The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1865-06-26

. VssE. 4. 1 s5
for any enterprise to which unoccupied lands
undeveloped mines, unestapllsned arts and IN
are cash capital, literally, absolutely and with
out figures OF speech. Practically they art
cash in bank and cash in the pocket. The ar
tlhcial measures OF their value which stoch
B exchanges have succeeded In instituting, al
times n0minally gave fuctuation to theil
worth as they lie in the bureau drawers o
farmers. But in reality the depreciation o
Wall street does not whittleof the thousandth
part Of hairs breadth from that worth
Those farmers know that they are first bond
and mortgage upon all the United States, and
on all the people in the United States, and
upon their children and their chidren's chill
dren. But whether per cent. above par or ]
4 per cent. above par, holders OF this war debt
of So, 3,000,O00,O00 can any day and any hour,
from San Francisco to New York, and from
Portland to New Orleans, convert it into cash.
The Funded Debt OF the United States is
the addition Of So. 600 600 900 to the previous
ly realized wealth OF the Nation. It Is $3 0OO.-
i 100000 added to its available active capital.
To pay this debt would be to extinguish this
i capital and to lose this wealth. To extin-
4 guish this capital and lose this wealth would
be an inconceivably great National misfor-
tune. " a' 4 s 49, -.
i tsA a n
| Ill. Our National ldebtshould be held firmly
10 place as the foundation OF a system OF divei-
sitied National industry which shall relieve us
rom dependence upon Europe-shali give US
the near and cheap nome market-shai donb.e
the profits OF farming by doubling The mar
kets Tor farm products-shall sweH the class
that is devoted to agriculture, which is the
sheet anchor OF democracies-sh Tree man
by freeing labor, by giving it many markets
IN which 10 sell itself to competing bidders
The maintenance OF our National Debt is
protection. The destruction OF it by pay ment
is bondage again to the manufacturers OF Eu-
rope. saAsa eos
a permanent revenue tariff will be necessa-
ry to enable us to pay the interest of the debt
aud meet the current expenses OF the Govern
ment. This tariff upon foreign manufactures,
necessary in itself, is also necessary TO sns
Tain the internal taxation and excise system
/, Of the country. 1t is wall to prevent our 4
domestic manufactures from being washed 4
away by impostations. We can have no trust
worthy and increasing Internal revenue with
out we have permanent protection. The loss
from revenues on imports, ii any follows the
Increase OF domestic manufactures, will GER
tainly be made up bg the increase OF internal \
taxation and excise. Protection and excise
are essential to each other. Both are neces-
sary TO sustain the National Debt. Neither j
alone, could uphold its weight And without
The National Debt, neither system of revenue
could endure with the indispensably necessary
qualities Of steadiness and permanence. Un-sI
der these alone do industry and trade develop
and flourish, and States become wealthy, free 4
and powerful, Asa aset ~ M u
VIII. There lsno occasion for apprehension
IN any quarter that the annual burden of
National Debt, OF $3 000, ,000,0 900 will oppress
the people and hinder the development of
the resources OF our country. The nation as
u Is, In numbers, power and spirit can carry
the load airfly and keep the route step, too,
on lis march to empire. The Internal Reve.
nue system we have, faulty as it is in contri-
vance, and imperfect In its working through |
our Independence ofsuch machine, would OF 1
itself suffice to raise more than einteresto the
dsbt, and to throw a. surplus into the general |
treasury, If it had the efficiency OF the Eng 4
llsn, French and German machineries oil tax |
collection The public will be astonished and /
not content to learn that of the 100,O00,OOO
gallons OF whiskey annually distilled in the |
United States, but 40,OO00O00 pay the excise
duty-that 60.000,000 gallons slip through our
collection, or hide-do somehow get drunk un-
taxed, or remanuiactured in safe defiance or |
Lhe law that $l20 600 900 from this one source 4
n.,n anu most rlgnteoqs source, OF Revenue are
ioss W tne Nationai treasury lor want
=, eoiisc'lon-a ns sum OF money practically at
.s,n .nae u Is Witnin iorty- nve millions OF
s.s wlS.s anount tne years interest on the
= aslon%i Deoti save TINS needless waste.
Gather the whole OF the income which our tax |
."m = ,ianleu 70 ylelo. cease TO lose three
-. seis, ~ any part Oh y. Inc power or the
The aid of sdeonste rensITiss soS t5s +,
Of the laws to he ;nforcaJ stIar. fasr tsvor
or afFaction, il surely ennsl to ne collection 81
every dollar of revenue from a system at once |
sirnpIe and popular by its limitation to a few |
leading articles of production. Revise the ex-
else system itself. Knock the inouisitorial and
annoying features out of it, Quit counting
the teasnoons III the people SION faelino i9 |
pockets for watches to tax. Cease this in |
spection of buggy-wheels and counting Of
harnesses. and the specialized peekinp into the |
work and incomes of tailors. shoe-mslxers and |
smiths Onit This cornt;n,, otT ~, ,,,aso,,l;no