Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1871-04-28
CINCINEATI.
Am Expose of NatIOnaI Finances by
David A. Wells

4
CINCINNATI, April 27.-Hon. David a
| Wells delivered his long expected addres
tonight, on the industrial and fnancis
condition of the country, to meetinJ
held in the Merchants Exchange, whicl
was largely attended by leading me-
without respect to party. Mr.. Well
spoke of the revulsion of 1857, anC
showing the benefits of low tariff. Allow
ing for reductions by the substitution OF
bonds bearing lower rate of interest,
it is certain that our annual interest
charge, before any reform in legisla-
ton can possibly be consummated,
will not be in excess of $105, 600, 600.
But the revenue now derived from the
existing tax on distilled spirits, tobacco,
stamps, beer, gas, and banks and bank
ers approXimates $120, Leav-
| ing the income tax entirely out of the &C
| count, these taxes cover the interest on
the cost of the war and practically put
the country back to 1659-60, gi ying in ad-
dition $l5, 600, 600 available for defray-
ing the current expenses of the Govern
ment and a gradual liquidation of the
principal of the debt. If our national
expenses increased only in proportion to
population with the allowance
of tweivs per cent for currency
depreciation, about $75,000,000 per
annum would be sufficient for these
expenses; but allow double the amount
required in 1860, OF $110, 600, 900, and
add the amount required the current year
for pensions and Indians, 1880, 900, 600,
and we have an aggregate of about $40,
000,000 To meet this requirement we
have tariff allowing the duties on tea,
sugar and coffee to remain with other du-
ties ranging from S5 per cent on luxuries
to 10 per cent. on comforts and necessi-
ties, with al essential raw materials and
every article producing less than &c.,
900 annual revenue on the free list. This
tariff can be made to yield annually
$40, ZOO, 900 to $3.50, 900, 600, leaving the
excess of internal revenue, the receipts
from public lands and miscellaneous
sources, and the natural elasticity of the
revenue, aggregating probably not less
than $30,000,000, 70 be applied either
10 continued reduction of the principal of
the debt or to further abatements of
taxes. The pledges of the Govern
ment by a high tariff, encouraging
special investments of capital, / would
withdraw gradually. The currency
reform should be coordinate with the
tariff reform. With these reforms &C
complished, the industry of the country
in every department would become nat
urally independent of legislation. The
requirements to be estimated, about $50
millions, were four per cent of the pro-
duct of the labor of the country. As
Stunning the value of the annual products
of the country at $1,000, 900, 900, the
minimum estimate, or 100000 each
day, it was one hours work of those
who by labor produce this vast annual
product The power of production in
the leading manufacturing industries
during the last ten years an
average of 10 per cent, and in some
cases 25 to so per cent. This had been
their main protection against immense
loss or destruction under the disadvan-
tages of our fiscal legislation;
The agencies which have neutralized
and economy and added ten
to thirty per cent. to the price
Of almost every manufactured arti-
Gle sold in domestic market are,
mainly, a too excessive and defective
taxation and vicious currency. Herein
les the dissatisfaction of labor, which
seeks not so much increased wages as an
increased purchasing power of wages. |
The reforms needed are an abatement of |
he abuses which had come from our fis- |
cal system.
Barkis is EiIIin,.
The Gazette will contain an article in |
imating Ben Wade's willingness to run
or Governor of the State.