Delaware gazette. [volume] (Delaware, Ohio) 1855-1886, 1870-07-01

we are now paying. In abeyanoe Of
some such funding measure reduction
has been retarded. the presumption be-
ing that a large surplus and the regular
payment of a considerable portion Of
the debt would restore the public credit
so far as to enable Us to borrow. at lower
rates. To a great extent these results
nave been realized. The credit Of the
country has been vastly. improved. and
gold has declined until we are now on the
verge of coin payments. Though the
debt has not been funded we are now
paying only FIVE and six per cent. inter
est, whereas three years ago We were
paying an equivalent of ten. and there
IS little doubt but we could now borrow
FIVE chose at four and a half. These
satisfactory results are owing to the in
crease Of the surplus, the payment Of the
debt and the unequivocal rejection by
The people and by Congress Of all
schemes of reputation, They may al
so be attributed in some degree to the
immense growth and deveIopements of
the country by which its revenues. the
resources for the payment of It's credit
ors. have been 50 largely increased.
Therefore whatever contributes to
these resources by promoting the gem
sral prosperity strengthens public credit.
The more property we have the greater
s our ability to pay and the more are
Infused the burdens Of taxation. =
That reduction OF. taxes viii stimulate
prosperity and encourage development
there can be no reasonable doubt. Bu
shall we make such a reduction as Z
sacrifice the other advantage Of paying
r the debt and 50 perpetuate the public
burden? We should say not w
! would seize and retain both advantages
; A continuance Of the present take.
{ would insure, with careful management
surplus next year of not less than SI25,
800. 900. We may therefore strike off sey
enty-fve millions of taxes and still pa.
fifty millions a year of the public debt
Next year the stimulated growth Of Ia
= country would enable US to increase tn
i reduction still further and yet pay. an
L 1ther installment Of fifty millions of in
: 1ebtedness. A few years Of such reg
|, men would SO invigorate all the enel
A. ges of the country, so inspire its indus
II -ries and lzindle its enterprises that
I would leap forward with a new and un
L .xampled impulse, feeling the giganti
debt scarcely more than feather
weight. The capitalists Of the worl
I would soon be glad to get OF
'e bonds not at four and a half per cen
only. but even hEgee, and our cred
would stand unexceIled by that of Il
d most powerful and prosperous nations
u the earth.
g That Congress loi4gaEf therefore to r
N duce the taxes at least seventy-fYe mi
q lions, we believe there can be nc. re
sonable doubt That it mil do so IS
or foregone conclusion. But zgAaf tax
he shall be stricken off? We reply, the i
s- come tax for one, which is the mo
of odious. unequal and inquisitorial of Z
& taxes. Next those taxes which most j
= timately affect trade and business B
= the reduction should by no means /
! confined to the sphere Of internal re-
eHue. The tariff duties ought by a
means to be revised and largely reduce
Those on lumber, coal and salt shoul
- be stricken off altogether. That on p
le iron should be reduced to FIVE or nj
2 more than seven dollars per ton. TIL
= duties on all materials that enter ini
y ship building should be stricken off,
= Those on wooden goods should be r
duced to a revenue basis. In short hig
tariff should be confined to articles
!, luxury and those for protection to a fe'
j Of the great leading industries Of tn
= country on which large numbers of opt
a ratives are dependent. In short tari
,e whose leading purpose shall be revenu
"A with incidental and moderate protectio
- to such interests as we have named
i such protection and such only as exp,
or rience shall show to be necessary
= guard Us against the tyranny of foreig
: monopolies- the kind OF, tariff we nee
at this juncture of the nations history.
THE NORTHERN. PACIFIC RATI
. ROAD.
Gen. A. B. Nettleton has in a receI