Mineral Point tribune. (Mineral Point, Wis.) 1869-1938, 1870-12-22

for the present fiscal yea Will exceed
sixty million dollars. The natural in
crease 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 March 30th,
1872, of about $4,000 600 The prin-
cipal of the pnblic debt on the last day
of November, 1870, not deducting the
moneys on hand, vas 81, AS, $50, Oh 43.
OF this amount, 1895, 269, 2370S was
represented by United States notes and
fractional currency not bearing in
terest
The banks of the country, acting with
III the authority of existing law, VIII re-
quire about 1898, 900, 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 be continued,
or the entire circulation be furnished
by the Treasury or by the banks, the
credit of the United States viii be Sc
cured for the redemption of notes.
From this view of the policy of the
country it follows that an amount of
$500, 600, 600 of the public debt viii re-
main unpaid, existing either in the form
of treasury notes i'll circulation without
interest, or in bonds owned by banks
and held as security for the redemption
of their notes, and that only about 81,
SOC, 600, 900 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, 1t Will be
possible at the December session
of the forty Congress to make a
very material reduction in revenues
without impairing the ability of the
government to make satisfactory pay
ments of the public debt The reduc-
ton already made has been advantage
Gus to the country, not only in the par
ticulars indicated, 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 contributed SO much to the etfusion
of republican opinions in Europe. The
spread of these opinions stimulates emf
grafton from Europe, and Mt the same
time prepares the way for the estab-
lishment of free institutions on that
continent. Nor can there be any doubt
that the policy of accepting of the debt
as permanent, would retard emigration
from Europe, especially the reading
and rejecting classes. Whatever ar
guments may be adduced, or whatever
theories may be advanced, the fact must
ever remain that the public debt is a
public evil 1t is especially burden
some to the laboring classes, and it is
therefore in their interests to provide
for the constant reduction of the
existing national debt. This policy
will not prevent such changes in the
revenue system, from time to time, as
will equalize the inevitable burdens Of
our present condition, and, within a
comparatively short period, taxes may
be removed from many articles of prime
necessity. 1t is an occasion of satisfao-
tion that no other nation ever passed
through great war with SO slight n
shock to industry and business. Spe-
cific information and general intelli-
gance from various parts of the United
States show that all classes, and espec-
tally the laboring classes, are in the en-
joyment of more than the average pros
perity, whether tested by experience in
this country or by the present condi-
ton Of other nations. No reason can
be found, however, in the favorable
condition of public and private affairs,
for neglecting any proper measures for
equalizing and diminishing the burden
of taxation, but it does Justify the state
ment that the nation can make provis-
ion for the public debt in the way rec
commended without embarrassing in
dustry or retarding its progress.
[Signed GEo. S, boutwell,,
Secretary of the Treasury