The President's Message was delivered on Monday, and a very
exhaustive summary of about 3,600 words flashed over by cable was published in the Times of Tuesday morning exclusively. The President thanks God for a good harvest, congratulates the country on the work of reconstruction, seven States having been re- admitted, and all except Georgia being ready for re-admission ; condemns the irredeemable paper currency, and recommends that it should be slowly bought up by the Treasury, and retained till it can be re-issued at par ; remarks that the debt could be paid in ten years, but advises reduction of taxes ; approves the conversion of the debt into 4f Consols, payable in gold in America, England, and Germany ; and approves the Sinking Fund,—that is, the policy of drawing interest for the bonds purchased, instead of cancelling them at once. He declares that the Union sympathizes with Cuba ; but thinks the rebellion there not ripe for an acknowledgment of belligerency, which, neverthe- less, America has a right to make when she pleases ; asserts that the Powers of Europe have given up the pretension to transfer their colonies to each other ; thinks it needful to cultivate Japan and China as markets, and intends to put all Indians on reserva- tions under Quaker management.
