Indiana American, Volume 7, Number 51, Brookville, Franklin County, 18 December 1868 — Page 1

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' PUBLISH ID IVIRT HlDAT Bt f C. H. BINGHAM, Proprietor OSce in the Bfational Bank feaildlng. TERMS OF SUBSCRIPTIONV, J $2,50 PERYBAK,I ABYfC. !.; : $3 00 ' " "Ot tAt tli ADtlKCS. o postf D papers delivered within, this THE PRESIDENT'S MESSAGE J fllloie- Cii iViu of the iSena te and Mouse of Representatives: ( .', Upon the reassembling of Congress, it szaio becomes my duty to call your attention to the state of the Union, and its disorganised condition under the virions iws which have been passed upon the subject of reconstruction. ; ,.,,. CO.NORESSIOSAt. LEGISLATION BKXASDS1)'. It may be safely assumed, aa an axiom in the government of the States, that the greatest wrong inflicted upon a people is bv uniust and arbitrary legislation. hv the unrelenting decrees of despotic,! rulers, and that the withdrawal of injur-t ious and oppressive measures is the greatet "ood that can be conferred ipon a natiotT. The legislator tr the ruler who has the wisdom and magnanimity to retrace his steps, when convinced of error, -will, sooner or later, be rewarded with the reared and eratitude of an intelligent and patriotic people. - ; - ' Our own history, although embracing a period of less than a century, affords abundant proof that most, if not all, our domestic troubles are directly traceable to the violations of the organic laws and excessive legislation. The most striking illustrations of this fact, are furnished by The enactments of the past three years Upon the question of reconstruction. After a fair trial, they have substantially failed and proved pernicious in their results, and there seems to be no good reason why they should longer remain upon the statute States to which the Constitution guarrantccs a republican form of government have been reduced to military independencies in each of which the people have been made subject to the arbitrary will of he commanding general, although the Constitution requires that each State shall be represented in Congress, Virginia, Mississippi and Texas are yet excluded from the Houses, and contrary to the express provisions of that instrument, were denied participation in the recent election ior a President and Vice President of the United States. The attempt to place the whole population under the dominations of persons of color in the South, has impaired, if not destroyed, the kindly relations which had previously existed between them, and mu ual distrust has aroused a feeling of animoMiy wnicn . .c uug ,n ,u- ..av. .i.. i.i.m . .1 ill.....!... Iw..l Ka nrnvuntdil I that co-operation between the two races o essential lo the success of inaustnal en - i tftfrises in the Southern States. ses in the Southern btates. Nor the inhabitants of those Mates alon ; have suffered from the disturbed condition of affairs irrowine of Congressional enact merits. The entire lluion has been agi-

. . . . . , t.J IT II . 1 II - . . OIK .ft L 1 1 V .7 VJ HI II II. Ill V 11 1,1 ta cd by grave apprehensions of troubles efer be disburseuieut8 ol which might again involve the peace ot j . , the nation. Its interests have been in-i' . r . r. . . . . . , r . i l .i i . im It may, therefore, be of interest to cotnjunously affected by the derangement of I ,. c J. . J .ii"' ... . rare the expenditures of the three war buMness and labor, and the consequent ,., . - , . - .. ' . , .... i periods, tho war with (.treat Britain, the want of prosperity throughout that por-I , ' , ,

tion of the country. MY POLICV REASSERTED. The Federal Consi'itution, the Mien i Charts of American rights, under whoso Mie and salutary provisions we have sue- ' cetully conducted all our domestic and . foreign affairs in peace and in war, and become a great nation among the powers f the earth, must assuredly now be ad I equate to the settlement "of questions 1 crowing out of the civil war waged for its j vindication. This ,rf.t fact is made most mut.-t by the condition of the country. hen Congress assemhied in the month of IWcmher, 1865,ciil strife bad ceased; tlie vpii it of rebellion had t-pent i's euiiie trce iu the outheru States; the peopl Mwarmedinto national life, and through-! out ll,e whole country a healthy reaction in piblic sentiment had taken place by the ( '''cation of the s-imple, jet effective fri vi-ions of the Constitution. The Executive Department, with the voluntary il ol the Mates; had brought the work t restoration as near completion as was ;'l.in the scop2 of its authority, and the Button was encouraged by the prospect of an early and satisfactory adjustment of all 0 difficulties. Congress, however, interfered, and refusing to perfect the work so nearly consummated, declined to admit fcoa.lers from Southern States, and adopti a course of measures which arrested lie progress of restoration, frustrated all ttiat had been successfully accomplished, 'J sl'ier three years of agitation and strife "V left the country further from the attmu ent of Union and fraternal feeling J1 t the inception of the Congrcssion-J - pan ot reconstruction. ) It needs no argument to show that the "Illation which has produced such coneiUences should be abrogated, or else ffiife to conform to the genuine princi es of government. Under the influence uf Party passions and sectional prejudice cts have been passed, not wanantby ihe Constitutiou. 8EsTRAIXrs OJ THK EXECUTIVE COMPLAINED OF. Ungress has already been made familrnk m views respecting the Tenure- . t'aee bill. Experience has proved that repeal is demanded by the best interof the country, and that while it re- . nS it! forpO tho Prnciilnnt n.n nnt Bn. : . " - ------- 1 V lUat rigid accountability of public of-1 - - .aiv m. ivriucii. 1011 ii i' . 1. rs so essential to an honest and effi-1 civ : 1 1:1 uimn 1 i n iswa us rpnpi i I

t d enable the Executive Department I crease of taxes already too numerous, xcrcise the power of appointment and and in many respects obnoxious, on acoval in accordance with the originsl : count of their inquisitorial character. One

