The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1870-12-06
THE NATIONAL FINA NOES.

The Report of the Secretary of the Treasury
is a methodical, business-like document,
which will have a good influence in maintain
ing public confidence in the financial condi-
ton of the country and in inspiring the
belief that no hazardous experiments are
likely to be attempted at the present session
of Congress. Mr.. Boutwell's statements and
recommendations are, in a general sense, so
satisfactory that he leaves little to desire
except an advocacy of the abolition of the
relics of the odious income tax; and if he
had inserted brief paragraph favoring this
just reform his report would have been
q model document. Although the attempt to
fund tho debt at reduced rate of interest
under the act passed at the last session of
Congress has failed, for obvious reasons,
the national credit has in no wise been in
juriously affected by this failure. A nation
that appropriated surplus of more than
800, 900 to the payment of the principal
of its debt last year, and that will have
surplus of nearly $4,000, 900 this year, in
spite of large reductions of taxation, rapidly
increases its credit by such exhibits; and if
Congress authorizes the proposed new loan
of $500, 900, 900 at five per cent, the interest
to be paid quarterly, there can be little doubt
that this will be taken, even if q continuance of
European distractions confines the bidders
OF the general position of the public debt
the Secretary gives graphic and satisfac-
tory view in his statement that "$S0O, 900, 600
will remain unpaid, existing either in the
form of Treasury notes in circulation without
interest, or in bonds owned by the banks
and held as security for the redemption OF
their notes, and that only about ST. 600, 900, 900
of the debt is subject to payment" Consider
ing the magnitude of the obligations created
by the war, the fact that they have already
been narrowed down to these proportions af-
fords a wonderful proof of the wealth, wis
dom, and integrity of the American people.
THE MESSAGE ON OUR FOREIGN
RELATIONS.
The PRESIDENTS MESSAGE takes firm, de-
cided, and dignihed stand on the many COM
plicated questions which arise out of our re-
lations with foreign powers. Most of these
demand more than the passing notice which
we can now give them. The San Domingo
question, especially, is one which merits
most serious attention on the part of Con-
gress and the people. AS this matter stood
at the close of the last session of
Congress, the whole thing looked very
much like 'job. But the arguments which
the President brings to bear upon the advisa-
bility of acquiring permanent foothold in
the West Indies are extremely powerful, and
as it is possible for the United States to OBJ
tain possession of San Domingo without
being outrsgeously swindled, we trust that his
recommendations will receive the attention
they merit.
On the Alabama claims question the Presi-
dent has but little to say. The issue is at
stand still, and the action of Great Britain is
awaited before any decided movement is
made. But the country will not look with
favor upon the Presidents recommendation
that the Government buy up all the private
claims against Great Britain. There is no
necessity for such course, there is no good
precedent for it, and the imperative necessity
for curtailing our national expenses in every
possible way will not permit its contempla-
| tion.