Oxford Democrat. [volume] (Paris, Me.) 1833-1933, 1870-08-26

IN force I'LL Tue p8CeeHl tiiiic, lhetc W" W
little doubt that the aggregate annual
product would have exceed d five hundred
millioas-and this in addition to the two
hundred millions in gold derived from the
duties on imports. At this rate. the
entire debt would have been cxtinguishet
during the Presidency Of General Grant
But in The judgment of the Republican
party, this would have been intolcrably
oppressive to the present generation, and
hence, at every session of Congress since
the suppression of the Rebellion, taxation
has been reduced by the tens OF millions
At the session just closed, eighty millions
oftaxeS were removed, twenty 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 faxes swept away so clean
that OF the enormous list imposed by the
necessities Of the war only the following
remain. viz:
Tax on Spirituous, vinous and malt
liquor.
Tax on tobacco and cigars.
Tax on National bonds.
Tax on incomes.
Tax ON gas.
Stamp tax.
II will puzzle the most Imaginative OF
dcmocyaiic orators TO find in this con-
deused list OF taxes, auy oppression upon
the people, and Nc think ii would puzzle
the Mi>c>t iuaneics to devise any easier
mode ofy1ising one hundred ana twenty,
five millions OF dollars than i presented
in the sources OF revenue embraced in
This brief schedule
Bur while the Republican policy j,
aga,us, keeping up a high rale Of taxation
for the purpose OF rapidly paying OF our
bonds, it j. not proposed to maintain our
whole volume of Indebtedness at It's pres
cnl rate of interest. ~ lin The boundle>>
resources Of oar country, and with our
continually aPpycciaIing credit, it is be
lieyel 20 Gc an easy task 10 fund our en-
tire debt II .5Ur ana I hallpey cent. inter
est-aud Congress has iust enacted law
having idS; object in view. The total
amount otouc bonded deb, VII, soon be
reduced 10 about two thousand millions
Of dollars Ollhi> amount well nigh one
fourth Is already employed in our system
Of National Banking, and 10y law passed
at the late session Banking IS made free
on the gold basis, 10 all who may wish
TO engage in it. 1t is therefore quite ap.
parent that aS We approach the specie
standard and the business demands of
The country require greater volume ot
currency. ,hc tendency must be to Absorb
sill. IWgoy amount Of Government
Boud- a. ;hc basis md security OF the ci,-
cularing medium. just where this all
sorpiiou OF bonds Will cease no one can
now prcdiy,-bui within very Lricl
period, more than half of our total Bonded
debt Will be used - the basis of our
National currency. With these bombs
bearing iouv per cent interest. and the
Banks Payiag back into The Treasury in
various forms Of taxation at least one per
ccut., it not morc, on their aggregate
capital. We shall speedily sec q large
proportion Of our debt funded in a form
that wi, practically dcmaad bat three
per veut annual interest from oar Nation.
Al Treasury. l, Is therefore quite APP
paren, th&, the National Debt which the
Democratic patty has been 80 ready 10
di>houog aud rcpudia;e will, under the
wise and faithful policy maintain BY the
Republican party, be soon placed where
it will no longer be recognized rs q bur.
den 10 the individual lax payer, or an
obstruction &C. the dcyeIopemcut OF our
Ualioua. resources ana industries
REDUCTION OF FNrENUIruEU.
Meanwhile the annual expenditure OF
the government under the Administration
Of Gen Grant arc reduced 10 the lowest
practical point. There are two large
amounts OF expenditure over which Adj
miuis'ra.iyc discretion can have no con.
troll TAcone is the intrcst on ,hc Nation
al Dcat-,ae o,hcr is the sum PAIL us
pensions d The scarred and disabled
Veterans "a our late war These obliga-
tions must DC met with promp,ness and
chcer.ulucss unless we are prepared on
the Que hand to rcPudiate our obligations
II the men who risked their lives and lost
their health IN defense oflhe government,
CT, unless we are ready on the other hand
10 treat the public creditors with down
night dishonesty ana iufict lasting dis.
grace on the name of oar country. En-
GLIDING these two tens Therefore rs inn
pcraliyc and not within he discretion of
the executive or Legislative branch ofthe
government, and wc find The following
rs the suu total Of our expenditures for
the current fiscal year.
Military academy, saI..Sg ~
Dehcieu -lcs. 6.fls6.4 o.
diplomatic and Consular service, lBll.3t. o.
Works can Defence. 81 ~, 20
River ami HlgDugS, S,sij.sI0 o.
Post o1.'e Dept beyond the amount
received FROM puSfagcs. 100000 CO
Legislative. Executive and Judicial
expense, ISQt6 2iS 40
Suudrl Civil expenses. l3 81. C}, 20
ARMY, 34.9l .j7 p
Navy, $50 80 q
lndiSu Department 6,53i 90 U.
u.