New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1869-10-11


ought to be no question But come. gentlemen, 70 can
your attention TO feature of this controversy In which
now paying on larger part Of this debt six per cent
interest. The events OF the last six or seven months
demonstrating the ability and disposition Of the people
of this country to pay this debt has rendered 1t not only
probable bat consider 1t certain unless there shall be
some disturbance OF the peace OF the worduness there
shall be calamity national In s character-I con-
slider certain that we can completely refund so much
not exceeding four and a half per cent-lsppausel-
thus saving to the country and to the people who pay
And this IS the practical question lnvoIVed IN
this election ard this Is precisely saS iho o The
sideration Of which has induced me TO come here APP
pause The credit Of this nation Is due 70 the apps c
obligations that have been assumed The world has no
doubt Of our ability When they consider s Smate
the fertility OF SOIL the nnceaslng capacity OF our
mines to contribute to the wealth OF our country ana the
debts. Applause.
DEMOCRATIC VICTORY MEANS DEPRECIATION OF oVh
CREDIT.
II then citizens of America your credit in the markets
as compared with the credit Of the most favored nations
upon the globe that depreciation Is due TO want Oh
PROPORTION as you furnish the evidence Of Your hdspo
son to pay your debts just exactly In that proportion
Will the depreciation OF your credit continue Now
then, you come to consideration OF this question
here and now, tonight for the people OF PENNSYLVANIA
will indicate to the world that there is no doubt OF your
disposition to pay this debt Applause nyou indicate
boring people OF this country. dare say, and trust
that there are, Democrats here tonight II there be
SUCH would like to ask or many whether he or they
have finally any doubt upon the question as to whether
this debt is ultimately to be paid The people OF thls
and weakest and that have gwen the most evidence OF
disposition 10 repudlae their OBLIGATIONS shall finally
paw their debts but the delay the uncertainty the doubt
by what Is declared in assemblies Of the peo
box. are the means by which the people themselves
are compelled to bear an unnecessary expense rd
day next the faith Of the country or the faith OF Europe
is shaken In the disposition OF the people Oh tbis country
in the depreciation Of your bonds In the fact that you
are to continue for longer period OF tme 10 pay SIX per
cent interest on your outstanding obligations instead OF
being able in the next six months to replace them az four
fourandahalf. These are the practical eonsldera,
be presented to practical men, III you intend TO
repudate this debt then say So and avail yourselves
the witch on have to get a ID 10 repaae
them, then your duty as well as your interest Is 10
declare. undoubtedly and with empaaasss that t tue
world that you ready and willing to meet all your OBJ
interest growing out Of the increased confidence OF man
kind 10 you. Now, gentlemen, this Is practical con-
sderaton TN: Is the phase OF ts question ,SSr " nc
there is nothing to intimidae in the finances OF the
Of GsesSn Sf and honesty
public servants. II you will furnish by your votes
evidence world that this debt is TO be paid II by
your system OF taxation you will furnish the means OF
paying IT, then nothing remains but TO get honest puDc
collect the public revenues and apply the pro-
ceeds 10 the payment OF the debt There Is nothing In
schemes nothing in plans Of shaving down. OF cutting on
"A
aud ability you have - and honesty IN your public
servBnts-to command the markets OF the world lap.
interest and you will pay all before the who hold
your securities desire TO have IL paid.
WHAT TIE ADMINISTRATIONS HAS ALREADY DoNE-HOw 1T
HAS BEEN ACCOMPLISHED.
desire further TO show you what has been recently
$50 900 OF the public debt. The President desires
economical and honest administration OF the Govern,
ment Applause He desired that honest men should
appointed places OF public trust especially in the
collection OF the revenue or all the means calculated TO
olious there nothing efficient than to ntrust the
collection of the revenues to dishonest men, who having
eNacted from the what was due tie Govern
meI appropriated it to themselves 1t cannot happen
in country vast this that honest men can alway
be secured, but l know that the President OF
the United States desires more than anything
else that nobody shall be put in office @. or
duties, he acts according TO the laws You have paid
s56OOOO0 Of the public debt since the LIST OF March last
Shall We the presence OF that fact, shrink from what
before To be there Is taxation, but IL IL not
grevous taxation and more than that u can be Gradual
heavy or light be gradually removed from the peo-
pie thought it might not be undressing although
the facts very we'll known to state how far the reye
nues and proceeds Of taxation bear heavily upon the
people During the last year from distilled spirits and
the manu- and traffic distilled spirits, wine. and
every kind OF liquors. derived revenue OF $4,000
from tobacco manufactured as well as In the various
which. suppose in the Judgment OF most
Of us is not unnecessarily heavy Then, Then about
get 100000 from transportation OF merchandise
through the country which should be removed as soon
as the condition OF the public Treasury Will permit
There are from the sales OF merchandise
and ssOOOOO0 more from the Income tax, s34OOO from
stamps aud 900 from other ana smaller Items, sur
hcIent 10 make an aggregate OF sos00OOO IhlS system
Of taxation can be changed so as to relieve he Onuen OF
of the people. greater amount
OF the internal revenue is derived either from he nxu
and the burden upon the laboring people Is,
after all. very small. But l must say that
no system Of taxation Is desired that does
not look to a larger taxation upon luxuries or
upon accumulated property thus relieving the labor and
the Ordinary business OF lie TO as large degree as pos
aI,l Al. .ira In call
the application OF the revenues OF the country 10 tue pay
en o. the public debt The public dfo S5 the b
nent payable at fixed time In the future and bearing
% - em at i've ncr Cent: the currency of the
country known RreeDbacks used for crcuiatlo ana
900 of three per cent certificates with interest and
principal and which payable on demand ana IN cur
renew When the Secretary OF the found himself
in possession OF five, ten fifteen millions OF surplus
funds he would appropriate TO the payment OF que OF
Congress he was prohibited from diminishing
Of greenbacks below three hundred ana htysx millions
Treasury Department and that amount has under the
law been continued substantially the same therefore,
s the G medium q the country
his opinion might be. Then there are nfty millions OF
three per cents held by the banks They answer, toa
certain extent the office of currency They were held
closely by the banks, and would not IT., be given
tary Of the Treasury did not avail himself of
the liberty to employ TINS pressure, even
that il was TO some departure from the law Of
Congress by which he required to allow the Volume
Of currency remain as II was when he entered 0lce
Therefore there seemed only the which has been
pursued purchase six per cent bonds az the market
price And this is statement not by way OF explana-
iion but a statement of the which controlled the
Administration the application OF the surplus fund,
applicable 10 payment Of the public debt
FEW WORDS TO THE woRkINGMEN.
Now, gentlemen, in leaving wish 10 address a few
po.o no to avert tEer from the real
before the country aud To lead them To course Of action
preludcia ~ their ,wefare and the welfare OF the
class which they belong IL Is emneny true that the
laborng classes In q country like this can profit by
nothing except Justice lAppause There may be other
AZ MAJ, whn froin positlon fruni wealth.