New-York tribune., 1868-10-09


Guilty In understanding 1t ct the time recohecs
one of the standing charges was una, NM We d tSe
figures only far could get them; Ihe ngureess
were then Our opponents az VIM, I 'e ReosSse sa
they only show the lquidated debt the deDt wmcn mas
been ascertaned and carried on the books ana ere Is
iarrs additional debt the amount OF which you do not
and eauuot know This unauthorized debt they used TO
eting the very items have Instanced but now they
have forgotten It, and dropped 1t out OF their balance
sheet When like ADAM met with his great reverse
nnder an apple tree, the names OF about million men
were borne the pay rolls of the Union army and IN
the navy were $4,000 the crews OF about 500 ships
To all Of these some pay was due, TO most OF thei
months of pay, beside transportation bounty, ana; TO
dead we're also due What remedy did the case admit
o The items of indebtedness could not be found on the
books at Washington it impossible they should nave
been already inscribed there and therefore, according 10
the doctrine OF what ana what Is not now So %
torous legions of the Republic depart from us we owe
you nothing because have not ascertaDed the amount
and pu il on the books But in honesty to speak OF
other things these veterans all creditors ehteu
DromptIy to their dues ven to the uttermos They
reiyed them aud within six months after Lees surrender
100000 were thus paid out 1t was to pay TINS Geo'
we're devoted. Was 1t not payment on the debtt sup
pose the amount had been pad upon the hte'Sen99 W 9
would the transaction have worked any greater rednc
ton of debt been OF more advantage Yet Dls SCzo
100000 thus paid is part of the SOOOOO charged upon
| us as spent in keeping up army IN time OF peace
Ie who sVpropos Tor the army year 33aoI3 10
Omting the avas of the 73O loan, and the amount OF
| debt thereby paid, and combining myself to revenue
strictly let me make you statement OF rec feeeP,s % no %
tariff and and OF expenditures Tor the tleo la
fiscal years. beginning as the fiscal year does on te ist
have yielded say sl2s 100000. 1t has been applied as
| follows:
Interest paid. @ i2o oSS oooSo
D%Hds Dl5ssds Which accrued during the vaf-
bounues pay transportation, and the Ike 100000
Nen & 6Ganle.' @ L oSI5SSo
Frrae properly Destroyed during the var 6 eo
| ttl
This balance you perceive, represents the whole sum
which for the last three years can have been disposed OF
naval service included and the amount per year IL
Sl3oIO9Ol3 This gold, is just about the expenditure
ms model OF frueality and cheapucss The figures viii
show you that though there had been axty and profit
gacy OF expenditure, yet this u rinng compared with
the spOaOns Of the revenue IN It's collection Ihe great
frauds are not in wasting money after s received at
the Treasury but In losing and stealing the revenue be
fore IL gets 10 the Treasury 10 complete TINS e1hlD
/ we have reduced the annual taxes SG7,2G90Oo.
! Since the 81 OF February last, SG2oy,OO
These reductions fee substantially, all manufactures
from taxation and II the whisky tax had been honestly
collected whisky aud tobacco, without embracing any
! thug else would now give the whole needed
| The igurcs have given must know. encounter the
version Of our affairs recently afforded by Mr. Alexander
Dolmar officer of the Treasury recently deposed ny
Congress the only way Congress has Of depOsDg need
less oncals-by aboisnlng his place This eminent di-
rector aud compiler Of statistics VIII not trust deem
disrespecffu n the similarity OF names, ana OF genius
Ia works o the imagination, brings hun TO my mind IN
| connection WIN MS cotrhpoidry' AieNahuer Dumas
These two great men naturally associate themselves for
Both been Dcstt IN their lives Dy
nqu-itvc aud pushing demands Tor information not
PHEASANT OF easy To give Demar mas beeh applied 20 y
make and Dumas mas NJ times Oce NeNed Dy ike hhoy
auces. lie was once interrogated-by Democrat no
doubt tab0ut the darkness OF his skin, and asked he
had not negro blood The ratc Frcuchman said, Yes;
my father "A quadr00u" But persisted the in.
