The New York herald., 1869-09-13
THE CAMPAIGN In OHIO.
Speech OF George ii. Pendleton-His Views
on the National Finances.

we gave yesterday, shus refers 70 our national
finances-
have In my hand offlcial statement OF the re-
cepts and expenditures OF the federal Treasury,
ending ON the last day Of June, 1869. Ii SHOWS M
receipts to have been, from taxation and sale OF
public lands, siOs 1878 g. or reducing the the
s44 s34 ~ to currency, at 33 per cent. the re-
cepts for three months were $l24,65l, 229 90, or
more than $500 900 for the year the rate.
It also shows that, in addition TO this enormous
amount from taxation. there was realized from
loans s44 s52 422 90 making total for three months
from all sources. In currency, OF $l69, ,000, 900.
During the same time the expenditures are stated
for ordinary expenses at o24 or reducing the
ssisi. On an& dS euO psymsns sHs o
principal OF the debt, s4s,2 7O7-a total Of
si2 THIS uage about the SsSi
iorty -four millions, and paid f0rty-nine millions
leaving an actual payment Of about fve millions
but in order to effect this payment there was an
excess OF revenues over expenditures Of forty five
millions, and the Secretary paid premium OF
$1,S74 $50. or more than TWENTY-FIVE per cent
EXPENSES OF ARMY AND NAVY.
The army consists of fifty thousand men and costs
nifty million dollars year. The navy costs twenty
armamentsY For what useful purposes are they
kept upf And, II 1t Is necessary to have so many
men, why should we have general and star officers
sufficient for army ten times as great. 1t s said
q DO not vouch for Its TRUTH that brgadier general
sits IN the ante-chamber Of the White House and
plays usher TO the President. An expenditure OF
fteen million dollars for the army and eight million
dollars for the navy would be ample.
The last official statement OF the value OF al all
property in the United States was $16 0O0 000 900.
The last official statement OF the amount OF
bonds outstanding is S2,l72,000000. Taxing
vested in bonds Is more than one-eghth OF the
whole We know that the only tax paid by the
bonds is rive per cent on the income The income @
per cent would be $1,372, 520-that Is to say, one
eighth of the capital Of the country paid $Soo O00
while seven-eights paid $l230OO, 900. Active capital
engaged business. recurring labor to make III
profitable, supporting men, women and children,
and giving health to the commercial and social sys-
tenn. and liable to reverSeS and losses, paid seven
times much, dollar tor dollar, as the dead,
inactive capital OF the bondholder, which, without
labor and without loss, brought him six per cent
interest in gold.
But this is not all. OF the whole amount OF taxes
thus collected for three months, the tariff duties
paid $ 02l 1884 in gold, or $5s COS, ,445 In currency
Mr.. Senator Sherman, perceive, says this Is Just,
honest reasonable tariff. based on the principle OF
taxing luxurieS-nOt neceSSarieS-and OF furnishing
reasonable protection to American industry Let us
see. Coral, pearl and tortoise shells are admitted
duty free; cameOs diamonds, emeralds, garnes,
gems and rubies pay duty OF ten per cent ad vao-
rem; bracelets. CHAINS, Of gold or silver; earrings,
studs gold rings and manufactured lewelry pay
duty OF twenty-five per cent; clothing forty per cent
ad vaorem and fifty cents pound In addition; mats
and stockings pay hrtynve per cent and fifty cents
pound In additions linen clothing pays forty er cent;
gloves fifty per cent; sheetngs thirty.nve per cent
and nannels and blankets thlrty-hve per cent, and
nffy cents per pound In addition; carpeting thirty
i've per cent and forty cents yard in addition; sole
leather pays thirtyfve per cent; glassware forty per
cent? hatchets, chiseis and brace bits fOrtyve per
fifty per cent; bar iron about fifty five per cent; pig
iron about siXty-1ve per cent; tea pays Sixty per
cent? sugar thirty to nifty per cent and salt 125 per
cent. And this Mr.. Sherman calls taxing luXuries
and not taxing necessaries. Jewelry OF the most
expensive character Bays nothing, or at most ten
per cent, but hoes and spades and hatchets and
nails, articles used by wOrklngmen, pay thirty to
fifty per cent. A lace shawl worn only by the very
rich comes In at TWENTY-FIVE per cent; worsted
ing-I had almost said who die by washing or sew
ingpays forty per cent and hiy per cent for every
pound Of It's weight. Diamonds are admitted at
and sugar must pay forty to sixty-hve per cent.
