The Patriot and Times, December 17, 1868]

              The Patriot and Times
IS PUBLISHED WEEKLY
By James W. Albright & Bro.
TEEMS—cash invariably >" advance.
4)n« vear $2. six moutlis $1.25, three mos.75 cts.
nr.Vi.y person »«uding^««^ribw8wi" "**
rwire one copy gratis.
jt-p, X.—Subscribers receiving ithair papers
with a cross before their names IN reminded
that their subscription Iras exprrcd, -*nd «nlcss
a-enewed in two wee.-.s will he discontinued.
Itiites of Artverti*im?.
^ eqr. (10 lines or lass) 1st insertion, $ 1.00
Each additiouai insertien, 80
Six months, 6.00
One year, 10.00
iV column 1st insertion, O.W
Kach additional, l-j>°
Six months, 2../W
"ne year,.... *J.OO
U' celumn 1 st insertion, .,'„,.
Each additional JJ.00
Six months, »JJ
One year,.... W'-JJ
3 eslunm 1st insertion, 'j?-"'
Knch additional, °-™
^x months, 60-JO
One year IWMW
SiT.«nr. NOTICES 50 per cent higher than
•the above rate*. . ,
jt^yOourt orders six weeks. S|s; Magistrates
notices, four weeks, $5, in auVer»C<r.
Yearly advertisements chunked quarterly if
desired." Payments quarterly in advance.
t3?~ Obituary notices, over five lines, charged as
advertisements and paid for in advance.
Business Directory.
Attorneys at Law.
HcuU at Scott,
North Elm, opposite- Court House.
Dil.ard. Bujm .(■ Gilmer,
North Kim, opposite Court House, (see
advertisement.)
Adams it .Staples,
Second Hoor, Tate building.
Scales d- Scales,
North Room, Patrick Row,in rear of Tor;
ter & Ecklc'a Drug Store.
Apethccaru'S :m«l Druggists.
n. W. GUnn, M.D.,
West Market Street, McConnel building.
Porter ,0 Eckel,
West Market, next courthouse, (see adv.)
Auctioneer.
Jos. B. 1'tarCt.
Barbers.
Ifill's J.- Wiley,
North Elm. opposite Court House.
Bankers and Insurance Agents.
Henri/ <!. Kellogg,
South Elm, Tate building, (see adv.)
Wilton d Shober,
South Elm, opposite Express Office, (see
adv.)
Boot and Shoe Makers.
E. Kirch SehUujei,
West Market, opposite Mansion Hotel.
Thus. S. H«ys,
Davit st., 4 doors North Stcele's corner.
Cigar Manufacturer.
A. Brockmann,
South Klin. Caldwell block.
Cabinet Makers and Undertakers.
John .1. Pritchett,
South Elm, near Depot.
Wm. Collins,
Corner of Sycamore and Davis streets.
Contractor in Brick-work.
Daviil McKnight.
ontractors in Wood-work.
J. J. Collier,
.I'is. L. Oakley.
David Kersey.
Confectioners.
F IhS.net.
Tate Building, corner etere.
J Harper Lindsay, Jr.,
HoMh Elm."
Bi-css-lli'.kiisx and Fashions.
Airs. -.V. Haurire,
South Elm, (see adv.)
Jefrt. A. IHltrorth,
Next door to 'limes Offics.
Dentists.
J. »r. Uoiclett,
1st door left hand, up stairs, Garrett's
building. m
Dry <>oods, Wroccrs and Produce
Dealers.
W. S, Moore,
East Market, Albright's new building.
/.. //. BoaUahn,
('oilier East Market and North Elui,
Lindsay corner, (see adv.)
A. fFeatlieriy,
Corner East Market and Davis streets.
W. J>. Trotter,
East Market, Albright's new building.
/.. K. Hay.
West Market, opposite 1'orter & Eckel,
S. C. Dodton,
Went Market, opposite Court House.
Jas. .sloan <(• Sons,
South Kim, wear Depot, (sea ad».)
C. 0. Votes.
South Elm.
Smith .(■ (}timer.
Opposite Southern Hotel.
/. />. AViar,
East Market street.
S. Steel .
('orner Kast Market and Davie streets.
l>. »'. C. Benbov,
Corner South Elm and Sycamore.
For/art <(• Murray.
East Market. South Side.
Foundry and Ulnchiuc Shop.
J II Tarpley,
Washington st., an the Railroad.
•Grocers and Confectioners.
Starre.tt <(• White.
Kast Market, next Post Office.
.(■cucral emigration Oilier, for the
West and South-West.
f.ouis /.im.ii'r,
Gen'l Southern Agent, II and O. H. 1{.,
West Market, opposite Mansion Hotel.
duilford I.and Agency of \orlli-
Carolina.
