Green-Mountain freeman. [volume] (Montpelier, Vt.) 1844-1884, 1868-09-16

something real and substantial to show for
| it. "a d 4a &
It has secured 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 pro-
poses to remedy by doing justice to the note
holders and making their legal tender notes
as good as gold, while the democratic party
proposes to continue indefinitely this burden
by issuing greenbacks until they become
worthless.
! TRUE PRINCIPLE OF FUNDING:
Here let me enforce the point so well made
by Governor Boutwell, in his speech upon
the Funding bill. Congress shout never au
thorize a loan even at low rate of interest
upon over ten years without retaining the
right to pay it at its option after that period
We seem to have lost our financial courage
since the war ended. During the war we
issued five twenty and ten-torty loans, as
Stunning that we should want to pay the
whole or a portion at an early date The
fraudulent proposition of the Democratic
party. seconded by a few weak Republicans
to substitute bonds bearing no interest for
the 500 bonds, thus defrauding our creditors
without paying our debt, has, for the time
being, prevented us from availing ourselves
of the privilege of real payment, and has
kept our rate of interest very high but let
us keep our faith in the nation, and not give
up the idea of paying the debt within twenty
or thirty years.
We have paid $500 900 900 of our debt
in the last three years, and at least $780,
600, 900 of extra interest or guaranty, the
latter paid in consequence of the dishonest
purposes of the Democratic party One Re
publican member Of Congress in Maine, one
in Missouri, and | know not how many more,
have been or will be rejected by their con-
stituents solely because they were weak
enough to be misled by the false counses of
false leaders.
THE REVENUE LAWS.
We have collected this billion of dollars
under tax and tariff laws whose justification
is in the revenue they have yielded. JudS d
upon their own merits, they appear to have
been enacted in haste, i'll devised and calcu-
lated to make the burden of taxation much
more onerous than it need be. The internal
revenue law has been revised and made
simple, the tariff needs yet more to be sim
plifed. in order that much or more reve-
nue. may b. derived from it, with less injury
to the people who pay the tax imposed by
the tariff viz the consumers oil foreI IN
goods.
If, then, under all these difficulties, we
have in three years paid one quarter of our
debt, shall we take fifty, forty. or even thirty
wears to pay the other three-quartecs Let
US not listen to such q proposal let US not
put upon our children a burden we can SO
easily remove. We have groaned under
/ heavy taxation, but had we not paid war
debt and war intercst-had we borrowed in
stead of paying-our debt would now be
over $500, 900 900.
REDUCTION OF TAXES.
We have reduced our taxes Sl67 ,000, 900
per annum, and when George Ii. Pendleton
alleges that the taxes now amount to $500
900 900 year, he willfully asserts what he
knows TO be false. We may well repeat the
pertinent question put, believe, by Hon.
/ William Whiting, - Are Pendleton and the
/ Democratic leaders intentionally attempting
10 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 inaugurate ,?
But what is far more important. we have
reduced expenses yet more.
For the wear ending June 30 ls61 the
expenses of the War Department
For the year ending June 80, l>6S, the
entire expenses Of the army proper,
excluding bountes, state claims and
other legacies of the war, were 566lS,1oo
For the current year the estimates ar"
The expenses for the Navy Depart
is(5, were I2S,eap,00a
J Year ending June 30, 1865 2j.77>, o00
Estimate for the current year lISoo,OOu
We are charged by Mr.. Pendleton with
heavy deficiency bills. but we reply that
/ they are rendered necessary by the frauds OF
! the honorable democrats or the wiiioA, ring
kept in Office by Andrew Johnson.
STRENGTH OF THE COUNTRY.
We have ceased the rapid reduction OF
debt, and our taxes are not now excessive,
but perhaps ill-adjusted. At the present
rate per head Of less than 50, our entire debt,
with interest calculated at six per cent. Tor
the next five years and at five per cent.
thereafter, and with an allowance for ordi-
nary expenses far greater than we are now
paying-l say. making all these allowances,
the rate of IS 90 per head viii pay our debt
before the year 1881 has ended Why, gen
ltlemen, we do not begin To realize our power
we do not begin to know our strength, we
are scared by a mirage, and we propose To
put off twenty, thirty, aye, even nifty years,
what we can easily do in ten We do not
need to issue long loan to obtain a low rate
of interest Canada has just borrowed 81
500 900 at per cent. and $500 900 at j
per cent, and the whole amount was taken
on twenty years by the Rothschllds, at
| .
poets to place so, 900, 900 more on still bet
ter terms.
WHY INTEREST Is HIGH
All we pay above four per cen. interest Is
the guaranty charged Us by capitalists lie
cause we indulge ourselves IN the luxury Of
Democratic party leaders like Pendleton
Seymour, Hampton, Forrest and the like.
, | have said that we don't know oul
strength, let us try to realize it by a glance
at some of the elements of our future pros
0 perity,
WHERE STRENGTH COMES FROM.
3 First-Immigration. Since the tcrmina
! ton of the war, as am informed by MIR
Wells over nine hundred thousand native,
: Of foreign countries have sought "a perma
) nent home in the United States Thes,
immigrants are known to bring with then
specie, or its equivalent, to the avcrag,
amount of so per head, while their aver
age value to the country AS producers (an'
lit is from production alone that we can col
lect taxes) cannot be estimated at less thar
the average value Of an able-bodied lahore
lin the South, prior TO the war, viz 81 ,00t
Is per capita linn igration. therefore, sine
the war, has added S63 900 900 directly, an'
5000, 900 900 indirectly to the wealth ant
resources of the country.
And here let me point out effect of TIL
Pacific Railroad upon future immigration
| believe the force of Chinese laborers VIII
are now constructing the Pacific end of tina
road are but the advance guard of might
No lost who will establish a new - centra
: 1owery kingdom upon the dry plain
70 between the Sierra Nevada and the Rock
Mountains. These plains only be cult
t 5ated by irrigation, in which method tn
l. Chinese arc the most expert people In tn
II World But still further and more irnpor