voL 4 4 XII.
Vioosointrg NtitiOnt.
rtmt,noiND RVNIY WIIIIINIMAY IN
111.003111 1 131;101, PA., BY
IWILLIAMNOX 11. JACOBY.
tenNA,—l3 no In &Ironer.. If not pnld within
MIX 1N0NT1101.36 rnuNuddltlnnnl will be I itrird,
LT No piper dheontlnned until 411 on SHWA
its plan exult et Ibu option of Inn
&MS Or ADVENTIMINiI.
Tee 11111111 COPIATITUTX A /OA XX
Iflni annum nem nr three Inprollonc.....
subsiviannt Insertion leen Ihuil3
prim Si. 94. 3m. Sr. li
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Oleo oquire, 1,00 I 3Co i 1.00 1 000 1 to 00
Two iquarer, 3,00 I 3,410 I 0.00 1 9,11111 H9O
Three .. 3,00 I 7.00 HA)10,1111 1 9, 011
...rug r sum IMO, 6.60 I 0 . 00 10,Pri lum :WM
Malroollllolll. 10,04 12 00 141.00 I
114 1 1 0 XOOO
110, coil Unit 1.9.00 lif On ;hI,OO I
0,00 :1000 COOlO
Pllntitorit snot Administrator's Nowt., ..... ...3,09
Mitt floes Mattes. .2,40
ttlbst stilrettisomento haloes ittd itetand tog to ospectitt
emptied.
Itootottos ttotitett, wstbnut tidvettitttment, twisty.
teats to Ittla.
rramilleatindiviNitorntema it/pinto in ail' linen, tal
miters lie *Oft the`t•rsc sttiotttlutt,
PitEMIAPENT'S MESSAGE.
Frilobb. (Yawls Hof ma *Milk Wld ICurtjr of
litprivesiotirrs
recd tho reaasembling of Congret,s, it
coin becomes my duty to call your ahem
Linn to the stele of the Union, and it) its
oontinued disorganized condition ontlee the
%miens laws which have been paused upon
the ambled of reconstruetiont
It may be safely ahsumetf, as an axiom in
the government of States, that the gre.liest
wrongs inflicted upon a people are catisod by
mj UM and arbitrary legidation, or by the
unrelenting donee of despotic rulors, m i d
that the timely reroeafion ~r a nd
opprearive measures is the greadot good
that ean be conferred upon a nation. The
legislator or ruler who has the wisdom and
magnanimity to retrace hie stops, when con
vineed of error, will sooner or Inter he re
warded with the respect and gratitude of an
intelligent and patriotic people.
Our own history—although embrneing a
period let4s tha►i ` a century nflnrils abundant
proof that most, if not all, of our domo-ttio
trouble* are directly traceable to vinhition4
of the organic law and excessive lepriplation.
The most striking illuStrations of this
are furnished by the enactments of the past
three yeti* upon the question of reconstruc
*ion: After a fair trial they have tadtitanti
ally failed and proved pernicious in their
remake, and there seems to be no good reas
oa why they should longer remain upon the
etatute book. States to which the Coned
laden guarantees a republican form of goy
eminent have been reduced to military de
peudenoiee, in each of which the people
have been made subject to the arbitrary will
of the commanding general. Although the
Cuteuitution require/ that each Stale shall
be ropremented in Congress, Virginia, lis
rireippi and Texas are yet excluded from the
two Houses, and contrary to the express
provisions of that instrument, were denied
participation in the recent election fur
President and Vice President of the Pnited
Blame. The attempt to place the white
population under the domination of per
eons of color in the South has impaired,
sot destroyed, the kindly relatives that had
previously existed between them ; and mu
tual distrust has engendered a feeling of am
baulky which, leading in some inAaneei to
eollision and bloodshed, hae'pretrented that
co -,operation between the two rues rn essen
tial to the euceess of industrial enterprises
la the Southern States. Nor hare the in
babitauts of those States alone suffered
from the disturbed condition olaffiirs grew-
Ing out of those Congressional enactments.
The entire Union has been agitated by grave
apprehensions of troubles witielt tilieht again
Involve the pesos of the nation; iti inter
este have been injuriously affected by the
derangement of business and labor, and the
sonsequent want of prosperity throughout
that portion of the country.
The Federal Constitution--the woven
charter of American rights, under where
trim; and salutary provisions we have sue
essesfully conducted all our domestic and for
sign affairs, sustained ourselves in peace and
is war, and become a great ration among
the powers of the earth—must assuredly he
now adequate to the settlement or questions
growing out of' the civil war waged alone flit.