Jno II (irrtter. t,en'\ ftgssit.
West Market, opposite Mansion Hotel.
-Harness-makers.
J. IV. S. Parker,
East Market st., mar Court House.
James E. Tlion..
Corner South Klin and Sycamore.
Jlotels.
Southern Hotel, Scales & Black, proprietors,
West Market, near Court House.
Planter'* Hotel, J. T. Reese, proprietor,
Kast Market, near Court House.
Mqnor Dealers.
Dean .(• livgbee, Wholesale Dealers,
West Market st., Garrett Building.
Jjivery Stablest
IV. J. Edmondtott,
1 hivie street.
.Tlillinery and I,ad)*s Goods.
Mrs. "'. 8. Moore,
Kast Market. Albright's new building.
music and musical Instruments.
J'rof. F. ]l. Maurice,
South Elm, (see adv.)
Tailors.
IV. L. Fowler,
West-Market, opposite Southern Hotel.
Tinners.
Jno. E. O'SulHran,
Corner West Market and Ashe streets.
C. c. Yatet,
South-Elm.
Photographers.
Hughs «(• YatCS,
West Market, opposite Court House,
up stairs.
Tomb-Stones.
Henry c, Kellogg,
South Elm.
Sign and Ornamental Painting:,
A. If. Ingold,
East Market; Albright's block.
THE PATRIOT AND TIMES.
TTAT S Patriot XXX. \
V Ulj. \ Times VII. S GREENSB0E0, N. 0., THURSDAY, DECEMBER 17, 1868. NO. 46.
Physicians.
A. S. Porter,
West Market st., (near Times Office.)
R. W. Glenn,
West Market, McConnel building.
Jai. K. Hall,
North Elm, opposite court-house.
J. E. Logan,
Corner West-Market and Greene.
Watchmakers and Jewellers.
It'. Ii. Farrar,
South Elm, opposite Express Office.
David Beott,
East Market, Albright's block.
A City Destroyed by Floods and Whirl-winds.
MAZATLAND, November 5.-The city
of Alamos, situated in the southern
portion of the State of Sonora, lias
been swept out of existence by a visi-tation
of nature—namely, a combined
attack of the two great furies, wind
and water. The terrible event occured
during the great stoim lasting -Venn
the 13th to the 18th ultimo. From
private letters received in this city we
translate the following accounts of the
destruction and loss of life.
He have endured awful suffering.—
Torrents of raiu for forty eight hours
inundated the city during the greater
part of the 16th and 17th, followed by
another torrent of forty-eight hours, so
that the houses not in the immediate
way of being swept oft by the force of
the swollen floods were crushed in by
the enormous quantity and strength
of the rain falling upon them. Senor
Diego Perez measured the water in a
tank, and found that forty inches had
fallen in seventy-two hours. Alamos
is no more. You may rest assured
that unless some new and rich mines
are discovered it will never be rebuilt.
We are impoverished and ruined.
Another letter says :
A horrible event has struck us with
consternation and ruined a large pro-portion
of the inhabitants of this city.
On the loth it commenced to rain, and
after seventy-two hours, at 10 o'clock
at night, the sluices and dams on the
mountain broke loose, a furious wind
arose, the waters came dashing like
fiends from the mountain sides, and
brought us lace to face with the most
terrible dangers. This circumstance
made us forget all things except that
which is more precious than all things
—life, and especially the lives of our
little ones. Three minutes after the
full tide of the flood, and everything
was swept away as by a tornado. We
sought refuge in the mountains, from
where we could hear the crashing of
our houses. Everything we had is
lost. There must be considerable loss
o"life, but as yet I am not able to as-certain
the truth.—Correspondence New
York Herald.
Have you paid for this paper?
GEX. WADDY THOMPSON.—A cor-respondent
of the Mobile Register, in
noticing the death of this gallant old
officer, says:
The death of Gen. Waddy Thomp-son
is announced this morning from
Florida. It was my fortune last spring,
when spending a few weeks at St.
Augustine, to meet the old General
and hear a great deal about him. He
wasthen in very reduced circumstances,
living on thehospitalityofsome friends,
and passing the sunny days in quiet
obscurity. He lectured there one
evening, on Mexico, at the request of
the citizens, who wanted an excuse to
put a few dollars in the kind old man's
pocket. They told me that his large
property in South Carolina had been
taken from him by the government,
though he. took no part in the war,
and he was then almost penniless,
when, if allowed to enjoy his own, he
might have had every comfort that
his age required. It must have been
a happy release to the gallant and
genial old man to be taken from a
world in which his age was robbed of
the fruits sown in youth.