Every article Of luxury is taxed lightly Every art
Gle OF necessity. every implements OF industry every
tool by which the farmer, the mechanic, the day
laborer plies his avOcaton, ls taxed heavily.
And as II there were special design to oppress
such as we produce, is admitted at very low rate,
while the manufactured article s largely protected
as have told yOu, but the wool OF our Western Re-
serve Is subjected to such sharp competition that
the farmers there have been almost driven from the
market In every county in Ohio the number Of
sheep has been largely. diminished within the last
last year and the total s r not ess than
our legislators have bluderingy discriminated
in favor OF the Iicn against the poor, the idle
classes against the laboring classes, and articles
OF luxury against articles OF necessity" Not
blunderingy, for Governor Hayes was IN Con-
eress when this tariff was revised and Mr..
Sherman boasts that for ten years he has taken
part In preparing every law on finance or tax
aton and both are going around the State congratu
latin2 the people that they are so JUSTLY so evenly
wisely and so lightly taxed. do not wonder
that Mr.. Sherman told US al Canton, and told us
truly, that he never knew the difference between
revenue and a protective tariff. These gentlemen,
when driven on these points, tell us that the poor,
the laborng men, the farmers, do not use imported
goods, and therefore do not pay these tariff duties.
1t Is true they do not use imported goods and do not
pay these duties TO the government. That Is one OF
the enormities OF this system. The price OF the
dOmpatic regulated tariff
The home manufacturer fixes his price that
he may Just undersel the foreigner. The
exquisite satisfaction Of knowing that Of goes
into the Treasury, but a Of 1t goes nto the pockets
Of the manufacturer. The Commissioner OF Internal
Revenue Mr. Wells IN his last report says that the
duty on lumber paid into the Treasury In 1858 was
two million two hundred and fifty Thousand dollars,
but that cost the people sixteen millions to collect
1t. The duties salt yielded In 1867 million of
dollars but the price OF every bushei made In this
country was raised to the consumer from twenty
three TO forty-eight cents bushel. The effect on
agricultural interests produced BY this tariff need
not illustrate TO an Intelligent Western audience.
Commissioner Wells to be such thatif ships availa-
BILE Tor foreign trade were furnished US without
cost we could not employ them.
THE SECRETARY OF THE TREASURY PAYS PREMIUMS
ON BONDS.
said the expenditures were unnecessary and
wastelu, and tnat they were all in the interest Of
dead, inactive capital The last report Of the Secre-
tary shows that he Is boarding $l01 2l4 338 In coin,
and Sl2, 900 In currency. Why2 To what good
purposes The customs OF half year are there.
The people are paying SIX per cent in gold as In
terest on the public debt and the Secretary hoard
ing this immense amount Each month, with great
parade, sells six nine millions, ana with the
proceeds he buys bonds, giving In the market for
them twenty five per cent above par. They are
now redeemable. on their face--by the LAWN
equity, they are payable In legal tender notes. The
holders gave legal tender for them when legal ten
der notes were worth not more than half what they
now are and yet the Secretary OF the Treasury in
sists on paying premium Of twenty-five per cent.
Will not argue again this question. prefer TO
rely on the authority OF sherman, and Morton, and
stevens aud Ewing. They say the bonds are paya-
BILE in greenbacks. Then they ought to be so paid;
and tne people are robbed when premium is paid.
II they are payable In gold the Secretary ought to pay
them IN gold. and not buy up the paper or the gov
ernment at discount It'll difficult to speak Of this
conduct OF the Secretary with the respect which Is due
to his nigh Office. 1t costa the people, Mr. Ewing
has well said more than all the frauds of the whskey
ring, and Is scarcely more honest than they. Under
this process or paying premium the market value
OF the bonds has gone up from ten to twelve per
cent and 10 the Secretary excaims "What a
marvel OF financial ability My magic touch has, In
three months raised so high the credit OF the govern
ment J" My friend pay of few OF your notes IN the
i ANA