Holmes County Republican. [volume] (Millersburg, Holmes Co., O. [Ohio]) 1870-1895, 1870-09-29

the Democratic party, which con-
tinually confessed its identity with
national dissolution and dishonor
by treating the debt incurred by the
war of national preservation as one
incurred in their defeat, and, there
fore, which they were bound to dis
honor. |
Now that another general political
campaign is at hand, the question is
presented to the American people
whether the Republican party has
wisely administered upon these
Democratic legacies; whether it has
tried to adjust the burden equitably,
and whether it has faithfully applied
the revenues to the reduction of the
debt; or whether it has so failed in
these affairs that it should stand
aside, in order that the party which
created these burdens, and which is
now the same enemy to the national
honor that it then was to the ma
tional Union, shall come into the adj
ministration of the Government. In
taking view of this question we
propose to place but little stress on
the character of the proposition that
they who committed the crime shall
be trusted to administer on it's con-
sequences; for we shall examine the
figures of the results of Republican
control of the Government, to see if
they show such state that for re-
lief we must fly to the party that
brought these calamities upon us;
thus initiating the wisdom of the
beasts who resolved to commit sui
eide to save themselves from the
slaughter. rrda la naaI 2".. Z
In this examination Of facts we
shall take the period since the elec-
ton Of General Grant brought the
Executive branch of the Govern
ment into the control of the Repub-
lican party, and into harmony with
the Legislative branch. This is right
for two reasons. First, in trying the
question whether a change of Gov
ernment would be advisable, the rel
evant matter is, what is the present
Government doing? Second, the
Republican Congress was thwarted
by the treachery of Andrew John.
son, which deprived it of the control
of the Government. 1t was then
paralyzed by an Executive who de-
sired to make its measures abortive,
in order that its failure might bring
in a Democratic reaction. The great
affairs in question now are the re-
duction Of debt, expenditures and
taxes. Let us look at the main re-
suits. The figures we use are taken
from official sources. AuL
March 1st, 1869, when the present
administration began, the national
debt, less cash in the Treasury, was
$2,525, ,463, ,260.O1. July 1st, 1870,
the debt, exclusive of cash in Treas
ury, sinking fund and other bonds
purchased, was $2,3S6, 1896, 500. IS,
being a reduction of $131, ,1O4, ,66O.27,
or over 139 millions in sixteen
months. -..- .Hru
BY means of this exhibition of a
financial ability, and a financial sys-
TEN that will pay the debt, the pub.
lie credit has so improved that in
the same period of Republican adj
ministration, from the 1st of March,
1869, to the 1st of July, 1870, the
500 coupon bonds of 1862 advanced
in London, from 80 1-16 to 9Os. -
The revenue, from all sources, in
the fiscal year ending 3Oth June
1870, was $411, ,255,477.63; the ex.
penditures in the same period 1892.
124, ,052.1S; leaving a surplus OF
$119,131 ,425.45, which, with some OF
the previous surplus, was applied to
the above reduction of the public
debt. .. .aHs a..
The expenditures for the year
ending March 81, 1869, eleven
months of which were under John
sons executive administration, were
$34S, $50, ,245.S5; for the year ending
January 80, 1870, under the Repub-
lican administration, ,$292, ,124, ,O52.1S,
being difference of $56, 532, 1857.
There have been purchased by the
Treasury, in the period from May,
1869, to June, 1870, bonds to the
amount of $l25,429,1OO, on which
there was paid premium of over
Is millions. Add to this the amount
purchased in July, $S,373, $50, and
the premium paid, $755,17S.3O, and
we have a total amount paid for
bonds of $150,664, ,S71.66. r't- .'r.
One of the strongest signs of an
improved administration of govern
ment is in the improved collection
of revenue. Although there were
notifications and important reduc-
tions in the internal taxes under the
acts of March 81 and July 20, 1868.
there was in the 10 months from
March, 1869, to May, 1870, an in
crease in the amount collected of
$66, ,SS0,640.2S. s.g ..fg irt-5{
Such an improvement in the col
lection has made a reduction of tax
alton practicable, and the Republic
can party has had the grateful task
of beginning a large reduction of
the Democratic burdens.
Thus it abolished at the last ses-
sion of Congress, to take effect next
May, all special taxes, except those
connected with spirits, tobacco and
beer, which yielded over l + millions.
1t abolished, to take effect October
l, the tax on gross receipts, which
yielded over 64 millions; on sales,
save those yielded by sales of spir-
its, tobacco, and those paid by
stamps, near 9 millions. The reduc-
ton of the rate, and increase of. ex-
emption of the income tax is equal
to reduction of about 23a millions.
The abolition of taxes on legacies,
SUGGESTIONS, articles in schedule A,
and passports, to take effect October
l, is equal to reduction of nearly
3 millions. Stamp taxes have been
reduced, to take effect October l,
equal to Il million. The total re-
duction in this way is equal to over
m mi1liOns .lf 10. H.ff..... h'N
BY the same Congress, duties on
imports reduced equal to reduc-
tion of taxes on last years importa-