Year: 1868

its loans Us ours.


Where are wc to look for the grounds o
this humiliation ? In part, perhaps, to


the sophistries which have been promul


gated for evading the spirit of our obliga.
tions, and in part to our delay in the re-


sumption of specie payments.


Disclaiming to represent the opinions ol
others, would urge the authoritative an.
nouncement of some definite time when
such resumption shall take place. Let the
est possible moment will best secure q
healthful condition of our finances. am
forced to the conclusion that such policy
would tend to realize in our circulation the
perfect currency, in which notes could be
exchanged for coin and would command
equal respect in the markets.


Meanwhile the public service should be
distinguished for the most rigid economy


The increase Of money has deluded us
wi the creation of apparent wealth, and
in the train Of this delusion have followed
extravaganza and lavish expenditure. Let
us then refrain from every outlay which
actual wealth alone can justify. Economy
will promote the public credit, better than
the ripest theory. Retrenchment is the
evidence of an honest purpose to meet our
obligations.


Faith in the intention Of the Govern.
ment to preserve both the form and spirit
of its contracts inviolate is the only foun-
dation for our financial prosperity. Be.
ware of the earliest steps tending tc weak
en- or impair it.


The downfall of the rebellion did not
tor 70 tho loy 81 fr,,r~ &hn
ton of the Southern people. Where the


appeal to arms was ended, the task of
craftsmanship began, and an experience of
two years has demonstrated that it is a
work quite as full of difficulty as that
which We crowned with success upon the
field. Let US not forget that we have
merely ascended to another scene in the
struggle. 1t has passed from the battle
field to the forum, but it is the same COM
bat, waged for the same purposes, and an
mated by the same ambition. The spirit
of the rebellion is still alive and strong
strong in the influence of it's controlling
minds strong in the devotion and num-
bers of its followers strong in the social
distinctions which gave it birth. The hope
that forbearance and healthful reflection
would soon baptize its votaries into loyal
ty and love for the national flag has been
disappointed.


In the light of this fact our government
has devised a plan of reconstruction, es-
tablishing temporary military govern
ment in the South, to remain until its peo-
pie shall ask for Admission to the councils
Of the nation upon the basis of equal
rights and political equality.


In tbio ,ol,nr 7 hn,rt,l,, oo~,,r Do,,-
er undoubted and plenary is in our hands
to prescribe the terms of resturation.-
When it is urged then, that the applca-
ton of military law to the refractory peo-
pie of the South is despotic, it is forgot
ten that an appeal to arms involves COM
pliance with its bloody decision. They
who, with long years of intrigue. boast
fully challenged the nation to the sanguin-
ary field, empowered US to work our will
upon them, restrained only by our duties
as statesmen and Christian men. To deny
this principle, severe though it be, would
be to deny the correctness both of history
and reason. To declare that its adoption
in the present instance is impolitic and un-
necessary, would be to set the seal of un-
truth upon every report that reaches US
from that misguided people, and brand
with falsehood the utterances of tried low
ers of our Republic. No government can
secure respect at home or abroad which
does not protect its citizens.


The magnanimity of the American Re-
public in dealing with treason is unparal-
leled in history. Its spirit was declared
in the words of its noblest martyr, NAL
ice towards none; charity for ALL" In
demnity for the past has been forgotten in
the task of erecting guarantees fer the flu
ture. Content with establishing barriers
against probable danger, busted with the
work of compacting and solidifying the
principles revealed by the war, the sword
Of the law has been withheld from its de-
serving sacrifices, and the sacred altar of
Justice will probably not be stained with
the blood of single victim. TO what ex-
tent this may have been questionable len
iency, l will not presume to say. How
far the legal and traditionary punishment
for tfeason should have been extended, pa
triotic men may we'll have differed in de-
termining. That some retribution should
have been visited upon the wicked chiefs,
punishment sufficient to have made ''trea-
son Odions," and to have stood as warn
ing monument of the danger of like un-
hallowed ambition, have no hesitation to
declare.


Deprecating the arrogance of victory we
have accepted our responsibilities with no
desire to be vindictive Or exacting, The
consciousness that the Southern States
were part of our own territory, and their
inhabitants part of our own people,
whose well-being must contribute to the
future glory of our country, has been the
light in which the work of reconstruction
has so far progressed. AT the same time,
we have felt bound to insist that those
States should concede whatever guarantees
are essential to the entire safety of the
Union. We can not permit the truths es-
tablished by the war to relapse into state
of doubt, nor the fruits of victory to be
swallowed up in magnimity which neg
lects its own salvation. We can afford to
be generous, but we must not be unjust.


In restoring the Southern people to
rights within the Union, let no discrimina-
ton be made against the black man. FL
deity to the Government should be pas
port to the high privilege of suffrage. The
public welfare must not be imperiled by
entrusting its control to hands Of doubtful
loyalty, much less to hands whose open
hostility has only been avoided by their
weakness. If any voice comes from the
tomb Of the past six years, it proclaims
Be,care Of placing doubtful guardians orer
the palladium Of your liberties. Secure the
safety Of the Government beyond doubt.
Let all loyal men share IN the heritage which
has been purchased with loyal blood. The
caprice of men fresh from their carnival of
treason must not he allowed to deprive US !
Of the cooperation of four millions of peo-
pie whose votes and acts would interpose
the most formidable obstacles to the de-
signs of seditious men. To refuse to
stay up the hands of the Union men Of
the Santh who raS;Ste1 SAcaSsiop in its