. " - " - I of March 2d, 1867, making appropri- 1 is for the support of the army for the j . B r euerai vonstitution. in ; oth "U,UK une .iittn, itoa, ana ior ;..etIurPoses. contains provisions which ... " l - -, villains iiuiipiuui Tia.ivM , ere withthe President's constitutionth. M UoniHiander-in-Chief of 'lie V n,i ntTJ t0 ff,rd States of U n,on tlie rint to protect themselves J Jeans of their o Th , 'provisions should be at once an01 . ur wniie the hrst mi ght, in times y embarrass 53 emergency, seriously

iOW T A I v-- - . " ' "IT. 'V T ..t YOL: 7, NO. 51.3 the executive in its efforts to employ and direct the common strength of the nation for its protection and preservation, the other contrary to the express declaration of the Constitution, that a well a regulated militia, being necessary to the security of a free State, the right of the people to keep and bear arms shall Bot be infringed upon.';" , It is believed that the repeal of all such laws would be accepted by the American people as at least a partial return to the tandaniental principles of the government : and an indication that hereafter the Conetitution is to. be made the nation's safe and unerring guide. They can be productive of no. permanent benefit to the country, and should hot be permitted to stand as so many monuments of the deficrent wisdom which has characterised our recent legislation. T THE FINANCES. . .1. " ' , . ' 1 lie Condition otour finances riomtnili the early and earnest consideration of Con -- - - gress. Compared with the growth of our population, the public .expenditures have reached an amount unprecedented in our history. The population of the United States in 1790 was nearly four millions of people, increasing each decade about

thirty-three per cent. It reached, in 160 j indebtedness, which has accumulate i with National Banks, upon which those insti-thirty-one millions, an increase of seven jSUch alarming rapidity, and assumed such i tutions issue their circulation bearing six! hundred per cent, on the population of i colossal proportions. In 1739, when the ! per cent interest, and that they are exempt j liJO. In lSt9, it is estimated, it will j government commenced operations under from taxation by the government and the reach thirtyeight uiilhons, or an increase j the Federal Constitution, it was burdened ; States and thereby cuhanced two per cent. '

ui eigmnunareu ana sixiy-eigtu per cent, in seventy -nine years. The annual ex-1 penditureB of the Federal government j in 1791 84.200,000; in 1820. 818.200,000; m 18o0, 841,000,000; tn 1860. 863,000,-

yv, , caiijr vi,ouu,vuu,uuu, biiu ! druggie mat toiiowed largely increased in 1669 it is estimated by the Secretary of : the national Obligations and in 1810 they the'lreasury in his last annual report that: had attained the sum of $l2r,000,000. they will be 83 2,000,000. By com par-j Wise and economical legation, how-j mg the pubiic disbursements of 1869, as lever, enabled the government tj pay the i estimated with thnut nf 17il it mill V t :.t: - .

, .. . . ...,.. ..... seen that the increase or expenditures mai me increase or exrenauures since the beginning of the government has been 8 618 per centum, while the increase of the population for the same period was only bOS per centum. Again, the expenses of the government in 1860 the year of peace immediately preceding the war were only 863,000 000; while in 1869, the year of peace three years after the war, it is estimated they will be three hundred and seventy-two millions, an increase of four hundred and eighty-nine per centum, while the increase f pppu,tio was onI tWe,v.0,e r J .' per nantmi fits- t V a ami Viotrmi 1 Tl.f.0 o. ititicj furtber show in 17yl lJie a i Ml . p U,ioa were litrle more than 81 per iu ,nd in 1800 but 82 per capita, while iu 1869 they will reach the extrav agant sum ot per capita. it win I... .il..rrd.1 lli.t all ..f l,uo cf . Io munlu " tj bellion. In 1814 the annual expenses iu- : cideut to the war of Ibl2 reaclied their hhcst ,,ut. about fcdl.OOO.OOO, while our population slightly aceeUed etht '"ns' -bowing an expenditure of only -T lU" lbit the expenditures growing out of !ie war ,th, Meilco "ached fatty ;hve ' population was about twenty -.ne millions, giving only 82 00 l1tr ti,P,,,a or..,h war penscs of that er- ln lhb0 ,he expenditures called lor by the rebellion reached the vatt amount of twelve hundred and ninety millions, which, Compared with a population of thirty four millions, gives 8c8 20 per capita. From the 4th day of March, 1789, 10 h :0lh u,lC' lbbl' ,he penditurcs of the government were 1,TiiiMliHi tint) d.i.i.,,r tl,:.r ..,ind , i engaged iu wars with Croat B.itain and i Mexico, and were involved in hostilities ! with powerful Indian tribes. Louisiana j was purchased from France at a cost of