TIIE COMMISSIONER OF CUSTOMS,
in his annual report, uses the following
language : "The great decadence of
our shipping interest, especially of our
vessels engaged in foreign trade, with-in
four or five years, is a subject which
it appears to me, deserves the immedi-ate
attention of Congress. The time
was when much the largest portion of
the carrying trade of the world was
confined to American bottoms,and the
proportion of foreign vessels seen in
our ports was small. Now, much the
larger portion of merchandise imported
into the United States, at least from
England and France, comes in foreign
bottoms. With the proverbial energy
and enterprise of American merchants
this ought not to be, and would not
be, unless there was some cause for it.
This cause should be removed by Con-gress.
^^^^^^^^^^
Tins SECRETARY OF THE INTERIOR,
in hia annual report, says that the
quantity of public lands undisposed of
is 1,405,300,078 acres. The amount
disposed of during the last year is 000,
574,250 acres. The Secretary devotes
a good portion of^his report to the Pa-cific
railroads,audon the whole speaks
of them in excellent terms.
The negro suffrage amendment to
the Missouri State Constitution is de-feated.
MR. NOBODY.
I know a funny little man,
As quiet as a mouse,
Wbo does the mischief that is done
In everybody's house.
There's no one ever sees his face,
And yet we all agree,
That every plate we break was cracked
By Mr. Nobody.
'Tis he who always tears our books:
Who leaves the door ajar ;
He pulls the buttons from our shirts,
And scatters pins afar.
That squeaking door will always squeak,
For, prithee, don't you see,
We leave the oiling to bo done
By Mr. Nobody ?
He puts damp wood upon the fire,
That kettles cannot boil ;
His are the feet that bring in mud,
And all the carpets soil.
The papers always are mislaid,
Who had them last, but lie ?
There's no one tosses them about
But Mr. Nobody.
The finger marks upon the doors
By none of us are made ;
We never leave the blinds unclosed,
To lot the curtains fade.
The ink wc never spill; the boot
That lying round you see,
Are not our boots ! They all belong
To Mr. Nobody !
President's Message.
Fellow Citizens of the Senate and
House of Representatives:
KECOXSTKICTIOX ACTS,
Upon the re-assembling of Congress it again
becomes my duty to call your attention to the
state of the Union and to its continued dis-organized
condition under the various laws
which have been passed upon the subject of
reconstruction. It may bo safely assumed as
an axiom in the government of the States that
the greatest wrongs inflicted upon a people
are caused by unjust and arbitrary legislation
or by the unrelenting decrees of despotic
rulers, and that the timely revocation of in-jurious
and oppressive measures is the great-est
good that can be conferred upon a nation.
The legistator or ruler who has the wisdun
and magnanimity to retrace his steps when
convinced of error will, sooner or later be re-warded
with the respect and gratitude of an
intelligent and patriotic people.
Our own history, although embracing a pe-riod
less than a century, aifords abundant
proof that most, if not all of our domestic
troubles, are directly traceable to violations
of the organic law and excessive legislation.
The most striking illustrations of this fact
art- furnished by the enactments of the past
three years upon the question of reconstruc-tion.
After a fair trial,they have substantial-ly
failed, and proved pernicious in their re-sults,
and their seems to be no good reason
why they should longer remaiu upon the
statute book. States to which the Constitu-tion
guarantees a republic an form of govern-ment
have been reduced to military depend-encies,
in each of which the people have been
made subject to the arbitrary will of the
commanding General. Although the Consti-tution
requires that each State shall lie repre-sented
in Congress, Virginia, Mississippi,and
Texas, are yet excluded from the two Houses,
and, contrary to the express provisions of that
instrument, were denied participation in the
iu the recent election lor a President and
Vice-President of the United Stati-s.
The attempt to place the white population
under the domination of persons of color in
the South, has impaired, if not destroyed, the
kindly relations that bad previously existed
between them, and mutual distrust has engen-dered
a feeling of animosity which, leading
in some instances to collision and bloodshed,
lias prevented that co-operation between the
two races so essential to the succes.s of in-dustrial
enterprise in the Southern States.—
Nor have the, inhabitants of those States
alone suffered from the disturbed condition
of affairs growing out of these congressional
enactments. Trie entire Union has been
agitated by grave apprehensions of troubles
which might again involve the peace of the
Nation. Its interests have been injuriously
affected by the derangement of business and
labor, and the consequent want of prosperity
throughout that portion of the country. The
Federal Constitution, the magi:a charter of
American rights, under whose wise and salu-tary
provisions we have successfully conduc-ted
all our domestic; and foreign affairs, sus-tained
ourselves iu peace and iu war, and be-come
a great nation among the Powers of the
earth, must assuredly be now adequate to the
settleineut of the questions growing out of
the civil war waged alone for its vindication.
