The Republican journal. [volume] (Belfast, Me.) 1829-current, 1869-09-23
THE CAMPAIGN IN OHIO.
Speech Of George H. PendIeton-His Views
on the National Finances.

on the National Finances.
Mr.. Pendleton, in his speech at his resi-
dencc near Cincinnati on the 10th inst, thus
refers to our national finances:
l have in my hand an official statement OF
the receipts and expenditures of the federal
Treasury, published in pursuance Of law
for the three months ending on the last day
of June, 1869. 1t shows the receipts to have
been, from taxation and sale Of public lands
$l09,8H ,6l897, OF reducing the amount col
lected in gold from the customs ($44, ,O21 )
834.77) to currency, at 33 1-3 per cent the
receipts for three months were $124,55 ,229
|99, or more than $500, 900, 900 for the year al
the same rate. 1t also shows that, in addi-
ton to this enormous amount from taxation
there was realized from loans $44 1852, ,422, 20
making total for three months from al
sources, in currency, of $169, 100000.
During the same time the expenditures are
stated for ordinary expenses at $66,O11 ,O24
or reducing the interest on the public debt tc
currency, $75, 1G1 ,169, and for payment on
account of principal of the debt, $49, ,2SS, 7O7
"a total of 1924, 1853, 1916. This jugglery
about the debt I hardly comprehend. Il
seems we borrowed forty-four millions, and
paid forty-nine millions, leaving an actual
payment Of about five millions, but in order
to effect this payment there was an excess OF
revenue over expenditures of forty-ti mil
lions, and the Secretary paid premium of
$l,374 $50, or more than twenty five per cent
EXPENSES OF ARMY AND NAVY.
The army consists of fifty thousand men
and costs fifty million dollars year. The
navy costs twenty-five million dollars. Why
do we need these vast armaments? For
what useful purposes are they kept up? And,
if it is necessary to have so many men, why
should we have general and staff officers suf-
ficient for an army ten times as great. 1t is
said U do not vouch for its truth) that brig
adler general sits in the ante-chamber of the
White House and plays usher to the President.
An expenditure of fifteen million dollars for
the army and eight million dollars for the
navy would be ample.
The last official statement of the value of
all property in the United States was Sl6,-
OOO,OOO,OOO The last official statement OF
the amount of bonds outstanding is s., ,l72,-
100000. Taking these figures as nearly
correct the capital invested in bonds is more
than one-eight of the whole. We know that
the only tax paid by the bonds is five per
cent on the income. The income for that
quarter was $27, ,45O, ,4O6, upon which five per
cent would be 81, ,372 ,52O-that is to say. one
eighth of the capital of the country paid 81
800, 900, while seven-eighths paid 1928, 900, :
600. Active capital engaged in business, re-
quiring labor to make it profitable, support
ing men. women and children, and giving
health to the commercial and social SYSTEM
and liable to reverses and losses, paid seven
teen times as much, dollar for dollar, as the
dead, inactive capital of the bondholder,
which, without labor and without loss,
brought him six per cent interest in gold.
THE TARIFF.
But this is not ALL OF the whole amount
of taxes thus collected for three months, the
tariff duties paid S44, ,02 1894 in gold, or $5S,-
695, 445 in currency Mr.. Senator Sherman,
perceive, says this is Just, honest, reason
able tariff, based on the principle of taxing
luXuries-not necessaries-an of furnishing
reasonable protection to American industry.
Let us see. Coral, pearl and tortoise shell
are admitted duty free canoes, diamonds,
emeralds, garnets, gems and rubies pay a
duty of ten per cent ad valorem; bracelets,
chains, of gold or silver, earrings, studs,
gold rings and manufactured iewelry pay Il
duty of twenty-five per cent; clothing. forty
per cent ad valorem and fifty cents pound
five per cent and fifty cents a pound in addi
lioll lh'li NlotliiHso P"S' loIea pNi NNi' =
gloves fifty per cent; shecting thirty-five per
cent, and tlannels and blankets thirty y-five per
cent and fifty cents per pound in addition; !;
carpeting thirty-tive per cent, and forty cents
a yard in additions sole leather pays thirty
five per cent; glassware forty per cent :;
hatchets, chisels and brace bits forty-tive per
cent; coal oil about thirty per cent; iron
nails about fifty per cent; bar iron about fifty
five per cent; tea pays sixty per cent; sugar
thirty to fifty per cent and salt 1875 per cent.
And this Mr.. Sherman calls taxing luXuries
and not taxing necessaries. Jewelry OF the
most expensive character pays nothing, or at
most ten per cent, but hoes and spades and
hatchets and nails, articles used by working
men, pay thirty to fifty per cent. A lace
shawl worn only by the very rich comes in
at twenty-five per cent; a worsted shawl
worn by women who live by washing or sew
ingI had almost said who die by washing
or sewing-pays forty per cent and fifty per
cent for every pound of its weight. Diamonds
are admitted at twenty-five per cent ad valo-
rem, but coffee and tea and sugar must pay
forty to sixty-five per cent. Every article of
luxury is taxed lightly, Every article of ne
cessity, every implement of industry, every
tool by which the farmer, the mechanic, or
The day laborer plies his avocation, is taxed
heavily.
And as if there were a special design to OPP
press our Western agricultural interests the
raw material, such as we produce, is admit
ted st very low rate, while the manufacture
ed article is largely protected. The manu-
featured woollen goods are taxed heavily, as
have told you, but the wool of our Western
Reserve is subjected to such sharp competi-
ton that the farmers there have been almost
been driven from the market. In every coun-
ty in Ohio the number of sheep has been
largely diminished within the last year and
the total decrease is not less than l,5OO, 900.
Well has an intelligent writer said ''that our
Legislators have blunderingly Disseminated
in favor of the rich against the poor, the idle
classes against the laboring classes, and al
ticles of luxury against articles Of necessity
Not blunderingly, for Governor Hayes was in
Congress when this tariff was revised, and
Mr.. Sherman boasts that Tor ten years he has
taken part in preparing every law on finance
or taxation, and both are going around the
State congratulating the people that they are
so Justly, so evenly, so wisely and so lightly
taxed | do not wonder that Mr.. Sherman
told us ut Canton, and told us truly, that he
never knew the difference between revenue
and protective tariff. These gentlemen,
when driven on these points, tell us that the
poor, the laboring men, the farmers, do not
use imported goods, and therefore do not
pay these tariff duties. 1t is true they do not
use imported goods and do not pay these
duties to the government. That is one OF the
enOrmities of this system The price of the