Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1870-08-19

All this accomplished, there remained
still the great question of debt, currency,
finances and taxation. And TO these the
party has now to give its attention. Those
who have thus far shown their patriotism,
should not shrink from the no less moment
Gus questions that crowd upon thom. To
the Republican party, and TO that alone, the
country looks for complete and ample
settlement. Speaking of the present aspect
of things, the address goes on to say;
General Grant came into Office pledged
to maintain inviolable the public faith re-
duce the national debt, diminish taxation,
appreciate the currency, reform abuses in
the civil and military service, and main
tain order in the States lately in rebellion.
BY the combined action of the president,
tho heads of departments, congress and the
general Of the army, many abuses have
been corrected and many reforms inaugu-
rated.
without any increase in the articles sub
iect TO taxation or in the rate of taxation,
the revenues Of the fiscal year ending the
goth of June, 1870, were nearly four hun
bred and nino millions of dollars against
| less than three hundred and scventy-ono
millions for the year ending 3Oth June,
! 1869, showing gain of nearly thirty-eight
millions of dollars. On the other hand the
expenses of the fiscal year, 1870, were less
than those of 1869 by more than twenty
nine millions of dollars, thus showing an
increased revenue and saving in expendi-
lures of more than sixtysoven millions of
- Al, Il 81 INf, f.run u
| administration. In the last sixteen months
of Mr.. Johnson's administration the re-
ceipts from customs and internal revenue
were less than three hundred and seventy
two millions of dollars. During the first
sixteen months of Gen. Grants administra-
ton they were more than four hundred and
sixty-nine Millions showing an increase
of nearly ninety-seven millions of dollars.-
During the recent session of Congress
taxes have been reduced more than seventy
five millions of dollars. The taxes have
been removed from transportation by ca
nails and railways, from sales by dealers
and manufacturers. The income tax has
been reduced to 1-2 per cent. on all in
comes above two thousand dollars and il
is to expire at the end of two years. Tho
tax on tea has been reduced from twenty
five to fifteen cents per pound on coiiet
from five to three cents and the tax on
sugar and molasses has been reduced il
the aggregate twelve millions Of dollars
per annum. Bg this reduction of taxation
the industries of the people and the neces
saries of life have been relieved of burdens
amounting to millions. The funding bill
is an important financial measure, which
contemplates the saving of interest upoI
the public debt by the exchange of out
standing six per cent. bonds for those of {
lower rate of interest, TO the amount o
twenty-siX millions and half Il year
While reduction in taxes transfers thu
burdens of the debt from one year TO anoth
err, from one generation to another, Il reduc
ton in the rate of interest is an actual saw
ing to the country, not only for the presen
generation, but for all time. And We
these important and benificcnt financia
measures, inteded to enightcn the publi
burdens, received little countenance an'
support from the democratic party, who's
responsibilities for the war, its losses, it
, expenditures, its debts and lis taxation AZ
: so fcariuily large"