Its vindication. This great fed is made
most manifest by the condition of the coun
-07 when Cookreie assembled in the month
of December, 1e65. Civil virile had ceas
ed the spirit of rebellion had spent its en
tire forte; in the Southern States the peo
ple had warmed into national life, and
throughout the whole country a healthy re
action in public sentiment had taken place.
fly th• applioation of the simple yet effect
ive provisions of the Constitution, the Ex
ecutive Department, with the voluntary aid
of the &Mee, had brought the work of re
eleration as near completion am was within
the scope of its authority, and the nation
was encouraged by the prospect of en early
and eatiefectory adjustment et all its diffe
ankles. Congress, however, intervened aml,
refuskqg tomrflot the work so nearly con
eumfill,%elined, to admit members from
heunrepresented series
of
_ tea, at.optet, a series
of immures which' arrested the progress of'
restoration, frustrated all Shill had been so
oneeessfully aeomplished, and, afiur three
years of agitation' and strife, has left' the
country farther from the attainment of union
sad fraternal feeling than et the inception
of the oongrenional plan of reconstruction.
It needs no argument to show that legisla
tion which has produced ouch baneful eon
nequonooa should . be abrogated, or else wade
fro oonibtm toffitgenuino principles of re
pullmsa govorsolont.
Vidiiiiiiintluenco of party painion and
motigoaL s l adios, other sets have been
jammed not iiirrgntett by the COllditlitiOth
~ . , ~ ..
_.
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1 oomsßtß 1.,.
Congress has Already been made familiar
with my views respecting the "tenure of
of bill." Experience has proved that its
repeal is demanded by the best iuturest4l of
the country, and that while it remains in
lb= the President (satinet enjoin that rigid
immutability of public Wheat; so essential
to an honest and efficient execution of the
laws. Its revocation would enable the Ex
ecutive Department to exercise the power of
appointment and removal in necerdance with
the originitl design of the Federal Constitu
tion.
• . $1 3
The act of March 2, 1807, making appro
priations for the support of the army fur
the year ending June 30, IS4B, and l'or other
purposes, contains provisions Which inter
l'cre with the President's constitutional rune
dons a+ ‘uttonander-in-chief of the army,
and deny to States of the Union the right
to protect themselves by inenfil of their own
These , provisions should be at ones
annulled; for while the firm might, iu times
ofgreat emergency, seriously embarrass the
Faceutive in efforts to employ and direct
the common strength of nation for its
profession and preservation, the other is
contrary to the express declaration of the
Constitution, that "a well regulated militia
b e i n g necessary to the seenrity of a free
State, tlw riglit ui the people to keep and
bear arrow shall not be infringed."
It is believed that the: repeal of all such
laws would be 'tempted by the Aracriean
as at heist a partial tel to the fun
datnental prini`ipici of the government, end
an tiun that hereafter the Constitution
is to be made the Nation's safe and unerring
guide, They can be prod mil vc of no per
benefit to the country, and should
not be permitted to stand ;oi ::0 many mon
uments of the delleient wisdom which hay
characterized our ree , tit leeisialion.
The condition of our linanacs detnatolm
the early and earnest el otsideration of Con
griNt ••• Compared with the growth of our
potiolation, the public expenditures have
reached an amount unprecedented in VW
history.
The population of the United Stales in
CNO was nearly four millions of people.—
Increasing each decade about thirty-three
per cent., it reached in 1801 thirty-one mil
lion:: --an ioorease of seven hundred per cent
en the population in 1 it)11. In 180 it is
estimated that it will reach thirty-eight mil
lion, or an increase of eight hundred Awl
sisty•eight per cent, in:sevooty-nlne years.
The annual expenditnres of the Federal
Government in 1701 were four million two
hundred thousand dollars; in 1821), eigh
teen million two hundred thousand dollars ;
in Isso, forty-one millions; in 1840, sixty
three millions; in isnr., nearly thirteen
hundred millions, and in !`43'.1 it is °Rime
ted by the Secretary of the Treasury, in his
lea annual report, that they will bo three
hundred and seventy-two millions.
By comparing the public di!..burFetnent4
o f 1469, as e.timated, with those of 1791,
it will be reeu that the increase of expendi
tnre slime the beginning of the CsorJrninent
has been eight thousand six bunked and
eighteen p-r column, while the increase of
the population for t lie LIITIIO period was only
d i d, t h un d re d and sixty-eight per routine.
