The Fremont weekly journal. [volume] (Fremont, Sandusky County, Ohio) 1867-1877, 1869-10-22
Speech Of Secretary Boutwell, on
Finance

Il
PHILADELPHIA, October 9.-Secrstary
Boutwell, delivered an address to a large
audience this evening in favor Of the Repub-
lican state ticket, most Of which was devoted
to the financial question. He stated a. the
entire policy Of the administration in regard
to the public debt that it is to Be paid, prin-
eipal and interest according to the terms Of
the contracts, and in coin, or that which will
be received as equivalent % coin. He claim
ed that if none Of the public debt bad been
paid since 1865 the funded debt Of the coun-
try would not bear less than s., 200, 600,
in addition to the SS56,OOO, 900 notes in cir
culatiNn. He says:
If 10 these four years, exhausted as you
have been by the war, we have been sbls TO
pay twenty-five or thirty-three per cent Of
the public debt shall We hesitate as to our
course for the next few years3 If We we're
to pay SlOO,0OO,O9O a year, which We can
pay if the present system Of taxation Be
permitted TO remain, the public debt viii
be extinguished in less than fourteen years.
If we pay $50, 00O 900 a year, which We
can do at decreased taxation, the interest
bearing public debt viii be extiDguished in
less than twenty-five years, and if We pay
but S26 900, 900 year and reduce TAXATION
as we may to Very large degree the intarest
bearing debt will be extiDguished in thirty
years. The astOnishment is that under these
circumstances there should be any question
among any class Of people as to what the
course Of the country should be. but, gentle
men, we are now paying a larger part Of this
debt six per cent interest. The events Of
the last SIX or seven months, demonstrating
the ability of the people Of this country to
pay this debt has rendered it not only
probable, but consider it certain, unless
there shall be some disturbance Of the
peace of the world, unless there shall be
some calamity national in its character, I
consider it certain that We can completely
refund so much Of the debt as We desire to
refund at a rate of interest not exceeding
four and half per cent, (spplause), thus
saving to the country and to the people who
pay taxes from S1S, 200. O0g to S25,OOO, 900
a year. You have paid S56, 900, GOO Of the
public debt since the Ist of March last. Shall
we, in the presence Of thar fact, shrink fIoul
what is before US, To be sure there is taxa
ton; but it is not grieVOus taxation. And
more than that, it can gradually, year By
year, be diminished The burdens, Rhsther
heavy or light, can be gradually removed
from the people. I thought it might not be
uninteresting, although the facts are well
known, how far the the revenues and pro-
eeeds Of taxes bear heavily upon the people.
During last year, from distilled spirits, and
the manufacture and traffic in distilled spirits,
wine, and every kind Of liquors was derived
revenue Of S44, 600, 900; frOn tobacco,
manufactured as well as in the various forms.
$23, 100000. Here are nearly $4,000, 900
which, l suppose, in the judgment Of most
of US, is not unnecessarily heavy. Then
about $6,OO0,O00 from ta1es on fermentsd
liquors. We get So 100000 from The transfer
Of merchandise through the country, which
should be removed ss soon as the condition
Of the treasury viii permit. There are S6,-
600, 600 more from the sale Of merchandise
and SO, 100000 from the income tax, S34,OOO
600 from stamps and S15, 100000 from other
and smaller items, sufficient to make al
aggregate of SI56, 900 900. This system Of
taxation can be chadged 50 as to relieve the
burden Of taxation from the masses Of the
people. A greater amount Of the internal
revenue is derived from Injuries or from
taxes on people who are able to pay and the
burden upon the laboring people Of the
country is, after all, very small. But must
say that no system Of taxation is desired
that does not look to a large taxation upon
luxuries or accumulated property, thus re-
feying the labOTer and ordinary business Of
life to ss large degree as possible.
|. Mr.. Boutwell, stated the reasons which
controlled the administration in the applicas
ton of the surplus fund. Congress had
prohibited the diminutiou Of the amount Of
greenbacks and neither them nor the fifty
millions Of three per cents could be redeemed
without departure from the law Of Congress
by which the secretary ives required 10
allow the volume Of currency to remain as q
was when entered Office. Therefore there
remains only the course which has besn
Pursued-tO issue SIX per cent bonds at the
market price. Mr.. Boutwell, concluded By
an appeal to the woFkingmen TO zee that
means Of education are furnished 10 their
children to inculcate justice and rule the
land under principles Of virtue, guided bJ
intelligence.