, 1873-06-08

to almost every adult person in the United States
and England, has now begun upon the inhabl-
tants OF Australia. His correspondent on the
other side OF the globe is Mr.. Thomas oanby
Riddle, OF Geelong, Victoria. h1r. Spinner IN
Aicts upon the unfortunate Australian an essay
upon "the cheapest way to pay public debt"
M1. spinner's idea Of the cheapest way to pay
debt is to app1y the heaviest taxation that will
be borno without . revolution, and use the
revenue thus taken from the people to
DAY of tho debt before it natures.
This plan Of Mr. Spinner is substantially to find
out, as near a. possible, how much of each mans
earnings is necessary to feed and clothe him,
and take all the surplus to purchase at pre-
mium bonds bearing interest at E per cent. II
is irunaterial to Mr. Spinner that the money, II
left in the hands Of the people, would earn per-
haps twice or three times per cent year
Mr. Spinner insists that they shall give 1t up
to Day off debt which now does not Dear
over 5H per cant on the average. It ID IN
material to Mr. Spinner that, in order to pay
the annual and regular taxes, families have to
dispense with various ordinary comforts; hare
to retrench and economlze in their tood anu
their apparel have to submit to various 'ncon-
yeniencas in their dwellings, and habitations, and
that there are thousands who have to mortgage
their lands at 10 to u per cent per annum to pay
the taxes levied to pay of the debt which bears
51< Der cent interest per annum
The burden Of debt consists precisely in the
charge upon the public to pay the interest on it.
Our national debt at this time does not demand
much over per cent for annual interest; that,
therefore, is the burden which the people have
to bear, Mr. Spinner writes to the man in AUS
tralia that the true policy OF the United States
is to take from the people an their surplus earn
ines,-worth to them 10 to 20 per cent per an
nun, and apply the money to take up the debt
which bears but per cent interest.
It is innmaterial to Mr. Spinner that this policy
is opposed to the Judgment and the dearly bought
| experience Of every nation that has ever had
debt on the face Of the globe. What does Mt'
| Spinner caro- for tho experience and knowledge
of other nations and other people {
What does he care for the experience
in this particular Of our own Government ?
When the War closed, the hand Of taxation was
laid upon every article produced, bought, and
sold, and on every agency for the purchase and
sale or transportation Of products-upon the
living and the dead. Under the pressure OF
Presidential election, q large mass OF these
specific taxes we're repealed, but the revenue in
creased The repeal Of taxes was followed by al
increase Of production and an increase OF reTe
nue.. Every time the taxes have been reduced
there has been IN increase OF revenue. Th
payment Of taxes ia the sole burden OF the debt
and each time these taxes have bee
reduced the money thus left in til
hands Of the people has been apple
to the increase Of capital in private hands. Th
: Government had nevertheless collected, in add
!. tion to the sum necessary to pay the yearly II
y terest, 100000 ,0D0 annually to purchase tn
: principal OF debt bearing an average rate
5 interest Of about per cent. This 91oo,o0o, ,oo
thus taken from the people annually, II left
:. their hands, would be worth to them twice q
d three times per cent, and Jet Mr Spinner Il
J forms the Australian gentleman that to tax
= money which, If employed in produ'
ton, would be worth, say, u per cen
to pay q debt bearing per ce1
" interest, is the cheapest way to pay tt
debt. It is not merely the most patriotic, higt
:. spirited, and jolly, but actually the cheapest!
The surplus revenue Of the year ending Jur
80, 1873, Notwithstanding tho repeal OF tt
duties on tea and coffee, will be greater than
- any preceding year. II Congress would repe
% taxes to IN amount equal to the surplus reVenr
of 1928. leaving the one hundred and more mil
. ions with the people in The form OF pEoduct1'
capital, the revenue from the remaining ob1ec
10 of taxation would increase to extent that wou
: leave surplus at the end OF 1874; and If th
- reduction Of taxation was continued annual
- to the amount OF the surplus OF tt
> preceding year, the millions now taken und
:. spinnor's "cheap" system would be multlpl
- inc in the hands Of the people. It should
borne in mind, also, that the tax On imports tn
= produces 800, ,000, 900 for the Treasury, tax
u from the people some 5000, ,ooo, 900 in addition
nav the bounties to the protected classes. Fl
repeal of protective taxes, which now produ
i s10o, Goo, 600 revenue, would be equal to the
peal of $500, 900, 600 Of actual taxation. But
J. Spinner disregards such triaing facts as thea
y and insists that the cheapest way to pay oil
y debt Of s1oo, bearing per cent interest, is
r. take $500 Of the surplus products of the COUNTY
70 worth u per cent per annum give $500 a"a
's and pay the principal of the debt Tith the
- mainder.
70 The necessity for checking the dangero
10 practice OF carrying concealed weapons has u
T. been illustrated simultaneously in New 70
| L .o,,~1o ~ vrr4ho in Nav Tnr