Democratic enquirer. [volume] (M'arthur, Vinton County, Ohio) 1867-1873, 1871-07-26

July |, 1861, four months af-
ter Mr.. Lincoln became Presi-
dent, the entire outstanding
debt of the United States
With a balance in the Treasury OF
opp W5O.......,.,.,..,. .....,.. 3O,O63Sb
Leaving tic actual debt .,.,.,.....s $50 OCs, ,0n
The debt could have been
paid during any fiscal year
without being felt. The ques-
ton was how should revenue
be raised to carry on the war !?
BY taxation during the war,
and low taxes and no debt after
the war was over? Or by
borrowing, and low taxes du-
ring the first year of the war:
and heavy taxes to be made
perpetual, and fearful debt
also intended to be made per-
petual after peace was restored?
The latter plan was adopted
Was it necessary? 1t was not
only unnecessary, but the debt
was Intentionally created for
the express purpose of build
ing up n moneyed oligarchy,
and it has been done.
THE PROOF.
Had taxation been equal to
the expenditures of the Gov
ernment during the war, at it's
close there would have been
no debt, and to-day Federal
taxation instead of more than
four hundred millions. This
policy would have prevented
an imitation of prices, and re-
duced-one half the cost of the
war. When greenbacks fell
to be only worth fifty cents on
the dollar, it required two dol
lars in greenbacks to buy one
dollars worth of supplies, and
thus the cost Of the war was
doubled. The expenditures Of
the first year Of the war were
less than $457, 100000. Had
100000 in greenbacks
been issued as became necessa-
ry to make purchases, and
made receivable for custom
dues as we'll as for the pay
ment of other taxes, they
would have maintained the par
value of gold, and been paid
into the treasury for taxes du-
ring the next year. But
could five hundred millions of.
taxes have been collected in a
year ? The answer is easy
More than six hundred and
nineteen millions were collected
during the first year of peace,
Notwithstanding the four years
of war; and the voluntary con.
tributions Of the people during
the war nearly cqualled the
amount paid in taxes. Hence
it is clear that the expenditures
of the war could have been
paid while the war continued,
and at its close we would have
returned to low taxes, and been
free from debt.
Butmy kind friends, that is
exactly what the oligarchs did
not want. A great debt was
their especial object, and that
could only be obtained by low
taxes during the war, and high
taxes forever afterward. Let
me invite your careful atten-
ton to the following official
figures which | read from the
last Register Of the Treasury.
During the first year of the
war, Federal taxes amounted
only
S5l ,GO7, ,o4i
The second year r.........".,,.,....::M, as ,l57
Iho thlru year ......,.,..,.,.,,,,,,2 2O2, 31I
The last year OF the war BY, ,0O2 7S0
The first year Of peace ce.......",.,.",Gl Gl0,6l6Oi0
Borrowing and imitation
were hand in hand during the
war, and at its close we had an
unliquidated debt Of more than
six hundred millions Of Feder-
al taxation. 1t is true that
owing to the sleepless fight
made by the Democrats in
Congress, the debt has been
reduced to a little over twenty.
three hundred millions, and the
Federal taxes to q little over
-four hundred and eleven mil
lions. But had the Govern
ment been wisely and honestly
- ~ ILL ..~..1 i