This great fact is made most manifest by the.
condition of the country. When Congress
assembled in the month of December, 1865,
civil strife had ceased, the Spirit of rebellion
had spent its entire force in the Southern
States, the people had warmly entered into
the national life, and throughout the. whole
country a healthy re-action in public senti-ment
had taken place by the application of
the simple,yet effective, provisions of the Con-stitution.
The Executive Department, with
the voluntary aid of the States, had brought
the work of restoration as near completion
as was within the scope of its authority, and
the nation was happy in the prospect of an
early and satisfactory adjustment of all its
difficulties.
Congress, however, intervened, and refused
to perfect the work so nearly consummated,
declined to admit members from the unrepre-sented
States, adopted a series of measures
which arrested the progress of restoration,
frustrated all that had been so successfully
accomplished, and after three years of agita-tion
and strife has left the country farther
from the attainment of union and fraternal
feeling than at the inception of the Congres-sional
plan of reconstruction. It needs no
argument to show that legislation which has
produced such baneful consequences should
be abrogated, or else made to conform to the
genuine principles ofrepublican government.
Under the influence or party passion and sec-tional
prejudice, other acts "have been passed
not warranted by the Constitution.
TKNUKE-OK-OFFICE.
Congress has already been made familiar
with my views respecting the tenure-ef-uuice
bill. Experience has proved that its repeal
is demanded by the best interests of the coun-try,
and that while it remains in force the
President cannot enjoin that rigid accounta-bility
of public officers so essential to an
honest and efficient execution of the laws.—
Its revocation would enable the Executive
Department to exercise the power of appoint-ment
and removal iu accordance with the
original design of the Federal Constitution.
ARMY AND MI! ITIA.
The act of March 21, 1867, making appro-priations
for the support of the army for the
year ending June 30, 1H1>8, and for other pur-poses,
c >ntaiiis provisions which interfere
with the President's constitutional functions
as conimander-in-cbief of the army, and denv
strength of the nation for its protection and
preservatmn, the other is contrary to the ex-
S3Tiecl
1
1,:at,,on.?.f *he Constitution that "a
veil-regulated militia being necessary to the
security of a free State, th/right of thepeo-naired
i^Ul-SE 5"V8 ^U not be im Kt.. ~believed that the repeal of al'l
r,em,ll r Tf* ^ accePtert *»J the American
$2S&£ • easia partial return to the f«ia- It i,SN?al Pn,1«Ph;s of the Government and
an indication that hereafter the Constitution
is to be made the nation's safe, unerring guide.
The* can be productive ofno permanent good
to the country, and should not be permitted
to stand as so many monuments of the de-ticieut
wisdom which has characterized our
recent legislation.
FINANCE.
The condition of our finances demands the
early ami earnest consideration of Congress
Compared with the growth of our population,
the public expenditures have reached an a-niomu
unprecedented in our history. The
population of the United States in 1790 was
nearly 4,out»,o-.o „f j)eoi)k.. iucreasil each
• ec,*i„ a,l,'°n' *hirty-three per cent., it reached
in 1860,31,000,000—an increase of 700 per cent,
on the Deputation of 1790. In HtfK) it is esti-mated
that it will reach 33,000,000, or an in-of
1861, onr civil war commenced. Each vear
of Its continuance made an enormous a'ddi-i£"
rt
the dobt' and when' in the "Pring of 'poo, the nation successfully emerged from
the conflict, the obligations of the Ooveni-iwiI]
lad^aCi"!d tbc hnmense sum of $2,873,-
♦K '.T e Secretary of the Treasury shows
that on the first day of November, W67, this
amount had been reduced to $2,491,504,450
but at the same time his report exhibits' an
increase during the past year of $35,625,102;
for the debt on the first day of November last
is stated to have been$2,V^7,129,551. It is esti-mated
by theSecretsry that the returns for the
past month will add to onr liabilities the fur-ther
sum of eleven millions, making a total
increase during thirteen months of fortv-eix
and a half millions.
REDUCTION OF THE PCBLIC DERT.
In my message to Congress of December 4,
1865, it was suggested that a policy should be
devised which, without being oppressive to
the people, would at once begin to effect a re-duction
of the debt, and, if persisted in, dis-charge
it fully withiu a dofiuite number of
years. The Secretary of the Treasury forcibly
recommends legislation of this character, and
justly urg»-s that the longer it is deferred the
more difficult must become its accomplish-ment.
We should follow the wise precedent*
established in 1789 and 1816, and without
further delay make provision for the payment
of our obligations at as early a period as may
he practicable.
