Decatur Eagle, Volume 12, Number 37, Decatur, Adams County, 18 December 1868 — Page 1

THE DECATUR EARLE. PUBLISHED EVERY FRIDAY. A.J. HILL, KHTOR,PUBLISHER AND PROPRIETOR. OFFICE—On the west side of Second BtM«t, oT»r Dorwin & Brother’s Drug Store. Terms of Subscription. One copy, onoyerr, in advance,, 31 50 If paid within the year, 2 00 If paid after the year has expired 2 50 Papers delivered by carrier jtweentyfive cents additional will be chaaged. No paper will be discontinnca until all arreragea are paid, except at the option of the publisher. Rates of Advertising. S’ ? S’ J 3 £ S ® © © © J o _ghJg Z, o o ’a?| g f I e o' P" er wr ® • Sg:? ? ; : ■ ■ —■ 11 • i ■ ~* i - ■ - —- —— Half loch.. 50 1 00 1 50 250 3 50 5 50 800 One " 75 125 200 350 450 60010 00 Two •• 125 200 350 500 7 00,10 00'17 00 Thrra 1 75 2 75 4 50 6 '0 9 00 14 00 22 00 S" 2253505508001100 IS 00 27 00 .C 01... 275 425 625 950 13 00:21 00 32 00 " 4 25 6 20 9 15 14 65 18 65!30 00148 00 S-4 •• 5 75 7 65 12 00 20 80 2l 30 39 00*64 00 One 11 700100015 Oo 25 00'30 00(48 00 8O Oo Special Notices.—Fifteen per cent, additional to the above rates. Business Notices.—Twenty-five per cent, additional to the above rates. Legal Advertising. One square [the space of ten lines brevier] one insertion, $2 00 Each subsequent insertion, 60 No advertisement will be considered less than one square; over one square will be counted and charged as two; over two as three, &c. Local notices fifteen cents a line for each insertion. Religious and Educational notices or advertisements may be contracted for at lower rates, by application at the office. Deaths and Marriages published as news—free' OFFICIAL DIRECTOR Y. District Officers. Hon.Rob’t LowryCircuit Judge. T. W. Wilson, Circuit Prosecuting Att’y. Hon. R S. Taylor, . . Com. Pleas Judge. J. 8. Daily, Com. Pleas Prosecut'g Att’y. County Officers. Seymour Worden,Auditor. A. J. Hill Clerk Jesse NiblickTreasurer. M. V. B. Simcoke,Recorder. James Stoops. Jr., Sheriff. Henry C. Peterson,Surveyor. Sam. C. Bollman, .... School Examiner. Conrad Reinking, ] Jacob Sarff, L • • Commissioners. Josiah Crawford, J Town Officers. Harrison B. Knoff Clerk Tobaseo Burt, . . . Treasurer a Marshall. Herman Bosse, ] David King, >Trustees. David Showers, J Time of Holding Courts. Circuit Court.—On the third Monday In Apr|l, and the first Monday in November, of each year. Common Pleas Court.—On the second Monday in January, tho secord Monday in May and the second Mond; y In Srptember, of each year. Commissioners Court.—On the tint Monday in March, the first Monday n June, the first Monday in September, and the first Monday in December, o each year, CHURCH DIRECTORY. St. Mary s (Catholic). —Services every Sabbath at 8 and 10 o’clock, A. M.’ Sabbath School or instruction in Catechism, at 1| o’clock, P. M.; Vespers at ,2 o clock, P. M. Rev. J. Wemhoff, Pastor. Methodist.—Services every Sabbath at 10) o’clcck, A. M., and 7 o'clock, P. M. Sabbath School at 9 o’clock. A. M. Rev. D. N. Shackleford, Pastor. Presbyterian.—Services nt 10) o’clock, A. M., and 7 o'clock, P. M. Sabbath School a* 9| o'clock, A. M. Rev. A. B. Lowes. Pastor. STAGE LINES. V. S. MAIL NEW STAGE LINE BETWEEN DECATUR, INDIANA. & ST. MARY'S, OHIO > ALSO, FROM DECATUR TO MONROEVILLE, IND. Th* tisd'Hlgned will nin regularly between th. above named points, M follo-ae, to-wft Laave Decatur, fur St. Mary s, on Monday* and Friday* at 7 o clock, A. M. Leave St. Mary**. For Decatur, on Tueedaya and Saturday* at 7<>’ctock, A. M. Leave Docatnr. for Monroeville, every morning (Sunday* excepted I at 7 o’clock, and return the tame day at 5 o'clock. P. M.. making connection ar! th train* ruanfag both way* on the Pittibvrj, Ft. Wayne <V Chicago R. R. | will alto do a general Exprra* butineaa Per•on* deviling package* brought from any point mar rely upon having their order* prompt!, attended to. v12n15 GEO. FETK’K. — pRUC* DORWIN & BRO., -DIALERS ISDrugs, Medicines, Chemicals, T<Hlf f mid Fancy JrlUUi, Bpongei, Brushes, Per fume ru. Coal Oil, Lamps, Patent .Bedicencs, 9fc. DIC A TUR,INDIANA.| Physician's Prescriptions carefully I •a*pounded, and orders answered with care and dispatch. Fa rm or» and Physicians from the country will find our ' stock of Medicines complete, warranted getuinc, and of the boot quality. v9n35 * t j ~ UHWE, CEMBNT LILLIE A BROTHER. Wholesale and Retail Dealers in LIME, CEMENT, PWSTERIN9 HADI, pustii inn d coal, Calhoun Street, on the Canal, PORT WAVNB, INP.

