The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1869-10-11

speeeh of seer.,nry aoutweII.

Speech of secresnry Boutwell,.
PHILADELPHIA, October 9.-Secretary
Boutwell, delivered an address to large
audience, this evening, In favor of the
Republican State ticket, most OF which
was devoted to the financial question.
He stated as the entire policy OF the
Administration, IN regard to the pnblic
debt, that it is to be paid, principal and
interest, according to the terms OF the
contract and in coin, or that which men
will receive rs it's equivalent. He claim
ed that if none of the public debt had
been paid since 1865, the funded debt of
the country would not be less than
s., zoe, 100 in addition TO the $3.50, OOO,-
600 notes in circulation. Ii, IN these
our years, exhausted as We have been
bV war; we have been able to pay 20 or
33per cent. Of the public debt, shall we
hedtate as to our course Tor the next
few years If we were to pay one hun
bred Isillions of dollars year, which
We can do 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 fifty millions year, which we
can do, at decreased taxation, the
interest bearing public debt will be ex-
tinguished in less than twenty-five
years, and if we pay but twenty-six pil-
lions year, and reduce taxation, as we
do to very large degree, the interest
bearing debt will be extinguished in
thirty years. The establishment is that
under these circumstances there should
be any question among any class of PEG
pie as to what the course of the country
should be. But, gentlemen, we are now
paying on 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 / consider 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
one-half per cent, Applause thus
saving TO the country and the people
who pay taxes from eighteen to
twenty-five millions year. You have
paid tifty-six millions of the public
debt since the first of March last. Shall
we, in the presence of that fact, shrink
from what is before usf To be sure
there is taxation, but it is not grievous
taxation, and more than that, it can
gradually, year by year, be diminished.
The burdens, whether heavy or light,
can be gradually removed from the
people. | thought 1t might not be un-
interesting, although the facts are we'll
known how far the revenues and pro-
ceeds of taxes bear heavily upon the
people. During the last year from dis
titled spirits, wine and every kind OF
LIQUORS there was derived revenue of
forty tour million dollars, aud from to-
bacco manufactured, as we'll as IN the va
rious forms twenty three millions more.
Here are nearly seventy millions of dol
lars which l suppose, In the judgment
of most of US, is not unnecessarily
heavy. Then about six millions f;on
taxes on fermented liquors. We get Six
millions from the transportation of mer
chandise through the country which
should be removed as soon as the c0ndi
tion of the treasury will permit. There
are six millions more from the sale of
merchandise and eight millions from
income tax, thirty-fOu millions from
stamps and fifteen millions from other |
and smaller items sufficient to make
an aggregate of one hundred aud !
fifty eight millions of dollars. This !
system Of taxation can be ChaAg ed so as /
to relieve the burdens of taxation from |
the mass Of the people; the greater |
amount of the Internal Revenue rs de |
rived from the Injuries of life or from |
taxes on people who are able To nav; the !
burden upon the laborimg people of the !
country is, after all, very small, but
must say no system of taxation is desired |
which does not look TO a larger taxation
upon Injuries or accumulated property,
thus relieving the labor and ordinary
business of life to as large degree as
possible.
Mr.. Boutwell, stated the reasons which
controlled the Administration In the
application of the surplus fund. Con
gress had prohibited the diminution OF
she amount of greenbacks, aud neither
them nor the fifty millions of per
cents could be redeemed without de-
parture from the law of Congress, By
which the Secretary was required To
allow the volume of currency TO remain
as IT was when he entered the office.
Therefore there remained only the
course which had been pursued-to
issue per cent, bonds at the market
price.
Mr.. Bostwell concluded by an appeal
TO the worAlngmen to see that means of
education are furnished to children. tn
incuIcate justice and rule the land mn.
der principles of yirtues guided bv in.
telligence.