Year: 1869

day longer than is demanded by
high public necessity. The future
will have enough extraordinary ex-
penses to meet without being bur-
dened with ours. The United States
have twice paid a national debt
equal to our present debt, when we
consider our population and re-
sources, and it would be easy to
prove that our present debt, vast as
it is, can readily be paid in fifteen
or twenty years without straining
our resources or increasing our
taxes. I need not say one word in
regard to the sacred obligation of
this debt, principal and interest.
1t is not only the price of national
existence, but it rests upon the sa
cred basis of the promise of a ma
ton amply able to fulfill it-a prom
ise which can not be disregarded by
any nation except in the last stages
of decay. The Republican, party is
fully committed to the rapid reduc-
ton of this debt; first by large
annual purchase or payment of the
principal and a reduction of the rate
of interest as rapidly as the public
credit will enable us to borrow
money at a lower rate of interest.
We have already seen so rapid a
reduction on the public debt, and
can in our growing resources and
improved credit see means for a
much more rapid reduction that our
ability to pay is no longer a ques-
ton of doubt or alarm; and now
we have only to resist the wish of
capitalists to procure the debt as a
permanent basis of investment, and
of the people for too rapid reduc-
ton of taxes, in order to secure the
full and ample payment of every
dollar Of the debt within twenty
years.,


Allow me to say, in this connec-
ton, that notice with regret an in
clination to repeal the income tax.
This is the only tax now levied by
the United States on acquired prop
erty. 1t is the fairest tax that can
be levied. The only difficulty is in
ascertaining accurately the income
of individuals, but this is difficult
ty that will, I am sure, be over
come. hope soon to see all our
internal taxes repealed, except the
taxes on whisky, tobacco and in
comes. These now, if fairly col
lected are amply sufficient to pay
every dollar OF our expenditure, ex-
cept the public debt-and a fixed
sum, say $15O,000,0OO per annum,
set apart from the taxes on foreign
goods will, if faithfully applied, pay
off the the public debt. These taxes
are pledged for the debt. They are
amply sufficient, and can be so lev
led as not to affect domestic indus
try, but rather so as to promote and
encourage it.


THE CURRENCY.


The condition of the currency is q
much more difficult and dangerous
question. 1t is standing disgrace
and reproach that our dollar OF
promise is only worth seventy cents.
Four years have now passed since
the war closed and this promise to
pay dollar on demand is worth
less than it was this day four years
ago. Why is this =? All other
forms of public securities have ad-
vanced in value. We pay the bond
holders their interest promptly, and
even before it is due. This note is
as much a contract and promise as
a bond and its non-payment is as
much as act of reputation as the
refusal of the payment of principal
and interest Of the bond. There is
no want of means to pay the notes.
We have enough gold to pay one
fourth of them, and the application
of the surplus gold alone would al
most, if not entirely, restore the
balance to a gold standard. The
funding of small portion of the
residue, or even the right to fund
them would maintain them at OF
near par. Why, then, is this not
done? The only reason is that
public opinion, which controls Con.
gress, will not allow it to be done
that the contraction of the currency
or even any measure to advance the
market value of the currency with
out reduction of the amount will
derange prize es, disturb the equities
between the debtor and creditor
and reduce the nominal but not thu
real value of all commodities to the
gold standard. These considera
tions are not to be overlooked anG
careful provisions ought to be made
for them. But the dishonor of the
nation by maintaining in circulation
her broken promises to pay without
any provision for their payment
with gold lying idle in the Treasury
and surplus revenue Of seventy
millions, should be speedily put ar
end to. No party can be charged
with this, for public opinion stron
ger than all parties forbade reduc
ton of the currency, but l trust the
Republican party will have the
courage to grapple with this ques
ton, and restore the currency tc
the standard of value in use among
all civilized nations.


NATIONAL BANKS.


Thenational banking system was
nevera party measure, butsprung ou
of the vital necessity, during the war
of absorbing State bank paper. 1
accomplished this purpose and has
furnished us an admirable currency
of uniform value throughout tn,
country, and based on the highes