The Decatur Eagle.

Vol. 12.

ATTORNEYS. DANIELv D. HELLER, Attorney At Law, DECA TUB, INDIANA. WILL practice hi* Profe«*lon anywherein Indiana or Ohio. OFFlCE—Opposite the Recorder's Office. v10n52 J A TIES rTbOBOj Attorney a,t Xja/’pv, DECATUR, INDIANA. DRAWS Deeds, Mortgagesand Contracts. Ro-<l.-<-inH Land and pays Taxes. OFFlCE—Opposite the Anditor’s Office. v!on6. D. STIBABAKER, Attorney a.t Law, Claim & Real Estate Agent, DECATUR, INDIANA. WILL practice Law in Adams and adjoining Counties; soenre Pensions and other Haims against the Government; buy and sell Real Estate; examine titles and pay taxes, and other business pertaining to Real Estate Agency. He Is also a Notary Public, and Is prepared to draw Deeds, Mortg .gea and other instruments in writing. vlOnll. PHYSICIANS. F. A.JELLEFF. W. H. SCHROCK. JELLEFF A SCHROCK, Physicians and Surgeons, DECATUR, INDIANA. OFFICE—On Second Street, opposite the Public Square. VBnlstf. CHARLES L. CURTISS, Physician and Surgeon, DECATUR, INDIANA. HAVING permanently located in this plitcc.offers his professional services to the people of Decatur and vicinity. OFFICE—In Houston’s Block. Resnlenceat the Burt House. vllnlGtf. ANDREW S O R « , Physician and Surgeon, DECATUR. INDIANA. OFFICE—Ou Second Street, over W. G. Spencer s Hardware Store. vsn42tf. A? J. ER WM. D.j Surgeon. Dispensary, Aveline Block. v11n25 FORT WAYNE, IND. REAL ESTATE ACENT. j A TIES R. 8080, LICENSED REAL ESTATE AGENT. DECATUR, INDIANA. 3AAA ACRES of good farming land, icv•IJW mil Town Lota and a In tve quantity •»f wild land for sale. If you want to buy a good arm or wild land he will iwdl it to you. If you want .our land gold he will sell it for you. No sale, no chargv. vlOnßtf. DENESTRY. H. H. IHcCONNELL, Surgeon Dentist, d ®CATI’R, INDIANA. All work nontlv executed and war: rnnted to give Rntigfiictlun. Car and examine •n*rimcns. OFFICE—In Kotct's building, over Heller’* Law office. vlliHVtf. AUCTIONEER. CHARLES M. FRA ACE, A.uctioncer, WILSHIRE, OHIO. Would Announce so the public that he it a regularly Licensed Auctionen. and will attend all Public Sales, whenever requested. > v addreoiKF him 38 above, or enlling at his regidcnee in BlueCreek Township, Adams Co., Ind. ts. HOTELS. MIESSE II OVS E , I. J.MIESSE, Proprietor. Third St., Oppoeite the Court Iloute, DECATUR, INDIANA. In connection with this Boum there l« » Stage i nn to and from Decatur mid Monroeville, daily, which connect* with train, running both way., vllnVtt. MAIN STREET EXCHANGE. A. FREEMAN, Proprietor, R’etl Main Street, near the Public Square, FORT WANYE, INDIANA, v'.lnlltf. MAYER HOVSif. J. W. BCLL, Proprietor, Corner of Calhoun and Bayne Streett, FORT WAYNE, INDIANA, vllnlltf. HEDEKIN HOUSE. A. J. 11. MILLS, Proprietor, On Darr, between Columbia and Main Ste., FORT WAYNE, INDIANA. OFFICE of Auburn anti Dvcatnr Stage linen. Also good stabling in connection with the House. vllnlltf. AJEWELERSV HAIER & GRAFFE, -dealers isWatches, Clocks, Jewelry, SILVER AND SILVER-PLATED WARE. Gold, Silver and Steel Spectacles, Columbia Street, vllnslyl. FORT WAYNE, IND. NEW JEWELRY STORE! DECATUR. EZRA LISTER Announces to the eititens of Adams County and vicinity, that he has opened a I JEWELRY STORE in Dxiatur. one door north of Martin & I Bro’s. Bakery where he will keep con-' stantly on hand a large and complete assortment of Watches, Clocks, Jewelry, Notions, ‘ Spootacles, Ae., which he offers at pries* to suit the times. Harintr secur-d the servfeos of tn experienced Jeweler, he is prepared to do ell kinds of repairing on short notice. All work warranted as represented. I ▼12n15 11BAU8TBR.

DECATUR, IKD., FRIDA Y, DEC. 18, 1868.

