The Union and journal. [volume] (Biddeford, Me.) 1858-1882, 1868-09-25

."eAiihuAn ueos'ssssss'ss" s~'f~~'"
five analytic the form OF our debts as II e1-
listed June 30. 1866, amounting net to only
81, 483 000, 900, We find that II wns oil substan-
TALLY consolidate into long loans. the pay
ment Of none Of which can be demanded before
1880. except the currency debt represented by
the legal tender demand notes, amounting now
to only $3.50, 5000
And for the funding OF these notes the Re.
publican party passed an act which failed 70
become law by the laches OF Andrew john
son.
We then claim TINT the Republican party has
proved its intention 10 meet the liabilities OF
the county by honest payment. and to re.
move from The people at the earliest moment
the curse OF an uncomfortable paper currency.
never have been entirely convinced OF the
necessity for the issue Of the legal tender notes
as war measure until entered upon the re-
view Of our finances Of which am now giving
you the results
I challenge any one to deny that this exhibit
proves that the finances Of the country have
been managed by the Republican party with o
success never before known In the history OF
the world.
Would that had the eloquence Of Gladstone.
that might excite In you as much interest In
these dry details rs their importance demands,
From this view OF tho finances OF the last
three years II Is manifest that II tho nation has
submitted to excessive taxation and has made
an extraordinary effort to free itself from h.
nsnoial embarrassment. Il has something real
and substantial to show for II.
II has occurred substantial relief from the
burden Of debt In spite Of that worst form OF
taxation upon consumers, that involved IN the
use Of inconvertible paper money forced into
circulation under the dire necessity Of war. and
which the Republican party proposes to RENE;
dy by doing justice to tho noteholders and
making their legal tender notes q good as
gold, while the Democratic party propose to
continue indefinitely this burthen by issuing
greenbacks until they become worthless.
Hero let me enforce the point 90 well made
by Governor Boutwell, In his speech upon the
funding bill. Congress shSqld never su,n" n,sr
ten years without retaining the right to pay 1t
at its option after that period. We seem to
have lost our financial courage aimee the war
ended. During the war We issued $40 and 10
40 loans, assuming that We should want to pay
the whole or portion at an early date. The
fraudulent proposition Of the Democratic par
ty seconded by few weak Republicans, to
substitute bonds bearing no interest for the D
20 bonds, thus deirsuding our creditors with
out paying our debt, has, for the time being,
prevented us from svailng ourselves OF the
privilege Of real payment and has kept our
rate Of interest very high, but let Us keep our
faith In tho nation and not give up the idea
Of paying the debt within twenty or thirty
years.
We have paid $500 ,ooo, 900 of our debt In the
last three years and at least $500, 900 900 OF
extra interest Of guaranty, the latter paid In
consequence Of the dishonest purposes OF the
Democratic party. One republican member Of
Congress In Maine, one In Missouri, and
know not how many moro have been or will be
rejected by their constituents solely because
they were weak enough to be misled by the
false couusels Of false leaders.
We have collected this billion of dollars M
der tax and tariff laws whose Justification Is In
the revenue they have yielded. Judged upon
their own merits, they appear to DO enacted In
haste, ill-devised and calculated to make the
burthen Of taxation much more onerous than
it need to be. Tho internal revenue law has
been revised and made simple, tho tariff needs
yet moro to DO simplifed, In order that as
much or more revenue may be derived from II,
with less injury to the people who pay the tax
imposed by the tariff, viz: the consumers OF
foreign goods.
In three years paid one quarter OF our debt,
shall We take fifty, forty, or even thirty years
to pay the other three-quarters Let us not
listen to such proposal, let Us not put upon
our children the burthen we can so easily re-
but had We not paid war debt and war interest,
had we borrowed instead Of paying-our
debt would now be over $500, 900 900.
We have reduced our taxes SIG, 100000 per
annum, and when George II. Pendleton al
leges that tho taxes now amount to $500 ,000,-
600 year, he willfully asserts what no knows
to be false. We may we'll repeat the pertinent
question put. believe, by Hon. William Will
ting-"Are Peadleton and the Democratic lead
ers Intentionally attempting to destroy the
credit Of the nation, In order that We may be
unable to obtain the means to put down the
new rebellion which they propose to inaugu'
ratei"
But what Is far moro important, We have re-
duced expenses yet more.
For tfc year ending June 20, 1865,
the expenses Of the war depart
meut were N,pl SOU
For the year ending June 30, 1868,
the entire expenses Of the army
proper, excluding boanties, State
claims, and other legsciss Of the
war, were b,1l3UU
For the eurr.n, year the estimates
are less than k0,QO0,OuO
The expenses Of the Navy Depart
nent fcr year ending June 20,
Year ending June 30, 1865, were ss,iis,ooo
Etimaie for the current year iIt3oo,ooO
We are charged by Nv. Pendleton with heavy
deficiency bills. but We reply that they are rem
dered necessary by the frauds Of the honorable
Democrats Of the Whisky Ring kept In Office BY
Andrew johnson.
We have ceased the rapid reduction Of debt
and our taxes Arc not now excessive, but rer:
haps ill-adjusted. Atthe present rate PER head
Of less than nine dollars, our entire debt With
interest ct six per sent. for the next Ave years,
and 1t Ave per cent thereafter. and with an
allowance for ordinary expenses far grsater.
than We Arc now paying-I say, making o.!
these allowances, the rate Of $3.50 PEI head
will pay our debt before the year 1854 ha: end
cd. Why, Gentlemen, We do not begin 70 know
our own strength, We Are scared By Q mirage
and No propose to put Oh twenty. thirty, aye.
even hfty years, what ws cen easily DO IN ten.
We do not ned 10 issue long loan to obtain
Q low rate Of interest. Canada hes Jsst Dot
roved 81, 500 900 ut four Per cent. ana S1,oV,
900 at ave per cent, and the vnoie amount
was taken on twenty years BY the RotlsohiIds,
Ut los IS. The Finance Minister Of Canada