Gallipolis journal. [volume] (Gallipolis, Ohio) 1837-1919, 1868-09-03
Our Debt and Taxation.

Our Debt and Taxation.
1t is the policy of democracy in this
campaign to raise agreat hue and cry
about the burdens, the people are Ia
boring under by reason of our national
debt, and the consequent taxation
Statistics are misrepresented, figures
are falsifed, and all the ingenuity Of
their leaders is taxed to make it appear
that the Republican party is. op-
pressing the people with taxation, and
running the country with debt. They
are all the more eager to pull this pop
ular string, since their indiscreet utter
ances of a revolutionary character are
telling SO fearfully against the party.
Hon. A. W CAMPBELL, of West Va,
who spoke here last Tuesday evening,
exploded these falsehoods in language
that all could understand, and by ar
guments, that carried conviction with
them. If any laboring man heard him
he must have had his eyes opened to
the democratic misrepresentation of
the poor mans position in this country.
Starting out by fixing the responsibility
for the burdens now expressing this
country, where it belongs, upon the
rebels and their democratic sympa-
thisers in the North, he proved clearly
that the cry about the workingmen
paying the taxes, and bearing all the
evils of the present state of affairs, was
more noise and smoke than reality.
Taxation of bonds is great hobby
with democracy, although the action
of our last Legislature shows that the
party knows it to be legal impossi-
bility. The immense loans made to the
Government were obtained at low rate
of interest, in no case over 8 per cent
in. currency, while in time of peace
under Buchanan's administration. the
United States was compelled to go
begging for money at 19 per cent.
How was this accomplished? Simply
because the people understood and the
Government expressly contracted that
these loans should be free from State
and municipal taxation. Had it been
understood that these bonds were to be
subject to such taxation, the rate of
interest the Government would have
been compelled to pay, would have ex-
ceeded the rate actually paid, by the
probable amount of such taxation.
Instead of raising revenue to paw a 6
or 8 per cent interest, the country
would now be taxed to pay a l2 per
cent interest, How, then. would the
burdens of the people be lessened? Not
at all; the revenue received from this
State taxation would be balanced by
the extra interest to- be paid by the
Government, and the burden would re-
main the same. Every business man,
who makes loans subject to State taxa
ton, understands this principle, and
fixes his rate of interest so much the
higher.
Another trick of demagoguism is to
charge that all the burdens laid upon
us by the war, bear with especial Sc
verify upon the poor people, the Repub-
lcanparty, OF course, being held ac-
countablerfor it. But this is not SO
That much villi6ed party has devised
system of taxation, that will bear all
inspection, system that draws its
revenues from the wealth of the coun-
try, and bears with the ightest possi-
BILE weight upon the great laboring class
100000, 900 per year will provide for
the payment of interest on our debt, and
for the gradual extinction of the
principal, as well as supply all the or
dinary expenses of the Government.
This sum is raised from several sources
from customs, duties imposed on
foreign Injuries and manufactures, the
first of which will not effect the masses,
except in the matter of tea. coffee. and
sugar, and the second of which is q |
material benefit to working men. bv
encouraging domestic - productions.
from taxation of spirits, tobacco. and |
luxuries, tax of which none can :, con,
plain, Banks, and corporations gener. |
ally, contribute largely to this revenue
a large sum is also furnished by the
stamp duties, mainly paid by the cities
and affecting the masses but little, and
esszlss 41llba ~ II Es'