Tbe President's Message. Fellow-Citizens of the Senate and House of Representatives —Upon the reassembling of congress, it again becoYnes my duty to call your attention to the state of the union, and to its continued disorganized condition under the various laws which have been passed upon the subject of re-construction. It may be safely assumed as an axiom in the government of states that the greater wrongs inflicted upon a people are caused by an unjust and arbitrary legislation, or by the unrelenting decrees of despotic rulers; and that the timely revocation of injuries and op pressive measures is the greatest good that can be conferred upon a nation. The legislator or ruler who has the wisdom and magnanimity to retrace his steps when convinced of error will sooner or later be regarded with the respect and gratitude of an intelligent and patriotic people. Our own history, although embracing a period less than a century, affords abundant proof that most, if not all, of our domestic troubles are directly traceable to its violation. RE CONSTRUCTION. Most striking illustrations of fact are furnished by the enactments of the past three years upon the question of re construction. After a fair trial, they have substantially failed, and proved per nicious in their results; and there seems to be no good reason why they should longer remain upon the statute-book. States to which the constitution guarantees a republican form of government have been reduced to military depend en<e, and in each of which the people have been made subject to the arbitrary will of the commanding general. Although the constitution requires that each state shall be represented 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 recent election for a president and vice proeident of the UiiltCtl Stales. — The attempt to place the white population under domination of persons of color, in the south, has impaired, if not destroyed, the kindly relations tha‘ had previously existed between them, and mu tual distrust has engendered a feel ing of animosity which, leading in some instances to collision and bloodshed, has prevented that cooperation between the two races so essential to the success of industrial enterprises in the southern states. Nor have the inhabitants of those states alone suffered from the disturbed condition of affairs growing out of the congressional enactments. The 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 Magna Charts of American rights, under whose wise and salutary provisions we have cessfully conducted all our domestic and foreign affairs, sustained ourselves in peace and in war, and become a great natiorf among the powers of the earth, must as suredly be now adequate to the settlement of the questions grow-j ing out of 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 the rebellion had spent its entire force, and in the south ern states, the people had warmed into the national life; and; throughout the whole country, a healthy reaction in public sentiment had taken place. By the application of the simple, yet effective, provisions of the constitution the executive department, with the voluntary aid of the state, had brought the work of restoration as near completion as was within the scope of its authority, and the nation was encouraged by the prospect of an eartv and satisfap tnry adjustment of all its difflcul ties. Congress, however, inter vened. and refusing to |>erfect the work so nearlv consummated, declined to admit members from the unrepresented states; adopted a series of measures which arrested the progress of restoration, frns trsted all that had been so successfully accomplished, and, after three years of agitation and strife. has ( left the country farther fr'm the attainment of union a:.d fraternal ( feeling than at the inception of. the congressional plan of recon-1

strnction. It needs no argument to show that the legislation which has produced such baneful consequences should be abrogated, or else made to conform to the genuine principles of a republican government [ OTHER UNCONSTITUTIONAL ACTS. Under the influences of party passions and sectional prejudices, other acts have been passed, not warranted by the constitution. Congress has already been made familiar with my views respecting the tenure of office bill. Experience has proved that its repeal is demanded by the best interests of the country; atfrl that, while it remains in force, the president cannot enjoin that rigid accountability 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 appointment and removal in accordance with the original design of the federal constitution. The act of March 2, 1877, making appropriations for the support of the armv for the year ending June 20, 1868, and for other purposes, contains provisions which interfere with the president's constitutionel functions as command-er-in-chief of the army, and