Western Reserve chronicle. [volume] (Warren, Ohio) 1855-1921, 1871-09-20


debt. The payment Of principal has
lessened the annual Interest charge
more than $l4, ,O00, 900. It may be safe
ly asserted that during the single
term Of the present administration
one-six of the entire debt Of the Uni
ted States viii have been paid OF and
Cancelled. .i..
Side by side with this work of pay
ing the bebt there has been q steady
decrease Of the burden of taxation.
The Democracy charge that taxation
is increasing constantly. They make
this charge eitherufrom ignorance or
malice. The fact IS, that ever since
the close Of the war, it has been 'the
constant effort Of Congress to lessen
taxation. In 1865, almost every arti-
Gle of manufactures, produce or COM
meree was placed upon the internal
revenue list and made subject to the
payment Of taxes. Since then, more
than ten thousand different articles
have been stricken from the list, and
not more than half q dozen classes
remain, upon which any tax is levied
or collected. BY the act Of July 18th,
1866, there ives reduction in internal
revenue and direct taxeSof S65, 900, 900
per year. By the act OF March 2, 1867,
there was a reduction Of SO, 900, 900
more. By the acts of February 3rd,
March 3lst and July %, 1858, $6s, ,0O0.-
600 more were taken OF, and by the
act Of July IA, 1870, there was still
another reduction Of $55, ,212, 900. The
net total reduction Of internal revenue
taxes since the close Of the war has
haar, trn1v,1vo1 r4w,1 ~ al ~
million two hundred and twelve thou
sand dollars. f.-r .f.. .l,.
This, however, is not all. By the
act OF Congress passed July, 1870,
there was to some extent revision OF
the tariff laws. Very many articles
theretofore subject to duty, were
placed upon the free list. The duty
upon many other articles was lessen
ed. On tea and coffee, for. instance,
there was q reduction Of forty per
cent; on sugars a reduction Of thirty
three per cent; on iron a reduction Of
from twenty-five to twenty-five per
cent, and so it was with other large
classes of imported goods. The esti-
mated reduction in duties upon inn
ports is S26, 74s. .-.--.
It will be seen, therefore, that there
is total diminution Of our direct and
indirect taxes Of S254, ,2e6, 900, as the
aggregate annual decrease by Repub-
lican legislation in the period Of five
years. -l. --f .|r... on .a.
You may inquire how can the Gov
ernment pay so large a portion OF the
debt, while there is such rapid de-
crease in the public revenues? The
answer is apparent. 1t is by q more
thorough and honest collection Of the
taxes upon these articles which still
remain upon the internal revenue list;
and in the second place, by reducing
the expenditures Of the Government
from year to year. Upon this topic
figures are again our safest guides.
BY referring to the report OF the Sec
retary Of the Treasury il will be found
that the net ordinary expenses Of the
Government for the year 1869 were
S55, 900, 900 less than in 1853. In 1870
they were $13, 600, 600 less than in 1889.
In 1871 there is still further reduc-
ton. @ ec''ai
How has it been with the public
credit? This is matter Of vital i'm
portance to q nation. In regard to it,
the administration shows even
brighter record. The news Of the
election of Grant to the Presidency
caused q rise Of two per cent, in the
value Of the bonds and stocks OF the
United States in a single day. 1t was
hailed as a declaration by the Arneri-
can people that their debts should be
honestly paid according to the letter
and spirit Of the eontraet-that they
were opposed to Reputation In all its
forms and DISCUSSES.
From that day to the present, our
credit has been constantly rising. In
November, I8ec which was the month
of the Presidel. al election, the gold
value of the United States bonds (5-
20s) in the city Of New York was
seventy-one and one-fourth cents upon
the dollar. In July, 1871. the gold
value of the same bonds in the same
market. was one hundred and one
and one-fourth cents upon the dollar
-an Improvement of thirty per cent.
in the public credit since the election
Of Grant to the Presidency. My
friends, consider for q moment this
remarkable fact. By reason Of this
improvement of the public credit, the
cash value Of the bonds Of the United
States is six hundred millions greater
than it was In November, 1858. This
improvement has also attached to the
greenback and national bank note cir
culation of the country, and has given
additional purchasing power to every
dollar Of the money in the hands Of
the people. Not less than one hum
I,-s.1 h.,e haows nAdnd tn the
value of this circulation. lam not a
finaneier, and I put forward no fine
spun theories Of finance. prefer
rather to give you well established
facts and figures You can verify
them for yourselves II you will take
the trouble to examine the records
and authorities. These figures are
They need no comment.
They carry conviction Of themselves
The people are beginning to learn them.
The nations Of the world understand,
that notwithstanding the tremendous
demands of the war and the colossal
debt which it created, we are still
able, ready and willing to meet all our
obligations. They have learned that
q people who were brave enough to
bring two millions Of men into battle
to maintain their rights, are honest
enough to meet all the demands and
burdens which that war imposed upon
them. ....
Right here, and in this connection,
perhaps, 1t would be wen for US to
consider the financial policy proposed
by the Democracy OF Ohio. They are
not content with the present order Of
things, and so have put forward q
scheme of their own. 1t will be found
in the twelfth resolution o. their State
platform, and reads as follows:
"12. That while we reject repudIa-
ton, we equally reject the proposition
to pay the bondholders more than the
with them demands that If
the bOndholders have rights, so have
the taxpayers, and we insist upon JUS
tice being done to both. That the
creditor is entitled to be paid in the
same currency he loaned to the Gov
eminent; that when he loaned green
backs, he should be paid in green
backs, unless the contract otherwise
and when he loaned gold he
should be paid in gold. That to guard
against too great an expansion, green |
backs should be made convertible into |
three per cent. bonds at the option OF
the note holders, said bonds to be re-
deemed in greenbacks on demand"
There is no misunderstanding it.
They propose to pay of the Five
Twenty bonds, which now amount to /
n abouf u 2OO OO0 600. by the issueOf an i