The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1868-09-11

OF none oil winch can pc 0emandcd before 1881,
except the currency debt represented by the
legal tender demand notes amounting now to
only $3.50, coo, 600. Aud for the funding of these
notes the Republican party passed an act which
failed 10 become a law by the idches Of Andrew
johnson. T'-U
TUE PARTY OF HONESTY.
We then claim that the Republican party has
proved its intention to meet the liabilities OF the
country by honest payment aud to remove from
the people at the earliest moment the curse of
an inconvertible paper currency, / have never
been entirely convinced OF the necessity for the
issue of the legal-tender notes as war measure
until i entered upon the review of our finances,
of which am now giving you the results.
challenge any one TO deny that this exhibit
proves that the finances of the country have
been managed by the Republican party with a
succes never before known in the history of the
world. Would that ! mad the eloquence of
Gladstone, that might excite IN you as much
interest in these dry details as their importance
demands.
RESULTS ATTAINED.
From this review OF the finances of the last
three years 1t is manifest that If the nation has
submitted to excessive taxation, and has made
an extraordinary effort to free itself from dnan-
cial embarrassment, it has something real and
substantial TO show for il. 1t has secured suo-
stantial relief from the burden OF debt in spite of
that worst form of taxation upon consumers,
that involved 10 the use of lnconvertible paper
money forced into circulation under the dire
necessity OF war, and Which the Republican
party proposes to remedy by doing Justice to the
noteholders, and making their legal tender notes
as good as gold, while the Democratic party
propose to continue indefinitely this burden by
issuing greenbacks until they become worthless.
TRUE POLICY OF FUNDING.
Here let me enforce the point so II made by
Governor Boutwell, in his speech upon the Fund
ing bill. Congress should never authorize 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 hve-tIenty and ten
| forty loans, assuming that we should want to
| pay the whole or portion at an carly date. The
| fraudulent proposition of the Democratic party
| seconded by few weak Republicans, to subsi-
! tute bonds bearing no interest for the five
| twenty bonds, thus defrauding our creditors
without paying our debt has, for the time
| being, prevented us from avaling ourselves of
! the privilege OF real payment and has kept our
rate OF interest very high; but let us keeo our
| faith in the nation and not give up the idea of
| paying the debt within twenty or thirty years
| We have paid $1,000, 900 OF our debt in the
last three years. aud at least 5000 000 600 of extra
| interest or guaranty, the latter paid in conse.
| quence of the dishonest purposes of the Demo-
| cratic party. One Republican member of
Congress in Maine, one in Missouri, and know
| rejected by their constituents solely because
| they were weak enough to be misled by the false
counses Of false leaders.
TIE REVENUE LAWS.
We have collected this billion of dollars under
tax and tariff laws whose justification is in the
own merits they appear to have been enacted in
haste, i'll devised and calculated 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 10 be simpli6ed, 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 go DDS,
II, then, under all these difficulties, we have in
| three years paid one-quarter of our debt, shall
we take fifty, forty, or even Thirty years to pay
the other threS-quarters? Let us not listen to
such proposals let us not put upon our child
| ren burden we can 80 easily remove. We have
| groaned under heavy taxation, but had we not
| paid war debt and war interest-had we bor-
| rowed instead OF paying-our debt would now
| be over $3S00,0 900, 600.
REDUCTION OF TAXES.
We have reduced our taxes Sl67, 900, 900 per
| annum and when George I'll. Pendleton a alleges
| that the taxes now amount to $500, 0,009 900
year, he wilfully asserts what he knows to be
| false. We may well repeat the pertinent
| question put, we believe, by Hon. William
| Whiting, "Are Pendleton and the Democratic
leaders Intentionally attempting to destroy the
credit OF the nation, in order that we may be
unable to obtain the means to put do wn the
new rebellion which they propose to
| inaugurate?o But what is far more i'm porant,
we have reduced expenses yet more.
For the year ending June 30 1865, the ex-
s yes1 Of The s1os Ms 5 @ S6s
cadnee se%K stSSsG aas Ssssr ss
legscles OF the war, were.......-...". 56.6l8,00o
For the current year the est mates are
less than 100000
for the year ending June &c. 1865 were. lS8OOoOoo
Estimate ior the current year ....... I7ssO,oOO
We are charged by Mr. 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.
STRENGTH OF THE COUNTRY.
We have ceased the rapid reduction of debt,
and our taxes are not now excessive, but perhaps
illadjusted. AT the present rate per head of less
than So our entire debt, with interest calculated
at six per cent. for the next five years and at i've
per cent. thereafter, and with an allowance for
ordinary expenses far greater than we are now
paying-l say making all these allowances, the
rate OF $500 per head will pay our debt before
| the year 1884 has ended. Why, gentlemen, we
| do not begin to realize our power-we do not
| begin to know our strength, we are scared by
mirage, and we propose to put off twenty, thirty,
| aye, even fifty years, what we can easily do ia
| tea. We do not need to issue long loan to
| obtain low rate of interest. Canada has just
borrowed 81, 500 900 at per cent. and $2 500 900
at per cent, and the whole amount was taken
| on twenty years by the Rothschlds at 1865. The
| finance minister of Canada expects TO place
| SlO, ,OOO, 900 more on still better terms.
WHY INTEREST is HIGH.
All we pay above four per cent. interest is the
| guarantee charged us by capitalists because we
party leaders like Pendleton Seymour, hamp.
ton, Forrest and the like. l have said that we
! don't know our strength let us try to realize 1t
| by glance at some OF the elements OF our
future prosperity.
WHERE STRENGTH CONES FROM.
Flrst-lmmigration. Since the termination
of the war, as | am informed by Mr. Wells, over
lUnl hon nn.a1wa e.,