815.tl00.0tiO; Florida was ceded to us by fruits of their labors should be enjoyed by Spain, for 85.000.000; California was ac- 1 our citizens, rather than used to build up quired from Mexico for 15,000,000, audi aud eustain moneyed monopolies in our iV Trri,r ..f Vr Mi.i .,i.r.;... 'own and other lauds. Our foreign debt

ed from Texas for the sum of 810,000,tl00. Early in 1861 the war of the rebellion commenced, and from the 1st of July of that year to the 30th of June, 1865, the public expenditures reached the enormous aggregate of 83,300,000,000. Three years of peace have iutervened and ! during that time the disbursements ot the government have successively been 8520,000,000, 8346,000,000 and 8393,000,000. Adding to ihese amounts 8372,000,000, J estimated as necessary for the fiscal year ending the oOth ot June, 18o9, we obtain a total expenditure of 81.000,000,000 during the fouryears immediately succeeding the war, or nearly as much as was expended during the seventy-two years that preceded the rebellion and embraced the extraordinary expenditures already named. These startling facts clearly illustrate the necessity of retrenchment in all branches of the public service. Abuses which were tolerated during the war for the preserva tion of the uation will not be endured by I .. t . . 1 .

tne people now tuat proiouna peace pre- j tion ana pronigacy, nave euutaea iueuivails. selves to become enslaved, and merely ei-

The receipts from Internal Revenues j and Customs have, during the past three rears cradnallr diminished, and the conj , c j 1 tinuance of useless and extravagant cxpenditures will involv penditures will involve us in national I t .. . : . . . 1 inKmnipr nr f ii.n iiiiiKr inpiiia n m 3ti in , , nunurea uiiuiodc anouauj are expenueu for the military force, a large portion of j which is employed in the execution of . laws both

h unnecessary and nnconstitution- to our posterity the hlcssings of liberty I be iacreased, others contend that a deci,000,000 are required each year to i which were bequeathed to us by the ! ded reduction is absolutely essential to the

al; 8150,000 rav the interest on the public debt. An I

army of tax-gatherers impoverishes the 'ample to teach those who are to follow us nation, and public agents, placed by Con-1 carefully to avoid the dangers which gress beyond the control of the Executive! threaten a free and independent people, divert from their legitimate purposes large Various plans have been proposed for the Kiinia of monev which thev collect from navmeat of the nublic debt.

the people ia the name of the govern- ' ment. Judicious legislation and prudent

II E-U N I 0 N ,i T UZi C 0 N S T I JHIOOKVILLE, economy can alone remedy defects and avert evils which, if " suffered to exist,' can not fail to diniish thereon fidencei a the public councils, and weaken the attachment and respect of the people toward 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 realised, and additional millions . will be added to a debt which is new enumerated hv liillioun . It ia chan Kb tho atilo and COmnrehensivR rpnort rftri Spnrtarv ! jef the Traanury, that the receipts for the j fiscal year ending June 30, 1So8, were j $405,ti38,OS3, and that the expenditures , for the same period were- 377,340,284, ' leaving in the Treasury a surplus ol j-'S,- ? 207,798. It is estimated that the receipts ' during the present fiscal vear, ending j June 30, 1S6, will be f34l392,8G3 and j the expenditures 1336,162,470, showing a ! small balance of 15,240,398 iu favor of ! iK ,iuc cuiciuuii-Li. For the fiscal year ending June 30, j 1870, it is estimated that the receipts will ; amount to $327,000,000, and the expenditures to $ 303,000.000, leaviug an estima- ! ted surplus of 24,000,000. ' It becomes proper in this connection to make a brief rftrAni-A tn mir wiiti; with an indebtedness of $75,000,000, created during the war of the Revolution, This amouut has been reduced to $ 15,000,000, w hen in 1812, war was declared i gmst Great Biitian. The three years' ! ;umlc uiuuui nuuiu a periou oi iwemy , vpars. and PTiinoiii.hmoi.t ..f i ; al debt filled tllR land with ruiilii-inir anil : was one ot the greatest events of riesid-j eut Jackson's admiuistratiou. After the i ...... J ' 5

payment of the debt a large sum remained ! but in making provision for our creditors, in the Treasury, which was deposited, for! we should not forget what is due to the safe keeping, with the several States, on j masses of the people. It may be assumed condition that it should be returned when 'that the holders of our securities have alrequired by the public wants. In 1819, 'ready received upon their bonds a larger the year after the termination of an ex- j amount than their original investment pensive war with Mexico, wc found our-' measured by a gold standard, selves involved in a debt of 864,000,000, Upon this statement of facts it would and this was the amount owed by the seem just and equitable that 6 per cent, of government 111I86O, just prior to the : tne juterest uow paid by the government outbreak ot the rebellion. In the spring should be applied to the reduction of the ot 1861 our civil war commenced. Each ; principal in semi-annual installments, year ot its continuance made an enormous ; which, in sixteen years and eight months, addition to the debt, and when, in the would liquidate the entire national debt, spring of 1805, tha nation successfully Sjx per Cent. in gold would, at present emerged from the conflict: the obligations I rates. he eoual to uine i:er cent, in n.r.

