Tama County Republican. (Toledo, Tama County, Iowa) 1867-1872, 1871-05-11


Mr.. Speaker, in the preamble OF
the resolution Of the gentleman from
New York Mr.. Cox there are ab-
stract propositions with which / cor
daily concur. But I desire to bring
to the attention of the House. and, it
possible, Of the country, one propo-
sition contained in the resolution
which seems to be in accordaIco with
a popular delusion. 1t declares that
this House disapproves OF inordlnate
taxation to pay off immense amounts
of the public debt, az heretofore prac
ticed by the Secretary OF the Treas
ury."
/ believe this side of the House dis.
approves OF inordinate taxation for
the speedy payment of the debit !
certainly do. But, sir, we are older
in legislation than the gentleman from
New York Mr.. Cox, and have more
experience in the management Of al
fairs, and know that the Secretary OF
the Treasury has imposed no taxes
upon the people. The taxes imposed
upon the people are imposed by law,
aud not by order of the Secretary OF
the Treasury. He has had nothing
to do with them, except to see that
they are efficiently collected, and that
the funds derived thereby are faith
fully applied.
Let me call the attention of the
House 10 the history OF this question.
For the six months preceding the
election OF General Grant and the in
stallation OF Secretary Boutwell, the
revenues of the country were made
quate to meet its current expendi-
lures. Each month for six months
showed q declining balance in the
Treasury. After the 4th OF March,
however, it was found that this was
reversed. The same tariff and tax
laws prevailed. No increase Of duty,
no increase OF internal taxes; yet it
was found that taxes which had been
insufficient for the current expenses
Of the Government We're, under Re-
publican administration, not only ad.
equate for that purpose, but sufficient
to justify the Government in begin
ming to pay the publio debt. Sir, in
addition to paying the current ex-
penses, Secretary Boutwell, has out
of these taxes paid $2O4, 900 900 of
the public debt aud reduced the an.
nual payment of gold interest more
than twelve million dollars.
More than that, sir. Congress at
its last session repealed SIS, 700 900
annually of internal taxes, and $685.
100000 duties from customs. The
total repeal OF duties was SIS. .0O0, 900,
but by increase VI duty on certain ar
ticles, it Is believed $3,OOO,OOO addi-
tional Of revenue will be derived,
whereby the reduction will be d.
mlnishel. thus making a total reduc-
tion Of 100000 on the annual in
come OF the Government. And yet,
with that reduction, the Secretary OF
the Treasury goes on buying in bonds,
paying the public debt, and reducing
the annual interest SO rapidly that the
gentleman and many Republicans find
fault with HIM. To what use would
we have the Secretary apply the
money thus collected !? Would he
have it lie dead in the Treasury
Would he thus withdraw from circu
lation the money thus collected and
produce embarrassment and COM
mercial crisis? By buying the bonds
and restoring these funds to circula
ton, the Secretary OF the Treasury
not only reduced our debt and annu-
al interest, but has given US steadi.
ness in financial affairs such as is an
paralleled in tho history OF our coun.
Try for twenty five years. Gold has
has stood for months between ITO
aud Ill. Domestic and foreign COM
mercc and the manufacturing indus
tries Of tho country have gone on
more STEADILY and even-handcdly for
tho same period Of time than they
have in a quarter OF century pre-
ceding.
NnV., Csr or..co h hoo .xs1- -:Al ~