deny to the states of the nnicn the right to protect themselves by means of their own militia. These provisions should be at .once anulled; for, while the first might, in times of great emergency, seriously embarrass the executive in his efforts to employ and direct the common strength of the nation of the United States, for its protection and preservation, the other is contrary to the express J declaration of the constitution. : that a well regulated militia being necessary to the security of a free state, the right of the people to keep and bear arms shall not be infringed. It is believed that the repeal as all such laws would be ac cepted by the American people as at least a partial return to the fundamental principles of the government and an indication that hereafter the constitution is to be made the nation's safe and unerring ■ guide.. They can be productive of no permanent benefit to the conn- ; try, and should not be® permitted i to stand as so many monuments of the deficient wisdom which has characterized our recent legislation. THE FINANCE'S. The condition of our finances demand the early and earnest consideration of congress. Compared with the bulk of our population tbe public expenditures have reached an amount unprecedented in our history. The population of the United States in 1790 was nearly 4,000.000 of people. In creasing each year, about 33 per cent —it reached, in 1860, 31,008,000, —an increase of 700 per cent, of the population in 1790. In 1869, it is estimated that it will reach 38,000,000, or an increase of 868 percent, in seventy-nine years.— The annual expenditures of the federal government, in 1791, were 4.200.000 dollars; in 1820. 18.200,000 dollars; in 1850. 40.000,000 dollars; in 1860, 63.000,000 dollars; in 1865, 1,300,000,000 j dollars, and in 1869, it is estimatwl bv the secretary of the treasury in his last annual report, that they will be 372,000,000 dollar*. By comparing the public disbursements of 1869. as estimated with I those of TJ9I, it will be seen that i the increase of expenditure since the beginning of the government j has been 81.614 per centum, while ; the increase of the population for . the same period was only 868 per centum. Again: The expenses of the : government in IB6o—tbe year of peace immediately proceeding the war—were only 63,00,000 dollars; while, in 1869,—the year of peace three years after the war. it is estimated they will be 372,000,000 • dollars, —an increase of 489 per J centum; while the increase of ' population was onlv 21 per cent for the same period. Those statistics further show that, in 1791, the annual national ■ expenses, compared with the population, were little more than 81 j per capita, and, in 1860, but 82; I per capita, while, in 1869, thev - i will reach the extravagant sum of 89 78 per capita. It will be observed that all of tho»e statements refer to and ex [ hibit the disbursements of peace i periods. It mar, thorefore.J>e of. I interest to comp >re the expenditures of the three war periods, the war with Great Britan, the Mexi-I can war,’ and the war of the re ’ bellion. In 1814. the annual ex ' peases inoi lent to the war of J reached their highest amount, abont 31'.00*.\000 dollars, while nnr population slightly exceeded 8.- ' 000,000, —showing an expenditure'

of only S 3 80 per capita. In 1848 ; expenditures growing out of the j war with Mexico, reached 55,-' 000,000 dollars, and the popula-' tion was aboufr2l,ooo,ooo, giving ; only 82 60 per capita for the war i expenses of that year. In 1865, the expenditures called for by the rebellion reached the vast amount; of 1,290.000,000 dollars; which, j ; compared with a population of! 234,000,000, gives 838 20 .per i I capita. ; From the 4th day of March, 1789, to the 3d day of June, 1861, i the entire expenditure of the gov- j r ernment were 1,700,000,000. Dur- i • ing that period, we were engaged , in wars with Great Britan and Mexico, and were involved in hos j • tiiities with powerful Indian tribes. : i Louisiana was purchased from : I France, at a cost of 15,000,000 , t dollars. Florida was sold to us bv Spain, for 5,000,000 dollars.