The Tiffin tribune. (Tiffin, Ohio) 1868-1887, 1870-09-08

I a part OF Lnls EeuucLlO0 VIII LtikG tl-
feet on the 1st of October next, and
a part at the beginning Of the next
year.
The reduction made by the law
Of July IA, is distributed as follows
! !. INTERNAL REVENUE TAXATION.
! I. All special taxes Qicenses) ex-
cept ont distilled and lerment-
ed liquors and tObaeeO.....-.......-$l0614 10 81, DO
2 Gross 6,fe5OOO
3. Sales, except on liquors and to
DaccO oou5yJ
cent. on incomes over s5o6Olpt.... 2s,7OOBOO
| ). Legacies and SUGGESTIONS, articles
] in schedule A, and passports. S,9JQUDO
/ 6. Stamps on receipts, and on prom
] issOry notes for less than SlO0-.-.-. s5JOtO0
/ Total reduction Of internal taxesS55, ,2l2, 600
II. TARIFF DUTIES.
/ On tea, coffee and sugars y, 80 o0o
IN IN llS'1S9 - ~
ON ON i5glfS Pls fSon ana aad Scrap ron S SS
! ). On about 100 articles maze free Of
duty Z,4UO0
Total tariff reductIon ......-..-..-..-.S6O 90 go
On a few articles, mainly agricul-
al products, the tariff was increased
to the aggregate amount of two and q
third millions OF dollars. The two
classes of reduction thus made, il
measured by the revenues of last
year, will amount to more than
eighU-One millions Of dollars. One
fifth of the whole burden of national
taxation now borne by the people Of
the United States is removed by this
law. The law also provides for n
large reduction of officers now en-
plOyed in she assessment and cOllee
tiOn of the revenue. et
VOTE OF THE DEMOCRACY ON REDUC-
TION OF TAXES.
On this great measure of relief, the
final vote was taken in the House OF
Representative on the 18th of July.
The ayes and nays were called, and
the vote stood IA ayes and 49 nays.
Fifty-fiYe Democrats answered to
their names. Eight of them voted for
the bill fOrty-seven against it. Not
one Ohio Democrat voted for it,
There may have been reasons of par
ty policy why these gentlemen refns-
ed to tighten the burdens of the pub
lie. leave to them to explain.
Whether the reduction was wisely
distributed among the numerous sub
jects of taxation, is a question on
which the best of men may differ
but have no doubt that the great
mass Of the people will approve the
law as a whole, and will fully appre-
ciate the great relief it affords. They
will be likely to ask our Democratic
friends to explain their conduct in re-
gard to it. sfet
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 maintenance of which it was
Democrats Of Fairfield county, at the
convention in June, and like those in
Mercer county and their Representa-
tive Mr.. Mungen, declare openly for
the reputation of the whole debt
principal and interest. Others, like
Andrew johnson, propose TO pay the
interest for few years longer, and
then repudiate the principal.
A large number propose TO repudi-
ate the interest by printing and fore
ing upon creditors Ofthe Government
in exchange for their bonds, green
backs which bear no interest, and
which, if the Democratic doctrine be
followed, will never be redeemed
This they propose in face of the SOL
emn provision of the law authorizing
the bonds, that the amount of green
backs in circulation should never ex-
four millions of dollars. These va
rious opinions found the amplest IL
lustration in their platforms, speech
es and votes during the last three
years.
On the other hand, the Republican
party hold that the debt is a sacred
obligation, for the payment of which
the justice, honor and good of the
whole nation are pledged that, apart
from the dishOnor and wickedness of |
such q course, its reputation in any
form or degree would bring measure-
less disaster upon us and our posterity. |
To prevent such a calamity they have |
not only passed resolutions and laws
reputation, but have |
rendered it impossible by an amend |
ment to the Constitution, which ena-
every public creditor to defend |
his rights in the Courts, should his |
robbery be attempted by recreant |
and Congress. II 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 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
millions of gold per annum. Like
the caHse of the Union during the |
war, the public credit has been adj
vaneed by every defeat of the Demo-
cratic party, and Is depressed by all |
their successes. The election of Gen
eral Grant was the signal for the i'm
mediate Improvement of the public
efedit.
Since then our bonds have steadily
advanced i'm value, until now they are
nearly worth their face in gold. This
of the public led the
party to believe that the
time had arrived when the debt could
be refunded at a lower rate of inter-
est and, on the 18th of July last a
bill was passed by Congress which
provided for funding one thousand
of the debt at four per cent,
.hFee hundred millions at four and a
lalf per cent, and two hundred mill
ions st five per cent. The law care
fully guards against all extTavagance
N its administration. It provides for
no appointment of fiscal agents at
nome or abroad. The work Of refund
ng is to be carried On by the finan-
sial officers of the Government. My
Jwn fear Is that four per cent. is so
OY q rate that the bonds will not be
AIKEN at that price. If they will,
hat Is the best feature OF the law.
That bill passed the House July
18th by a vote OF 139 ayes to 81 noes,
md the Senate passed it by a vote of
= to 10. Not one Democratic Sena-
or or Representative voted for it
Five Democratic Senators and fifty
,hree Democratic Representatives vo-
ed against it. While they are eX-
why they voted against the
yreat reduction of taxes, perhaps they
will also be so good as to explain why
hey voted sOlidly against the re-
iuctiOn of our annual burden of inter
st on the public debt.
THE CURRENCY LAW.
Many differences of opinions exist
Imong the members of both parties in
egard to the currency and the banks,
md the multitudes of plans and the ;
,ries were proposed at the late session
# Congress, few of which secured the
general assent of either party. But
ew practical and pressing necessities
II the country, in connection with the
currency were referred to Congress
or its action. It was found that
While there was a glut of currency in
New York and the other money Gen.
ers Of the East, the West and South
we're suffering greatly for want of cur
'ency and banking facilities. 1t was
,asy to borrow money on call at low
ate to carry stock and gold gambling
n Wall street but Western and
southern business men found it diff
,ult to obtain money for the great in
lustries, even at exorbitant rates. A
most unequal distribution of currency
lad been made during the war when
he South was financially separated
rom the Union. 1t was found that /;
while the eleven States east of the AL
eghanies and north of the Potomac,
With a population Of less than eleven
md a half millions, had LOIS banks,
md more than 232 millions Of bank
the ptwputygiX oTpat Stat