The Placer herald. [volume] (Auburn, Placer County, Calif.) 1855-1991, 1868-09-12

OF interest at SIX per cent. OF say 10 millions
per annum. If this DO 80, how is it that
interest on the debt has been steadily
increasing from n millions in 1865 to 1873
millions in 1856; to nearly - millions in
1867; and is over al millions in 1868
These figures do not look to the people
like any real reduction of debt or interest.
Much merit is also claimed by them
on the ground that taxes, to q con-
siderable extent, have been taken off since
the close of the war. There is no justice
in the claim. These were war taxes laid
on under q system as oppressive and irri-
tating as could we'll be devised-a system
of the middle ages-by which more than
| ten thousand distinct articles were taxed.
During the war it was borne. After the
war it was clear that the people would not
submit to it. Some OF the most objection.
able taxes were removed.
| Sill the real question is: Are tho taxes
reduced as much as they say? Do the
taxes actually taken out of the people for
the last two wears show any such reduction
as is claimed by our Opponents?
INEQUALITY OF FEDERAL TAXATIoN-CALI-
| FoRNIA.
| The weight of this taxation which is press
| ing us all to the earth is not the only OBJ
lection to it. California has just and great
|
pared with the three States Of Maine, New
| Hampshire and Vermont, California paysfor
Income Tax for 1868, over million and three
quarters, while the other three together pay
less than 100000. Thus California pays
on population over 81 ~ per head, while the
other three pay on the same census, but
81 cents head. BY the valuations OF
the last census, 1860, the entire property OF
those three States was 468 millions, more
than double that CT California which was
2O7 millions. Yet those three States have
six United States Senators and eleven mem
bers of the House of Representatives, while
California has but two Senators and three
Representatives.
ALL CLASSES IN CALIFORNIA INTERESTED.
The interests of all classes in our Califor-
mia community are so linked together that
what affects any one important class affects
the rest. Tine capitalist here, even though
he has his foot on the rock of q gold end
silver currency, is injured by the financial
Encouragement of the ruling party.
But it is the farmers and other land own
ers and the workingmen who are most
interested. The farmer, because land is
always ultimate security for the pay
ment directly or indirectly of great public
debt or taxation. The workinGmen, be-
cause our debt of twenty-five hundred mil
lions together with the drain of taxation
is 50 much taken from the productive
capital which is the wages fund of the coun.
try, and, because its being so taken, mus
sooner or later sensibly affect the rates Of
wages, unless these arc relieved by coun
teracting influences.
EFFECT ON LABOR, WAGES, ETC.
Already this mischief has shown itsel
at the East combining with the genera
financial mismangement, to produce wide
spread disorganization of wages and serious
discontents of labor. 1t is now q mere
question of time for this coast.
Your candidate for the Presidency whohaS
studied the subject closely, has declared re-
Gently that under the present rates of tax
alton the workingman has to give from one
to two hours of his days work to the gov
ernment SO that, though by six hours Ia
Dor he has earned enough for the support
of himself and family, he must work two
hours longer for the expenses of govern.
ment. The capitalist in California esti-
mates that at least one-fourth of his rental
goes in the same way. Another distin-
guished leader in the Democratic party,
Mr.. Pendleton who has given the financial
question much attention stated the other
day that the entire taxation Federal and State
Gncluding local taxes is nearly six per
cent. on the whole taxable property of the
country which you will bear in mind is di-
minished by the $500 millions of bonds ex-
empt from taxation. Taking the whole
property of the country, six per cent. is
fair interest and represents the regular rate
of profits on capital. Taxation which takes
the whole of the regular profits on capital,
cannot be continued long without intlicting
| great injury on a country after civil war
exhausting to both parties especially
where a large share of its capital has been
sunk III public debt contracted for wal
purposes.
From these dangers which menace the
capitalist, the landholder and the working
man alike there is but one escape, and tina
is by an entire change in the administration
Of the government.
The Democratic party with Mr.. Seymour
at its head is committed in the stronges
manner to sweeping financial reform, tt
rigid economy in the government, to {
reduction Of taxation, and equalizing of the
burdens that must remain. Upon every
ground of plighted faith, policy and COZ
viction, it is bound to make good thest
pledges. Who doubts, that the frs
act of Democratic administration with
Mr.. Seymour at its head, would be to abol
ish the Freedmen's Bureau, and cut dowr
the Army and Navy to peace footing ant
an expenditure of not more than 30 mil
lions instead OF $50 millions spent in tn
third year of peace just closed
, After four years of almost unlimited
power in the government the Radicals sa,
in one resolution Of their platform at Chi
nation that taxation should lie equalized.
This declaration is distinct admission
by our opponents that taxation is unequa
and that it is unjust to "labor." w,
accept the admission, and We ask who ha
, made it unequal to the injury o
'labor?" Who but the Radicals who hav
had all the power? Why have they no
equalized it and relieved the laborer an,
!, time within the last three years?
cURRENcY-PAYMENT OF PUBLIC DEBT.
The gross financial Encouragement 0
: the party in power has had its natura
effect. The people, overburdened by taxa
ton, and turning on all sides tor relief
have asked themselves, everywhere, espe
cially throughout the Northwest, in VIVA
way they can be justly relieved. From tn
men, who, at Chicago, have been able t.
I give them little but general promise
for the future, the people know they hav
nothing to expect. Upon the mode of pay
, ment of the Public Debt, whether in golt
or greenbacks, the Chicago platform il
, studlously evasive, and is understood ant
interpreted both ways by the leaders of tn
Radical party. AS to the taxation of tn
debt it is SILENT
Onr National Convention has spoken on
distinctly on both these points. Itdecare
, for the payment of the Public Debt accord
ing to its terms in coin, where coin is prom
ised, otherwise in lawful money. 1t de
clares for the taxation of the public securi
& ties equally with other prOperty of the conn
try; just as the interest on the debt il
already taxed, in conformity to the practc,
OF the other governments of the world
Know wing that in a popular Representative,
government it is impossible long to main
tain good money for one class, and depre
ciated money for the great majority -th,
Democratic party is pledged to place boil
kinds of money on the same level of valu,
by making our credit and currency good
The American people are not a peop!,
,, to repudiate their public debt. But Will,
they are borne to the earth by taxation
they propose to ascertain exactly what il
!, lust between themselves and their credi tora