The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1869-10-11
Tho Public Debt and Tho Financial
Policy OF the Administration,
Address by secretary BOutwell.


PHILADELPHIA October 0.
Secretary Boutwell, delivered an ad.
dress 70 hIge audience this evening,
In favor OF the Republican State ticket,
the mOAt Of which was devoled to the
finance question. He stated as The en-
tire policy Of the Administration In re-
gard 10 the public debt, that Il Is to be
paid principal and interest according
TO the terms Of tho contract, and In
coin or that which men will receive as
the equivalent 10 coin. He claimed II
none OF the public debt had been paid
since 1866 the funded debt OF the coun.
try would not bear less than g. 900
In addition to the $3.50, 900, 900 notes In
circulation. II In these four years, ex-
hausLed as we have been BY war, we
have been able to pay 25 or SO per cent
OF the public debt, shall we hesitate az
10 our course for the next few years 2
II we were to pay 100 millions OF dol.
lars q year, which we can pay II tho pres.
ent system OF taxation be permitted
10 remain, the public debt will be ex-
tInguished In less than IA years, II we
pay fifEy millions q year, which we can
do at O decreased taxation, tne lnterA
est bearing public debt will be eXtln-
gulshed In less than % years, and II
we pay but twenty.sIx millions year
and reduce taxation as we do to very
large degree, the interest bearing debt
will be extinguiBhed In thirty years.
The astonishment Is that under these
circumstances there should be any
question among any class Of people aB
TO what the course ofthe country should
be; but gentlemen we are now paying
on q larger part OF the debt six per cent
interest. The events Of the last six or
seven months demonstrating the abll~
lty Of the people Of this country 10 pay
this debt has rendered II not only
probable, but 1 consider 1t certain
unlesa there shall be some disturbance
Of the peace Of the world; unless there
shall be some calamity national in It's
character, I consider It certain we can
completely refund so much OF the debt
as we desire to refund AZ rate OF In.
terest not exceeding AZ per cent. Zap
plause.l Thus saving 70 the country
and people who pay taxes from eighteen
to twenty-five millions a year. You
have paid fiity.six millions Of the pub.
lie debt since the lirst OF March last.
Shall we In the presence OF that fact
shrink from what is before Us? To be
sure there Is taxation, but II Is not
grlevous taxation, and more than that
It can gradually year by year be
diminished. The burdens, wheth-
er heavy or light, can be grad
ually removed from the people.
l thought 1t might not be uninterest.
ing although the facts are we'll known,
how far the revenues and proceeds OF
taxes bear 80 heavily upon the people
during the last year. From distilled
spirits, wine and every klndof liquors,
was derived q revenue OF forty.four
millions OF dollars. From tobacco
manufactured as we'll as In the various
forms, twenty-three millions were
received. Here are nearly seventy mil.
lions OF dollars which suppose In the
Judgment OF most OF US Is not unneces-
sarlly heavy. Then about six millions
from taxes on fermented liquors. We
get six millions from transportation OF
merchandise through the country
which should be removed as soon as
the condition Of the Treasury will
permit. There are six millions more
from the sale OF merchandise; eight
millions from income tax; thifty.four
millions from stamps and fifteen mil.
lions from other and smaller items,
sufficient to make an aggregate OF one
hundred and tiily-elght millions OF
dollars. This system OF taxation can
be changed SO as TO relieve the burden
ottaxatlon from the mass OF people,
for the greater amount Of the internal
revenue ls derived from the luxurIes OF
life, or from taxes on people who are
able 10 pay, and the burden upon the
laboTlnR people OF the country Is, after
all, very small. But 1 must say
that no system Of taxation is desired
which does not look 10 larger taxa
tlon upon business or accumulated
property, thus relieving the labor and
ordinary business OF life 10 as large a
degree rs possible. Mr.. Boutwell, stated
the reasons which controlled the ad.
ministration in the application Of the
surplus fund. Congress had prohibit
ed the dlminution OF the amount OF
greenbacks, and neither them nor the
6fiy millions OF per cent. could be
redeemed without departure from the
law OF Congress, by which the Secreta-
ry was required to allow the volume OF
currency TO remain as 1t was when he
entered the Office. Therefore there re.
malned only the course which has been
pursued, to issue Q per cent. bonds at
the market price. Mr.. Boutwell, con.
cluded by an appeal toworkingmen to
see that the means OF education are
furnished to children, to inculcate JUS
tlce and rule the land under prI nclples
OF virtue guided by intelligence.