The Daily state journal. [volume] (Alexandria, Va.) 1868-1874, 1872-07-29

the bank which issues it. Taxation is the
inevitable supplement Of public debt; and
like other unpleasant but necessary things,
sugar it or gid it as you may, it is bitter
to swallow. Before the administration of
President Grant took this matter in hand,
we had enormous taxation, yet it did not
produce the anticipated revenue. Since,
while reducing taxation at the rate Of s70,-
100000 year, so faithful has been the
management Of the Treasury Department,
that the revenue has increased $50 600 900
and enabled the government to reduce the
principal of the debt $3.50, 900, 900.
An honest execution Of the law has
proved that the national credit is firmly es-
thblished, and reduction of public debt and
greater proportionate reduction of the an
npal interest charge upon that debt, give
evidence of faithfulness to pledges which
inspires confidence not only in our ability
to pay, but our integrity in mode Of pay
ment; therefore, no uneasiLess is felt on
account of the recent legislation of Con-
gress which has reduced taxation from
fifty to sixty millions of dollars per annum.
AS the burden was to be lightened, the
question as to who the beneliciaries should
be, was resolved in favor of the working
man. His tea and coffee" the cups that
cheer, but not inebriate, ARE now free of
all tax; and in every other change sug-
gested, his well being made all other con-
sideratons ;" kick the BEAM" when argu-
ments pro and con Were heard. Tobacco,
our Virginia staple, was saddled with a
heavy tax-32 cents per pound-and though
consumers made no appeal to Congress
for cheaper luxury of pipe or quid, yet it
was believed that both the planter and
manufacturer would be benefited by reduc-
ton of tax, and instead of thirty-two cents
per pound, twenty cents is the present tax.
| If the laborer in field or factory can realize
oDe-sixth part of the reduction, as addition
al compensation for his work, his condition
will be substantially improved, and for
this he stands indebted to the economical
administration and practical sympathy Of
the Republican party. l-s.
But Virginia numbered by thousands
those who found themselves stripped, by
the operations and results of the war,
of their property, with nothing left
save their untitled land, and an
amount of debt which it was folly
even to hope to discharge by payment in
full. The bankrupt act is a part Of the
public policy of the National Republican
party, which offered to the harrassed debt
or legal means of silencing his relentless
creditor; and late Congressional legislation
has validated the Homestead provision in
our Republican constitution, which saves
to the man who loves the home of his
fathers, or of his own laborious youth,
that sanetited spot, of which it is sweetly
and truly sung :-"Be it ever so humble,
there's no place like Home" The consti-
tuition which in 1889 the people were first
invoked to spit upon, and afterwards to ac-
cept, provided it was to be administered by
and in the interest of the favored few, has
at last been made operative by the vote of
a Republican Congress and the approval of
a Republican Presidential. S. Grant
Democratic legislatures and Democratic
judges have labored hard to make the
Homestead provision nullity, and take
from the impoverished farmer his all while
they have by their reckless, mad financial
bunders increased our State debt to such
unwieldy proportions, has neccssitated a
rate of taxation which compelled one of
| two disasters--uniyersal bankruptcy of tax
payers, or failure to meet obligations sad
died upon the State. The latter was cbo-
sen and now our State stocks are less val
liable than ever, under the ban of suspended
interest payment. Yet such stark mad
financers are shouting, "Up with Greeley
and ourselves as statesmen to guide hm;o
while they decry or denonnce President
Grants administration, which has reduced
debt and at the same time reduced taxa
ton. -,
LETTER FROM PRESIDENT EwELL.
A few days ago we took occasion to refer
to William and Mary College, and to the
interest which President Grant had mani