of the government had reached the immense sum of 2,873,l.92,909. The Secretary ot the treasury shows that on the 1st day of November, 1807, this amount i had been reduced to $2,491,501,450. but i iu panic uiiiu U13 it iuii famous an increase during the past year of $35. 025,lo2, for the debt on the 1st day of November last is stated to have been $2,57,129,552. It is estimated by the Secretary that the returns for the past month will add to our liabilities the further sum of $ i 1,000,000, making a total increase during thirteen months of $40,500,000. THE national DEBT. In my message to Congress of Decernber 4tb, 1805, it was suggested that the

... I ... . . being oppressive to the people, "would at ! once" begin to effect a reduction of the j

mi ior sum Ul no iltMisoil. w 1101. without:"" ' uiuounv vi

debt, and if persisted in, discharee it fully ! cuve, out in taxaiiou annually conwithin a definite number of years. The ' sumes $150,000,000, which would otherSecretary of the Treasury forcibly reeom- i wise be used hS our enterprising people mends legislation of this character, and 4 in adding to tho wealth of the uation. justly urges that the longer it is deterred' commerce, which at one time successthe more difiicult must become its aceom-, luIiy rivaled that of the great maritime

tl ish m e 11 1. e shou d fo ow the w se ! precedents established in 1789, and 1816, and without further delay make provision ! for the payment of our obligations at as ! early a period as may be practicable. The j is already computed Py the secretary ot : tho Tro.isrv at SM.tltM.00t. t'itiz.Mi ;

of foreign countries receive interest upon a larce portion of our securities, and American tax-payers are made to contri-jand bate larsre 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 be borne, and the payment once tu every sixteen years, at the present rate of interest, ot an amount equal to me original sum. This vast debt, if permitted to become permanent, and increasing, must eventually be gathered into the bauds of a few, and enable them to.exert a dangerous and - control it. "The borrowers would become ' ernment servants to the lenders the lenders the ! masters of the people. We now pride ! ourselves upon having given freedom to four millions of the colored race. It will then be our shame that forty millions of people, bv their own toleration of usurpa- - 1" 11- 1 jar j.i changed slave owners for new task masters, in the shape ot bondholders and tax gatherers. Resides, permaueut debts pertain to monarchical uovernments, and, tending to monopolies, perpetuities and class leg.....ii : ....... :i. .1.1 . 1. r ' imui I u. a e tuiai t ii iriuuiruHU k nil 1 , - rf institutions. Introduced mto our republican system, they would gradually, but surely, ap its foundations, eventually subvert our governmental fabric, and erect

upon its ruins a moneyed aristocracy; IMly seven hundred millions. is our sacred duty to transmit unimpaired I urged by some that this

founders of the Kepublio. and by our ex-1 j However they may have varied as to the time aud u:uJe iu which it should be te-

f!t"; '

T U TIONT'AK D T if EE N FORCEMENT OF THE L A W S

IND., FRIDAY, DECEM BER 18, 18(38.