— ; » California was acquired from Mex- ■ ico for 15,000,000 dollars; and tbe territory of New Mexico was - obtained from Texas for the sum t of 10,000,000 dollars. Early in r 1861 the war of the rebellion com- , - menced; and, from the first of i July of that year to the 30th day -of June, 1865, the public expendi- - tores reached the enormous agr gregate of 3,-300,000,000 dollars. t Three years of peace have inter- ' f vened, and, during that time, the disbursements of the government t have successively, been 520.000,t 000 dollars, 346,000,000 dollars, - and 393,000,000 dollars. Adding - to these amounts the 372,000,000 1 dollars estimated as necessary for e j the fiscal year ending on the 3d s ' day of June, in 1869, we obtain a e total expenditure of one billion s six hundred million dollars during , ' the four years immediately suceeed- ; in the war: or nearly as much as e was expended during the seventy > years that preceded the rebellion, j and which embraces the extra- » ordinary expenditures already named. s These startling facts clearly, illus - trate the necessity of retrenchment - in all branches of the public ser- - vice. Abuses which were tolcrae , ble during the war, for preservag i tion of the nation, will not be ens dured by the people now that pro- - found peace prevails. 1' The receipts from the internal -1 revenue ami customs have, during i 1 the past three years, gradually di- - minishe l. and tKe continuance of useless and extravagant expend! tares will involve us in national s bankruptcy, or elso make inevita - ble an increase of taxes already - too enormous, and in many rei snects, odious, on account of their - inquisitorial character. One huni dred millions annually expended f for the millitary force, alargepors tion of which is employed in the j execution oflaws both unnecessar rv and unconstitutional. One hun- ‘ - dred and fifty millions are required ! . each year to pay the interest on , the public debt.’ An army of tax-' i gatherers impoverishes the nation ; ■ I and the public agents, placed by - congress beyond the control of 3 the executive, divert from their » legitimate purposes large sums of - money which they collect from ■ ■ the people in the name of the gov- ) ernment Judicious legislation ) i and prudent economy can alone - remedv these defects, and avert r I the evils which, if suffered to exist ; i cannot fail to diminish confidence -; in the public councils, and weaken -1 the attachment and respect of the , i people towerd their political int stitutions. Without proper care. » the small balance which it is esti-: i mated will remain in the treasury ji at the close of the present fiscal, ■ year will not be realized, and ad-; • ditional millions will be added to a which is now enumerated >' by billions. r It is shown, by the able and • comprehensive report of the sec- j ' retary of the treasury, that the re- i ■ ceiptaforthe fiscal year ending ! Julv 30th. 1868. were four hun- ; i dred and five million six hundred ■' and thirty-six thousand eight hun.- i ‘ | dred and eight dollars, and that I the expenditures for the same peri|od were 377.340.284 dollars. — ieaving in the treasury a surplus 'of 28.797,978 dollars. It is esti- ; ■ mated that the receipts <luring the I present fiscal rear, ending June 30th, 1869. will be 141.392.868 ; dollars, and expenditures 336.-1 152,470 dollars, showing a small I balance of 5.240,398 in favor of the government For the fiscal i rear ending June 30,1870. it is esi timated that the receipts will a-1 ' mount to three hundred and twenI tr-seven million dollars, and the expenditure* to three hnnlre l and I three million dollars.—leaving an Estimated surplus of twenty-four ■ million dollars. THE PUBLIC DFRT. It in 1 to mke a brief referen'** to . onr public indebtedness, which has ' accumiilatod with such alarming

rapidity and assumed such colossal proportions. In 1779, when the government commenced operation under the federal constitu tion, it was burdened with an in- , debtedness of seventy-five million , dollars, created during the war of ’ the revolution. This amount had ; been reduced to fortv-five million ( dollars, when, in 1812, war was de- ! dared against Great Britan. The . three years’ struggle that followed largely increased the national obligations. and, in 1816, they had attained the sum of one hundred ; and twenty-seven million dollars, i Wise and economical legislation, , however, enabled the government ! to pay the entire amount within a i period of twenty years, and the | extinguishment of