Again the expenses of the government in
I Solo, the year of peace immediately prece
ding the war, were only sixty-three millions,
while in IPtl9, the yeir of pence three years
after the war, it is estimated they will he
three hundred and seventy-two
an increase of flint- hundred mei eighty-nine
per cent um, while the increase of population
was only twenty-one per eontum for the
MUM' period.
The s e statistics further show that in 1791
the fumed national expenses Pompom(' with
the population, were little more than one
dollar tier capita, and in Fill) but two dol
lars por capita, while in 1469 they will reach
the extravagant nun of nine dollars and
s. , veoty-eixla old. per
It will be observed that all tlicro stste
1111'ntS refer to and exhibit the disburse
meats of peace periods. It may, therefore,
be of interest to compare the expenditures
of the three war periods—the war with
Great Britain, the Mexioan war, and the
war of the rebellion.
In 1813 the annual expenecs incident to
the war of 1812 reached their highest a
mount—about thirty-one millions; while
our population slightly exceeded eight toil.
lions, showing an expenditure of only three
dollars and eighty mats per capita, In
1847 the expenditures growing out of the
war with Mexico reached fifty-five millions,
an d th e 1) 0 1 1 1 4 0 n was about twenty-one
allows, giving only two dollars and sixty
cents per capita for the war oxpences of
that year. In 1863 the expenditures called
fur by the rebellion reached die vast amount
of twelve hundred and ninety millions,
which compared with a population of thir
ty four millions, gives thirty-eight dollars
and twenty cents per capita.
From the fonrth day of Month, 1789, to
the thirtieth day of June, 1361, the entire
expenditures of the Government were
seventeen hundred millions of dollars. Du
ring that period we were engaged in wars
with Great Britain and Mexico, and were
involved itiltuntilitios with powerful Indian
tribes; Louisiana was purchased front
Fradee at i cost of fifteen millions of dol
lars ; Florida. was ceded to us by Spain for
five millions; California was acquired from
Mexico for fifteen' millie* and the 'Perri-
Wry of law Id4es was obtained front Tex
as for the mint ton million& Early in
1861 the war of the rebellion commenced ;
and from the first of July of that year to
the thirtieth of Juno, 1884, the public ex..
riendi reached' di* kW" hMI aggregate
at' thirty-throe hundred millions. Throe
yaws of peace hate intervened, and during
that One the disbureements of the Crov
ernment have sumessivelY been hun
dred and twenty millions, three hundred .
Anil forty-six millions and three hundred
and uinety-tbree millions. Adding to those
amounts three hundred and sevents-two
estimated as necessary for'the tis•
cal year ending the 30th of Juno, 1869, we
obtain a total expenditure of sixteen hun
dred millions of dollars during the four years
immediately succeeding the war, or nearly as
touch as was expended during, the seventy
two years that preceded the rebellion, and
embraced the extraordinary expeditures al
ready named.
These startling facts clearly illustrate the
necessity of retrenchment in all branches of
the public, servitss '7Abuseswhielt were:tol
erated during the war for the preservetipn
of the nation will not le endured pry the
people, now that' profound pence prevails.
The reeeiptv from internal reveuues and CUP
tuns have, during the Ipast three years,
gradually diminished, and the enutinaance
of useless and extraysgaut expenditures will
involve us in national bankruptcy, or shst
make inevitable an increase of taxes, already
too onerous, and in retny3 respects obnox•
item on account of their imptisitoriarehar
acter.7!, One hundred millions annually are
expended for the military force. a parse por
tem of whiril is moor.' iu the out:talon
of laws both uoneeessaty and noeote.titu
timd ; ene,diundred and fifty teitliens
eequireil each year to pay the int. re:4 au the
public debt; an army of tax patherers
poverishes the twine; and paddle agents,
placed by Cum:fess beyond the 7 control of
the Kseentive, divert from their, Lititiniate
pirposes large rums of money which they
collect from the people in the saute of the
hvernment.r,J loth: bees legislatien r'sitt
prudent economy can alone remedy defects
and avert evils which, if suffered to exist,
can not fail to diminish confidence in the
public councils, and weaken the attachment
and respect of the people towards their po
litical institutions. Without tits proper
care the small balance which it is estimated
will remain in the Treasury, at thjelo.iSof
the present fiscal year, wit net be realists!,
anti additional millions he added to the debt
wineh is now enumerated i y
lt is shown, by the able and eomprrhee.
sive ripen of the Sceretny of the Treas.
ury, that the receipts; for the fiscal year
ending June 30, 1549, were $405,035,003,
and that the "expenditures for the same
period were $377,340,281, leering iu the
Treasury a surplus of 528,297,7U5. It is.
