The Winchester journal. [volume] (Winchester, Ind.) 18??-1920, 1870-07-28

We mu tpay something on our tea,
g flee ard sugar. aud in fact ou nearly
every thing eic II takes great
many taxes % make hundred aud
sixty millions OF dollars. These Dem
ocfat~ wanted a., .ax taken or from
thosc articles: they wanted tea, coffee
and SUGAR PAT on the Irec list. bat
when the time FOR voting came, not
one IL them voted fpr tie Oil. To
-how YOU how perfectly hollow and
hypocr.iical are all these Democratic
professions, rescr you 10 this vote Oh
he final passage OF that bill. There
IS tie test. One vote in favor II re-
duciag taxation j. worth "a hundred
speeches Ia favor Of IL. They have
made hundreds of speeches, bat when
the time came To- vote, they either
voted tie other way. O. were no;
there.
read an extract from the New York
lIorld, one of the leading Democratic
papers If the United states, and by all
oi.l- tie ablest. Thls j. Of recent date,
within the last ten day; it is conf
mcnting on ills bill that | was jast
speaking Of.
The proposal Of the tail tariff as
IL j. now called. from the fact OF its
having been tucked on the cid of the
international tax bill, was shrewed
move on Schcncb's part. by Offering
II measure tor the dIminu.iOn OF taxa
ton though the reductions them
selves were made In the most ohjec-
tinnablc way, viz, mainly upon tea,
coffee and sugar-Schenck was able to
secure the Republican vote for his bill.
the Republican revenue trainers knew
that they could not face their consttu-
ents without having reduced taxation,
and at this late period in the session
no measure for the purpose other than
that LefOre them WAS ,'Cs-ible."
What j. the trouble with our Demo-
cratic friends? ! will tell you. They
have but one rule of action practically,
although they have theoretically
others; and that is to oppose whatever
the Republican party does. When we
propose To reduce the tax on one arti-
Gle, they want il reduced on the other,
but wien we come TO the othe- then
they say it is the tother. And so we
can never get To- the article upon which
they are willing 10 reduce taxation.
After their clamoring about the tariff
OH iron, as they have been for years,
when we proposed in this bill to bring
down the tariff from 50 TO s. per ton,
the bill that contained that reduction
never secured n single Democratic
vote. No, these are not the articles
they want the taxes reduced on. They
are in favor of reduction on every
thing except the articles contained in
the bill. We have selected those
things that we thought most impor-
tant for the great mass OF the nation,
and especially for the poor people and
the laboring part of the community,
because the wealthy can always take
care of themselves. We have selected
these articles aud reduced the tax OH
them, but yet we were not able to Sc
cure the aid Of a single Democratic
member in either House.
| come now 10 the Funding Bill.
We have passed a Funding Bill.
What is that? We mean by IA Fund
ing Bill, a bill by which we will be
able To reduce the rate of interest on
the public debt. Our bonds now draw
six per cent We could not get money
at any less rate during the war, but
the time il come now when we think
We can borrow money at lower rates.
How do we propose to do il: Not by
violating the contract 10y trying ID
swindle our crcditors-thc men who
loaned their money 10 the Govern
ment-but 10y sn honest and lcgiti-
mate method. such as has been prac-
ticcd by every honorable Government
in the world. We passed n bill au
thorizing the Government to issue
three kinds of new bonds. First,
bonds 10 the amount OF three huddred
millions, drawing five per cent;
second, bonds TO the amount of two
hundred millions, drawing 4 per cent;
third, bonds 10 the amount of one
thousand millions drawing per cent.
We authorize our Secretary to sell
these bonds, if lie can, ut par. If lie
can sell bond at par that draws only
per cent. interest, then he can take
the money he gets for that bond and
buy with II another bond that draws six
per cent, and thus save TO the Govern
ment two per cent per annum. III he
sells hond drawing four and half
per cent, and buys bond of like
amount drawing six, he saves To the
Government one and a half per cent.
funding the debt, and we propose to
put the debt into new bonds that
draw n lower rate of interest, by which
we can save from ten 40 twenty mill
lions per annum. Do you not think
that is "A good purpose-an honorable
and an honest purpose? We have
been trying 10 get such bill Cor two
years. We have got one ecured; it is
signed: il is the law OF the land to-
night. And yet this bill could not
secure the vote, so far a know. of
single Democrat, although they have
been complaining 80 much about the
great burden of interest the people are
paying. They complained about our
paying interest. They want to stop
the interest hy having or tho honds In