Year: 1865

the existence Of this people. The lii
=, of a republic lies certainly in th
! energy, virtue and intelligence of it
l citizens but it is equally true that
: good revenue system is the life of al
organized government, | meet yov
at time when the nation has volun
) tariIy burdened itself with a debt nm
precedented in our annals. Vast a
is it's amount, it fades away int,
nothing when compared with th
I countless blessings that will be con


terred upon our country and upor
man by the preservation of tnt
nations life. Now, on the first occa


sion Of the meeting of Congress since


the return OF peace, it is of the ut,
most Importance to inaugurate a iusI


policy, which shall al once be pnt ia


motion, and which shall commend


itself to those who come alter us for


its continuance. We must aim al


nothing less than the complete efface


ment of the financial evils that


necessarily followed a state Of civil


war. We must eEdeavor to apply


the earliest remedy to the deranged


state Of the currency, and not shrink


from deVisipg policy which, without


being oppressive TO the people, shall


Immediately begin to effect a reduc


tioh OF the debt, and, if persisted in,


diecharge it fully within a definite
fixed number ol years.


1t is our first duty to prepare in


earnest for our recovery from the


ever-increasng evils of an ilredeem


able currency, without a sudden re.


vuIsion, and yet without untimeiy


procrastination. For that end, we


must, each in our respective positions.


prepare the way. | hold it the duty


OF the Executive to insist upon lrug


aiity in the expenditures, aud a spar


ing ecoSomy is itself great national
resource. Or the banks to which
authority has been given to issue
notes secured by bonds OF the United


States, we may require the greatest
moderation and prudence, and the
law must be rigidly enforced when
it's limits are exceeded We may,
each one OF us counsel our active aud
enterpriSing countrymen to bo con
stantly On their guard, to iqnidate
debts contracted in paper currency,
and, by conducting business as nearly
as possible on n System of cash pay
ments on short credits, to hold them.
selves prepared to return to the stand
ard OF gold and silver. TO aid our
tellow-cltiz9ns in tho prudent mans
agemcnt OF their monetary affairs, the
dnty dcvolVes ON us to diminish by
law the amount Of paper money now
in circulation. Five years ago the
bank-nOte circulation of the country
amounted TO not mnch more than two
hundred millions; now the circula-
ton. bank and national exceeds seven
hundred millions. The simple state
men, Of the fact recommends more
strongly than any words OF mine could
do, the necessity Of our retreDchiug
this expansion. The gradual reduc-
ton Of the currency is the only meas.
ure that can save the business Of the
country fro,n disastrous caIamities |;
and this can be almost imprcceptibiy |
accomplished by gradually funding
the national circulation in securities
that may be made redeemable at the
pleasure of the Government.


Our debt is loubly secure-frst in |
the actual wealth AMI still greater
undeveloped resources Of the country;
and next in the character OF our
The most intelligent
observers among political economists
have not failed to remark that the
public debt Of country is safe in
as its people are tree that
the debt Of republic is the safest of
al. Our history confirms and estab-
hShes the theory, and is, | firmly
believe, destined to give it still
more signal illustration. The secret
of this superiority springs not melely
from the TACT that in a republic the |
the national obligations are dstribu>
ted more widely through countless
in ali classes of society; it
has its root in the character Of nnr
laws. Here all men contribute to the
public welfare, and bear their fair
share Of the public burdens. During
the war, under the impulses of patri-
otism, the men OF the great body Of
the people, without regard to their
own comparative want of wealth,
to our armies and filled our
fleets of war, and held themselves
ready to offer their lives for the pub
lie good. Now. in their turn, the
and income OF the country