deemed, there seems to be a general con-: eurrence as to the propriety. and justness! of a rednetion in the present rate nf in j terest. The Secretary ef the Treaiury, in his report, recommends bve per cent. Congress, in a bill passed prior to adjournment, on the 27th of July last agreed up on four and four and a half per cent.,) while by many three per cent, has beea' held to be an amply sufficient return for. the iu) vestment. 1 he general impression ! as to the exorbitancy of the existing rate nf inlertvst lim leil tn an innnirv in lha ' j public mind respecting the consideration ' i which the government has actually re-! ' ceived for its bonds, and the Conclusion is! j becoming prevalent that theamouot which S it obtained was in real money three or j ' four huudred per cent, less than the obli-i 'gations. It can not be denial that we are ' ipajing an extravagant percentage for the j ue of the money borrowed, which was? paper currency, greatly depreciated below i ' .1 . r ;iue vatue or coin. The fact is made apparent when we con-1 sidcr that the bondholders receive from ! the Treasury, upon each dollar they own in government securities, six per cent, in gold, which is nearly or quite equal to niue per cent, in currency; that the bonds j tVi in the hands of the holders. We thus have an aggregate of sveuteen per cent., which may be received upon each dollar by the owuers of government securities, A system that produces such results is justlv recarded as favoring a few at the expense of the many and has led to the' turther inquiry whether our bondholders, in view ot the large profits which thev 1 have enjoyed, would themselves be averse I . . i . ..... i io a settlement ot our indebtedness upon i l. i.-. r; ninnnratinn an.l at llio c-jmo lin.a ,a i..ct ! u ii .... u v .ti .. ui 1 1 in u j vj jua. to the taxpayers of the nation. Our j national credit should be sacredly observed. I reucy, and equivalent to the payment of the debt one aud a half times in "a fractiou ' ePS than seventeen vears. This, in con- 1 ucction with all the'other advantages de- ! tivt5d fro. ,i,fi;r invpstn.pnt: would .-.fT.ird i to the l.lll.';ii frodirma n iir- an A litwrl 1 - .wusvau cau v aaasxaua j compensation for the use of their capital,; I and with this they should be satisfied.' The lessons of the past admonish the letij der that it ia not well to be over anxious iu exacting from the borrowers rigid com ; pliance with the letter of the bond. I If provision be made for the payment 1 of the indebtedness of the government in the manner suggested, our nation will rapidly recover its wonted prosperity. Its interests require that some measures should I, .1 I--... - . .... I . .. t ll A I . .......... . .. . oe taken to release tne capital invested in securities of the government. It is not uow merely uupro-j powers, nas rapiaiy aimmisiiea, ana our industrial interests are in a depressed and languishing condition. Ihe development l haustible resources is checked, and the fertile fie.d ot the South are be:'US wain ci means 10 uu : ) 'u release ot capital new , llle wold 1C mlused into the paralyzed; energies of our people, and activity and 1 '"e"1 '"'r11 ":"!lj oiuvu vi tuuusnj.j Our people need eacoura;ment in their j j efforts to recover from the effects of the 'rebellion and of injudicious legislation, il should be the aim of the govern, ! meilt ,0 stimulate them by the prospect 01 n r'y release trom the burdens which impede their prosperity. If we can not take the burdens from their shoulders, we should at least manifest a willingness to i help them to bear them. In referring to the condition of the circulating medium, j I shall merely reiterate substantially that portion of my last annual message which relates to that subject. Ihe proportion wlch the cuirency ot any country should produce circulated by its means, is a ques ,lJn upon which political economists have not. agreed, nor can not be controlled by legislation, but must be left to the irrevo cable laws, which everywhere regulate j itm nrrit nn1 tra.ln TVVi A rr 11 I a 1 1 n it I j K7 m LXJ V 1 - V.. Ullli 11 CB V- X IIV V ItX- UIUIO medium will ever irresistibly flow to those points where it is in greatest demand. The law of demand and supply ia a unerring as that which regulates the tides of the ocean, and indeed currency, like the tides, has its ebbs and flows throughout the commercial world. At the beginning of the rebellion the bank note circulation of the country ; amounted to not much more than two j hundred millions of dollars. .Now the i circulation of the National Hank notes, land those known as legal tenders, is nearWhile it is amount should best interests of the country. Iu view of f these diverse opinions, ifc may be well to ascertain the rel valuo of our paper j issues, when compared with a metallic or ; convertible currency. For this purpose 1 let us imitiiro how much cold and silver could be purchased by the seven hundred millions of paper money uow iu circula-

Mm

tion. Probably not more than half the amount of the latter, showing that when our paper currency is compared with gold and silver, its commercial value is compressed into 8350,1)00. 000. This striking j fact makes it the obvious' duty of , the J government, aa early as may be consis-; tent with the principles of sound political 1 economy, to take such measures as will enable the holders of its notes and , those of the National Banks to convert them j without loss into specie or its equivalent.1 A reduction of our paper circulating; medium may not necessarily follow. This, j however, would depend upon the law of ' demand and supply, though it should be borne in mind that by making legal tender and bank notes convertible into coin or its equivalent, their present specie value ; in the hands of their holders, would be euhauced 100 per cent. Legislation fori the accomplishment of a result so desira-j ble is demanded by the highest public j considerations. The Constitution con-I templates that the circulating medium of the couutry shall be uniform in quality and value. At the time of the formation of that instrument the country had just emerged from the war of the Revolution and was sufferiug from the effects of a redundant and worthless paper currency. The sages of that period weie anxious to protect their posterity from the evil 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 tender in payment of debts. The anomalous condition of rency is in striking contrast our curwith that Our cirwhich was originally designed, culation now embraces, first, the notes of the National Lianas, which are made receivable for all dues to the government, excluding imports, and by all its creditors excepting in payment of iuterest upon its bonds and the securities themselves. Second, legal tender uotes, issued by the United States, and which the law requires shall be received as well in paymeuttf all debts between citizens as of all government dues, excepting imports; and third, gold and silver coin . Uy the operation of our present system of finances, however, the metallic currency, when collected is reserved only for one class of government creditors, who, holding its bonds, semi-annually receive their interest in the coin from the .National Treasury. There is no reason which will be accepted as satisfactory by the people, why those who defend us on the land and protect us on the sea; the pensioner upon the grati-1 tude of the nation, bearing the scars and wounds received while in the service; the public servants in the various departments of the government; the farmer who supplies the soldiers of the atmy and ihe sailors of the navy; the artisau who toils in the nation's workshops or the mechanics aud laborers, who build its edifices and coustruct its forts and vesstls of war, should in payment of their just and hard earned dues receive depreciated 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 be paid in a currency possessing a uniform value. This can only be accomplished by the testoration of the currency to the standard established by the Constitution, and by this means we would remove a discrimination which may, if it has not already done so, do much to create a prejudice that may become deep rooted and widespread, and imperil the national credit. The feasibility of making our currency correspond with the constitutional standard may be seen by a reference to a few facts derived from our commercial statistics. The aggregate product of precious metals in the United States from 1849 to 1867 amounted to 81,174,000,000, while for the same period the net exports of specie were 8741,000,000. This shows an excess of product over net exports of 8433,000.000. They are in the Treasury 810'3,407.9S5 in coin; in circulation in the States on the Pacific coast, about 840,000,000, and a few millions in the National and other banks; in all less than 8160,000,000. Taking into consideration the specie in the country prior to 1S49, and that since 1S67, and we have more than three hundred millions not now accounted for by exportation or by the returns of the Treasury, and therefore most probably remaining in the country. These are important facts, and show how completely the inferior curreucj will supersede the better, forcing it from circulation among the masses, and causing it to be exported as a mere artie of trade,' to add to the money 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 maybe invited, and a demand created which will cause the retention at home of at least so much of the productions of our rich and inexhaustible gold bearing fields1 as may be sufficient for the purposes 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, till the channels of circulation with depreciated paper. Notwithstanding a coinage by our mints, since 1S49, of 8874,000,000, the people are now strangers to the currency which was designed for their uses and benefit, and specimens of the precious metals bearing the national device are seldom seen, except when produced 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 com is to become a mere article of traffic and speculation, to the enhancement of the price of all that is dispensable to the comfort of the people, it will bs wise enoonomy 1 to abolish our mints, thus saving the natiou the cars and expense inoideht to such establishuictits, and let our precious metals be ex-