the national : debt filled the land with rejoicing, : and was one of the great events of i : President Jackson's administra j i tion. After its redemption, a large 1 fund remained in the treasury, which was deposited for safe keeping with the several states, on condition that it should be returned when required by the public wants, iln 1849, —thy year after the teri mination of an expensive war ■ with Mexico,—we found ourselves involved in a debt of sixty-four million of dollars; and this was tlie amount owed by the government in 18G0, just prior to the outbreak of the rebellion. In the . spring of 1861, our civil war comI menced. Each year of its contin- ' nance made an enormous addition ito the debt; and when, in the ! spring of 1865, the nation successfully emerged from the conflict, the obligations of the government had reached the immense sum of 2.873.992,909 dollars. The sec1 retary of the treasury shows that : on the Ist day of November 1867, , this amount had been reduced to 2,391,504,451 dollars; but at the I same time his report exhibits an • increase during the last of 35,625,102 dollars ; for the debt on ’ the Ist day of November last, is I stated to have been 5.327,129,552 1 dollars. It is estimated by the secretary that the returns for the past month will add to our liabilities the further sum of 11,000,000 dollars, — making a total increase during thirteen months of 46,500,000 dollars. In mv message to Congress of , Dec. 4. 1865, it was suggested that a policy should be devised which, without being oppressive to the j people, would at once begin to effect a reduction of the debt, and, if persisted in, discharge it fully within a definite number of years. The secretary of the treasury for ' cibly recommends legislation of this character, and justly urges that, the longer it is delayed, the : njore difficult must become its ac- j accomplishment. We should fol- ; low the wise precedents established in 1789 and 1816, and without fur- I ther delay, make provision for the ' ' payment of our obligations at as ' Nearly a period as may be praetica-1 bie. The fruits of their labor: should be enjoyed by citizens, rather than used to build up and ' sustain monopolies in our own and other lands. Our foreign debt is i already computed by the secretary ; of the treasury 4>t §850,000. Citi-: zens of foreign countries receive interest upon large portions of our I securities, and American tax-pay-1 ers are made to contribute large sums tor their support. The idea that such a debt is to become per-1 manent should be discarded, as involving an expense too heavy to be borne, and the payment, once , in every 16 years, at the present | rate of interest, of an amount e- ' qual to the original sum. This j , vast sum, if permitted to become permanent and increasing mint | eventually lie gathered into the hands of a few, and enable them ■ to exert a dangerous and controll-1 . ing power in the affairs of the gov- ; ■ eminent. The borrowers would ; become the servants of the lenders, the lenders masters of the people. i We now pride ourseves upon having given freedom to four millions •of the colored race. It will then be our shame that forty millions of people, by their own toleration of usurpation and profligacy, have | suffered themselves to become en-; slaved, and. merely exchanged, ! slave owners for new taskmasters in the "shape of bondholders and i tax gatherers. Besides, permanent debts pertain to monarchical governments, and tend to monopolies. Perpetuities and class legislation are totally irreconcilable with free institutions. Introduced into our | republican s, stem, they wOOld gradually, but surely, sap its foun- j dations, eventually subvert our governmental fabric, and erect upon its ruins a moneyed aristocracy. It is our sacred duty to trans I mit unimpaired, to our posterity . tha blessings of liberty which were bequeathed to us by the founders of the Republic, and, by our example, teach those who are to fol-

