Delaware gazette. [volume] (Delaware, Ohio) 1855-1886, 1870-09-16

makes special inquiry at the proper Of
/ fee. The payment of the principal
/ has almost ceased to be subject Of
discussion. but, continued the
Times, "our American cousins have a
strange fancy for examining their
skeleton. They bring il out of the
closet once a month, weigh 1t and
measure its exact size, and publish it
in every hamlet. Its decrease is the
glory of administrations and the pride
of the people" l rejoice that this is
the spirit of our people and | hope
that a substantial reduction of the
debt each year will be our fixed policy.
But I do not believe that the industry
of the nation should be taxed to make
the reduction so rapid as it has been
during the year and half. The great
reduction of wealth caused by the war;
the great strain to which the resources
of the people were subjected during
the war and since, make it a matter of
wise economy to Tighten the burden as
much as possible, and allow industry
to recover its tone. Again, we are
gradually passing down from the high
prices and quick gains Of the war, and
taxes should be adjusted to the new
conditions. l can not, therefore sympa-
thize with those who think that Con-
gress at the late session. went too far
in the
REDUCTION OF TAXATION.
In addition to the $I73, 200, 900 of re-
duction made by Congress since June,
1866, the law of July IA, 1870, provides
for further reduction of taxes That
law repeals taxes which, during the last
year, produced a revenue of more than
eighty-one millions of dollars. A part
of this reduction will take effect on the
Ist of October next, and part at the
beginning of the next year.
The reduction made by the law of
July IA, is distributed as follows:
I. INTERNAL REVENUE TAXATION.
1. All special taxes (licenses) ex-
cept on distilled and fermented
liquors and SIC, $4,000
2 Gross receipts...... .............. 800. 6,7S4,OO
. pS =. a. s,so4. 600
!. Cent on incomes over 5o6oi,,. 2a,7oO,OOo
5. LegRcies and SUGGESTIONS, arti-
cles in schedule A, and pass
ports 5O DU
g. Stamps on receipts, and on
promissory notes for less than ~.
1,30OOOO
Total reduction ofinternal taxes.855, ,2l2, coo
II. TARIFF DUTIES. 20
/. On tea, coffee and sugars $40, 500 900
2 On spices. LOO OU
3. On fruits and nuts...........,,........ 10000
4. On pig iron and scrap iron........... $4,000
5. On about 100 articles made free
OF duty @sfoOsOOu
Total tariff reduction -. 81, ,04O, 900
On few articles, mainly agricultural
products, the tariff was increased to the
aggregate amount of two and a third
millions of dollars. The two classes of
reduction thus made, if measured by
the revenues of last year, will amount to
more than eighty-one millions of dollars.
One-fifth of the whole burden of nation
al taxation now borne by the people of
the United States is removed by this
law. The law also provides for large
reduction of officers now employed in
the assessment and collection of the
revenue.
VOTE OF THE DEMOCRACY ON REDUC-
TIoN OF TAXES.
On this great measure of relief, the
final vote was taken in the House of
Representatives on the 18th of July.
The ayes and nays were called, and the
vote stood IA ayes and 4o nays. Fifty
five Democrats answered to their names.
Eight of them voted for the bill forty
seven against it. Not one Ohio Demo-
crat voted for it. There may have been
reasons of party policy why these gen
tlemen refused to tighten the burdens of
the public. l leave to them to explain.
Whether the reduction was wisely dis
tributed among the numerous subjects
of taxation, is a question on which the
best of men may differ; but I have no
doubt that the great mass of the people
will approve the law as a whole, and
will fully appreciate the great relief it.
affords. They will be likely to ask our
Democratic friends to explain their con-
duct in regard to it.
FUNDING THE PUBLIC DEBT
Concerning the management of the
public debt, our Democratic friends
have various opinions. They have
transferred to this debt the hostility
they manifested to the Union cause,
in the maintainance of which it was
incurred. Some of them, like the Dem
oerats of Fairfield county, at the con-
vention in June, and like those In
Mercer county and their Representa-
tive Mr.. Mungen, declare openly for
reputation of tho whole debt-princi-
pal and interest. Others, like Andrew
johnson, propose to pay the interest
for a few years longer, aud then repu-
diate the principal.
A large number propose to Tepudi-
ate the interest by printing aud forcing
upon creditors of the Government in
exchange for their bonds, greenback
which bear no interest, and which, If
the Democratic doctrine be followed,
will never be redeemed. This they
propose in face of the solemn proVis
ion of the law authorizing the bonds,
that the amount Of greenbacks 10 cir
culation should never exceed four
hundred million Of dollars. These
various opinions found the amplest
illustration in their platforms, speech
es and votes during the last three
years
On the other hand, the Republican
party hold that the debt Is sacred
obligation, for the payment of which
the Justice, honor and good faith of
the whole nation are pledged; that,
apart from the dishonor and wicked
ness of such a course, its reputation
in any form or degree would bring
me4sureless disaster upon Us and our
posterity. To prevent such a calamity
they have not only passed resolutions
and laws denOuncing reputation, but
have rendered it impossible by an
amendment to the Constitution, which
enables every public creditor to defend
his rights in the Courts, should his
robbery be attempted by a reereant
President and Congress. 1t has been
and is the fixed opinion and policy Of
the Republican party that the honest
course is the cheapest; that the best
mode of tightening the burden Of the
public debt is so to improve the public
credit that the debt may be refunded
at lower rate of interest. One per
cent. reduction Of the rate will save
the nation from twelve to thirteen
Continued on Fourth FlIge..
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