The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1867-10-09
WEDNESDAY MORNING. OCTOBER Q 1867.
DAILY PRESS.
PORTLAND.
--.~.~1-----f s-# rOH
! Wednesday Morning, Oct ber 9, 1857



: "Gentiemen,o said Mr.. Smart in the DEM
ocratic State Convention in this city last sum
mer, "We mean to tax those bonds" The
managers OF the convention tried to silence
him, but finding that impossible adopted his
resolution to get rid of him, like the quick
witted young woman who hit upon the plan
OF marrying troublesome suitor to escape his
opportunities The Argus explained the 9th
| er day what precise measure the Democrats
| of Maine would have. "The officers who nav
the coupons" says the Argus, "should deduct
| the tax, and there would be no chance for
fraud or evasion on the part of the bondhold-
ers." That is to say, Congress after promis-
ing in the name of the United states to pay
interest at certain Fate per cent, is to in
struct the Secretary of the Treasury to with
hold part of that interest! OF course Con-
gress has the same right to Withhold the whole,
and that economical measure has not escaped
the notice of Democratic fnanciers. "Why
not let the people make money too," asks the
La Crosse Democrat, and adds, "They will do
it by Repudiationp Mr.. Pendleton thinks
W foiio'iN SOW lioICJ ny pay inS vi thC WhoC
bonded debt in greenbacks that is by simply
refusing to pay any more interest; by with
drawing our mterest-beariDg promises-to
and issuing others bearing no interest. Prac-
tically there is no difference between these
Democratic schemes they all begin with vi
olation ofnational faith and they all end in ma
tiOnal bankruptcy. a s.is'1 1o 1stlaa..' =
The Democratic party is committed TO an
excessive and unlawful taxation OF govern
ment bonds, to the payment OF the principal
in paper, and to consequent expansion OF
the currency and postponement of the return
TO specie payments. 1t is ofno avail to say
that here and there a Democratic politician
has sense enough to see that these measures
ought not to succeed and cannot succeed. 1t
is nothingto the purpose to say that now and
then Republican politician has favored
part or all of these mischeigous projects.
Wherever the great body of the Democratic
party has been able to make its voice heard,
these have been its ominous mutterin9s. Mr..
Smart had the Maine convention with him
last summer, and in the Albany convention
last Friday Mr. McKeon's bold demand for a
resolution which was acknowledged to mean
reputation, was received with loud approval
and only stifled by parliamentary legerdemain.
If the parties should be arrayed on financial
issues, as seems not unlikely now that the
process OF reconstruction is fairly inaugurated,
the Democratic party would be forced by the
result of its own mischeivous teachings. to
take ground distinctly in favor of repudia-
ton and expansion. 1t would thereby lose a
a large number of its best men, but it will
have to choose between losing them and los
ing all control of the rank and file. ~ W
The position OF the Republican party has
never been doubtful. The leading newspapers
have steadily opposed every form Of expan-
sion. The Tribune, the Evening Post and the
Nation, in New York, have unif,rmly demand
ed a return to specie payments at the earliest
possible moment. They have uniformly con-
demned every suggestion of violation the
national faith, from whatever quarter. Wher-
ever the voice OF the party has been heard, it
has never failed to assert the sanctity of all
national obligations. During the two years
ending on the 1st of last September the ma
tional debt has been reduced by 1924 ,9O6 ,2O6
almost one-t tenth of the whole amount !!
Not one dollar of the bonded debt falls due
for fourteen years. The burden of taxation
h2s already been sensibly lightened, and the
Fortieth Congress win still further relieve us.
Our Statesmen are more and more turning
their attention 10 tHese pracrIcar PIUpIeIns.-
A national debt was new thing for us, but
our agents have been studying the systems Of
other counties. We shall profit by the expe-
rience of older nations. 1t appears from off
cial reports, that the revenue from customs in
England has remained steady at about twenty
million pounds sterling while, during the last
fourteen years, duties have been reduced or
repealed relieving the people of taxes to the
amount Of ten millions and a half Our own
experience confirms this lesson. The internal
revenue has not hitherto fallen off in proper
tion to the reduction of the taxes, and furth
er judieious reduction would not greatly di-
minish it. i -.-,...,5-,.-s .,-,. ...,...,asf
The national debt is melting rapidly away.
At,present the great object is to provide for an
early resumption of specie payments. : If the
opposition will contribute any useful hints on
that subject they will be gratefully received
and promptly acted upon. z When our finan-
ces are firmly planted upon basis of gold,
when our commerce is restored to its normal
relations to the commerce ofthe world, the debt
will take care Of ITSELF That consummation
the Republican party is charged to bring
about as speedily as prudent Ie
gard for the welfare OF the country
will permit If the Democracy choose
to meet us on this issue they win be beaten as
never before. The nation which knew how
to protect its honor against armed rebellion
will not consent to sully its good name by
dishonest practices in time of peace. The in
come from the bonds is taxed like every other
income--no more, no less. We shall not tax
due for fourteen years. We, shall make all
payments in gold before that time. and we
| shall not pay off the bonds in advance with a
new issue of paper. The taxes may be con-
| siderably reduced, still leasing margin for
| the payment of the debt, and we propose to
pay it, General Butler said in his conversa-
tion with Redpath the other day, that "Histo-
ry tells us of no government which has yet
paid its creditors all they loaned to it, In
that case it is lett for the United States to il
lustrate once more by shining example the
advantages of tree government.
Unemployed Water Power i'm Brunswick.
/ Kndck of Hoping-Fornler Lumber Busi-
/ ness Present Decay-1fte Bdrndcles-
a Legislation Required by Manufactures
| j Col Bald,oin's Surrey of the Branslotck
Water -PO,oer-Its Cdpacity-Iide Water
| --Building Material and Fuel. .1sct
4 Ga aQqru5as BRUNSWICK, Oct. Z, 1867.
To the Editor of the Press:
- The people of Brunswick, also of Tops
ham, which lies on the opposite side of the
Androscoggin, possess the "knack OF hoping
| in an eminent degree. Long have they ex-
ercised this knack, and with good reason still
| stick to the business. 1t has not yet paid as
I il should, though we now find here village
whose two riparian parts embrace popula
| tion of 2500, mainly in Brunswick,-bui
the present, village should have long age
grown into thrifty city of 25.O00 souls
Much of promise there has been, with little o
realization. The mean, dog lin -the-mangel
policy by which certain selfish souls al,
guided, has kept Brunswick and Topshan
where they are, and the whole State suffers