The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1883-12-11

eral Of their most dangerous hands have
been captured or dispersed by the skill
and valor of the United States and Mex
icsn soldiers fighting in a common cause
The Chilli Peruvian affairs are dismiss
ed with the following paragraph: "rhe
contest between Bolivia, Chill and Peru,
has passed from the stage of strategic
hostililies to that OF negotiation, in
which the counsels OF this Government
have been exercised. The demands OF
Chill for absolute cession OF territory
have been maintained and accepted by
the party. of General Iglesias to the ex-
tent of conceding treaty OF peace un
til the Government Of Chilli, in general
conformity Of the terms Of the protocol
signed in May last between the Chilian
Commander and General Iglesias. As
a result Of the conclusion of this treaty,
General Iglesias has been formally rec,
niz:d by Chill as President OF Peru, and
his government in.alled al Lima, which
has been evacuated by the Chilians. A
cali has been issued by General lylesias
for q representative assembly. to be
elected on the I3h of January and TO
meet OF Lima on the 1st Of March next.
Meanwhile the provisional government
of General Iglesias has applied for rec
ognition to the principal powers OF
America and Europe. When the will OF
the Peruvian people shall be manifested,
I shall not hesitate to recognize the gov
ernmeIt approved by them. lu view OF
the frequency of invitations from ior-
eign governments to participate in so.
cial and scientific congresses for the dis
cussion of important matters OF general
concern, the President repeats the sug;
gestion of his last message, that provis
ion be made for the exercise of discre-
tionaty power bv the Executive, in ap.
pointing delegations to such conven.
tions. Able specialists are ready to
serve the national interests in such ca
pacity, without personal profit or other
compensation than the defrayment o
expenses actually incurred, and this 6
comparatively small annual appropria
tion would suffice to meet.
The President quotes from an exhibi
of the financial condition of the coun.
try, given in the report Of the Secretar,
of the Treasury, showing the receipts
and expenditures. actual and estimated
for the current fiscal year, aud then dis
cusses financial subjects as follows:--
"Total receipts, actual AMI estimated
S3i3, 100000, total expenditures actual
and estimated at S25S.00O 900, surplus
$S50.000, estimated amount due th'
sinking fund S45 8l6.74l OF, leaving
balance of S39.lS3.25S SO. II the rev
enue for the fiscal year, which will ent
on June 30th, 1885; he estimated upoI
the basis of existing laws, the Secretar.
is Of the opinion that tor that year th'
receipts will exceed by sixty million dol
lars the ordinary expenditures, including
the amount devoted to the sinking fund
Hitherto the surplus as rapidly as it ha
accumulated has been devoted to the re
duction o. the National debt, as result
the only bonds now outstanding wblcl
are redeemable at the pleasure OF tn
government, are the three per cents
amounting to S3O5, 100000; the fou
and one.half per cents amounting t.
$3.50, 900 900, and the s737 .000. 900, fou
per cent, are not PAYABLE until 1891 ant
1907 respectively. II the surplus shal
hereafter be as large as the Treasury es
Inmates now indicste the three per cent
bonds NAV all be redeemed at least fou
yesrs before any of the four AMI one
half per cent. can be called in. The lat
ter. at the same rate of accumulation o
surplus can be pail at maturity and th
monies req iisite for the redemption o
the four per cents will be in the Treas
ury many wears before these obligation
. become PAYABLE. There are co gent rea
4 sons however, why the national indeb,
einess shonli not be thus rapidly extir
guished. Chit among them Is the fac
that only by ex ,sssiye taxation is sue
rapidity attainable. In a communica
tion to Ccpg ess at its last session, re
t commended that all excessive taxes b
, abolished, except those relating to dis
titled spirits and that substantial reduc
tions be also made in the revenues fror
customs. A statute has since been en-
: acted by which the annual tax and tari
r receipts of the Government have bee
, cut down to the ex'ent OF at least fift
or sixty millions of dollars. While
have no doubt that still further redue
: tions NAV be wisely made, do not ad
8 wise the adoption at this season of'an
. measures for large diminution OF NJ
, tionsl revenues The results Of the Les
islation of the last session OF Congre'
have not as yet become sufficiently ar
parent to justify any radical revision G
: sweeping notifications of existing law'
In the interval which must elapse befor
the effects of the act Of March 8. 1888.
can be definitely ascertained a portion
at least, of the surplus revenues may b
wisely applied to the long neglected d,
ty of establishing our navy and pre-
!. viiing coasl defenses for the protectio
!, of our harhors. This is 3 matter
. which / shall again advert. Immediate
!, ly associated with the financial suhje,
Just discussed in the important queslio
what legislation is needed regarding til
i National currency the aggregate amour
9 OF bonds now on depos' IN the Treal
: ury, to support the National bank circl
). latiop is about $3.50, ,000,000; ncarl