The fruits of their laborsshould be enjoyed
by onr citizens,rather than used to build" up
and sustain moneyed monopolies in onr own
and other lands. Our foreign debt is already
computed by the Secretary of the Treasury a*t
eight hundred aud fifty millions. Citizens of
foreign countries receive interest upon a large
portion of our securities, and American tax-payers
are made to contribute large sums for
their support. The idea that such a debt is
to become permanent should be at all times
discarded, as involving taxation too heavy
to he borne, and payment once in every six-teen
years, at the present rate of interest, of
an amount equal to the original sum. This
vast debt, if permitted to become permanent
and increasing, must eventually be gathered
into the hands of a few, and enable them to
exert a dangerous and controlling power in
the affairs of the Government. The borrow-ers
would become servants to the lenders,
the lenders the masters of the lieople. We
now pride ourselves upon having given free-dom
to four millions of the colored race. It
w ill then be our shame that forty millions of
people, by their own toleration of usurpation
and profligacy, have suffered themselves to
becomeenslaved, and merely exchanged slave-owners
for new taskmasters in the shape of
bond-holders and tax-gatherers , besides, per-manent
debts pertain to monarchical gov-ernments,
and tending to monopolies, perpe-tuities,
and class legislation, are totally irre-concilable
to free institutions. Introduced
into our republican system, they would grad-ually
but surely sap its foundations, eventu-ally
subvert our governmental fabric, aud
erect upon its ruins a moneyed aristocracy.—
It is our sacred duty to transmit unimpaired
to our posterity the blessings of the liberty
which were bequeathed to us by the founders
of the Republic, and by our example teach
those who are to follow us carefully to avoid
the dangers which threaten a free and inde-pendent
people. Various plans have been
proposed for the payment of the public debt.
However they may have varied as to the time
and mode in which it should bo redeemed,
there seems to bo a general concurrence as to
the propriety and justness of a reduction in
the present rate of interest. The Secretary
of the Treasury in his report recommends live
percent.; Congress, in a bill panned prior to
adjournment of the 27th of July last, agreed
upon four and four and a half percent., while
by many three per cent, has been held to be
aii amply suftcient return for the investment.
The general impression as to the exorbitancy
of the existing rate of interest has led to an
inquiry in the public mind respecting the
consideration which the Government has ac-tually
received for its bonds, and the conclu-sion
is becoming prevalent that the amount
which it obtained was, in real money, three
or four hundred per cunt, less than the obli-gations
which it issued iu return. It cannot
be denied that we are paying an extravagant
percentage for tho money borrowed, which
was paper currency greatly depreciated below
the value of coin." This fact is made appa-rent
when we consider that bond-holders re-ceived
from the Treasury upon each dollar
they own in Government securities six per
cent, in gold, which is nearly or quite equal
to nine per cent, in currency ; that tllu bonds
arc theu converted into capital for the nation-al
banks, upon which those institutions issue
their circulation bearing six pat cent, inter-est
; and that they are exempt from taxation
by the Government and the States, and there-by
enhanced two per cent, in tho hands of
the holders. We thus have an aggregate of
seventeen per cent., which may be received
upon each dollar by tho owners of Govern-ment
securities. A system that produces
such results is justly regarded as favoring a
few at the expense of tho many, and has led
to the further inquiry whether our bond-hold-ers,
in view of the large profits which they
have enjoyed, would themselves be averse to
a settlement of our indebtedness upon a plan
which would yield them a fair remuneration,
and at the same time be just to the taxpayers
of the nation. Our national credit should be
sacredly observed, but ill making provision
for our creditors wo should not forget what
is due to tho masses of the people. It may be
assumed that the turners of our securities
have already received upon their bonds a
larger amount than their original investment
measured 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 applied to
the reduction of the principal in semi-annual
instalments, which in sixteen years and eight
months would liqnidate tho entire national
debt. Six per cent, in gold would, at present
rates, be equal to nine per cent, in currency,
and equivalent to the payment of the debt
one aud a half times in a fraction less than
seventeen years. •
This, in connection with all other advan-tages
derived from their investment, would
afford to the public creditors a fair and liber-al
compensation for the use of their capital,
and with this they should be satisfied. The
lessons of the past admonish the louder that
it is not well to be over anxious iu exacting
from the borrower rigid compliance with the
letter of the bond. If provision he made for
the payment of the indebtedness of the Gov-ernment
in the manner suggested, our nation
will rapidly recover its wonted prosperity.—
lt> interests require that some measure should
be taken, to release the large amount of capi-tal
invested in the securities of the Govern-ment.