estimated that the receipts of the present
fiscal year ending June 30, 149, will be
*311,31.2,81K and the expenditures °334,-
152,470, showing a small balanue of $5,240,-
398 in favor of the'rgoverinount. For the
fiscal year coding June 30, 1870, it is esti.
mated that the receipts will amount to 5.3'.:7,•
010,000, and the expenditures to 0:1.,00ts
-000, leaving an estimated; surplus of $21,-
000,000,
It tineisms!proper, in this connection, to
make a iiriof Terrence to:oar imtlic inilell
nilneke, which has nessnisolaseil ..nch
alarming rtl,idity and assinacil ,4 1 ,1 t .h w i t p. 4 11
proportions.
in 1789, when die government commenced
o pet at ions un4er the Federal CesiAitutien,
it was burdened with an indebtedness of
t•crelay-five millions of dollars, created (lu
ring the war or the ,Revolution. This
amount had been reamed to forty-five
lion dollars when in Isl 2 war was declared
against Great Mittain. The three years'
struggle that 1416761 largely increased the
national obligations, and in 1816 they hail
attained the sum of ono hawked and twen
ty-seven millions. Wise and eetmomitial
legislation however, enabled the Govern
ment to pay the entire amount within a
period or twenty years, and the emingtibh.
:mat of the national debt 611od the land with
rejoicing, and was one of the great events or
Jackson's administration. After
its redemption a large sum remained in the
Treasury, which was depOsited for safe
keeping in the several States, on condition
that it shnuld be returned when required
1)y the public wants. In 1819—the year
after the termination of an expensive war
with Metziee—we found ourselves involved
10 a debt of sixty four millions; and this
was the amount owed by the Government
in 11.;60, just prior to the outbreak of the
rebellion. in the spring of 1861 our civil
war comuteneol. Each year of its contin
uum made an enormous addition to the
debt; and when, in the spring of 1865, the
nation successfully emerged front the eon
the obligations or the Government had
reached the immense sum. of $2, 873,992,-
:109.
The Secretary of the Treasury shows that
on the Ist day of November, PAT, this
amount had boon reduced to $2,41,504,450;
but at the same time his report exhibits an
increase during the past year of $33,625,102;
for the debt on the Ist day of November
last is stated to have been $2,527,129,1i52.
It in estimated by the Secretary diet the rm
turns for the past mouth will add to our lia
bilities the further sum of Woven millions—
making a total increase during thirteen
months of forty-six and a half millions.
In my message to Congresa of December
3, 1865, it was suggested that a pulley
should be devised which, without being op
pressive to the people, would at once begin
to Ann a reduction of the debt, and, if
persisted in, discharge it fully within a 414
nito number of years. The Secretary of
the Treasury forcibly recommends legisla
tion of this character, and justly urgenjbat
the longer It is defined do wore dillhult,
st WEDIMDAY,
••• • •
ni
at become ite twompfiehment. Wit
uhonld *am the WiMO preeedcaste establish
ed in 1780 and tele, and without further
dday ninke'provision for the payment of
our (1411$11000S at AK may a whet as notty
be pricticablo. The livits of their labors
should be enjoyed by our citizens, rather
than mud to build up and sustain moneyed
mortopuliee in our own and other Weds.—
Our foreign debt is already emnputed by
the Secretary of the Treasury at eight hun
dred and fifty millions; eitiaells of ilweign
countries receive interest upon a large por
tion of our securities, and American tax
payers are made to contribute large rums
for their support. The idea that such
debt is to become permanent should be at
all times disearled, as involving taxation
too heavy to be borne, and punned once in
every 'sixteen years, at the present rote of
interest, of an amount equal to the original
sum. This vast debt, if permitted to be
come permanent nett increming, mutt event
ually be gathered into the hands of a few,
and entible them to exert a dangerous and
coffin/Mug power in the affair; of the Gov
ernment. The TIOTTOWOTS would become
servants to the lenders—the lender, the
misters of the people. We now pride our
solved upon having given freedom to four
millions of the colored race; it will then be
our shame that forty millions of i wopio, by
their own toleration of usurpation:and pref.
ligacy, have suffered themselves to become
eneleved, a n d merely exchanged slave-own
ers fir new laskinastera in the shape of
berelleiblere and tex-paherere. Beehive,
remittent debts pertain to monarchical goy,
ermumits, and, tending to monopolies, per
petuities, end clam legislation, aro totally
irriesmoileble with free institutions. Intro
duced into our: republican system, they
would erednally but surely nap its Nubile
tioas, eventually subvert our governmental
faheie, and erect upon its ruins a moneyed
eriNteereey, It is our sacred duty to trans
mit unimpaired to our posterity the bless
ings of liberty which were bequeathed to us
by the foutiders of the Republic, and by our
example knelt those who are to follow us
earefelly to avoid the dangers which threat
en a free and independent people.
