,278.37 for public works
heretofore begun under Congressional provision, and of which only so
much is asked as Congress may choose to give. The appropriation for
the same works for the present fiscal year was $11,984,518.08.

The average value of gold, as compared with national currency, for the
whole of the year 1869 was about 134, and for eleven months of 1870 the
same relative value has been about 115. The approach to a specie basis
is very gratifying, but the fact can not be denied that the instability
of the value of our currency is prejudicial to our prosperity, and tends
to keep up prices, to the detriment of trade. The evils of a depreciated
and fluctuating currency are so great that now, when the premium on gold
has fallen so much, it would seem that the time has arrived when by wise
and prudent legislation Congress should look to a policy which would
place our currency at par with gold at no distant day.

The tax collected from the people has been reduced more than $80,000,000
per annum. By steadiness in our present course there is no reason why in
a few short years the national taxgatherer may not disappear from the
door of the citizen almost entirely. With the revenue stamp dispensed
by postmasters in every community, a tax upon liquors of all sorts and
tobacco in all its forms, and by a wise adjustment of the tariff, which
will put a duty only upon those articles which we could dispense with,
known as luxuries, and on those which we use more of than we produce,
revenue enough may be raised after a few years of peace and consequent
reduction of indebtedness to fulfill all our obligations. A further
reduction of expenses, in addition to a reduction of interest account,
may be relied on to make this practicable. Revenue reform, if it means
this, has my hearty support. If it implies a collection of all the
revenue for the support of the Government, for the payment of principal
and interest of the public debt, pensions, etc., by directly taxing the
people, then I am against revenue reform, and confidently believe the
people are with me. If it means failure to provide the necessary means
to defray all the expenses of Government, and thereby repudiation of
the public debt and pensions, then I am still more opposed to such kind
of revenue reform. Revenue reform has not been defined by any of its
advocates to my knowledge, but seems to be accepted as something which
is to supply every man's wants without any cost or