Gallipolis journal. [volume] (Gallipolis, Ohio) 1837-1919, 1869-10-14
The Financial Policy of the Gov
erumeut, and the Public Debt.

will prove good reading for the people,
though the election is over.
PHILADELPHIA, October 9.-Secre.
tary 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 public 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 as the
equivalent to coin. He claimed that if
none of the public debt had been paid
since 1865, the funded debt of the
country would not be less than S3,-
2OO, 1000, 900 in addition to the $3.50,
600, 900 of notes in circulation, eff in
these four years, 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 few years? If
we were to pay slOo.ooO,OO0 year,
which we can pay, if the present sys-
tenn of taxation be permitted to remain,
the public debt will be extinguished in
less than fourteen years. If we pay
S50,000,000 a year, which we eau do
at decreased taxation, the interest
bearing public debt will be extinguish-
ed in less than twenty-five years; and
if we pay but S96.O0O,Ooo year, and
reduce taxation, as we may, to very
large degree, the interest bearing debt
will be extinguished in thirty years.
"The astonishment is that, under
these circumstances, there should be
any question among any class of peo-
pie as to what the course of the coun-
try sheuld be. But, gentlemen, we
are now paying, on larger part of this
debt, six per cent. interest. The
events of the past 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
be some disturbance of the peace of the
world unless there shall be some ca
lamity, national in its character-I
consider it certain we can completely
refund SO much of the debt as we de-
sire to refund, at a rate of interest not
exceeding four and one-half per cent.
applause, thus saving to the country
and to the people, who pay taxes, from
$1S,O0O,O0O to s95, 900, 900 year.
"You have paid S56,0O0,ooo of the
public debt since the lst of March last.
Shall we, in the presence ofthat 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.
81 thought it might not be uninter-
esting, although the facts are well
known, to state how far the revenues
and proceeds of taxes bear heavily up
on the people. During the last year,
from distilled spirits, and the mannfac-
ture and traffic in distilled spirits, wines
and every kind of liquors, was derived
a revenue of $4,000, 900; from tobac-
co, manufactured as we'll as in the va
rious forms, S23, 100000 more. Here
are nearly S7O,0Oo.00o. which sup
pose, in the judgment of most of us, is
not unnecessarily heavy. Then about
S6,000,000 from taxes on fermented
liquors. We get S6,O00,0O0 from
transportation of merchandise through
the country, which should be removed
as soon as the condition of tie Treas
ury will permit. There are S6,OOO,-
900 more from the sale of merchandise,
and S8,OOO,OOO from the income tax;
S34,OO0,0O0 from stamps, and S15,-
100000 from other and smaller items
sufficient to make an aggregate of
$50, 100000. This system of taxa
ton can be changed SO as to relieve the
burden of taxation from the mass of the
people. A greater amount of the in
ternal revenue is derived from the lux
uries of life, or from taxes on people
who are able to pay; and the burden
upon the laboring people of the coun-
try is, after all, very small. But l
must say, no system of taxation is de-
sired that does not look to larger tax
alton upon luxuries or accumulated
property; thus relieving the labor and
ordinary business of life to as large a
degree as possible"
Mr.. Boutwell, stated the reasons
which controlled the Administration in
the application of the surplus fund
Congress had prohibited the diminu-
ton of the amount of greenbacks, and
neither those nor the fifty millions of
three per-cents, could be redeemed
without a departure from the law of
Congress, by which the Secretary was
to allow the volume of cur
rency to remain as it was when he en-
tered Office. Therefore, there remain
ed only the course which has been pur-
sued, to issue six percent. bonds, at
the market price.
Mr.. Boutwell, concluded by an ap-
peal to the working men to see that the
means of education are furnished to
their children, to inculcate justice, and
rule the land under the principles of
virtue, guided by intelligence.
~ We have laying before us on
our table number of very interesting
relics of ancient days, dug from an In
dian mound on the farm Of Mr.. Renick,
some distance west of this city. Some
time ago his son while blowing turned
up the bones of a human being, buried
in the manner in which Indians gener-
ally inter their dead. Curiosity being
thus excited, a further search was
made, which resulted in developing the
skeleton entire, together with a stone
pipe of curious workmanship and man.
moth size, and with mouth-piece of
such dimensions that it must have re-
quired an enormous mouth to have ac-
oop,raoJ afod ;f Tharo ,ro, a1-o