| "Your creafgrlndfaiheri" a negro" ado you know
what his father was W An ape, sran ape! Ny pedi-
FrmaTk how history Tepeats ,seif whether history viii
repeat SIR. Dclmar or proht by Ms hgures must
Let me come thc demand for equal taxation OF
every species 81 property according 70 lts tea value IN
cludng Government bonds aud other public securities
rsrre,rd win fIe pnusbfy of This sentiment Let Us
see II 10 is sound IA theory. on possible IN practice Gov
ernmrnt bonds sought aud held for the sake ~ the
nirr-f NH. Interest 4. taxed ns hlgh as any species of
profit or income. Five per cent tax Is collected not
upun the com Interest merely. but upon the whole
at,is of Inc com changed into currency Beyond this
these securities are exempt from taxation by contract
With those who parted with their money ior them IhMs
the first step toward a. sing the bonds j. reputation To
lay tax Of two per cent upon "A outstanding thousand
dollar bond no~. isJust Ike my borrowing 5000 Of you
at seven peg cont aud at the Years ehd rrusnH 10 pay
you $40, aud Offering You so ih inll euch dishonesty
might not destroy an individual at By moving often
and moving early lie might Keep where he would nor DC
known. and ml ght nud fresh victims bur great Gov
eminent could afford IL moment. Not 10 speak Of
higher considerations the transaction Wouid, ~ 'ne
tsmkng Of an eye, brand t as epor and an outlaw IN
tie commercial world No would lend IL money again
have been honest 20 do So, We had charged them with
! OF tax what would have boon made by iti II wou.d
smp! have been putting on the market security bear
I
cordiusy. Nothing T. more exact than the calculation
upon which money l. invested II you have seven per
bOud Ia sell, u viii bring par, but sup
pose you deduct twO cent annually aud make the IN
ctcst Sc per cent, what u the RESULT The man who
buys caste up the time 10 has 20 run aud fluids how
much hc can pay and realc seven per cent ou the IN
ycstuent aud ths the he offers you-not the
face of The 80 u the Government had said we
put pcr cent bonds but tax back two per cent
tho Transaction would have been % oher four per cent
security, and 10 be guilty OF the folly OF paying
sx per cent aud going 10 the expense OF collecting
back two. instead Of calling II iour tn begin with.
tax boo the beginning would have cost As much is 10
TO- ana hcsde ~ond nave uddci dimcuy 10 iais
iug money when the existence oi the nation depended
upon IT, which might have defeated as altogether. For
these reasons aud Tor Others. which will aude TO, the
Judsmeht oI congress ahu ihr country ~ tue lIHe was
thar the bonds should he made free from taNatou except
.d tie ionsy awaited itself OF one side OF the bargain
and cannot honestly ot dcccnty break the other side.
wish 10 visit them with exactonl The bonds the
uuns by which tho nations life was saved. The war,
n "n ~, p t NM J,SSi"d ' a. f6e yhrrewi Wso ara
the bondholders. the "bloaied boudhoders" OF whom
l ee seventy er cent Is i'm denominations OF 5000 aud
less. Threcqlarters of the whole amount IS beyond
the reach OF taxation, or wnere no fair man
would tax II II he had the power TO do so.
Let us see. Six hundred millions Is held abroad-this is
beyond reach. Four hundred aud twenty five millions is
the basis 81 bank crculaOnthe shares of the banks
taxed and the banks themselves also that the States
million. and the United States niue million.
making eighteen million OF taxes annually, or Tour per
Dcuuc these two classes OF bonds the one beyond
our Jurisdiction aud the other folly taxed already and
then remain TO consider A75O0WO Where are these
They mostly held by savings banks, aud trust com
panlcs where they really belong 10 the poor ana by
colleges 10y benevolent institutions and by small holders
and not by capitalists. In tins state alone SlWOOOOO
are held by savings banks and like Institutions Gov.
Seymour says sllOOOOOOO by savings banks uoneJ and
represent the earnings of the housemad. the needle
aud the labOrer 10 tax them 70 take utbe OF tho
poor In this state 4ssjOl people deposit in savings
banks In Massachusetts $4,000, and In varying mum
bers IN other States Taking into the account, |
all the data. twothiris OF the bonds owned In ths
country aud taxed for banking appear to be held by
the working classes some by pablo charities and but
little by large holders Let cad the words or Gov
Seymour this point lie said the State Convention
In March last speaking OF the bonds lt Is great