Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1867-11-19
SPEECH OF GEORGE ii. PEN
DLET0N, OF OHIO.
The Great QuesiiOn-Justice
to the People as well as
TO the BOndliOIders.
Taxation and Payment of the
National Debt.

|
cred speech at Milwaukee, Wisconsin,
from which the following is extracted
The revenue of the Federal Govern.
ment in 1866 amounted to 1851, 900, 900.
You can hardly realize what that vast
sum is. When you undertake to count it
imagination almost stands abashed. 1t
would have sufficed for the whole expense
of the administration Under General
Jackson for more than twenty years.
That was year of profound peace. The
army had been disbanded; the navy had
been reduced; the military expeditions
had not only accomplished their purpose,
but they had been brought to an end.
And yet, in the year 1866, the govern
ment of the United States realized from
its revenue $1,000. 900 more than the
kingdom of Great Britain, and $780, ,000,-
600 more than the empire of France
under Napoleon. If that amount had
been assessed upon the people of the
United States, it would have amounted,
for every man, woman and child in the
country, to more than $ll 46 in gold.
And yet in this same year the taxation OF
Great Britain, assessed in the same way,
would have amounted TO $40 SO. The
taxation of France would have amounted
to 81 80, and the taxation of Austria to
only S.
Ii that amount had been assessed upon
all the taxable property, real and per.
sonal, in the United States, it would
have amounted 10 So 30 upon every hun
dred dollars, and if the taxation of Great
Britain, in the same year, had been
assessed in the same way, it would have
only amounted to nine.tenths of one
| per cent The taxable property of Great
/ Britain, real and personal, Of every
| kind and description, amounts to $780,
OOO, 100000 The taxable property of
France amounts to $4,000, 900,
whilst the taxable property of the United
States, of the same character, amounts
TO less than 10000, 100000.
The population of Great Britain, in
cluding her colonies, amounts to 25,000,-
900 of people The population of the
United States amounts to less than 49,
OG0, 900 of people.
IThe public debt of Great Britain
amounts to $4,000, 100000, whilst the
public debt of the United States amounts
| to SO, ,9O0000 If the public debt of
| the United States were assessed upon
! every man, woman and child in the
country--I mean the liquidated debt,
which consists of somewhat more than
| 50. 2O0. 900, ,O00-it would be equivalent to
S74 a head, while the public debt Of
| France. if assessed in like manner,
would amount to $57; that of Austria
to $40, and that of Prussia to less than
| $l2 head
The interest which the United States
paws for money is, as you know, SIX per
| cent. in gold, and, besides, an exemption
] from taxation, which amounts probably
4 to two per cent. more (; while, as you all
4 know. the interest of Great Britain is
\ three per cent, and that of France still
4 less.
!. 1t has been stated lately, very tersely
and very truly, that when the United
4 States borrows thousand dollars 1t bor-
rows at rate which will pay the lender
in twenty years $2700, while the Govern
ment of Great Britain, going to the same
market, borrows the same amount OF
money. on terms which will in twenty
wears pay to the lender $l700 The Gov
ernment of the United States, with its
4 territory unexampled in richness, with
| its population unexampled in activity
| and energy, pays greater rate OF In
terest than any nation in Europe, even
| including effete and worn out Turkey.
/ The public debt Of the United States,
as have told you was So, 100000 900, has
been accumulated all except S00, 100000
within five years. The public debt OF
Great Britain, amounting to $4,000, ,OOO,-
600. has accumulated during 200 years.
A national debt in the language of
those who maintain the kingly govern
ments Of Europe, is n blessing say 1t
is a national curse. 1t is the natural
ally of despotic and consolidated gov
ernment. 1t is the natural enemy OF
change, and progress, and liberty. 1t
loves Gespotism. 1t lives by the coercion
of the many who labor to pay OF their
| earnings to the few who do not labor.
! Labor soon becomes restive and dlscon
| tented and power becomes necessary TO
enforce prompt and regular payments,
and thus the public creditors clamor Tor
mower in the Government and are ready
! TO aid in its execution: and thus pub
Iic debit attaches the creditors to the
Government and chains the tax payers
to tue creditors. Do we not hear, my
friends, that the public debt ought not to
be paid too soon; that It's paymeAt
ought to be postponed as long as possiblei
that the bonds outstanding should be re-
newed as they fall due; that as future |
generations will derive benefit from the |
deeds for which the debt was created,
they should bear the burdens OF the debit |
Gentlemen. | do not believe any such |
doctrine. / do not believe 1t is possible |
for the people of the United States,
pnder the government which we have, to |
collect a revenue of S56l, 900, 900 for any |
great length of time, and yet preserve
the honesty, purity, and integrity when
are essential to that form OF government
The public debt of the United Statea'
as ] stated to you before, amounts TO
sS. 600 ,OOO, 600. $5200s0, 900 or more is
in a liauidated form and bears interest;
$500. 600 900 more is in an unliquldated
form. in greenbacks, unliquidated claims
and bears no interest This is an enor.
NOUS amount, aud yet, gentlemen,
believe. and / think the Democratic
marty believes, that it should be paid,
every dollar of it, principal and interest,
at the time il comes due, exactly M
accordance with the terms OF the con-
fract under which the loans we're made:
a mart of that debt is payable in gold
ard a part Of it in legal tender notes
Tho faith Of the country requires that
tbe one should be paid in gold, and the
interest OF the country requires that the
other should be paid in legal tender
prior tS the year 1862 the laws OF the
IrnNd States provided that gold and
s;lvsr coin should be legal tender N peey,-