Knoxville weekly chronicle. [volume] (Knoxville, Tenn.) 1870-1875, 1870-09-21

and settled ii so satisfactorily that nothing
is more common than to hear persons once
largely interested in slavery ,.eclaIe. thev
would not have it rcinstatcd if they could.
And the Convention that assembled at
Nashville, in January last, to revise our
State Constitution. composed almost Who'll
ly of the anti-Republican element, fully
ratified the settlement by adopting the
emancipation and acknowledgements of the
colored man, thus making him equal be-
fore the law. How eagerly, and by whom,
their work was accepted and approved at
the ballot-boX is fresh i'm the recollection
of all. The course of the Republican party
in the matter of slavery could not be more
emphatically endorsed than it has been by
the people of Tennessee.
Foreign Intervention was among the for
midable perils which environed the Adj
ministration during the early years of the
war. Napoleon seized the occasion to
plant an Empire upon the neighboring
Republic of Mexico, Spain to re-establ Il
herselfupon the opulent isle of St Domin-
go. The Pope recognized the Southern
Con'ederacy, and twice the French Empe-
ror made overtures to England to Join him
in doing the same, England reluctant to
take Il step which wouldfnvove her in GER
tain war, fcigned neutrality, and prospered
at our expense by supporting the rebellion
and enabling to drive our commerce from
the seas. The menacing clouds were dis
porsed and the bolt fell harmless TT our
feet, No power intervened, even by what
is called friendly mediation to save the
Confederacy from its fate.
AT the close Of hostilities, the Republican
party was confronted with the arduous
task Reconstruction that is, OF restoring
the rebel States to civil authority adequate
for the maintenance Of domestic tranouili-
ty and the protection of the rights Of all
classes and conditions Of persons Difficult
at best, it was rendered trebly SO by the ir-
rcconcilable disagreement between the
President and Congress, and still more by
the conflicting opinions of the Southern
Union men. SO obstinate were their diff
ferenccs that some who had suffered griev-
ously by the rebellion and had hazarded
their lives for its defeat, did not hesitate to
declare a purpose to Join with the enemies
of the Government when the strife should
be renewed. Had the true Union men of
the South been united and agreed and had
not their counsels been distracted by the
pretcnders and the half-heartrd they
would have directed the work of recon-
struction, and it would have been compar-
atively easy. Yet, this great obstacle has
been gradually overcome how successful
ly, it is, perhaps, too early to assert.
On the 4th day of this month, it was Just
one year and half since General Grant
was inaugurated President. For the first
time in its history the Republican party
found itself without the eXtraneOus embar-
easements of warand its immediate conse-
quences They were in condition now to
consider the financial affairs of the coun-
try. On the first day Of March, 1869, the
public debtstood on the books of the Treas
ury, S2,525, ,463, ,2G0.0l; on the first Of this
month"; 81, 355, ,921 150.4l showing, i'm the
short space Of eighteen months, the inn
mensc reduction Of SlG9542, ,109.6 60 or be-
tween nine and ten millions per month.
This has been effected, not by increasing the
rates or the objects of taxation, for both
faithfully and honestly collecting the taxes
legally due, enhanced by the continued
and growing prosperity Of the country and
by reducing materially the expenditures.
The figures Of the Treasury show how this
sum has been made up.
The receipts for eighteen months
prior to March ], 1869 werc... SJj6, 3l5 2l3 O2
For lS months since March J.
1862 G43 OBS 0GS 90
Increase Of reccipts,,,.,....... ss7, ,2l3, 1850
The expenditures for the same
periods respectively were lex
elusive Of interest on debt l,.. S32S, 7Gj. $50 50
........... 2i59l2629 y
Decrease Of eXponditures..... $50, SJ3,0 0t0 n
These two sums, added, give Sl70,0d6,
826 81, very nearlyth the exact sum by which
the public debt has been reduced. 1t may
be observed that at The same rate OF reduc-
tion, the whole debt will be paid in less
than fifteen years. Paid in that time; the
interest is less than the principal. Con-
tinucd for fifty years, the interest, mt six
per cent, is thrice The principal The soon
er the debt is paid the less there will bee to
pay
The receipts are derived mainly from
the two sources OF customs .turiff on inn