The Lancaster gazette. [volume] (Lancaster, Ohio) 1863-1886, 1867-09-12
THE FINANCIAL QUESTION.

The PUBIC DEBT-ITs De-
CREASE Why NOT TAXED
PRoBARLE COURSE OF REDUor-
IoN-NATIoNAL BANKs-WHAT
TAXES THEY PAY-TnE COOP
THEY Do-TAxEs -PRoBABLE
REDUCTION IN REVENUE TAXES,
&c, &c.
Senator John Sherman spoke to
large meeting at Canton, Ohio,
on Tuesday. Wo extract from a
report in the Cincinnati Ga
zette as follows;
There are some questions not
speciallyainvoIyed in this canvass,
but which are very important. l
can only allude to some OF them
Very briefly, and chiefly in reply
to what Judge Ranney said to you
tho other day. They arc fnan-
cial questions growing out Of the
war. You will observe that their
doctors do not agree ut all.
judge Thurman, Judge Ranney,
Mr.. Vallandlgham, and no doubt
many others, talk about debt and
taxes and banks merely to excite
opposition, but the Democratic
party have not and dare not take
definite position ON any of them.
Until tho last 'Nigger" is ex,
hausted they will not meet fairly
these great questions.
Judge Rannoy is opposed TO an
increase of paper money, while
Thurman wants to pay off our
bonds in more greenbacks, or more
rags, as he calls them, and Vallan-
digham is in favor of paying the
whole debt by an issue Of green
backs. The question with you will
be whether the Union partywhich
Is entitled to the credit of the Won
derful success of our financial mea-
sures, can best solve all now prob
lens asthey rise, or whether tho
public credit can be safely commit
ted to a party that during the war
tried all they could to destroy our
credit.
Let US look at some of these mat
tcrs. They talk ofour largepublic
debt. Very wolli ourdebt is large,
but what caused it?s A Demo
cratic rebellion. We had 10 choose
between a great war with its in.
evitable incidents, debt and taxa
tion, or on the other hand the over
throw Of the National Govern
ment. The Union party preferred
war, debt and taxes TO disunion,
Did tho Union party unnecess-
sarily increase the debt, or impose
unequal or unjust. taxes2 On the
contrary our financial measures
were as successful as our military
measures. While all the efforts of
tho Democratic party impaired
our credit, made it difficult to ne
gotiate loans, prolonged the war
and increased the debt; and now
that the war is over what party is
likely to increase the debt? We
have the fact before US that the
Union party not only prevented an
increase OF the debt, but its reduc-
tion has been steady and rapid.
On the 3lst of August 1865, it
was S2,757, ,6O3,6S6, on the first
day of November, 1866, 1t was 81
SOL ,424, ,l21, or a reduction Of
S206,370,565. On the lst day OF
August, 1867, it was $2,5l1 ,306,-
436, or a fetal reduction Of S246,-
497, 7,250, in less than two years, and
during these two years VIC paid off
besides an immense amount OF
floaoing debt, the debris of the war,
Suppose the Democratic party now
in power, who does not know that
the debt would be largely increas.
cd?
Tho only sure Democratic States
Kontucky, Maryland and Della
ware, are now demanding untold
millions as pay for their slaves
Every Democrat is committed tc
their payment. All over the South
they arc preparing claims for in
juries during the war. A Demo,
cratic Congress would grant them
all.
Nearly every Democratic Sena
tor and member has committeJ
himself to principles which if a
dopt6d, will add to your debt fvC
hundred TO one thousand millions
of dollars.
For this reason they constantly
exaggerate the amount of the pub
lie debt. let us sec what it is. Il
is liquidatcd, and VIC know 10 ;
dollar the amount.
read from tho last official state
mont of tho Secretary of the Treas
ury. The aggregate debt, Angus
lst, was S2,5ll,306 ,436, but Of this
S397,7l9,5S3 is in grccnbacks ant
fractional currency, not paying in
terost, leaving tho interest bearing
debtS2, 2,1l4,O 100000. Now if lhav,
my way this debt will not be in
creased one dollar on any pretcns,
whatever, but will surely and grad
ually bo paid off.
tits said that this debt is. no
subject to taxes, and this discrimi
nation is unjust to other tax pay
ers. Now, this debto property
in income held by our citizens !
subject to taxes by tho Unite,
States. Congress may impose tax
es on it as it does OH other proper
ty or income.
These bonds now pay ineom
tax, But it is not subject to Stat
tax. This is true, but whose faul