Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1871-09-30
Commercial Convention.

Baltimore, 30. In the National CONNER
cial Convention this forenoon, Mr. Thurston
of Penn, presented report of the committee on
finance and taxation, which declares first,
that the early return of specie payment will
promote the best interests Of the nation.
Second, that while the public debt is of the
highest character of financial obligation, and
any evasion thereof is dishoLorable to the
nation and subvcrsive to that high standard
OF honesty that should characterize people
in their individual transactions as well as in
their national obligations Yet the punctual
payment of interest upon its debt and such
portion OF the principal thereof as seems to
show perfect financial ability and good faith
OF the nation towards its creditors, is all that
is necessary to maintain the public credit;
therefore, we declare that we are i'm favor of
such very gradual payment of the public
debt as Will not interfere with the productive
energy OF the nation, and enable us by the
prolongation of the first liquidation to ac-
quire population to share and tighten the
burden of its payment, and to develop the
resources of the nation, to an increase of rev.
enue to meet its obligations. Third, equality
requires that taxation should be equally and
fairly levied and collected, that the civil SER
vice should be administered with rigid and
economical care; that the government should
derive itsarevenue in the language of our
fathers, chiefly from imports, and direct tax
es only to be resorted to in extreme cases,
and the present income tax to be at once
abolished. Fourth that it is not to the in
terest OF the nation to levy any prohibtory
duties, and that every facility be given to d.
rect the importation of merchandise into the
inland cities and towns, as productive of
lessened cost to the consumer, and saving
time and charges at the sea port, and that of
duties and commissions on packages and all
other charges except on the commodities of
questionable utility Fifth, that it may be
necessary from the financial necessity of the
government to levy upon products of country
should be moderate in its character, and that
the tax upon all kinds of manufactured to-
bacco should be uniform, and the reduction
of the present tax would be advantageous to
both the government and manufacturing in
| terests, thereby increasing revenue from that
source, as a reduction in cost, increase in
| consumption and excessive taxation leads to
fraud; that all regulations respecting the tax
on whiskey be arranged as to surely collect
the tax without embarrassment to that indus
try.
The resolutions as reported were finally
adopted
The motions to substitute for the first
declaration that gold was commodity to be
bought and sold like any other, and favoring
paper currency, to strike out those declaring
that the government should raise its revenue
from imports only, and that the income tax
should be repealed being vigorously discussed
and successfully lost, and the resolutions
fsvoring the speedy completion of the Fox
and Wisconsin river. Improvements, and the
enlargement of the Erie canal were adopted
A resolution was adopted declaring the
cotton tax levied in 1866 ard 1867 unconsti
tutional, and requesting Congress to provide