Year: 1871

of the country will permit. believe
this to be "a wise policy, and hope to see
it continued,


Gen. Grant has wrought to this end
steadily and persistently, with results
already shown. 1t ought to be added
that the annual saving of interest on
the debt reduced and paid is Sl2,000,-
900. This reduction has not been
made by the aid of additional taxes, but
under large repeal of taxes. The re-
peal of $50, ,O00,0 900 in February, 1869,
was again repeated in 1870, by a total
reduction OF customs and excise, which
| now estimate more than eighty mill
lions.


If the fidelity, integrity and economy
of the administration enable Congress
to make still further reduction in the
rate of taxation, and exempt a still
larger list of objects, it ought to be
done if it can be without mpairing the
public credit at home and abroad, and
without embarrassing the regular and
necessary operations Of the Govern
ment.


The words Of Washington, however,
in his last address, on this subject,
ought to be remembered and considered.
''As very important source Of strength
and security, cherish public credit;
avoiding the accumulation of debt, not
only by stunning occasions Of expense,
but by vigorous exertions in times of
peace to discharge the debt which un-
avoidable wars may have occasioned
not ungcnerously throwing upon pos
terity the burden which we ourselves
ought to bear. 1t is essential that you
should practically bear in mind that
toward the payment Of the debt there
must be revenue that to have revenue
there must be taxes that no taxes can
be devised which are not more or less
inconvcuient and unpleasant; that the
intrinsic embarrassment inscparaIIc
from the selection Of the proper objects
which is always a choice Of ditiicul
ties--ought to be decided motive Tor
a candid construction Of the conduct Of
the Government IN making it,


| know there are some good Rcpob~
licans who have serious doubts as to
the policy Of reducing the debt so rap
idiy , s1-~;-se- the sr,seue gcEe~@+s5~:.
have shown that the reduction already
made was from money saved by the
economy and vigilance of the present
administration. Thus far, no one, Ger
tainly, ought to object, nor to its con
tinuance on such terms But if We
stop reducing the debt, because, We say,
the next generation will be so much
more able to pay it, and therefore leave
it to them, that generation will, in all
probability, be quite as willing to adopt
our example aud leave it to their chill.
dreu, and so it may be postponed from
one generation to the next. until, in the
eud, disasters may overtake the nation
before the debt is provided for. Our
public credit will thus be seriously inn
paired, and our prospects of funding
the date at 4 lower rate Of interest
utter y overthrow.


Washington was far seeing States
man, almost always correct on great
questions Of public policy, aud it is not
yet too late to be guided by his opinion


For myself, | have to say that do
not desire the too rapid cxtinguishment
Of the national debt, but | do desire to
sec its interest promptly paid, and its
principal steadily and yearly reduced.
[ am for such taxation as will meet
these results and the current expenses
of the nation,


Contemplating our vast undcvelopcd
resources, with our present wealth and
its natural increasing value, | will ven
ture to predict it an easy task for this
nation to preserve its faith and public
credit; and that within the next quarter
of century the great public burden,
which treason and rebellion forced upon
US, will be wholly extinguished. And
during all the time the people will be
enabled to enjoy such physical comforts
and prosperity as are allotted to no
other nation on the globe.


To this end, and with due regard
for American industry and labor, it is
my judgment that the excise and tariff
laws ought to be reformed and re-en-
acted in the interests Of the people.





New DISEASE AMONG Cows.-A
disease has lately appeared among the
cows of Jackson County, Mo-, which
has cauSed considerable Iocs to efoot