ill i I 1 1 1 1 I I 1 1 I . i

j.i - ,, ' .'WHOLE "NO- 361. ...... . ported in bullion. J The time ha3 c6me hen tha governmeat and National & ahould .. be required to take the tnot efficient steps, and make all necessary arrangements for 1 the mill tit Titl Ati t tati aa srn.an( 1 a( a a payment once be earnestly inaagurated bv the government and banks, and the value of the pper circulation would directly approximate a specie sta-ndard. Specie payment having been resumed by the government and banks, all notes or bills of paper issued by either of - a less denomination than twenty dollars, should, -by law, be excluded lrom circulation, , so that the people may have the benefit and convenience ot gold and silver currency, which iu all their business transactions, will be uniform in value at home and abroad. Every man of property or industry; every man who desires to preserve what he honestly possesses, or to obtain what he can honestly earn, has a direct interest iu maintaining a safe circulating, medium, such a medium as (.hall be real and substantial, not liable to vibrate with opinions, not snljeet to be blown op or b'own down Ly the brutes of ereculatieu, but it is to be made secure. .

A disordered currency is one of the '""t two fi-cal years were, for lr"7, greafest of political evi!s; it undermines j 4tt, H"d ll,r 24.205,669. Ths actual the virtues necessary for ihe support of the j !"". .'; '' r"io.JD V social system and encourages propensities V, V . TJ , , -. . , ' j esiiti a' Bubituttf d in l)p.t 111 tier last, for lbs destructive of its happiness. It wars , fi...Hueftr tlli,1(j juiie 30, lt69 . T7.124,ogainst industry, frugality and ecouomy, , -(. The njenditurn for the first quarinr and it fosters the evil spirit of extravag ! meting ihe ",0 h of September last, were 27,ance and speculation. It has been asser-' "-iy, 1 17. ami ih Scretnrv of the Treaiury

ted by one of our profound and most Kilted statesmen that of all the connivances for cheating the laboring classes of'man- j kind, none has beeu un re effectual thau ; that which deludes them with paper toon-' ey. This is the roost effectual of i live nlions to fertilize the rich man's fields by ; the sweat of the poor man's brow. Or-; dinary tyranny, oppression and excessive taxation bear lightly on the happiness of j the mass ot the community, compared with fraudulent currency and ths robben ies committed by depreciated paper. Our own history has recorded for our instruction enough, and more ihan enough, of the demoralizing tendency, the injustice aud the intolerable oppresMoti on the virtuous and well disposed, of a degraded paper currency, authorized by law or any way countenanced by the government. It is one of the most successful devices in times of peace or war. of expansion or

revolutions, to accomplish the transfer of' the navy is 206, mouuting 1 743 guns, all the precious metals from the great mass j Eighty one vessels of every description of the people into the hands of the few, arc in uee. aimed with 610 guns. Tha where they are bearded in seciet places,' number of men enlibUd in the service, inor deposited under bolts and bars, while ! eluding apprentices, has Lt;cn reduced to the people arc left to endure all the inccn -! 8,5( 0. An increa.-e of navy yard facilities veuiences, sacrifices and demoralization ) is lecouiiuended as a tucaeuie which will

resulting from the use ot depreciated aud worthless paper. PEPARTMENT OF THE INTERIOR. The Secretary of the Interior, in Li report, ference gives valuable information in reto the iuterests confined to the supervision of his Department, and reviews the operations of the Laud Oluee, Pension Ofiiec, Patent Ofliie and the Indian Bureau.