Various plans tsetse been proposed flir the
eaelneut of the public debt. However they
may have varied as to the time and mode iu
which it should be redeemed, there moms
to be a general concurrence as to the pro
priety and justice of a reduction in the pres
ent rate of interest. The Seereterr of the
Treasury in his report reumumenda five per
cent. Congress, in a bill passed prior to
adjournment on the 27th of July last, agreed
upon four an.rfetw and a halt per cent. ;
while by many three per cent. has been held
to be an amply sufficient return t'or the in
vestment. The general impression as to the
exothitaney of the existing rate of interest
has led to an inquiry in the public mind TO
MS‘ltilig the consideration which the Rowe n
meteehtte actually received tir it, bonds,
mid the conclusion is beeotnine prevalent
that the amount which it obtained was in
real money three or fur hundred per cent.
less than the obligations which it issued in
return. It cannot be denied 'hat we are
ieyine an extravagant per cottage for the
use of the :notify Lorrowed, which was pa
per currency, greatly depreeieted below the
valet: of coin. fhis fact is apparent when
we consider that bondholders receive from
the Treasury, upon cash dollar they own in
government securities, six per cent. in gold,
which is nearly or quite equal to nine per
ceut. in currency ; that the bonds are then
converted lute capital for the national banks,
upon which those iustitutions issue their
circulation, bearing six per cent. intereet ;
and they are exempt from taxation by the
Government and the States, and thereby
enheneed two per cent. in the hands of the
holders. We thus have an agertente of
seventeen per cent., which may be received
upon each dollar by the owners of Govern
ment securities. A system that produces
such maths is justly repelled as favoring a
few at the expense of the many, and has
led to the further inquiry whether our bond
holden., in view of the large profits which
they Imo enjoyed, would, themselves be ,
averse to a settlement of our indebtedness
upon a plan which would yield 010A1 a fair
remuneratiou, and at the same time be just
to the tat-payers of the nation. Our nre
timed credit should be sacredly observed ;
but in ranking provision for our creditors
we should not forget what is duo to the
masses of the people., It may be °steamed'
that the holders of tour securities have al
ready received upon their bonds a &ror
amount than their original investment,
meowed by a gold standard. Upon this
statement of facts it would seem but just
and equitable that,the six , per cent. interest
now paid by the (government should be ap
plied to the reduction of the principal in
semi-annual instalments; which in sixteen
years and eight months would liquidate the
entire national debt. Six per cent. in geld
would ut present rates be equal to nine per
cent. in currency, and equivalent to the pay
ment of the debt ono and a half time in a
fraction leas than seventeen years. This, in
connection with all the other advantages de.
rived from their investment, would afford to
the public creditors a fair and liberal com
pensation for the use of their capital, and
with this they should be satisfied. The les
sons of the past admonish the lender that it
is not welt to be over . anxiomi in exacting
front the borrower riggeomplianee with the
letter of the bond.
If provision bo made for the payment of
the indebtedness of the GOVOMOCIIt, in the
manner suggested, our nation will rapidly
recover its wonted prosperity. Its interests
~ . .
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. .
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~-
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i '
tom.;
IP
0
Dg€II4NI3ER 16,1868.
require that some measure should be taken
to release the large amount of capital in
vested in the securiticevf the Government.
ire-notft now merely unproduotive, but in
taxation annually consume ono hundred
and fifty millions of dollars, widish would
otheruise ho used by our enterprising pro
-14 in adding to the wealth of the nation.
Our commerce, which at one time success
fully rivalled that of the gnat maritime
Powers, has rapidly (lilt/W.4km], and our
industrial interests arolin a depressed and
languishing condition. rho development
of our inexhaustable'resourees is checked,
mid the fertile fields of the South are be
coming waste for want of means to till aon.
With the release of capital, new pith would
he infused into the paralyzed energies of
our people, and activity and vigor impared
to every branch of industry. Our people
need encouragement in their: efforts to re
cover from the effects of the rebellion and
of injudicious legislation ; and if should be
the aim of the Government to stimulate
them by the prospect of an early release
from the burdens which impede their pros
perity. If we cannot take the burdens from
their shoulders, we should at least manifest
a willingness to help to bear them.
