be advanced,
the fact must ever remain that the public debt s
PUBLIC evil. 1t is especially burdensome. to the
aborlng classes, and it is therefore in their inter-
ests to provide for the constant reduction of the
existing national debt. This policy will not pre-
vent such changes inthe revenue system, from time
to time as will equalize the inevitable burdens of
our present condition, and, within comparatively
short period, taxes may be removed from many ar
roi s OF prime necessity 1t is an oc-
ton ever passed through great
war with SO slight shock to industry and bust
ness. Specific information and general inteli-
gence from various parts of the United States
show that all classes, and especially the laboring
classes, are in the enjoyment of more than the
average prosperity, whether tested by experience
~ thls 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 measure for
equallzng and diminishing the burdens of taxation,
but it does justify the statement that the nation
can make provision for the public debt in the many
ways recommended without embarrassing industry
or retarding its progress. [Signedl
GEO. s. BOUTWELL,,
Secretary of the Treasury.