The estimates for the expenses of the Government for the next fiscal year are $18,244,346.01 less than for the current one, but exceed the appropriations for the present year for the same items $8,972,127.56.  In this estimate, however, is included $22,338,278.37 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 tax gatherer 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 effort on his part.