The weekly Ottumwa courier. [volume] (Ottumwa, Iowa) 1857-1872, 1871-09-14

Ofthe yearly excise Of $l85, ,00O, 600
gathered by President Grants Col
Iectors, there remain but $64, ,5sl Is
not paid over 70 The Treasury. -
Whether or not this fact will shut the
mouth Of comp aint and detraction,
it shows y decent and uncxampled
respect for official obligation and sc-
conntability not TO be found in the H.
nancial history Of any former admin.
lat ratio".
REDUCTION OF THE PUBLIC DEBT.
Hitherto it has been the policy Of
tho Republican party 10 reduce the
public debt NJ rapidly as the pros
perity of the people and the financial
interest of the country would permit.
And believe this TO be wise policy,
and hope TO see it continued. Gen.
Grant has wrought TO this end,
steadily and persistently, with re-
suits already shown. It ought to be
added that the annual saving OF IN
terest on the debt reduced and paid
is $l2,OOO,O 900. This reduction has
not been made by the aid Of any ad-
ditional taxes, but under . large re-
peal of taxes. The repeal Of $50, ,OOO,-
900 in February, 1869, was again
repealed in 1870 by total reduc-
ton OF customs and excise, which l
now estimate at moro than $50, ,OOO,-
900. If tho fidelity, integrity, and
economy Of the Administration en-.
able Congress to mako still further
reduction 10 the rate of taxation and
exempt still larger list Of objects, it
ought to be done, it it can be without
impairing the public credit at home
and abroad, and without embarrassing
the regular and necessary operations
of the Government.
The words OF Washington, how
ever, in his last address, on thi, sub
ject, ought to be remembered and
considered. "As a very important
source Of strength and security,
cherish public credit, avoiding the
accumulation Of debt not only by
stunning occasions OF expenses, but
by vigorous exortions in time of
peace to discharge the debt which
unavoidable wars may have occasion
cd ; not ungenerously throwing upon
posterity the burden which we our
selves ought TO boar. 1t is essential
that you should practically bear in
mind that toward the payment Of
the debt there must be revenue that
to have revenue there must be taxes,
that no taxes can be devised which
are not more or less inconvenient
and unpleasant; that the intrinsic
embarrassment inscperable from the
selection Of the proper objects (Which
is always choice of dliiiculties)
ought to be a decisive motive for
candid construction OF the conduct Of
the Government in making it."
| know there are some good Re
publicans who have serious doubts as
to the policy of reducing the debt 60
during the present genera-
tion. have shown that the reduc-
tion already made WAS from money
saved by tho economy and vigilance
Of the present Administration. Thus
far, no one, certainly GU ght to object,
nor to its continuance on such terms.
But if We stop reducing tho debt
because, we say, the next generation
will be so much more able TO pay it,
and therefore leave it to them, that
generation will, in all probability, be
quito ss willing to adopt our example.
and leave it to their children, and 30
it may be postponed from one gener.
alton to the next, until, in the end
disasters may OvertAke the nation
before the debt is provided for. Our
public credit will thus be seriously
impaired and our prospects OF fund
ing tho debt at lower rate OF inter-
est utterly overthrown.
Washington was u far seeing
almost always correct on
great questions Of public policy, and
It is not yet too late to bc guided by
his opinions. For myself, | have 70
say that l do not desire the too rapid
extinguishment OF tho national debt,
but do desire to see its interest
promptly paid, principal steadily and
yearly reduced. | am for such tax
alton as will meet these results and
the current expenses oi the nation.
Contemplating our vast undeveloped
resources, with our present wealth
and natural increasing value, l will
venture to predict it an easy txsk for
this nation 10 preserve its faith and
public credit, and that within the
next quarter Of century the great
public burden, which treason and
rebellion forced upon US, will be ex-
tinguished. And during all the time
the people will be enabled to enjoy
such physical comforts and; prosper
ity as are allotted to no other nation
on the globe. TO this end, and with
due regard for American industry
and labor, il is my judgment that the
excise and tariff laws ought TO be re-
form cd aud re-enactcd in the inter
ests of the people.