M'arthur Democrat. (McArthur, Vinton County, Ohio) 1853-1865, 1864-12-22

land for 1854 will be about one Hun
! dred and eighty fur millions. By
IlenIarging the basis and increasing tie
rate, the Secretary proposes to raise
il to three hundred millions. The
amount ct present drawn from Gus
toms is in the neiShJorhOod of ons
hundred millions in gold, which al
the present rate OF Depreciation j
equivalent to twe'hundrtd and twenI
ty mi!lious-in then National currency,
This will bring tic entire revendl
drawn from direct and indirect taxa
tion to an aggregate OF five + hundred
Fmillons in paper. Oae tenth pafl
OF this vast amount or fifty millions,
will be to be paid by, the people d
'tOhio. add to,thts say 'tfteeh- or ak
teen millions 6f State tpx I, ani our
fellow cit zens OF OHIO will have nd
reason to complain that their taxes
are not sufficiently burdensome, In
view Of this stats of things, the fol-
-Iowlng eloquent paragraph from t!ie
Ioxordlum Of the report may afford
Ic~mfort to all whom it may cop7
ctru.
"On the fourth day o. March, A D
! 1861, the nitiohal debt was compari-
IuvGly 50 inconsidrrablu a, rarily ID
deserve the name Accustomed 10 4
degree Of prosperity heretofore unex.
amped III lie history OF nations, the
people Of the United States had grown
rich and powerful, without being con
scoUs OF national burlhcus, and equal
" unconscious Of their own vast aud
increasing ability to sustain IL weight
waich, could 1t hayJ been au'iclpa
ted, might have seemed Altogether
beyond heir strength. Unaccustom
cd Tor Tong course OF years 10 great
national efforts, it was fortunate for
ia .ir power OF cndurance should be
tested only 10y degrees, as the Struggle
which Providence had prepared Tor
them developed us vast proportions,
aud the necessity ol great and lDng
continued ttort became apparent.
Had itthep peen iure,esn that what
was h4lirSed to be contest for
III Jnths, was to be continued for years
and that hundreds VI millious of pub
NC debt wpuld be swollen into th1u5-
ando Vi millions befOra the close OF
that contest, Ii may well b. doubted
whether, lsnorapt as they were OF
.hulr own IN ense rCSuu COS the ptO
pie migHt not have shruuk applied
trIm IN uud-r NJ which cunIem.
Iplatsl y sacrifice sC lar exceeding ali
tuQuer experience. " ..
A!armpd at Tho great fluctuations
which ale constantly UccurrIuBln the
market price uI gold, wnlch he attris
Outo5 to thG cunoplraclGs OF spUcuIa.
tors, lhe Secretary plop1ses u law tU
sappresS speculative operation anl
puulsI tnosa wiO engag5 in them.
I0 woq d OJ glai " dis. .'Gn3J, with
gold entirely, aud with ttne t5mpla
ton tO these -'-neiaIIVas. that, in the
present stare Of lhugS tIls cdn not bC
d0le,l he adds. .,.i 20 .r. 't
"But whatever success .Jnight At
tend any etiJrt check speculation" III
coin, or IL counteracL rs lnWS1ns ef.
feet, 1t is still .oOYIQDS that So longae
there rem aims large. and lpcreaSina
nucasseity for use, an1 limited oupph
1t will cOmmand II ,pIIce cJnmensur-
ate with the ecJsSltJ and the dltficuI
" Of obtaining NJ. fnis Necessity
arises iromrtuu demand lOr iOrvignreA
change, lOr customs dunes, and Z,
pay Inc Intprest Uu TIC. public debt"
= The following paragraph, which i;
1the afereshaaUwing OF a=hahncla
sChem mes ;or Inc luture, We copy-entirt
Ii is worthy 10 Ue'read aud anAlyz d
iudIcahng as 1t dues the d5spemt,
straits to which tie Government IS re
ducej, and the rcproach vi the periOC
wht II under the pea oI permanent ii,
G. lsslty, before vnlch the Constitution
anu the liberties and private rights 0
cAIzens have alrtady laleh, and al
/, paaI pledges Ul the faith o, the Gov
eInulent which have been the sour,
Vi the financial credit 1t has enjoyed
bwAi De violated, and the Aduinlstra
ttlun Will stand iOrth a bold iIankrulF
ale III lE5 power, and careless ol th,
claiulS vi ,tlivst whom II has deludel
aud Vt its own dlsnunrr @
The Inatter OF iurelgn exchange
do not propose to discuss, } lhe de
Il uaud lur duties Ou imports and tina
tu, pay tho INTEREST on a large pvrhor
Oh tno public de5t are So ial l.ldeDnca
htnat one de peudcnt Oh thJ other. rht
+ laws autlYrizlng tile. issue. of bona,
T bsarltg Interest IN CON, specs lfcaliy
: pledged the reyenue irou customs t
!, the pay ment ol that interest, aud pro
|, yldeu Tor The cUlleutlUn OF tuvse dutle,