JrU-l J en?-",?. T ' ! -3d ut reduces the interest 180b, 0 t.o5 .00 acres of pnb.ic land were;OII lhv lutl(1 k,utlttd tu the povtrnmtDt hy deposed of I he entire cash reeo.ots of, lh Sul.re, lrusl t0 cent the General Land Ofiice lor the same eCMl o wLid w ori jj,,, Pf"??, 113-145' le,n frca,,e; b" stipulated when the investment was made. 284,8S3 than the amount realized l.omj A( umetldmeut vt- ie feosion Uwil u the same sources duung the previous year. , , d tf ltlbed OU!jalsion8 nd def 11,6 e;'orrr,der 'he Ume Urm exiting enactments. The expendicover .-.oJS.OilS acres nearly one fourth wf lU UciattUieut duri ,h; .,, Si Z trrS t k " r B,t of.Jurutic.l year were -0.1 -0.394, and the esti21st, 18G0 which applies only to the ,uf t,,e Ct uij ut 2 Otates ot Alabama, jjissif-sippi, Louisi-; .j-jy ;jp 1 . ana, Arkansas and Florida. 1 ' On the 30th of June, 1S08. 169.643) thc rosT (-uicr. ' names weie borne on the pension rolls, I The 1'osi ruasier Gci etl report furnishes and during the year ending on that da v 88 f"1' ciear exhibit of the operation and the total amount paid for pensions, includ-i coi.diuon 1 the posml erice. The ordinary ing the expense of disbutsenient was 824,- !Ti,l'.rJ,1.,ru ,,u'' '".V'.'t f"'.'"! Jff ndin ,Juo 010,982, icing 55,391 025 meatcr than f " l 1 . ' 'n ' '",d V . ' , - , . 1 jt imiiurea, tuibiacing all the service lor winch that expended for like purposes during ( MJ.propria ioi.a have I em mad. by Con-' the preceding year. 1 grts?, aunuiiud 10 2,70,59, (.howinir an -, louring the year ending thc "0th cf j ce ol p iminntH of 6. 437, 991. Udnci-' September last, the expenses of the Patent j " tiom iuv expenditures ihe sum of 1,896,Office- exceeded the receipts by 8171. in-l "'e ",t,ui" of "ppi Wri'' for ocean

-In.r.rxr epicanoa and .Inii.c 1.1 1 Ti'.X rn- I tents were ifs-utd. Ti pa ties wi 1 h vuriinn T nili:i n t ri hes li.t vc been concluded, and will be submitted to ! ...... . - -

i ue isenare ior us consiuuiionai union. 1 i uuci n, is hi,.ihi. ju cam.a wnicn procordially sauction the stipulations which 1 du.td Uis Ih g xces-s of txpenditura over provide for reserving lands for the various rtvt t.ue wore ;be r3iv:ion of strvige iu th tribes, wheie they may be encouraged to Uir ''' 'ates a..d the pulling into op- , , , . , eraiiuti l the lit sai vice e!au lisl.ed or acts abandon their nomadic habits, and engage 1 , . . . ,. ... . . .t. , , , . , 1 . ' C-oiigiei-a, wlnth had ttiiiomiied within the " in agricultural and indus'.nal prsuits Usl lWu)eais aa u hail to aboui 48..00 mile, ' This policy, inaugurated many years ( tM ,u ltl ihan one-ihiid of ibt wboU siuce, has met with signal success, wher- j mui uni ot tt.e Miv.ie ai ihe close of ihe war. ever it has been pursued in cood faith, f New postal conventions with Great' and with becoming liberality, by the Uni- j iiuuiii, Noiih Germany, Uelgium. Th ted 8tates. Tho neccs.ii'y fur extending j NcihciLuds, Switzerland aud Italy, reit ss fur as practicable in our relations ; epcetively have been carried iuto effeet. with the aboriginal population, is greater J Ui.dci their provisions important improve-; now than at any precediu period. While j m uis have ro.-u ei in reuucd raics of iuwe f'iriiish subsistence and instruction to teruatioiial p'osiage and enlarged facilities the Indians, and guarantee the iindixtur-' wiiii Kuaopicau countries. J he coat of tho bed enjoyment of their treaty rights, we . L'niifd itates Trans Atlantis ocean mail should habitually insist upon the faithful 1 i view since January 1,1868, has beeu observance of their agreement to temain ! laigtly Ur.ti.td unuer the operation of

.i t. i . .-. T . 1 .r i!

within their respective reservations. This ( tllte n.w coin irntion, a reduction of over -is the only mode by which collisions with j one half haing beeu tiled ed under the other tribes, and with the whites, can bejucw arrangement for ocean mail steamship avoided, and the safety of our frontier set- j service, which went into effect cn that date, tlements secured. ! The attention of Congress is invited to The companies constructing the railway i the practical hugtttoimuiid recommends- ( from Omaha" to Sacramento have been J lions, made iu thia lcpiori by the Postniasmost energetically engaged in prosecuting ' ter General. the work, and it is believed that the line; our foreion relations. ?; will be completed before the expiration of ! No iu ortuut qutsliou has occurred

bonds issued to these companies amounted, on the 5th inst., to S4 1.537,000, and

WHO ill. 1 uovo. , a. . - " 1 - "...,,,, . ,

additional work bad been performed to the extent of $3 200 000. ' ' The Seoretafy of the Interior, in August last, invited my attention To the report of a government Director of the Union Pacific ltailroad Company, W..O had been peeially Instructed to examine the location; construction Stion and equipment of l m J. ' . - bmitted, for the opinion their ' road.1. I su of the Attornpy General, certain qUetitMi. in regard to the authority of the Execu live " which arose upon this ; report, and those which had from time to time been pieseutcd by thc Commissioners ppiut-

TER MS OF AO V ERTtSUiO.