In referring to the condition of the cir
culating medium, I shall merely reiterate,
substantially that portion of my last annual
message which relates to that subject.
'rho portion which the currency :of any
country should bear to the whole value or
the annual produce circulated hydts means
is a question upon which politic:al econo
mists have not agreed. Nor can it be con•
trolled 11 legislation, but must be left to
the irrevocable laws:whiclr everywhere reg
ulate eommeree and trace. The'circulating
medium will ever irresistably flow to (1100
points where it is iu greatest demand. The
law of demtrel and supply is as unerring as
that which regulates the tides of the ocean :
and indeed currency, like the tides, has its
ebbs and flows through the commercial
world.
At the beginning of the' rebellion the
bank note circulation of the country amount
ed to not much more than two hundred
millions of dollars. Now the circulation of
National Bank notes and those known as
"legal tenders" is nearly seven hundred
millions. While it is urged by some that
this amount should ho. increased, others
contend that a decided reduction is abso
lutely essential to the best interests of the
country. In view of these diverse opinions
it may be well to ascertain the rent value of
our paper issues, when .compared with a
metalio or converuble currency. For this
purpose, lot u inquire how mu oh gold and
silver could be purchased by the seven hun
dred niilliorMr or 'input , money now in (iron
lotion ? Probadly not more than half the
amount or the latter—showing that when
our paper currency is compared with gold
awl silver, its'eononercial value 6 compress
ed into three hundred and lilly
This striking fact makes it the obvious duty
of the Government, as early us may be con
sistent with the prineiple.4 of sound politi
cal ceonomy, tr.ke suell me asures as wilt
enable the holder or its notes and those of
the national banks to convert them, without
loss, into specie or its equivalent. A re
ductions of our paper circulating medium
need not nceersarilyifollow.:This howuver,
would depend upon the law of demantl and
supply, ;1:0101 it:,scull he Lorne in mind
that by making legal tender tool bank note,:
convenable into coin or its equivalent, their
present specie:value in the hands of their
holders would be enhanced ono hundred per
cent-
Legislation for the atxxnnplishtnent of a
result so desirable is demanded by the high
tst public considerations. The Constitution
contemplates that the circulating ,tedium of
the country shall be uniform in quality and ,
value. At tho (into of the formation of
that instrument, the country bad just emer
ged from the War of the Revolution, and
was suffering from the effects of a redun
dant and wathlese paper currency. Tho
sages of that period were anxious to protect
their posterity from , the evils which they
themselves had experienced. Ilene, in
providing a circulating medium, they con
ferred upon Congress the power to coin
money and regulate the value thereof, at
the same time prohibiting the Status from
making anything but gold and silver a ten
der in payment of debts.
Thu anomalous condition of our currency
is in striking contrast with that which was
originally designed. Our circulation DOW
entbraoes, first, notes of the National Banks
which are made receivable for all dues to the
Government, excluding imposts, and by all
its creditors, excepting in payment of inter
est upon its bonds and the securities them
selves ; sowntl, legal-tender notes, issued by
the Licked States, and which the law re
quires shall be received as well in payment
of all debts between citisens as of all tiov
ertneut dues, excepting imposts; and, third
gold and siver coin. By the operation of
our preseut system of finance, however, the
metalic currency, when collected, is reser
ved only tbr one class of Gtwertenent credi
tors, who, holding its bowls, semi-annually
receive their interest in coin from the Na
tional Treasury., There is no reason which
will be accepted as satisfactory by the peo
ple, why those who defend us on the laud
anti protect us on the sea ; the wottioner
upon the graitude of nation, boariug the
ACM and wounds received while in its per.
vice ; the public servants in tjp:u various be.
partmoote of the Uovernotent, the fertiler
who supplies the soldiers of the army e n d
the sailors of the navy; the artisan who
toil*, in the nation's lenksho .
ebonies and laborers who build gm edifices
and construct its forts and vessels of war—
should, in payment of their just and hard
earned duos, receive depreciated paper,
while another class of their countrymen, no
more doorving, arepaid in coin of geld and
silver. Equal and exact jusdeo require that
ull the creditors of the ()averment should
be paid ins.,a currency possessing a uniform
value. This 'can only be accomplished by
the renteration of the currency to the stan
dard established by the. Constitution ; and
by this means we would remove a discrimi
nation whieh may, if it has not already done
so, create a prejudice that may become deep
rooted and wide spread, and imperil the na
tional credit.
The feasibility of making our currency
correspond with the constitutional standard
may be seen Eby. reference to a few facts de
rived fretn;eer commercial eitatistiea.