It is not now merely unproductive,
but in taxation annually consumes one hun-dred
aud fifty millions of dollars which would
otherwise be used by our enterpdainjK people
dared against Great Britain. The three j in addingtothe wealth ofthe nation Our com-merce,
which at one time successfully rivalled
that of the great maritime powers, has rapid-
„ _—retary
Treasury in bis last annual report that they
will bo $372,000,000. By comparing the pub-lic
disbursements of 1809 as estimated with
those of 1791 it will be seen that the increase
of expenditures since the beginning of the
Govei nmeiit has been 8,61* per centum, while
the increase of the population for the same
period was only 80S per centum.
Again : The expenses of the Government in
1860, the year of peace immediately preced-ing
the war, were only $63,000,000, while in
1869, the year of peace three years after the
war, it is estimated that they will be $372,-
000.000—an increase of 489 per centum, while
t&e increase of population was only 21 per
centum for the same period.
These statistics further show that in 1791
the annual national expenses compared with
the population were little more than $1 per
capita, in 18(50 but $2 per capita, while in 1869
they will reach the extravagant sum of $9.70
per capita.
It will be observed that all of these state-ments
refer to, and exhibit the disbursements
of peace periods. It may, therefore, be of in-terest
to compare the expenditures of the
three war periods—the war with Great Bri-tain,
tho Mexican war, and the war of the re-bellion.
The annual expenses incident to the
war of 1812, readied their highest amount,
about $31,000,000, while eur population slight-ly
exceeded 8,000,000. showing an expenditure
of only $3.8* per capita. In 1847 the expendi-tures
growing out of the war with Mexico,
reached $55,000,000, and the population about
21,0011,000 giving only $2.60 per capita for the
war expenses of that year. In 1805 the ex-penditures
called for by the rebellion,reached
the vast amount of$1,290,000,000, which, com-pared
with a population of 34,000,000, gives
$33.20 per capita.
From the 4th day of March, 1789. to the
30th of June, 1861, the entire expenditures of
the Government were $1,700,000,000. During
that, time we were engaged in wars with
Great Britain and Mexico, "and were involved
in hostilities with powerful Indian tribes:
Louisiana was purchased from France at a
cost of $15,(MiO,ooO; Florida was ceded to us
by Spain for $50,000,000; California was ac-quired
from Mexico for $15,000,000 ; and the
Territory of New Mexico was obtained from
Texas for the sum of $10,000,000. Early in
1801 the war of the rebellion commenced,and
from the 1st of July of that year to the 30th
of June, 1805, the public expenditures reached
the enormous aggregate of $3,300,000,000.—
Thn e years of peace have intervened, and dar-ing
that timetbe disbursements of the Govern-ment
have successively been $520,000,000, $346
000,000, and $293,000,000. Adding to these
amounts $372,000,000 estimated as necessary
for the liseal year ending the 30th of Juno,
1869, we obtain a total expenditure of $1,600,
(100,000 during the four years immediately
succeeding the war, or nearly as much as was
expended during the seventy-two years that
preceded the rebellion, and embraced the ex-traordinary
expenditures already named.—
These startling facts clearly illustrate the,
necessity of retrenchment in all branches of
the public service. Abuses which were toler-ated
during the war for the prcservnt ion of the
nation will not be endured by the people, now
that profound peace prevails.
Tho receipts from internal revenue and cus-toms
have during the past three.jyears gradu-ally
diminished, and the continuance of use.
less and extravagant expenditures will iu.
volvc us in national bankruptcy, or else make
inevitable an increase of taxes already tc©
onerous, and in many respects obnoxious, <>n
account of their inquisitorial character. One
hundred millions annually are expended for
the military force, a largo portion of which is
employed in the execution ofliws both un-necessary
and unconstitutional. One hundred
and fifty millions are required each year to
pay the interest on tho public debt. An army
of tax-gatherers impoverishes the nation, and
public agents placed by Congress beyond tho
control of the Executive divert from their
legitimate purposes large sums of money
which they collect from the people in the
name of the Government. Judicious legisla-tion
aud prudent economy can alone remedy
defects and avert evils which, if suffered to
exist, cannot fail to diminish confidence in the
people towards their political institutions.—
Without proper care the small balance which
it is estimated will remain in the Treasury at
the close of the present fiscal year will not be
realized, and additional millions will be add-ed
to a debt which is now enumerated by bil-lions.
It is shown by the able and compre-hensive
report of tho Secretary of the Treasu-ry
that the receipts for the fiscal year ending
June 1868,were $405,638,083, and that the ex-ring
the present fiscal year ending June 30,
1809, will be $341,392,868, and the expendit-ures
$336,152,470, showing a small balance of
$5,240,398 in favor of theGovernt for the fiscal
year ending June 30, 1870. It is estimated
that the receipts will amount to $327,000,000,
and the expenditures to $303,000,000, leaving
an estimated surplus of $24,000,000. It be-comes
proper in this connection to make a
brief reference to our public indebtedness,
which has accumulated with such alarming
rapidity and assumed such colossal propor-tions.
