Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1869-09-17
The Campaign in ohio.

The Campaign in ohio.
Speech at George II. feHdiet"H-h \ i"" =
oflh. National Finan'es
MIR. Pendleton in his speech at his
residence near Cincinnati on the 10th inst.
thus refers to onr national finances:
| 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 re
ceipts to have been, from taxation and
sale of public lands, 500, SAT, 6lS.S, or
reducing the amount collected i'll gold
from the customs (S44, 02l ,S34.77 to cur
rency at SO! per cent. tie receipts tor
three months were $l24 SOL 22G.99, or
more than $500, OOO 900 for the year at the
same rate. 1t also shows that, IN addition
to this enormous amount from taxation,
there was realized from loans sS44 S52?, 400.
20. making total for the three months
from all sources, Ill currency Of S5l67, OOO,-
600
! During the same time the eXpendi-
lures are stated for ordinary expenses at
SEC, OF | ,024, or reducing the interest on
the public debt to currency, S75, l6l, lG9,
and for payment on account OF principal
of the debt, $40, 280, Cora total of 1924.
$40, SIG. This iugglery about the debt |
hardly comprehend. 1t seems we Dor
rowed forty -fonr millions, and paid forty
nine millions, leaving an actual payment
of about five millions, but In order to eff
feet this payment there was an excess OF
revenues over expenditures of forty five
millions, and the Secretary paid a pre-
| 4 q haO fCun tU
five per cent
| EXPENSES OF ARMY AND NAVY.
The army consists of fifty thousand men
and costs Atty million dollars year. The
navy costs twenty five million dollars.
Why do we need these vast armements?-
For what useful purposes are they kept
Iup? And, if it is necessary to have SO
many men, why should we have general
land staff officers sufficient for an army ten
times as great. It is said Il do not vouch
for it's trlth) that brigadier general sits in
the ante chamber of the White House and
plays usher to the President. An expen-
diture of fifteen million dollars for the
Iarmy 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
SIG, 600, 100000 The last official state
m0nL dLuOuuG VI JULIUS
lis 50, 172, 900, 600. Taking these as nearly
correct the capital invested IN bonds is
more than one.eighth of tho whole. We
know that the only tax paid by the bonds
is five per cent. on the income. The in
como for that quarter was 1921, 45O, 4O6,
upon which five per cent would be ST.
372, 52O~-that is to say, 0no-elgth OF the
capital of the country paid 81, 300, OO0.
while seven eighths paid 1928, 900, O0O.-
Active capital engaged i'll business, requir-
ing labor to make it profitable, support
ling men, women and children, and giving
health to the commercial and social hys-
TEN, and liable to revorses and losses, PAID
seventeen times as much, dollar for dol
lar, as tho dead, inactive capital OF the
bondholder. which, without labor and
without loss, brought him six per cent in
terest in gold.
TIE TARIFF.
But this is not all. OF the whole amount
of taxes thus collected for three months.
the tariff duties paid $44, O21 1874 in gold,
or SOS, 695, 445 in currency. Mr.. Senator
Sherman, perceive, says this is just,
! honest, reasonable tariff. based on the
principle of taxing luxuries not necessa-
lries-and of furnishing reasonable protec-
ton to American industry. Let us see.-
Coral, pearl and tortoise shells are admit
ted duty free canoes, diamonds, emer'
aids, garnets, gems and rubies pay duty
of ten per cent. al valorem bracelets,
lchains, of gold or silver ear rings. studs,
lgold rings and manufactured jewelry pay q
duty of twenty-five per cent; clothing,
forty per cent. al valorem and fifty cents
a pound in addition hats and stockings
lpay thirty five per cent. and fifty cents a
lponnd in addition linen clothing pays
forty per cent. gIo, es fifty per cent; sheet.
lings thirty-five per cent, and tlannels and
blankets thirty five per cent, and hfty
lcents per pound in addition carpetlnG
tthirty-fiye per cent, and forty cents a
yard in addition sole leather pays thirty
tive per cent. glassware forty per cent.
lhatchets. chisels and brace bits forty five
per cent; coal oil about thirty per cent.
Iron nails about fifty por cent; bar iron
about fifty-tiye per cent; pig iron about
sixty five per cent. +; tea pays sixty per cent.
Isugar thirty to fifty per cent, anu salt Ia
lper cent. And this Mr.. Sherman calls tax
ling luxuries and not taxing necessarles. -
lJeweiry of the most expensive character
pays nothing, or at most ten percent, but
Ihoes and spades and hatcheta and mails,
articles used by worklngmen, pay thirty
10 fifty per cent. A lace shawl worn only
by the very rich comes IN at twenty-five
lper cent; II worsted shawl worn by women
who live by washing or sewing had
almost said who die by washing or sew
ing-pays forty per cent. and fifty per cent.
for every pound of its weight. Diamonds
are admitted at twenty-five per cent. aa
Ualorena, but coffee and tea and sngar must
pay forty to sixty five per cent. Every
article of luxury is taxed lightly. Every
article Of necessity, every implement OF
industry, every tool by which the farmer,
the mechanic, or the day laborer piles his
avocation, is taxed heavily.
/ And as if there were special design to
oppress our Western agricultural interests
the raw material, such as We produce, is
admitted at very low rate. while the
: manufactured article is largely protected.
The manufactured wooden goods are taxed