New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-05-02
HON. DAVID A. WELLS.
Address on National Finances.

| Ex-Secretary COlfax presided, and a Ion,
list OF vice presidents, after receiving tn
consent of the parties, was ANNOUNCED
comprising the names of Stanley Matthews
George II. Pendleton, Mayor Davis, William
] 5. Groesbeck. Judges Leavitt, Whitman
| Stallo and Straub, the Jewish rabbis. Drs
Lilienthal and Wise, and many prominent
| business men.
MIR. Wells in his address, went back to
| the revulsion of 1857, showing the beneficial
results of the low tariff, and descended to
the examination of the effects of the wal
| on the industrial interests of the country.
| he entered largely into the details of duties
Imposed. The most significant part of the
| address was the declaration of his plan for
che future which was contained in the clos
| ing part of his speech. He said he should
| like to put the country relatively in the
same position financially and industrially
| that it occupied in lS59-60, when every de-
| partment of industry was fully employed
when our CO mmerce covered every sea-
when wealth was accommodating rapidly and
distributing itself equitablv and when the
government was discharging its highest
functions of removing distractions to prog
ress and interfering to the least possible de-
gree with private pursuits and lawful in
tereSts of the people. Well, | suppose all
would say we deserve this as much as You,
but how can it be effectual? Are not our
debt and consequent taxation in themselves
inseparahle Obstacles2
But let us examine the subject: Our
present obligations for interest ON the ma
uonal debt is about one hundred and twelve
millions, but making allowance for such
conversions of six per cent bonds into five
per cents, as have been or is likely to he eff
fected, and for the existing surplus, it is GER
tain that this interest charge, before legisla-
tion can possibly be cOnsummated, will not
be in excess of one hundred and five mil
lions. But the revenue at present derived
from the existing tax on distilled spirits,
tobacco, stamps, beer, gas, banks and bank
ers approximates one hundred and twenty
millions Leaving the income tax entirely
out of the account, or, in other words, these
internal revenue taxes, which do not in any
degree fall necessarily on labor or increase
the cost OF production, practically cOmpen-
safe for all the effects of the war, so far as
the debt and taxation of interest are con-
cerned, practically put the country back in
these respects where it was in 1890, and
gives, in addition, fifteen millions available
for other purposes. And what are these
other purposesl Simply the defraying of
the current expenses of the government and
q gradual liquidation of the principal of the
debt; and how much will be sufficient for
these purposes
In 1860 the government expenses. ex-
elusive of pensions and Indians, were fifty |
live millions per annum, and since then we |
have increased our population about |
twenty-five per cent. II our national ex- |
penses in only the same proportion. with |
allowance OF twelve per cent for currency |
depreciation, about seventy-five millions |
per anDum would be sufficient But sup |
pose, IN order TO place every element of the |
calculation beyond doubt, we allow for
current expenditures of the government
iouble the amount required in 1860, or one
hundred and ten millions, and add thereto
he amount required for the current year
or pensions and indians, thirty millions,
We have an aggregate of expenditures for
which the revenue will be require. OF about
,ne hundred and forty millions.
10 meet this argument, we have the tariff
o depend on as we had in 1880, and [
will tell you what can be done with il. OF
curse this is not the time and place to pre-
ent to you long array of facts and figures,
ut 1t is capable Of demon and
How the duties upon sugar and coffee to
emain AS they are, with the other duties
angling from thirty five per cent on luxuries
D fifteen per cent on comforts and necessi-
es, with all the essential raw materials, |
nj every article producing less than |
TO- o0 annual revenue on the free list, their
lrTtf can be made to yitld annually from |
lac, oOO,o 600 to Sl50,000,000, leaving the ex- I,
,ss of revenue, the receipts from public
nds, miscellaneous sources and the natural
ast!city OF the revenue, aggregating proba- I
Y not less than S30, 100000, to be APPLIED
Their TO the reduction of the principal of the t
'bt or TO the further abatement OF taxes +
Ills, then, is what Is practicable to do with
e tariff, and, with an exercise of reason
lie economy, it is probable that even a S
tier result can be attained but on this
1rk OF reform would be both progressive
ID conservative. h
recognize fully that the government, e
a maintenance during the last ten years s.
a high protective policy, has afforded e
unity and an encouragement for certain O
eclaI Investments of capital. and any q
edge that might thus have been indirectly re
zen would Withdraw gradually and with 81
hiclent notice TO allow of preparations al
sides, consider that the work of currency s,
oIm should 60 hand in hand and be G
Ide coordinate with tariff reform; and | p
til these reforms accomplished the in III
stry of the country i'll every department m
uld become practically independent of | &C
islation, and be placed substantially ON til
basis OF prosperity VIII ich it enjoyed in DC
$50. q,
hat such degree of national prosperity. Of
1 even more, would result from the re- Of
ms have indicated admits moreover of wi
ractlcaL demonstration. The revenue re- co
rements Of the government, for interest OF
u,oO0,U00, current expenses. pensions and ''i
ians Sl40,000,000, with S30,000000 for no
nclpal of debt, may beassumed to aggre- va
G about $3.50, 100000. How much does a ib
! sum represent of the product and of the sio
or OF the country! Four per cent, assum-
the value of the annual product Of the
ntry at OO,00000G, minimum estimate sill
wenty-tour minutes of each day of ten be
rs, or SIX hundred minutes Of those who ia.
Or. and by their labor produce this vast eff
ual product. or
ow, if you will visit any one of the ia
1T leading manufacturing industries OF '"'
country, and inquire OF their most in. S
gent representatives, they will tell you pul
the power of production, with given SAL
unit Of labor, and the exercise Of in PEI
sed skill and economy, or inventions | or
the use of improvement machinery, thi
increased, during the last ten years, an Bo;
rage OF at least ten per cent, while in n nnS
G instances, as manufacturing of boots sba
shoes, the increase has been much ins
ter. rising even from twenty-five to
ty per cent. and manufacturers further N
G will tell you that it has been mainly I nls
UGH gain in the conditions of protection
they have been enabled to protect
nsslyes from immense losses Or destruc. sa t
under disadvantages growing out of Der
i legislation, to which we will show for spec
last few wears have been suh;aoted Il job
efora 4o1iou,s a.. r. IL cocl
- u I've tn"c, IL tlo Industry o1 tne Al
wy nau reIldlneu In It's normal nature nan
condition, the same amdunt Of Labor COW
ted in 1870 as Uas annI;od :, Ieco fish
In beva ,ro1,,oo1 "PPc" AZ LOW men
e., -. Puo0ou |aiuo sull1clent not afte
10 meet all the ordinary and extraor- u
Ty requirements of the government valu
TO allow six nor cont ~ 90 ~ duly
ldanee to be divided among the masses. afor
It instead OF that we find certain agen- ten,
have come IN, which so affac+ad tho oos+ Fl. s