The aggregate product of precious me
tals itrthe United Steles from Isle:to 0467
amounted to $1,173,000,000, while, for the
same period, the next experts efspevie were
$741,000,000. This shows an excess of
product over net exports of $433,01)0,00.
There are in the Treasury 8103,70,985 in
coin ; in circulation in the States en tin. Pa
cific Coast about $40,000,00e, end a rew
millions in the National and other lionks—
in all less then $1110,000,000, Takin g into
consideration the specie in the country pri
or to ISt'), and that produced rinco 1517,
and we have more than tt30,000,000 not
accounted for by exportatico or by the re
turns of the Treasury,fand therefore most
probably remaining in the country.
These arc important facts and show how
completely the interior currency will super
cede the better, forcing it from circulation
among the masses, and causing it to he ex
ported as a mere article of trade, to add to
the mo n ey capital of foreign lands. They
show .the necessity of retiring our paper
money, that the return of gold and silver to
the avenues of trade may be invited, and a
demand created which will cause the reten
tion at home of at least so much of the pro
ductions of our rich and inexhaustible gold
bearing fields as may be sufficient for pur
poses of circulation.; It is unreasonable to
expect to return to a sound currency so long
es the Iloyernment and batiks, by continu
ing to ism irredeemable notes, fill the chan
nels of eirculatien:with depreciated paper.
Notwithstanding a coiunge by our mints,
since . lB49, of eight hundred and seventy
four millions of dollars, the people are new
strangers to the currency which wan design
ed for their use and benefit, awl speoimene
of the previous metal. Lcaring the national
devices are seldom seer,, except when pro
duced to gratify the interest excited by their
'novelty.
If depreciated paper is to be continued
as the permanent currency of the country,
and all our coin iy to beCume a Mere article
of trafhe and speculation, to the enhance
ment in price of all that!is itolispoomble t o
the comfort of the people, it would ho tyke
economy to alaitish our mints, thus saving
the nation the care and expense ineileut to
such establicdtmentv, and let all our precious
metals ho exported in bullion. The time
has come, however, when the government
and national banks should be required to
take the most eflieientisteps! and make all
necessary arrangements for a resumption of
specie payments. Let specie payments once
be earnehtly inaugurated by the government
and banks. and the value of the paper cir
culation would directly approximate a specie
tltandaril.
Specie payments having been resumed by
the government and banks, all notes or bills
of paper isrued by either of a less denomi
nation than twenty dollars should by law be
excluded kw circulation, so that the peo
ple may have the benefit and convenience of
a gold mid silver currency which in. all their
b us iness transactions will be uniform in value
at home and abroad.
"Every man of property or industry,
every aunt who desires to preserve what he
honestly posseses, or to maintain what he
can honestly earn, has a direct interest in
tnaiutaing a safe circulating medium—melt
a medium as shall be real and substantial,
not liable to vibrato with opinions, not sub
ject to be blown up or blown down by the
breath of speculation, but to laistable and
secure. A disordered currency is ono of
the greatest political evils. It undermines
the virtues necessary for the support of the
social system, and encourages propensities
destructive of its happiness; it wars against
industry, frugality and economy, and it foe
tors the evil spirits of extravagance and
speculation." It has been aseerted by one
of our profound and most gifted statesmen,
that "of all the contrivances for cheating
the laboring dames of mankind, none have
been more effectual than that which deludes
them with paper non"y• This is the most
effectual of inventions to fertilize the rich
man's fields by the sweat of the poor man's
brow. Ordinary tyranny, oppression, ex
cessive taxation—these bear lightly on the
happiness of the mass of the community
compared with a
. ftaudulent currency, and
the robberies oominitted by depreciated pa
per.
The Secretary of the interior, in his re
port gives valuable information in reference
to the interests cent:l.l,3d to the supervision
of his dopartmerA, and reviews the opera
tions of OA band Office, Pension Office,
PP.'.ent Of cc and the Indian Bureau.
Poring the first fiscal year ending June
30, IRO, six million six hundred and fifty
five thousand and seven bemired acres of
public land wore disposed or. The entire
curb receipts a( the General Land 011ie* for
NUMBER 43.
grouter by $284,883 then the anoint real-
Mull from the same mune during the pre
vious your. The entries under the hew.
