Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1870-08-09

millions of internal taxes. The duties on tea,
coffee and sugar, have been largely reduced,
the free list greatly extended and the Internal
Taxes swept away SO clean that of the enor-
nous list imposed by the necessities of the
war only the following remain, viz:
Tax on spirituous, vinous and malt liquors.
Tax on tobacco and cigars. III.
Tax on Incomes.
Tax on National Banks.
Tax on gas.
Stamp tax.
1t will 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 hum
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 against
keeping up high rate of taxation for the pur-
pose of rapidly paying off our bonds. it is not
proposed to maintain our whole volume of
Indebtedness at its present rate of interest.
With the boundless resources of our country
and with our continually approaching credit,
it is believed to be an easy task to fund our en-
tire debt at four to four and half per cent
intercst-and Congress has just enacted a law
having that object in view. The total amount
of our bonded debt will soon be reduced to
about two thousand millions of dollars. Of
this amount well nigh one fourth is already
employed in our system of National Banking
and by law passed at the late session Bank
ing 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 STAN
dard and the business demands of the country
require greater volume of currency, the ten
dency must be to absorb still larger and
larger amount of Government Bonds as the
basis and security of the circulating medium.
Just where this ABSORPTION of Bonds will cease
no one can now predict-but within a very
brief period, more than half of our total
Bonded debt will be used as the basis of our
National currency. With these bonds bear
ing four per cent. interest and the Banks pay
ing 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 apparent that
the Natioual Debt which the Democratic party
has been so ready to dshonor and repudiate |
will, under the wise and faithful policy main |
tanned by the Republican party, be soon
placed where it will no longer be recognized +
as burden to the individual taxpayer or an
obstruction to the development Of our nation
al resources and industries.
Meanwhile the annual expenditures of the
government under the Administration |
of Gen. Grant are reduced to the lowest prac- |
ticable point. There are two large amounts of
expenditure over which Administrative dis
erection can have no control. The one is the |
interest on the National Debt-the other is !
the sum paid as Pensions to the SCARED and
disabled veterans of our late war. These obi
cations must be metwithpromptnessa and cheer
fulness unless we are prepared on the one
hand to repudiate our obligations to the men
VINO Tlokeu tIlelr lives anu iost lieii Heaith III
defense of the government, or unless we are
ready on the other hand to treat the public
creditors with downright dishonesty and infict
lasting disgrace on the name of our country.
Excluding these two items therefore as inn
and not within the discretion of the
executive or legislative branch of the gov
eminent, and we find the following as the
sum total of our expenditures for the current