Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1865-02-17
REMARKS OF Hos J. s. Mo'NElLt

casion 10 submit some tsmbrBS UPON the imam
cial questions which now so largely concern
The present and future condition Of our ooun-
try but at the present time shall not de-
tain the committee long, but confne myself
mainly to the duty OF explaining such feature
Of the bill az may be considered novel W 'aot
heretofore embraced in Our inteih& revenue
laws. The leading object Of Ire legislation
now proposed is to make = considerable in.
crease OF revenue, ana thereby reinforce tho
Treasury at tue ss4ae time VIC are adding to
our forces in Vie Geld,
It's net To be disguised that our require.
meptb have been on so vast scale, and must
continue to be for yet time longer, that It
requires the coolest ssgacty and greatest
skill to successfully conduct our financial af-
fairs. 1t is not necessary TO moot the ques-
ton whether the adoption of the legal-tender
paper currency was wise or not, though my
own opinion still inclines to The negative, as
on all sides it will now be generally conceded
that the time has arrived when the further
sinking Of the value Of the United States Sc
cutties and evidences Of debt must be prompt
ly arrested The only mode of certainly ac-
complishing this object is by increasing the
revenues of the country, even if we should
have to 20 far as to equalize revenues and
expenditures. ! do not think this will be
necessary but il it were necessary, | ieei
certain we might pay we GO Yet it might
be unwise to push taxation to that extent
We are engaged in war for which posterity
can prominently afford to bear It's fair share
of the cost M. Gladstone, the financial
minister OF Eng made futile attempt to
place the whole burden Of the Crimean war
at once upon the British people. Commence
ing comparatively out Of debt, with unstrain-
ed resources, and backed up by an all-pervad-
ing patriotism of the people, we might do
better but 1t is not now proposed to try the
experiment The FIVE per cent. war income
tax will have produced about thirty-hve mil
! lion dollars, which shows the income of the
whole country on incomes exceeding 5000 to
have been 500, 900, 900; and if 70 this we
add the probable amount which escaped this
tax, the whole annual income Of the country
could not be computed at less than 81 900, =
000, 900, and this is much more than our an
nual rate Of expenditure has been thus far
during the rebellion. Beg ond this, hold
that for every dollar we raise now we shall
lessen more than pro.rata amount Of future
Indebtedness. We lessen it first by the ac-
tual payment Of dollar Tor dollar, and mex by
the talismanic power exerted upon values,
whereby the cost Of all the immense war out
fits of the government will be greatly reduced
and its magnitude rendered less unwieldy and
placed within safer limits 1t will also tend
to raise the value of that currency paid out
to the officers and men belonging to the mill
tary, naval, and civil establishments Of the
government, and relieve us from the pressure
for an increase of pay and salaries. Who will
inf in hat ia IA OK eel laut az
than it would be to take steps in the opposite
direction, by increasing the nominal amount
Of pay and salaries twenty per cent, only tC
End, when we return at the next session o
Congress, that we had imposed upon tn,
Treasury Department the memorable necessi
ty of greenback expansion instead of cur
tailment, aud that officers and men were a
much straitened to live upon their twent,
per cent. advance as they were the year be
fore without it Oar great lakes of pape
currency will become a shoreless aud bottom
less sea unless we can confne it here and nov
within fixed bounds, never to be changed, ex
cept by gradual compression within narrowe
II limits.
+ Those who assume that great expansion
of currency is great fertilizer and publ
benefit, and cling to that idea as part Of tn
y
cede that the rebel states have reached an acm
of property to which we have not yet arriy
ed. With us q gold dollar purchases tw
dollars of the United States currency. Amonl
the rebels, two dollars and half IN gold vii
buy one hundred dollars Of their paper. Thi
/ to me appears to DC the road to ruin and no
to prosperity
, No one doubts our ultimate success in sub
DUNG, thoroughly and forever, the great reb
/ elliOn. That oar people will fight on thi
/ idea there is no question; but the query is
will they pay : If this is not SO, why is
that Europe is allowed to-day to obtain on
bonds at half their nominal value We al
know they will be paid to the uttermos
, farthing, and their intrinsic value is not les
+ than the nominal; but having provided
means by which or own people can pay 70
, them in currency depreciated it is impossi
! bile to prevent foreigners tom ayaing .hem
t selves of the same privilege by further tax
alton we shall be in the market less frequent
a ly, and if we sell our bonds for what the
D will bring, the prce obtained will gradual
more nearly approximate to their actual valu,
We shall smooth the pain of any future Sec
rotary of the Treasury, and deal more justI
E by ourselves as we'll as posterity, whose tax
htlon hereafter as wen as our own VIII De u
) minished.
! The owner of any incumbered estate, wit
the title in dispute, must pay higher rate {
+ interest than we should have to pay wer
a there no rebel bloodhounds barking at GU
d heels but we can at least try to make thu
= rate of interest the only barometer whic
e shall indicate the condition Of our publ
n credit.
The stupendous improvements in moder
I warfare. it's costly scientific requirements
will hereafter make all wars far more exper
b sive than in tho past history of the worlC
T This was exhibited very prominently in tn
r late struggle of the English and French wit
the Russians, and our own example point
: still more strongly in the same direction
More than ever money enters into the calcl
lston of success. The sinews OF men ma
not fail. but they must be fed and clothed
transported, paid, and pensioned, and iron
salt and saltpeter must DO had in abundance
3 A shot or shell that once answered the pu
= pose at cost of few cents, as now fashion
: ed, costs as many dollars, A cannon that
n 1875 would have been dear enough at Sl0t
is now chean mariana at S5 600 The ali