Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1869-10-14
NATIONAL FINANCES.
Secretary Boutwell, In Phfiadelphfa-.He
Delivers . Speech ON the Finances Of
the Nation.

dress to large audience at Philadelphia
October 8, most of which was devoted 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, accord
| ing to the terms of the contract, and in
coin, or that which men will receive as
the equivalent to coin. He claimed that
if none of the public debt had been paid
since 1885, the funded debt Of the coun-
try would not bear less than So, 200, 600
| in addition to the 1856, ,000, 900 notes in
circulation. If in these four years, eX-
hausted as we have been by war, we
have been able to pay twenty-five OF
thirty-three per cent. of the public
| debt, shall we hesitate as to ouT
course for the next few years? II
we wereto pay s1o0, ,0oo, 900 a year, which
we can do, if the psesent system of tax-
alton be permitted TO remain, the public
fdebt will be extinguished in less than
| fourteen wears. IF we pay $50, ,000, 900 a
wear, which we can do at decreased
taxation, the interest bearing public
debt will be eztinguished in less than
twenty-five years; and if SEe pay but
SIG, ,000, 900 a year, and reduce taxation,
as we may, to very large degree, the
interest bearing debt will be extinguish-
| ed in thirty years. The astOnishment
is that under the 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
ION a 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 is certain, unless there
shall be some disturbance of the peace
of the world-unless there shall be some
calamity national in its character-I
consider it certain we can completely
refund so much of the debt as we desire
to refund at a rate of interest not ex-
ceeding At per cent, (applause,) thus
saving to the country and to the people
who pay taxes from SIS, 900, 900 to $25,
| 600, 600 year. You have paid $50 900, :
900 of the public debt since the 1st of
March last. Shall we, in the presence
of that fact, shrink from what is before
US? 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 re-
moved from the people.
1 thought it might not be uninterest.
| ing, although the facts are well known,
how far the revenues and proceeds of
taxes bear heavily upon the people.
During the last year, from distilled
spirits and manufacture and traffic in
distilled spirits, wine and every kind of
| liquors, was derived revenue of $44,-
600, 900; from tobacco, manufactured as
well as in the various forms, $23 600, 600
more. Here are nearly S70, ,000, 900,
which, suppose, in the judgment of
most of US, is not unnecessarily heavy.
Then about Sc, ,O00, ,0O6 from taxes on fer
mented liquors. We get 5000, 900 from
the transportation of merchandise
through the country, which should be
removed as soon as the condition of the
Treasury will permit. There are about
Sc 200, 900 more from the sale of mer-
chandise, and SS,0OO,0O0 from income
tax; S34 10000 from stamps, and S15,.
0G, 900 from other and smaller items suf-
ficient to make an aggregate of $50, ,000,-
900. 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
pay, and the burdens upon the laboring
PSSPtS VI WIZ SoohSAJ iof oiIOA fslit NCly
small.
But must say that no system of tax
alton is desired that does not look to a
larger taxation upon the luxuries or ac-
cumalated property, thus relieving the
labor and ordinary business of life to as
large degree as possible.
Mr.. Boutwell, stated the reason which
controlled the Administration in theap-
plication of the surplus fund. Congress
had prohibited the diminution of the
amount of greenbacks, and neither then
nor the fifty millions of 3per cents coula
be redeemed without departure from
the law of Congress, by which the Sec
retary was required TO allow the volume
of currency to remain as it was when he
entered office. Therefore there remains]
only the course which has been pursued
to issue six per cent bonds at the market
price.
Mr.. Boutwell, concluded by an appeal
to workingmen to see that the means of
education are furnished to the children:
to inculcate justice, and rule the land
under the principles Of virtue guided
by intelligence.