0(.44 Mw cover two million throe butKiral
un , l twenty-eight thousand Dino handrei
and twenty-three sores, nearly ono4ourth
of which MY taken nudes the met
June 21, 1866, Wadi . apprted Nay 60 the
States or.Alsbuma, Louisians
nnil Florian,
On the :loth of JUTNY, 1868, oun hundred
and sixty-nine thousand six hundred met
forty-three manes were borne on the poweiun
rolls, and during the year ending on that
day the total aliment paid for pentium!, in
cluding the expenses of Itisbehatniats 424, -
Ul 0,982, being $5,391,9211 greater titan ibet
expended for like purposets during the pro
ceeding year•
During the year endinethe 90th7of Sop.
tember last, the critenses of the Palest Of
fee
the receipts by one Imndred
and seventy.one dollars; and, including 'm
issiles and designs, fourteen thou/wad (dee
hundred and filty4hrtm patents Wrelaxed.
Treaties with various Indian tribes here
been concluded, and will be submitted to
the Senate l'er its constitutional action.
cordially sanction the stipulations which
provide for reserving lands for the various
tribes, where they may be encouraged to
abandon their nomadic habits and engage in
agricultural and industrial pursuits. This
policy, inaugurated many years since, has
met with signal success, wherever it has
been pursued in good faith and with bosom
ing liberality by the United States The
necessity for extending it as Far me practica
ble in our relations with the aboriginal pop
ulation is greater now than at any preceding
period. Whilst we furnish subsistence and
instruction to the Indians, and guarantee
the undisturbed enjoyment of their treaty
rights, we should habitually insist upon the
faithful observance of their agreement to
remain Within their respective reeervations.
This is the only mode by which collisions
with other tribes and with the whites can
be avoided, and the safety of our frontier
settlements secured.
The coinpanici constructing the railway
front Omaha to Sacramento have boon most
energetically engaged in prosecuting the
work, awl it is believed that the line will be
completed berm the expiration of the 0a•
eel year. The six per cent, bonds issued to
these companies annulated, on the iSsh inst.
to 644,337,00), and additional work has
been perterwed to the extent of 1 3 , 2 00,-
000,000.
The Secretary of the Interior in August
last invited my attention to the report of a
Government director of the Union Pacific
railroad company, who had been specially
instructed to examine the kxstion, cotw
struction and equipment of their road. 1
submitted for the opinion of tho Attorney
;CUM' certain questions in regard to the
authority of the Executive which arose up
on this report, and those which bad from
time to time ken presented by the °amnia
sinners afflointed to inspect each successive
section of the work. After earefully.cen
si the law of the case, he affirmed the
right of the Executive to order, if mouse
ry, a thorough revision of the entire road.
Cominimioners were thereupon appointed to
examine this and other lines, and have re
°Judy submitted a statement of their inves
tigations. of which the report of the Seers.
tery of the Interior furnishes spec& imfor
to at ion .
The report of the Secretary of War eon•
taiee information of interest and itnportanco
respecting the several Bureaus of the War
Department and the operations of the nr
my. The strength of our military form.
on the :00th of September last was roily
eight thousand men, and it is computed
that, by the first of Jnnuary neat this num
ber will be tit:envied to forty-three thous
and. It is the opinion of the Secretary of
War that within the next year a considera
ble diminution of the infantry force may be
made without detriment to the interests of
the country; and in vie* of the great ex
pense attending the military peace estab
lishment, and the absolute Deeossity of re
trenchment wherever it can be applied, it
is hoped that Congress will sanction the re
daction which his report recommends.—
While in 1860 sixteen thousand three hun
dred men cost the nation $16,472,000, the
sum of $65, 682,000 is estimated as nceos•
vary for the support of die army during the
fiscal year ending Juno 30, 1870. The esti
mate* of the War Department for the lea
two fiscal years were for 1867, $33,814,461,
and for 186, 325,205,669. The actual eV
pentlitunts daring the saute periods were,
respectively, $'J5.224,415 and $123,246,648.
The estimate submitted in Deoember last
for the fiscal year ending Juno 30, 1869, was
$77,124,707; the expenditures for the first
quarter, ending the 30th of September heft,
wore $27,219,117, and the Secretary of the
Treasury gives $66,000,000 as the amount
wbieh will probably be required during the
remaining three quarters, if there should be
no reduction of the army—making its ag
gregate cost for the year considerably in ex
cuss of ninety-three millions. The differ
ence between the estimates, and expendi
tures for the three fiscal years,which here
been named is thus shown to 10 $175,513, •
343 fir this angle branch of the pubtie ser
vice.
The report of the Secretary of the Navy
exhibits tho opowarionA of that Departtnent
and of the navy during the year. A con
siderable reduotion ot the force has boon u t
feeted. Thera are forty-two roads carry
ing four hundred and eleven guns, in the
six squadrons which ire eetablished in dif-