Year: 1866

Net decrease . 500 1850 Il


These statements are in the highest degree encouraging
They are conclusive evidence OF the greatness Of our resources


they clearly indicate the patience OF the people under -


imposed burdens and their unwngness that THIS debt should
be perpetual incumbrunce upon the country.


IL not expected nor Is perhaps desirable mat e same
OF reduction should be continued considerable hmnu


on OF taxes effected by the amendments Of the internal
law at the last session OF Congress iIthl dlmlh
ton OF internal taxes and a modification of the tarh.
which will doubtless lead reduction Of customs duties
articles will BE- required IN order that production may Dc
Increased and new life infused certain branches Of industry
that are now angushng under the bur ems which have been


imposed upon them But after the pro and necessary iedus


lions sha have been made will doubtless be suh


ent If the Government shall be economically administered 10
nav the expenses the interest on the public dsb ANA
reduce the principal OF from four 10 five millions per
month order that this may be- done however t'e must DE-
no Jua donations 10 railroads. no payments bui W tht M
6mcpt of fconircts and o cessa expenditure ot money


r any purpose whAt,iI. Nlh proper cyOro1A IA all the M
nrtuis the Government the deDt be- paid 10y tue grie
ration ta, crtat,d H. wise aud elasl AWs >HN lr
enacted aad continued by Congress, AID these uA az i


That n is the viii of the people thar should paid and not
perpetuaed clearly indicated by the favor with which its
rapid reduction during the past year has been regarded The
in which there compensatons but stl burden
mortgage upon the property and industry OF e peoples o
tunaeynoI American idea In countries In which the pub
lie expenditures are 80 heavy the small that
reduction Of their public debts Is pfacllchDe ana WheI
moneyed arstocces who only absorb the means but give
direction to the sentiment people public debts be
garded az public blessings but no such faacy viii
counenanced by the free and Intelligent people o he United
States.


home and abroad as the reduction OF national debt The
wonder excited BY the rapdty with which it created is


greatly exceeded by the admiration Of the resolution of the
payers themselves that shall be speedily eAtngushed Tie
conviction becoming fastened the popular mind that Il
is mDortautfor economy the national expenses for the


maintenance Of true democracy In the administration Of The
Government for the OF good morals ana O puDhe virtue


that the policy OF STEADY annual Teiuctoh o the debt
should be definitely and nexoFaby established Nothing short
of this and thar economy the national expenditures which
will render it practicable will reconcile the peops TO the bur
dens of taxation national debt must be
upon republican institutions and ours should not be sub
ect to Ii da necessary To the peTpeua0n
the existing the United States there also II
be proper remark serious objections growing Out OF the cir
cunstances under which created Although incurred


great struggle the preservation of the Government and
therefore especially sacred In its character ITS burdens
be shared by those 10 RhOm reminder OF Illumination and
defeat 1t Is exceedingly desirable that this with other causes
OF hearbunngs and alienation should be removed rapidly
as possible and that all should disappear with the present gen
Grafton that there may be nothing the future prevent
that unity and good feeling between the sections which
necessary for true national prosperity


The Secretary regrets Notwithstanding the large reduction
of the debt and the satisfactory condition other
spects the National Treasury that little progress has been
made his last report toward specie ament The views
presented by him In that report although ndoed in the House
Oh hy nearly unanimous vote not
tsinsd BY CoeFpVadDg lgssSp lnssed Of beg spisOF'