'' ' 1 TRAKSIBST. iii..? eaaara. fit lia,)a iaiartfoa ...'.ft square, two inMrtloH. ,m.i 1 n qur, three imartioai . .. t frf All abaaqnant isaartioni, pr iqaara.. t . ;.. ' ... ,; ttearlt. .' ; ' Oaa eolama," faaageabla iBrttly tS Tarea-qaartara .f a coluna ....... ............ M Oaa-half of a .loi.. IA t On qaart.r of a cluma . tt M Ona-oifhth of a aolama ..... li M : TraBiBtadrtimti taaald ia aU aNI k paid for ia advarc. , . Tn m alli.Hl. . 1. . ! . a . a. !' ;rtlr - P-fc.d auiwjTIeredoat and aharcad aoaordiarlj. ;edto examine this and other lines, and ; We, recently submitted a statement of ; tUir' investigations, of which the report nf the Secretary of the Iuterior furnishes 1 1 specific information. " ! T ' k The report tf the Secretary of War contains inh i n.dtiuc nf interest and inpxrtance respecting the several bureaus of the War Depart nieut and the operations wt the am y. The strength of our ilitary force on the SOth of September last was 48 COO men, and it is computed that this nuuihtr will be decreased to 43 000. It is the opinion .of the Secretary of. War that within the next year a considerable diminution of the iniautry force may b made without detriment to the interest of the couutry, and in view of the great expense attending the military peace establUhtneul and the absolute necessity of retrench men t, wherever it cau be applied, it i hoped tliut Congress will sanction tha eduction which his it port recommends. Winle in IftiO 16 30U nun coat lbs nation 16 471, 000. liieeutn ,t 65.tfc2,000 is aatisaainl as nvcpotary lor the u.j .rt of ihr aruiy doiirij; I he tUtal year endini! June 30, 1S70. 1 Ke esnmatt- ot the ar IVpartnirnt for tua i CU. 1)00,01 0 aa ihe amount which will probatily he rt quired dining ihe remaining ihraa tiuaritr, it ilitie bhould be 110 reduction of the army, making iu aggrcat" coat for lha yar totibidtraUy in excess of 93, 000,000. The difl'ei ei'c letwea;i I he estimates and ex(.enditurea for ibe three ti.-cl yeara, which hm been named, is ihm shown to ha 175545 3-4,'i fur tins ,iiijiu biancb of public terries. THK NAVV DKPAHTMENT. The Report of the Secretary of the Surf exhibits the operations of that department and of the navy during the vear. A con siderable reduction of the force hss beta effected. There are forty-two Vessel", carrying 411 guns, in the six squadrons, which are touMifhed in different parts of the woild. Three of these vessels are returning to the United States and four sra ued as store rhips, leaving the actual cruising force thirty five vessels, carrying 356 guns. 'Ihe total number of vessels in' j iu the event of war be promotive of econ omy and Mttinfy, A more thorough and (systematic surey of tho North Pacifio Cean is advii-ed, in view of our recent acquisition, our expanded commerce slid tha increasing intercourse between the Paci&o States and Ai-ia. The naval pension fund which consist of a moiety of the avails of prizes rapdurtd during the war, mounts to 14,000,1 00. , ( m.Mii 8 ftnu oilier special service, the I cess of iidlluie wa 4,5 11,466 li uoing 1 all MlltK. n.Ieil I klttil-M in I hu Ti-mb.. ..ft ! i . . , . 1 1 ,1 1 ,.(V'ii, 000 in theac ual aum for which a specml p ( in la'ioii it ruimi'd t rul the d- :.. ... . .i..-i i'i ... vear 111 our accuhtomedt cordial and friendly intercourse with Vnt Kica, Guatemala, Honduras 8a u Salts dosv France, Austra, lielium, SwiterlaDdk IVrtngal, the Netbeilabds, Deniaarlt,. bwedeu aud Noiway, Home, Greepefc Turkey, Persia, gvnt, Liberia, iloroeco, Tripoli, lui.le, juuvat, Siawk iiorneo aud Vi.atcar. Cordial rela." lin 11. li...-u i Ln Imun 1,1 .1! i,lr iTiail ari I b f .4 . . , ,, , i -..Ii; .,' iArgeuitue and the Untytal tiepubUvS ' r' . . iUf- (futivh au.u rAfW4t : The expressed wi.k of Ccanrcs that out national good I'Sices Jfciht be tendered tw llieee Kepub.Uv. wd also to ItTKail and.- Paraguay, tor btiiigiug to ta end