American citizen. [volume] (Canton, Miss.) 1864-1890, 1868-08-01

ty.eight millions eight hundred and
hfty thousand dnllars. In one year
of Republican administration, in time
of peace, the War Department spent
thirty millions dollars more than a
four years Democratic administra-
ton dld in time of war. Applause.
The Navy Department for four years
before the war, cost sixty-twO mil
lions nine hundred and ten thousand
dollars. Then our commerce was
prosperous; our ships sailed on every
sea anC landed in every harbor. To
day we have no commerce foreign
flag cOi ers all the trade to cur sea.
ports. The ship p-bulders OF Maine
are starving for want of occupation
and yet the estimates for the navy,
concurrent four years, is one hun
drcd and seventeen millions four
hundred and seventy thousand dol
lars.
Finanre md Taxation.
| have said to You that the taxa
ton of lS66amounted TO 800, ,OOO, 900.
| am told that this year it will be
less. The securities of the Govern
ment are not subject TO TAXATION
The capital invested in the securities
reaches 5000, 100000. All the
property, real and personal, Of every
kind, as derived from the official re
ports Of 1860, amounted to $4,000
O00,0O0. Thus you see that near
one.siXth of all the capital in the
country is exempt from taxation.
But why is it that the amount
realized from 1860 will be less than
the amount realized in 1866! The
rate of taxation is substantially the
same. 1t is tue that this Republican
Congress has diminished, as whole,
the taxes on the manufactures of
New England; it is true that they
will diminish somewhat the taxes
upon whisky, but the amount collect,
ed from either of those sources would
not materially change the aggregate.
Why then, | ask again, will the
amOnnt realized from taxes this year
be less than in 1866! ! The burthen
upon those who do pay is Just as
great rs it was then. The difficulty
Of making the payment is even
greater than it was then.
The General Distress aud its Cnmsc.
A Cry of distress when the day for
the payment of taxes comes around,
arises from every part OF the coun-
try; and it is because the business
OF the country is Stagnant: it is be,
cause your workshops are idle;
it is because labor finds no Occlpa-
tion it is because the produce of
the farmer remains on his hands, in
stead of going to the market it is
because your stores are overloaded
with abundant stocks; it is because
energy and enterprise are paraIyzed,
and capital remains inactive.
Currency cy-Contraciion.
And why is all this? Because
Republican administration insists in
the currency, disturbing
all values, checking all enterprise,
throwing out OF employment all labor.
The tradeSman is caught with a large
stock on declining prices. The
farmer fears the fall which may over.
take him before his wheat reaches
the market The manufacturer fears
that the price of his raw material
to-day will be greater than the price |
Of his manufactured goods to morrow, |
md the capitalist will not take his |
money out of Government bonds /
lnd invest it in houses, or lands and .
stocks, lest the rents and dividends |
will not yield him simple interest.
In the meantime. labor is without
employment, and poverty stalks
through homes where comfort was
before. [ApplauSe.l In the mean.
ime, this work of contraction is
,teadily pushed. Look at every
report of the Secretary OF \
he Treasury, you will find that /;
very month the debt that bears in
crest in gold is increased; you will
ind that every dollar that bears 10
interest at all, or which bears inter,
st in currency, is converted as rap
dly as possible INTO the bonds which
,ay interest in gold And why is
his? Is there too much currency /.
II the country? Is there, a plethora
# money! is Speculation1ife No
me will dare affirm SO much, and
'et this work of contraction still
,ocS on, and value is coined for the
,ondholdcr ont of the sweat and
ears, the blood and bones and
muscles of the laboring man.
Uni,cd staIc. Roads. /,
And when we ask the reason. We
re answered by the declaration of
he Republican Convention, at Chica- ,
%, that the bonds must be paied in !
old, according to the spirit and let
pr of the contract, by declaration ,
{ its President that the debt Cf the ,
ondholder is as sacred as the grave ,
/ the soldier. :
Payment in LezRl-Tendcr-.
deny that it is according either l
D the spirit or the fetter of the con- {
ract under which the ivc-twentyf I
ouds were sold. | say that neither ;
he spirit nor the letter of the law :
nder which those bonds were issued. I
or good faith, nor good morals, nor I
xlct justice to the bondholders, re- i
uire thet they should he paid in {
old. They are payable in legal {
nnder, and in this opinion I am SuS-
liBed by the resolution of the Dem {
cratic Convention in New York, :