The Republican journal. [volume] (Belfast, Me.) 1829-current, 1869-02-25

OF sixty or seventy million dollars per aunum
In the form of gold-bearing bonds. When
7 Europe shall hold ali our bonds the gold pro-
duct of California and all the Territories will
be insufficient to pay the interest Our pur-
chaseS abroad are made mostly in gol-benriug
bonds, and If this shall cease the receipts from
customs must cease with it, and the tax- gath
/ erer must hunt for currency where it is scarce,
and for gold where there is none, to support
the Government and to pay the debt. Borrow
Ing from one man to pay another Is the contri-
vance of bankrupt, and the adoption of such
measures on our part would only develop the
utter helplessneSS of our situation. lu addition
! 70 the burdens already enumerated our coiii-
mercial marine has been sold TO foreigners and
lhe cost OF our trans sportation goes into their
pockets.
The Secretary ascribes the great reduction
IN the amount derived from internal revenue to
inefficient collection and to reduction of taxes
This may be partially true at the present tine.
! but 1t will not be long before still further re-
ducton will be attributed 10 the exhaustion of
the people. Their capacities are truly wonder
| full but, wonderful as they are, human energy
and human endurance have limit. Five hun
dred millions Of dollars Is large sum to be
drawn yearly from the labor of the country in
the shape OF taxation. Is there any system OF
labor upon earth that could stand such drain?
Our largest river would cease to flow and his
bed would become dry and parched ifthe clouds
did not bear back the volume of water dis
charged into the Gulf. But here is financial
gull into which pours golden stream, but
from its metallic surface arises no moisture no
Vapor, no rain to cheer and to bless the sources
OF its supply. How long can it continue to
flow! How long will thirty million people be
content to pour the golden fruits of their unre-
Quilted ton into the bosom of this gulf which,
like the Dead Sea, has no outlet: Ireland has
Sroaned under similar nfiction until the
"greenest isle OF the ocean" has lost its yerdurc
ana until penury and want are the only inner
itance Of her children, The great law OF self
preservation forces them to leave her borders
III search OF the means OF SuDSisten aud
whittier viii they fly VIXEN American. like Irish
labor IS made trlbu AIRY to the capital and the
power of other countries? When Europe shal!
mold our bonds the effort to discharge them
must end in exhausiing the means OF payment.
1t would be useless to attempt TO stop The cur
rent that IS sweeping our gold and gold Securt-
ties to Europe. Many OF our cltIzeus have be
come suddenly and vastly eurichedby specuI-
tion, peculaton, and spolation. 1 he simplicity
OF American manners and of republican lnstitu-
lions palls upon their pampered tastes; titles,
crowns and courts tllt before their ma-inl-
tlonS, aud they Will exchange their bonds or
thelf gold tor an opportunity OF behoidiug with
tAelf own eyes The pride and pomp and pageant
ry OF genuine aristocracy.
In speaking of restoring the tax on manufac-
lures, abolished in March last, the Secretary
says:
The objections to the restoration of this tins;
1t would indicate vacltiou the part OF Congress-.
hope that have peen reasonably consistent
in life; but AIN willing to yacillate a little iii
that direction (Laughter.) lie proceeds:
ut Is also apparent that if restored would fail
permanent by reason OF the persistent and united hos
lty OF class OF citizens influential and powerful
whose influence and power rapidly incrcusing'
IhS is on+ of the most fearful declarations
tnat ever proceeded from any OF the depart
mentS OF our Government. And is it true that
the President and his Cabinet have become the
agents and the servants OF Il prirlleged class
and that Congress, torgetiul OF its solemI
duties to the sovereign people, protects the
rich III order that the scourge may be applied
with more fatal effect 10 the productive indus
Try OF the country? From The decision OF the
Secretary | appeal to the grand inquest OF the
nation upon the distinct issue that wealth and
lnhuence are not good grounds ior the eXemp-
ton OF any portion of our citizens from their
just and equal proportion in all the responsi-
ties OF government. Neither policy nor wis
uoin nor justice demands an exemption III favor
OF lhose who are most able 10 pay.
In the plan of resumption proposed By the
able Senator from Indiana his own mlS@lvinga
as to the result are Swallowed torth. Why does
he allow six months additional time to the
National banks? The moment that Il bona jill
Resumption takes place OH The part Of the Gov
ernment the banks will be able To reAnmc.
There is nothing il their business nor iVtheir
situation that tommends them III an especIul
manner TO the losterin@ care OF Congress.
Ihey are sixteen hundred or more in number,
with a capital OF 34OO, ,O00 900, upon which they
draw rom the government yearly interest OF
S24 900, 900. This sum is paid 10 them with
the privilege of leecIus the people out OF $50,
0Uu, 900 more. They are probably wei! "
do ,s any institutions Ill the country. But The