low us carefully to avoid the dangers which threaten a free and independent 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 be redeemed, there seems to a general concurrence as to the propriety and justice of a reduction in the present rate of interest. The secretary of the treasury, in his report, recommends 5 percent.; congress, in a bill passed prior to its adjournment on the 27th of July last, agreed upon 4 and 4J per cent.; while by many, 3 per cent, has been held to be an ample and sufficient 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 actually received for its bonds, and the conclusion is becoming prevalent that the amount which it obtained was in real money 300 or 400 per cent, less than the obligations which it issued in return. It cannot be denied that we are paying an extravagant percentage for tl«e use of the money borrowed, which was paper I currency, greatly depreciated beI low the value of coin. This fact is made apparent when we consider that bondholders receive from the treasury upon each dollar they? own in government bonds 6 per cent, in gold, which is nearly or quite equal to 9 per cent, in currency ; that the bonds are then converted into capital for the national banks, upon which these institutions issue their circulation, bear ing 6 percent, interest; and that they are exempt from taxation by government and the states, and thereby enhanced 2 per cent, in the bonds of the holder. W e tiius have an aggregate of 17 per cent., which may be realized upon each dollar by the owners of government securities. A system that produces such results is justly re- . | garded as favoring a few at the ex- ! pense of the many, and has led to , the further inquiry, whether our . bondholders, in view of the large ; profits which they enjoyed, would themselves be averse to a settlement of our indebtedness upon a plan which would yield them a fair remuneration, and the same time, ' be just to the tax-payers of the nai tion. Our national credit should :be sacredly observed; but, in mak- ’ ing provision for our creditors, 1 we should not forget what is due ■to the masses of the people. It 1 , may be assumed that holders of our securities have already received upon their bonds a larger aJ mount than their original investment, measured by a gold standard. I Upon this statement of facts, it ■ would seem but just and equitable ! that the 6 per cent, interest now paid by the government should be applied to the reduction of the principal, in semi-annual instal ■ ments, which, in sixteen years and eight months, would liquidate the 1 entire debt. Six per cent, in gold would, at present rates, be equal ’ to 9 per cent, in currency, and ei quivalent to the payment of the : debt one and a half times in a fracI tion les's than seventeen years.— I This, in connection with all the , other advantages ? derived from their investment, would afford to ; the public creditors a fair and liberal compensation for the use of their capital; and with this they should be satisfied. The lessons I of the past admonish the lender 1 that it is not well to be over anx- ■ ions in exacting from the borrower rigid compliance with the letter , of the bond. If provision lie made for the ■ payment of the indebtedness of : the government in the manner sugI gested/our nation will rapidly recover its wonted prosperity. Its i interests require that some mcas- : ure should be taken to release the j large amount of capital invested I in the securities of the government, it is not now merely unproductive, i but in taxation annually consumes : one hundred andffifty million dollars, which would otherwise be . nsed by our enterprising people in j adding to the wealth of the nation. Our commerce, which at one j time, successfully rivaled that of the great maritime powers, has rapidly diminished and our industrial interests are in a depressed • and languishing condition. The development of our inexhaustible resources is cheeked, and the fertile fields of the south are becoming waste, for want of means to ; till them. With the release of capital, new life could be infused into the paralized energies of our people, and activity and vigor imparted to every branch of industry. Our people need encouragement in their efforts to recover from tlie efiects of the rebellion and of injudicious legislation, audit should be the aim of the government to stimulate them, by the prospect of an earlv release from the hardens which impede their prosperity. If we cannot take the bunlens from their shoulders, we should at least manifest a willingness to help to beat them'. • • There is no reason which wHI be accepted as satisfactory by the people why those who defend as

No. 37. ”