In 1789, when the Government com-menced
operations under tho Federal Consti-tution,
it was burdened with an indebtedness
of $70,000,000, created during the war of the
Revolution. This amount had been reduced
to $45,000,000 when, in in 1812, war was de-years'
struggle that followed largely increas-ed
the national obligations, and in 1816 they
had attained to the sum of $127,000,000.—
Wise and economical legislation, however,
enabled the Government to pay the entire
amount within a period of twenty years, and
the extinguishment of the national debt till-ed
the land with rejoicing, ami was one of the
great events of President Jackson's adminis-tration.
After its redemption a large fund re-mained
in the Treasury, which was deposited
for safe-keepiug with the several States, on
condition that it should be returned when re-quired
by tlie public wants. In lelO, the year
to the States of the Union the right to protect ,: after the termination of an expensive —wiarr
themselves by means of their own militia.— with Mexico, we found ourselves involved in
These provisions should be at once annulled,
for while the first might in times of great
emergency seriously embarrass the Executive
a debt of $64,000,000; aud this is the amount
owed by the Government in 1«60, just prior
to the outbreak of the rebellion. In the spring
v diminished, aud our industrial interests
are in a depressed and languishing condition,
the development of our iuexhaustible re-sources
is checked, and the lertile fields of
the South are becoming wa-te for want of
means to till them. With the release of capi-tal
new life would he infused into the para-lyzed
energies of our people, aud activity and
vigor imparted to every branch of industry.
Our people need encouragement in their ef-forts
to recover irom the effects of the rebel-lion
and of injudicious legislation. And it
should be the aim of the Government to stim-ulate
them by the j rospe;t of an early release
from the burdens which impede their prosper-ity.
If we cannot take the burdens from
their shoulders, we should at least manifest n
wiUingneas to help to bear them. In refer-ring
to the condition of the circulating medi-um,
I shall merely reiterate, substantially,
that portion of my last annual message which
relates to that subject. The proportion which
the currency of any conntry should bear t«
the whole value of the annual produce cir-culated
by its means is a question upon which
political economists have not agreed; nor
can it be controlled by legislation, but most
be left to the irrevocable laws which every-where
regulate commerce and trade. Tho cir-culating
medium will ever irresistibly flow
to those points where it is in greatest de-mand.
The law of demand and supply is a«
unerring as that which regulates the tides cf
the ocean ; and, indeed, currency, like the
tides, has its ebbs aud flows throughout the
commercial world. At the beginning of tho
rebellion tho bank-note circulation of thn
country amounted to not much more than
two hundred millions of dollars. Now the
circnlation of national bank notes and those
known as legal tenders is nearly seven hun-dred
millions. While it is urged by some
that this amount should be increased,' others
contend that a decided reduction is absolute-ly
essential to the best interests of the coun-try.
In view of these diverse opinions, it
may be well to ascertain the real valoe of onr
paper issues when compared with a metallic
or convertible currency. For this purpose
let us inquire how much gold and silver could
he purchased by seven hundred millions of
paper money now in circulation. ^Probably
not more than half tho amount of the latter,
showing that when onr paper currency is com-pared
with gold and silver its commercial
value is compressed into three hundred and
fifty millions. This striking fact makes it
the obvious duty of the Government, as early
as may be consistent with the principles of
sonnd political economy, to take such
measures ss will enable "tho holders of its
notes and those of the national banks to con-vert
them without loss into specie or its
equivalent. A reduction of our paper circu-lating
medium need not necessarily follow.—
'this, however, depend upon the law of de-mand
and supply. Though it should be borne
in mind that by making legal tender and
bank notes convertible into coin or its equi-valent,
their present specie value in the hands
of their holders would be enhanced one hun-dred
]»er cent. Legislation for the accom-plishment
of a result so desirable is demand-ed
by the highest public considerations. The
Constitution contemplates that the circulat-ing
medium of the counry shall be uniform in
quality aud value. At the time of the forma-tion
of that instrument the country had just
emerged from the war of the Revolution, and
was suffering from the effects of a redundant
and worthless paper currency.
Tho sages of that of that period were anx-ious
to protect their posterity from tho evi»
which they themselves had experienced;
hence in providing a circulating medium
they conferred upon Congress the power to
coin money and regulate the value thereof,
at the same time prohibiting the States from
making anything but gold and silver a ten-der
in payment of debts. The anomalous
condition of our currency is in striking con-trast
with that which wu^ originally design-ed.
