Dodgeville chronicle. [volume] (Dodgeville, Wis.) 1862-current, 1869-10-22
Speech of Secretary Boutwell,.

PHILADELPHIA October ..
Secretary Boutwell, delivered an ADDRESS
to a large audience this evening In 1aVo[
of the Republican State ticket, most OF
which was devoted to the financial CUES
lion He stated, as the entire policy OF the
administration in regard to the pubic
debt that it is to be paid, principal and in
terest, according to the terms OF the con-
tract, and in coin, or that which men will
receive as the equivalent to coin. He
claimed that " if none of the public debt
OF the country would not be less than 49,
200OOO,O00, in addition to the 1856, 100000
of notes in circulation If in these four
wears, exhausted as we have been by war,
we have been able to pay twenty-five
or thirty three per cent. of the public debt,
shall we hesitate as to our course for the
next four years? IF we were to pay $780,
100000 year, which we can pay II the
present system of taxation shall be per-
mitted to remain, the public debt will be
extinguished in less than fourteen years.
If we pay $50,000,000 year, which we
can do at a decreased taxation, the interest
bearing public debt will be extinguished
in less than twenty-five years.. And if we
pay but $26,000000 a year, and reduce
taxation, as we may to a very large
degree, the Understanding debt will
be extinguished in thirty years.
The establishment is that under
these circumstances there should be and
question among any class of people 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. inter
est 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 L
consider it certain, unless there shall pc
some disturbance of the peace of the world
unless there shall be some calamity ma
tional in it's character consider it GER
tain that we can completely refund 50
much of the debt as we desire to refund
at q rate of interest not exceeding AZ per
cent. [applausel- saving to the coun-
try and to the people who pay taxes from
$fSO00, 900 to $25 100000 year. You
have paid $56,000,000 of the public debt
since the LIST of March last. Shall we, in
the presence of that fact, shrink from what
is before us? To be sure, there is taxa
tion, but it is not .grievous taxation; and
more than that it can gradually, year by
wear, be diminished. The burdens, whether
heavy or light, can be gradually
removed from the people. | thought it
might not be uninteresting, although
the facts are we'll known, to state
how far the revenues and proceeds OF
taxes bear heavily upon the peo-
pie During the last year,. from
distilled spirits and the manufacture
and traffic in distilled spirits, wine and
every kind of liquors, was derived reve
nue. of 44,000,000; and from tobacco man
ufactured as well as in the various forms
S23,OOO,0OO Now here are nearly $70,-
100000, which suppose, in the judgment OF
most Of us, isnotnecessarily heavy. Then
there are about $6,000,000 from taxes on
fermented liquors. We also get $6000,000
from TRANSPORTATION of merchandise
through the country, which should be re-
moved as soon as the condition of the
treasury will permit. There are $6,000,
GOO more from sales Of merchandise, 49,
100000 from income tax, $34,000000 from
stamps, and 100000 from other and
smaller items, sufficient to make an aggre-
gaterof $150,0O0,000. This system of tax
alton 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 on peo-
pie 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 larger taxation upon luxu
ries or accumulated property, thus relev-
ing the labor and ordinary business of life
to as large degree as possible" Mr..
Boutwell, stated the reasons which con-
troled the Administration in the applica-
ton of the surplus fuhd. Congress had
prohibited the diminution of the amount
of greenbacks, and neither they nor the
fifty millions of 3 per cents. could be re-
deemed without departure 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 has been pursued, to issue
per cent. bonds at the market price. Mr..
Boutwell, concluded by an appeal to the
workingiien to see that the means of
education are1furnished to their children,
SO as to inculcate justice and rule the land
under the principles of virtue, guided by
intelligence.