Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1868-10-01
TRUE PRINCIPLE OF FUNDING.

| IRlE PRINCIPLE OF FUNDING.
Here let me enforce the point so wei
| made by Governor Boutwell, in hi
speech unoa the Funding bill. Congress
| should neter authorize loan even at ;
| low rate of interest upon over ten year
without retaining the right to pay it a
its option after that period. We seem tt
have lost our financial courage since The
war ended. During the war we ISSUED
| five-twenty and ten-forty loans, assu
ming that we should want to pay the
whole or portion at an early date. The
| fraudulent proposition of the Democratic
| party, seconded by a few weak Republic
cans, TO substitute bonds bearing no in
terest Tor the $40 bonds, thus defraud
| ing our creditors without paying Oul
debt, has, for the time being, prevented
us from availing ourselves of the privi
lege of real payment and has kept oul
rate of interest very high, but let US keeI
our faith in the natioh al d not give uI
the idea of paying the debt within TWEEN
ty or thirty years.
We have paid $500, 900, 600 of our debt
in the last three years and at least S206,-
600, 600 OF extra interest or guaranty. the
latter paid in consequence of the dishon.
est purposes of the Democratic party
One Republican member of Congress in
Maine, one in Missouri. and know moi
how many more have been or will be re.
ieeted by their constituents solely be-
cause they were weak enough to be mis-
led by the false counsels of false leaders.
THE REVENUE LAWS.
/ We have collected this billion of dol
lars under tax and tariff laws whose JUS
tificatiOn is in the revenue they have
yielded. Judged upon their own merits
they appear to have been enacted in
haste, i'll devised and calculated to make
the burden of taxation much more oner-
Gus than ii need be. The internal reve-
ue'iaw has been revised and made SIM
pie, the tariff needs vet more to be SIM
plified, in order that as much or more
revenue may be derived from it, with
less injury to the people who pay the tax
imposed by the tariff, viz: the consumers
of-foreign goods.
If then, under all these difficulties,
we have in three years paid one-quarter
ofour debt, shall we take fifty, forty, or
even thirty years to pay the other three
quarters? Let us not listen to such a pro-
posal: 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 inter
est-had we borrowed instead of paying
our debt would now be over So, 800, ,000,-
600. -~l d
-'s- REDUCTION OF TAXES
We have reduced our taxes $167, 900, 900
per annum, and when George III. Pendle
ton alleges that the taxes now amount
to $500,000, 900 year, he wilfully 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 lea
ders 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 t. inaugurate?"
But what's far more important, we
have reduced expenses yet more.
For the year ending June 80, 1865,
the expenses ofthe War Depart
81, OBJ 323 900
For the year ending June 80, 1868,
the entire expenses ofthe army
proper, excluding bounties,
state claims and other Iegacies
of the war; JveFe-..-.......--..-..-.... 56,613OO0
For the current year the tsti-
mates are less than ................ 40 0000 900
The expenses for the Navy De-
paftment for the year ending
June 80, 1863 were....-....--........ 123OOO 900
Year ending June 3d. 1865 -............ 25,77S 900
Estimate for the current year.. lI,3O0OOo
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 of
the whisky ring kept in Office by An
drew johnson.
STRENGTH OF THE COUNTRY.
We nave ceased the rapid reduction of
debt, and our taxes are not now exces-
sive, but perhaps ill-adjusted. At the
present rate per head of less than S9 our
entire debt, with interest calculated at
six per cent for the next five years and |
at five per cent thereafter, and with an
allowance for ordinary expenses far grea
ter than we are now paying-I say, ma
king all. these allowances, the rate of
500 per head will pay our debt before |
the year 1884 has ended. Why, gentle
man. we do not begin to realize our pow
er-we do not begin to know our strength /
we are scared by mirage, and we pro-
bose toput off twenty, thirty, aye, even
fifty years, what we can easily do in ten.
We do not need to issue long loan to
,btain low rate of interest. Canada
las just borrowed 81 100000 at 4 per cent
md 3 800, 900 at five per cent, and the
" ilOlS WIS tdhcu Ou UWcHby
-ears by the Rothschilds, at 1853. The
inance minister of Canada expects to
,lace S19,000,000 more on still better
erms.
WHY INTEREST IS HIGH.
All we pay above four per cent. inter-
st is the guaranty charged US by capi-
alists because we indulge ourselves in
he luxury of Democratic party leaders
ike Pendleton, Seymour, Hampton,
Forrest, and the like.
| have said that. we don't know our
trength; let us try TO realize it by a
lance at some of the elements of our fu-
ure prosperity.
WHERE STRENGTH COMES FROM.
INSTRUMENTATION. Since the termi- I
ation OF the war, as / am informed by
Ir Wells, over nine hundred thousand =
atives of foreign countries have sought !;
permanent home in the United States.
'hese immigrants are known to bring
nth them specie, or it's equivalent, to I
he average amount of $40 per head, l
yhile their average value to the country |
S producers (and it is from production I
lone that we can collect taxes) can not 1
e estimated at less than the average e
alue OF an abte-DoGied laOorer IN the
outh, prior to the war, viz: 81, 900 per 5
1pitd. immigration, therefore, since /
ne war, has added S63,000,000 directly, {
nd 5000, O00, 600 indirectly to the wealth e
nd resources of the country.
And here let me point out an effect of
ne Pacific Railroad upon future immi- q
ration. l believe the force of Chinese {
lboreTs who are now constructing the +
=, al fio and of that road ara hut the ad- 1 n
ance guard of mighty host who will I
;tablish a new central flowery king U
ON" upon the dry plains between the
Terra n evada and the Rocky Mountains. .
hese plains can only be cultivated by 3
in which method the Chinese y
re the most expert people in the world. l
ut still further and more important yet. I
ihile the white can and the black does :
Iltivate cotton, believe the Chinese 1
i'll perform the work more cheaply, and t
lat they will settle upon the rich cotton &