Wyandot County Republican. [volume] (Upper Sandusky, Ohio) 1869-1903, 1869-10-14
Il a
BOUTWELL,.
His Speech at PhiIadelphia-Th
Finance Policy OF the Gov
ernment, and the Public
Debt.
PHILADELPHIA, Oct. 8.

evening, in favor. of the Republican,
State ticket, most OF which was de-
voted to the financial question. He
stated, as the entire policy of the
administration in regard to the
public debt, that it is TO be paid,
principal and interest, according to
the contract. and in coin, or that
which men will receive as the equiv
alent to coin. He claimed that if
none Of the public debt had been
paid since 1856, the funded debt Of
the country would not be less than
So, ,2OO,0 100000 in addition to the
$3.50, 100000 OF notes in circula-
ton. IF in these four years, ex
hausted as we have been by war, We
have been able to pay twenty five
or thirty three per cent. OF the pub
ic debt, shall we hesitate as to our
course for the next few years? Ii we
were to pay s10O,000,00O year,
which we can pay, if the present
system of taxation be permitted to
remain, the public debt will be ex
tinguished in less than fourteen
years. If we pay 0,000,00O year,
which we can do at a decreased
taxation, the interest bearing public
debt will be extinguisbed in less than
twenty two years; and if we pay but
$26, 900, 900 a year, and reduce tax
alton, as we may, to very large
degree, the interest bearing debt
will be extingulshed in thirty years.
The astouishment 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, gentlemen,
we are now paying, on a larger part
Of this debt. six per cent interest
The events of the past six or seven
months, demonstrating the ability
the people of this country to payf
this debt, has rendered it, not only
pro bable, but l consider it certain,
unless there shall be some distur-
bance of the peace OF the world
| unless there shall be some calamity,
national in its character consider
it certain we can completely refund
50 much of the debt as we desire to
refund, at a rate of interest not ex
ceeding four and one half per cent,
applause, thus saving to the coun,
try and to the people, who pay
taxes, from $1S,UO0,0OO to S25, 900,
600 a year.
You have paid S56,OO0,OOO of
the public debt since the Ist of
March last. Shall we, in the pre-
sence of that fact, shrink from what
is before us /! To be sure, there is
taxation, but it is not gri.vous tax
alton and, more than that, it can
gradually, year by year, be dimin
ished. The burdens, whether heavy
or light, can. be gradually removed
from the people.
Il thought it might not be unin-
teresting, although the facts are well
known, to state how far the reve-
nues and proceeds of taxes bear
heavily upon the people During
the year, from distilled spirits, and
the manufacture and traffic in dis
titled spirits, wine. and every kind
fof liquors, was derived q areuenue OF
$44 ,OUO, 900; from tobacco, manu-
factured as well as in tue various
forms, $23, 100000 more. Here are
nearly $70,000,O00, which | sup
pose, in the Judgment of most of us,
is not unnecessarily heavy. Then
about $4,000, 900 from taxes on fer
mented liquors. We get S6,00O,OOO
from transportation Of merchandise
through the country, which should
be removed as soon as the condi-
ton of the Treasury will permit.
There are $6,OO0,OO0 more from the
sale Of merchandise, and $S,0OO,OOO
from the income tax; $34.OOO,O ,OOO
from stamps, and $15,OOO,OOO from
other and smaller items, - suffi
cient to make an aggregate of $780,
100000. This system Of taxation
can be changed so as to relieve the
burden of taxation from the mass
OF the people. A greater amount OF
} the internal revenue is derived from
the luxuries of life, or from taxes or
people who are able to pay ; and the
BURDEN upon the laboring people o.
the country is, after all. very small
But I must say, no .sys' EN- of taxa
ton is desired that does not look tc
larger. taxation upon luxuries o.
, accumulated property; thus reliev
ing the labor and ordinary bushes!
Of life to as large a degree as posi-
ble."
!, Mr. Boutwell, stated the reason
: which controlled the Administrator
l in the application of the surplus
e fund. Congress had prohibited TIL
! diminuti on pf. the amount of green
5 backs, and neither those nor th'
fifty millions of three per cents
!, gould he redeemed without de
palture from the law of Congress
by which the Secretary was requir
ed to allow the volume of currenc.
5 to remain as it was when he entered
office. Therefore, there remaine'
/ only the course which has been pur
e sued, to issue six per cent. bonds, a
the market price.
t Mr. Boutwell, concluded by an ap
y peal to the working .aen TO see thu