The Cecil Whig. [volume] (Elkton, Md.) 1841-current, 1870-10-22
Extracts
FROM THE LETTER OF ACCEPTANCE OF
SPEAKER BLAINE.
REDUCTION OF TAXATION,


While maintaining the integrity of the
National debt against all forms of repudia-
ton and all classes of regulators, the Re-
publican party do not believe in keeping
up a high rate of taxation for the purpose
Of paying it off with undue rapidity. The
rate at which the debt has been paid since
the inauguration of President Grant would
leave none of the burden upon the next
generation. Aside from the injustice of
laying the whole pecuuiary cost of main
tanning the Union upon the generation that
was called upon to make the exclusive sac
ritice of blood and of life, it would be u
misfortune if the succeeding generations
should not be reminded in some palpable
form of tho price of Liberty and of Union.
Had the Internal Revenue Laws, as they
existed at the close of the war, remained
in force till the present time, there can be
little doubt that the aggregate annual pro-
duct would have exceeded five hundred
millions-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 extinguished during
the Presidency of Gen. Grant. But in the
Judgment of the Republican party this
would have been intolerably 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 of taxes 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 reduced, the free list
greatly extended and the internal taxes
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
liquors.
Tax on tobacco and cigars.
Tax on incomes.
Tax on National Banks.
Tax on gas.
Stamp tax.
1t will puzzle the most imaginative of
Democratic orators to find in this con-
densed 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 hundred and twenty
five millions of dollars than is presented in
the sources of revenue embraced in this
brief schedule.
FUNDING THE DEBT.
While the Republican policy is against
keeping up a high rate of taxation for the
is not proposed to maintain our whole vol
ume of Indebtedness at its present rate of
interest. With the boundless resources of
our country, and with our continually ap-
preciating credit, it is believed to be an
easy task to fund our entire debt at four
to four and a half per cent. interest-and
Congress has just enacted 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 we'll nigh one-forth is al
ready employed in our system of national
banking, and by a law passed at the late
session banking 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 standard and the bust
ness demands of the country require a
greater volume of currency, the tendency
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 bearing four per cent. interest and
the banks paying back into the Treasury
in various forms of taxation at least one per
cent, if not more, on their aggregate cap
ital, we shall speedily see a large proper
ton of our debt funded in a form that will
practically demand but three per cent.
annual interest from our National Treas
ury. 1t is, therefore, quite apparent that
the National debt which the Democratic
party has been so ready to dshonor
and repudiate will, under the wise
and faithful policy maintained by the Re-
publican party be soon placed where it
will no longer be recognized as burden to
the individual tax payer Or an obstruction
to the development of our National re-
sources and industries.