Our circulation now embraces—first,
notes of the national hauks, which are made
receivable for all dues to the Government, ex
eluding imposts, aud by all its creditors, tak-ing
in payment of interest upon its bonds and
the securities themselves; second, legal ten-der
notes, issued by the United States, aud
which the law requires shall be received as
well in payment of debts between citizens
of all Government dues excepting imposts;
aud, third, gold aud silver coin.
By the opperation of our preseut system of
finance, however, the metallic currency, when
collected, isreserved ouly for one class of Gov-ernment
creditors, who, holding its bonds,
semi-annually receive their interest in coin
from the national Treasury. There is no
reas >n which will be accepted as satisfactory
by the people why those who defend us on
the land and protect us on tho sea ; the pen-sioner
upon the gratitude of tho nation, bear-ing
the scars and wounds received while in
its service ; the public servants in the various
departments of the Government; the fanner
who supplies the soldiers of tho army and the
sailors ot*the navy; the''artisan who toils in
the nation's workshops, or the mechanics and '
laborers who build its edifices and construct
its foi ts and vessels of war, should in payment
of their just and hard earned dues receive de-preciated
paper while another class of their
countrymen, no more deserving, are paid in
coin of gold and silver. Equal and exact
justice requires that all the creditors of the
Government should bo paid in a currrency
possessing a uniform value. This can only
he accomplished by the restoration ofcurrency
to the staudard established by tho Constitu-tion
; and by this means we would remove a
discrimination which may, if it has not al-ready
done so, create a prejudice that may
become deep-rooted and wide-spread, and im-peril
the national credit. Tho feasibility of
making out currency correspond with the con-stitutional
standard may lie seen by reference
to a few facts derived from our commercial
statistics.
SPKCIE 1WYMKNT-.
The aggregate product of precious metals
in the United States from 1849 to 18(57 amount-ed
to $1,174,000,000, while for the same period
the net exports of specie were $741,000,000;
this shows an excess of products over net ex-ports
of $433,000,000. There arc in the Treas-ury
$13,407,985 in coin ; in circulation iu the
States on the Pacific coast about forty million
dollars ; and a few million in the national and
other banks; in all, less than $160,000,000.—
Taking into consideration the specie in the
country prior to 1849, and that produced sinco
18(57, and wo have more than three huudrcd
million dollars not accounted for by exporta
tion or by tho returns of the Treasury, and
thereforo most probably remaining in the
country. These are important facts, and show
how completely the inferior currency will su-persede
the better, forcing it from circulation
among the masses, and causing it to be expor-ted
as a mere article of trade to add to tho
money capital of foreign lauds.
They show the necessity of retiring our ta-per
inouey, that the return of gold and silver
to the avenues of trade may be invited, and
n demand created which will cause the reten-tion
at home of at bait so much of the pro-ductions
of our rich and inexhaustible gold-bearing
fields as may he sufficient for pur-poses
of circulation. It is unreasonable to
expect a return to a sound currency so long
as the Government and banks, by continuing
to issue irredeemable notes, fill thn channels.
of circulation with depreciated paper. Not-withstanding*
coinage by our mints sineo
1849 of eight hundred and seventy-four mil-lions
of dollars, the paapla are now strangers
to the currency which was designed for their
use aud benefit, and specimens of the precious
metals bearing the national device are seldom
seen except when produced to gratify the in-terest
excited by their novelty.
If depreciated paper is to bo continued as
the permanent currency of the country, and
all our coiu is to become a mere article of
traffic and speculation to the enhancement in
juice of all that is indispensable to the com-fort
of the j eople, it would be wise economy
to abolish our mints, thus saving the nation
the care and expense incident to such estab-lishments,
and let all our precious metals be
exported in bullion. The time has come,
however, when the Government and national
banks should be required to take the most
efficient steps and make all necessary arrange-ments
for a resumption of neade payments.—
Let specie payments once bo earnestly inau-gurated
by the Government and banks anil
tbc value of the paper circulation would di-rectly
approximate a specie standard. Spec io
payments having be«n resumed by the Guv.
einment and banks, alln -tes or bills of paper
issued by either of a less denomination than
twenty dollars should by law be excluded
from circnlation, so that the people may have
the benefit and convenience ofa gold and sil-ver
currency, which in all their businesa
transactions will be uniform in value at home
aud abroad. Every man of property or indus-try,
every man who desires to preserve what
he" honestly possesses, or to obtain what he
can honestly earn, has a direct interest in
maintaining a safe circulating medium—nuch
a medium as shall be real aud substantial,
not liable to vibrate with opinions, not sub-ject
to be blown up or blown down by the
breath of speculation, but to be made stable
and aeoare, A disordered currency is one °f