The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1870-08-11

Thursday Morning, Aug IL, 1870.
ROHIIAND

Speaker Siaine's Letter Of Acceptance.
THE TWO RECoRDs-REPBLICAN AND DEM
OCRATIC.
Speaker Blaine has written a letter accept
ing the nomination for Congress from the
Third Congressional District. After a few
Introductory remarks, Mr.. Blaine proceeds:
1t is seventeen months to-day since Gener-
al Grant was inaugurated as President of the
United States. When he was invested with
the executive authority. the National Debt
amounted to 50 525, ,463 200. On the first day
of the present month the total debt was S2,-
369,324 47G showing a reduction in the pc
rlod referred to Oftbe enormous sum OF $780,
lbs, ,7S4-at the rate OF considerable more
than one hundred millions per year. Dur
ing the seventeen months Immediately pre-
cedIng Gen. Grants accession to the PTesi-
qency, when the Democratic party had COLI
troll in the councils of Andrew Johnson the
National Debt is increased more than thirty
millions of dollars. l am writing with the
official reports OF Secretary McCulloch and
Secretary Boutwell, before me, and the accu-
racy of these figures cannot be successfully
questioned.
But suggestive as these results are, the
whole truth is not yet told-but it must be
remembered that the enormous reduction of
the Natidna' Debt under IL administration
of Gen. Grant has tr sch ied with dmin-
shed sources OF taxation us compared with
those in existence when the debt was so
largely me-.ss-ed under Andrew johnson.
This fact demonstrates very cOnclusively two
very important points, viz: first, that the rev.
enue has been collected with far more scfu-
puIous honesty and exactness under Presi-
dent Grants Republican administration than
it was under President Johnson's Democratic
administration-ands second, that the public
money has been dIsbursed with far greater
economy and care under the one than it was
under the other. Contrasting the two peri
DDS of equal length, the one under Democrat
it influence the other under Republican in
fuence, and the difference TO the National
treasury in favor of the latter exceeds one
hundred and eghty-six millions of dollars,
just about eleven millions per month-wel
nigh four hundred thousand dollars per day.
And this difference is exhibited, be it remem-
bered, when the Democratic party did not
have full sway in the government. They had
control of the President, but were under the
continual and wholesome restraint of Re-
publican Congress. What the Democratic
party would do, if clothed with entire power
i'm all the departments OF the government,
will we trust be left for long period to the
imagina ton of men, without giving us the
bitter fruits OF its practical realization. What
forms OF reputation of the National faith
would be resorted TO may be inferred from
the declarations OF their conventions and the
speeches of many OF their leading men. One
of the most insdious and dangerous ard
probable modes of destroying the national
credit under Democratic rule would be The
payment or attempted payment from the Ma
tional treasury of all Southern claimants for
losses inflicted by the war. This is not an in
ference-ior it is boldly avowed by leading
Democrats in both branches of Congress-
In April last, during the pendency OF Dill in
the Senate introduced by Mr.. Howe OF Wis
consin, to pay "loydl citizens Tor quarter mas
ter and cOmmissary stores taken during the
rebellion" Democratic Senator, Mr.. Nc
Creery, moved to strike out the word "loyal,"
and supported his motion by an earnest
speech. On the 21st of May, Mr.. Knott OF
Kentucky, an able, frank and fearless gentle
man, one of the leaders OF the Democratic
side OF the House, speaking Oh this question
used the following language:
But, sir, this is not all, nor hall. have been
speaking of only so much of cur debt as we
have given our notes for. Besides this We
owe, at the very lowest calculations, So, ,000,
100000; not to the bloated bOndholder, OF W hom
we have heard SO Bluch, but to a class OF our
people to whom of all others we under the
most sacred obligations to pay. We owe it 10
the poor whose holses and cattle and sheep
and hogs and corn and wheat, and everything
else, were taken from them to sustain your
armies in the field"
If the Union army had the right to make
war for the maintenance OF the government,
it had the right to forage on the enemy, "but
the Democratic proposition now is, that every
rebel in the South shall be paid tor what he
lost during the war, and We have a leading
Democrats authority for saying that the
amount Teassixed will be three thou sand mil
lion of doltdIs!
While maintaining the integrity of the ma
tiona debt, against all forms of repudiatiors,
the Republican party do not believe in keep
ing up high rate OF taxation for the pur-
pose of paying it off with undue rapidity.
The rate at which the debt has been paid
since the Inauguration of President Grant,
would leave none of the burden upon the
next generation. Aside from the injustice OF
laying the whole pecuniary cost OF maintain
ing the Union upon the generation that were
called upon to make the exclusive sacrifice of
blood and life, it would be misfortune if the
succeeding generations should not be remind
ed in some palpable form of the price OF Lib
erty and of Union. Had the Internal Rev.
enue laws, as they existed at the close of the
war remained in force to the present time
there can be little doubt that the aggregate
dred millions-and this in addition to the
two hundred millions in gold derived from
the duties on imports. At this rate the en-
tire debt would have been extinguished DUR
ing the Presidency of Gen. Grant. But i'm
the Judgment of the Republican party this
would have been intoerably oppressive to the
present generation, and hence at every ses-
sion of Congress since the suppression of the
Rebellion taxation has been reduced by the
tens of millions. AT the session just closed
eighty millions of taxes were removed, twen-
ty millions from the tariff on imports, and
sixty millions of internal taxes. The duties
on tea, coffee and sugar, have been largely re-
duced, the free list greatly extended and the
Internal Taxes swept away so clean that of
the enormous list imposed by the necessities
of the war only the following remain, vix:
Tax ON spirituous, vinous and malt lquors
Tax on tobacco and cigars.
Tax on Incomes.
Tax on national bauks.
Tax on gas.
Stamp tax.
IL win puzzle the most imaginative of Dem
Ocratic orators to find in this condensed list
Of taxes any oppression upon the people, and
we think it would puzzle the wisest financier
to devise any easier mode of RAISING one hun
dred and twenty-five millions of dollars than
is presented in the sources of revenue en-
braced in this brief schedule.
But while the Republican policy is &c anst
keeping up a high rate of taxation for the
purpose Of rapidly paying off our bonds, it is
not proposed to maintain our whole volume
Indebtedness at its present rate of interest.
With the boundless resources of our country
and with our continually appreciating credit,
it is believed to be an easy task to fund our
entire debt at four to four and a half Der
cent interest-and Congress has just enacted
law having that object in view. The total
amount OF our bonded debt will soon be re-
duced to about two thousand millions of dol.
lars. OF this amount well nigh one fourth is
already employed in our system of national
banking and by law passed at the late ses
sion banking is made free on the gold basis,
to all who may wish to engage in it. 1t is
therefore quite apparent that as we approach
the specie standard and the business demands
of the country require a greater volume Of
currency, the tendency must be to absorb
still larger and larger amount OF government
bonds as the basis and security OF the circu-
latipg medium. Just where this ABSORPTION
OF bonds will cease no one can now predict
but within very brief period, more than
half our bonded debt will be used as the basis
of our national currency. With these bonds
bearing four Fer cent. interest and the banks
paying back into the Treasury in various
forms of taxation at least one per cent. if not
more, on their aggregate capital, we shall
speedily see large proportion of our debt
funded in form that will practically demand
but three per cent annual interest from our
national treasury. 1t is therefore quite ap-
parent that the national debt which the Dem
ocratic party has been so ready to dishonor
and repudiate will, under the wise and faith
full policy maintained by the Republican party,
be soon placed where it will no longer be