The Cadiz sentinel. [volume] (Cadiz, Ohio) 1864-1911, 1868-07-29

count the public pluuderers who are con
fined there. Applause. 1t is the party
| Of extravagance-the war party ended II
May, 1865. -.
During the three years from July ], 1865
TO July !, 1868, the expenditure of the
Federal Government, independent of inter,
, est on the public debt was eight hundred
and twenty millions of dollars. These were
years of peace. The army and navy of the
wal had been reduced. their back-pay had
already been made up to them; immense
sales Of Government property, consequent
upon the close of the war, had been made,
and yet in three years the Republican ad.
ministration expended eight hundred and
twenty millions of dollars-two hundred
aud seventy millions of dollars year.
CONTRAST WITH DEMOCRATIC ADMINISTRA-
TIoNS
The whole expense of the Government OF
the IInit.d States for four years preceding
the war was two hundred and fifty.six mill
ions of dollars. These eight hundred and
twenty millions do not include the interest
upon the public debt. If this be added,
the expenditure of each one of these three
years will amount to at least four hundred
and thirty millions of dollars The taxa
tion of the year 1866 amounted to FIVE hun
dred and ninety millions of dollars The taxa.
ton Of the laat year Of Mr.. Ruchanan's adj
ministration amounted to eighty millions of
Of dollars. The expenses of the War De-
partment during the whole of Mr.. Polk's
administration, including the Mexican war,
we're 800, $4,000; the expenses Of the War
Department for 1868 were SIPS, $50, 900. In
one year of Republican administration, in
time of peace, the War Department spent
100000 900 more than four years Demo-
cratic administration did in time of war
| [Applause.] The Navy Department for
four years, before the war, cost $62,9l0,-
/ 600. Then our commerce was prosperous,
our ships sailed on every sea and landed in
every harbor. To-day we have no COM
merce, foreign flag covers all the trade to
cur sea-ports. The ship. bui ders of Maine
are starving for want of occupation, and yet
the estimates for the navy, for the current
four years, is $ll7, 7,470,00. 'l.ni,s
| FINANCE AND TAXATION.
have said to you that the taxation Of
1866 anounte to $56O,000 600. ] am told
that this year it will be less. The seculi
ties Of the Government are not subject to
| taxation. The capital invested in the Sc
curities reaches $2,5O0,O0o 600. All the
property, real and personal, Of every kind,
as derived from the official reports of 1860,
amounted to $4,000 100000. Thus you
see that near one-sixth of all the capital in
the country p exempt from taxation.
But why is it that the amount realized
from 1869, will be less than the amount re-
allied in 1866? The rate of taxation is
substantially the same. 1t is true that this
Republican Congress has diminished, as o
whole, the taxes on the manufactures of
New England, it is true that tEcy will di-
mnish somewhat the taxes upon whisky,
but the amount collected from either of
those sources would not materially change
the aggregate. Why then, | ask again,
will the amount realized from taxes this
year be less than in 1868? The burthen
upon those who do pay is just as great as
it was then The difficulty of Masking the
payment is even greater than it was then.
| TIE GENERAL DISTRESS AND ITS CAUSE.
A cry Of distress when the dav for the
| payment OF taxes comes around, arises from
every part Of the country; and it is because
| the business of the country is stagnant; it
is because your workshops are idle, it is be-
cause labor finds no occupation; it is be-
cause the produce of the farmer remains
on his hands, instead OF going to the mark
et it is because your stores are overloaded
with abundant stocks; it is because energy
and enterprise are paralyzcd, and capital
remains inactive.
CURRENCY CONTRACTION.
And why is all this? Because Repub-
lican administration insists III curtailing the
currency, disturbing all values, checking all
enterprise, throwing out Of employment all
labor. The tradesman is caught with
large stock on declining prices. The farm
er fears the fall which may overtake him
before his wheat reaches the market. The
manufacturer fears that the price Of his
raw material to>day will be greater than
the price Of his manufactured goods to-
morrow, and the capitalist will not take
his money out of Government bonds and
invest it in houses. or lands and stocks, lest
the rents and dlvidents will not yield him
simple interest In the meantime, labor is
without employment, and poverty stalks
Il rough hom whee comfort has always
been bszbre. Applause. In the means
time, this work OF contraction is steadily
pushed. Look at every monthly report OF
the Secretary of the Treasury, you will find
that every month the Debt that bears inter-
est in gold is increased; you will find that
every dollar which bears no interest at all,
or which bears interest in currency, is con-
verted as rapidly as possible into the bonds
which pay interest in gold. And why is
this? Is there too much currency in the
country, Is there a, plethora of MONEY?
Is speculation rife? No one will dare af-
firm so much, and yet this work of con-
traction still goes on, and value is coined
for the bondholder out of the sweat and
tears, the blood and bones and muscl s Of
the laboring man.
UNITED STATES BONDS.
And when we ask the reason, we are an
swefed by the declaration Of the Republi-
can Convention, at Chicago, that the bonds
must be paid in gold, according to the
spirit and letter of the contract; by a dec
laration Of its President that the debt OF
the bondholder is as sacred as the grave Of
TIE soldier.
PAYMENT IN LEdAL-TENDERs. H
deny that it is according either to the
spirit or the letter of the contract under
which the fve-twenty bonds were sold. |
say that neither the spirit nor the letter of
the law under which those bonds were is>
sued,. dor good filth, nor good morals, nor
exact justice to the bondholder, require that
they should be paid in gold. They are
payable in lcgal>tendcr, and in this opinion
am sustained by the resolution Of the
Democratic Convention in New York, (which
declares that where the obligations of the
Government do not expressly state upon
their face-or the law under which they
were issued does not provide--that they
shall be paid III coin, they ought in right
and justice to bc paid in the lawful money
| Of the United States.
/ When the legal>tcnder act was passed,
the private indebtedness of the country
amounted to very large sum- 1t was con-
tractedto be paid in gold, but was in fact
discharged in paper, The public necessity
was alleged to be sufficient reason for this
wholesale con6scation. Il there. no pablic
l = A. i h. .F