Wyandot County Republican. [volume] (Upper Sandusky, Ohio) 1869-1903, 1870-04-22

ment should be able to make a loan
very nearly if not entirely on the
terms indicated in the bill.
The Presidents message express
ses the opinion that all the bonds
"Now due may be replaced by
bonds bearing a rate of interest not
exceeding A per cent.
Let us make the effort, and with
the confidence which President
Grants administration has inspired
success may be reasonably anticipa-
ted; it may not be in month or a
year, but very soon.
WHY POSTPONE PAYMENT OF DEBT.
But why postpone the payment Of
the debt? Do we not perpetuate a
burden, and continue to pay large
sums in interest2 If all the people
were ready to pay the amount nee
essary to liquidate the entire debt
it might be well. @
The funding bill' will accommo-
date alike those who are ready to
pay and those who are not. The
capitalist with money to spare can
buy the old or the new bonds, and
he will have the means of paying
his share of the debt, the interest
while it runs, and finally the princi-
pal. ~ '-' E".
But to most men it will be OF
greater advantage to let the Gov
ernment continue to pay a low rate
of interest, by revenues derived from
whisky or imported foreign luxuries
than to exact from them BY taxation
money they need for the successful
prosecution of business, and which
is worth to them more than the in
terest the Government will pay.
1t is better to let posterity pay
the debt when their increased mum
bers and wealth will make the bur.
den light. From 1870 to 1860 our
population has increased at the rate
of 35 per cent. in every decade, and
in the year 1909 it will reach 100,-
100000. The debt is now more
than $50 per head of our population
in 30 years, if we should not pay a
dollar of principal, it would be
less than "a dollars. 1t would op-
press the people now to pay this
debt either in greenbacks or gold
it will not oppress them to let pos.
terity pay it 80 or 40 years hence.
The tangible property comprising
individual and corporate wealth in
the United States is now about 3O,.
900, 900, 900. To pay the debt now
would require, through taxation, 8
surrender of one twelfth of all this
property. Is every farmer ready to
surrender every twelfth acre of his
farm, and every me- chant, mechan
&c and business man ready to make
a like sacrifice?
Wealth is increasing 100 per cent
in every period of 10 years, and in
80 years at that ratio it will reach
24O, 200, 100000, and then a levy
of per cent. tax on the taxable
property would pay the whole deb,
in a single year. Let posterity, then,
pay at least the largest share ofthis
debt created in suppressing this re.
bellion for their benefit as we'll as
ours. This generation has done its
part, has endured the sacrifices oil
the war. has paid l 500, ,OO9. 900 dol.
lars OF war expenses, and now taxa.
ton should be vastly reduced under
national and State authority to en-
courage productive industry, as il
may if this bill shall be passed.
RELIEF FROM TAXATION.
- From the first of March 1869, tc
March 1870, the Government has
paid 81, 7,134,782 dollars Of the ma
tional debt.
No other nation has ever given
such a wonderful financial example
The effect has been to establish our
public credit, and kscure for US alike
the admiration and respect Of all
nations.
But to accomplish this taxation
has been and yet is enormous.
For the fiscal year ending June
80, 1871, if the present revenue laws
are continued in force, the receipts
into the Treasury are estimated by
the Secretary as follows:
Customs $Iss.oo0, ,o0t
Internal revenue IT'S, ,0O0, ,Oot
Miscellaneous sources, including
premium on gold 5000, DOT
Total ts9s, ,ooO, ,Oot
During the last fiscal year the re-
ceipts were 370,943.747 dollars; the
expenditures, 321, ,490,597 dollars
leaving surplus OF '49, ,453 ,I49 dol.
lars ;and for the first year of Grant
administration the surplus was near
ly 100,0 900 dollars.
The secretary of the Treasury es-
Inmates on the basis of existing laws
the revenues for the fiscal year end
ing June 80, 1871, 393, 100000 dol
lars; the expenditures 29l 900, 900
dollars; leaving a surplus of IO2,-
O0O,00O dollars applicable to the
public debt.
If it is to the interest of the people
to continue the existing taxes by
and Internal revenue laws then we
can pay 100,0O0,00O dollars of the
public debt during the current fiscal
year. But / insist that it is our true
policy to reduce taxation, and if the
expenditures even could not be re-
duced below $50, 100000 we ought
not to raise more than 800, 600, ,0OO
dollars and pay 10000, 900 year OF
the other classes of bonds not in
cluded in the five wenties, and
when these shall be funded so as to
save 25, 100000 dollars a year by