Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1874-09-08

tial campaign of go, many enlisted in the
Union army after hostilities began, and
others gave money and influence freely to
: uphold the Union cause, but the brains
and body of the rebellion were demo
cratic, and the democratic organization at
the North gave sympathy and aid to the
rebellion until Richmond fell and the Con
federacv proved failure. The democ-
racy therefore are responsible for the re-
bellion and all the evils which it wrought
upon the country.
Amongst these evils was the vast debt
created in carrying on the war. At the
close of the war the national debt was
about three thousand million dollars (S3,-
O0O. 900, O00) Beside this every State,
city and town was loaded with war debts,
amounting in the aggre gate to at least one
thousand million dollars (S1 ,000, 900, 000)
making the full legacy of the democratic
party to the country by the rebellion the
enormous indebtedness of at least four
thousand million dollars ga, 000, 900, 000),
nearly one-seventh of the entire valuation
of the whole real estate and personal
property of the country.
To pay the annual interest upon this
great debt and to reduce the principal
gradually has been the task of the repub-
ican party since the war closed. The av-
erage interest paid annually has been
about $3.50, O00, 900. The principal of the
debt has been reduced 500, 900 900, re-
duction of $500, 10000 having been made
since Grant was inaugurated President In
1869.
In addition to this debt created by the
democratic rebellion, was the obligation
under which the government was placed
to its brave defenders on the battle field.
There were killed in battle and died in
hospitals half million OF Union soldiers
others were manned, crippled and dis
eased for life. 1t became the sacred charge
OF the government to provide for the
widows and children of those who had
given their lives for their country, also to
aid those who were entitled to bounty by
wounds. We have thus an army OF more
than 23s,O0O pensioners, drawing annually
from the public treasury the sum of about
$3O,00O,0 900.
Here then we find the chief cause ofthe
taxation which we are obliged to endure.
Add to the ordinary expenses of govern
ment the large annual interest account to
be paid on the public debt, also the sum
paid for pensions, and the amount applied
to decrease the principal of the debt, and
we see very readily why taxes are high.
There is no way to escape taxation if we
pay the debt fastened upon us by the dem
ocratic rebellion. Shall we repudiate it ?
Shall we refuse to pay the bounty allowed
the wounded soldiers? That would be a
crime, against which justice, humanity
and patriotism protest. So long as the
republican party holds the power these
obligations will be paid. Democrats have
tried various schemes of reputation, and
are trying them now, as we see by the ac-
ton of several of their State conventions
in adopting the Pendletonian plan of
cheating the creditors of the government,
but the honest masses of the country are
in favor of honestly paying the debts we
owe.
Having placed the accountability for
taxation where it rightfully belongs-up-
on the democratic party-let us glance
now at the management of the republi-
cans in relation to the finances and ex-
penditures of the government, in circum-
stances far more trying than any admins
tralion before the war was ever placed in.
We find that they grappled with the ma
tional debt at once. Its increase was
stopped as soon as possible after peace
was won, and measures to pay principal
and interest were adopted. The result is,
as we have before stated, that about
800, 100000 of the principal has been
paid. Every dollar of interest has been
paid when it became due, in gold. Since
President Grant took the oath OF office in
1869, there has been paid Of the principal
of the public debt $40O, 600, 900, and the
interest account has been reduced 800
100000 annually, And while we have
been paying the debt, we have from time
to time reduced internal taxation, so that
from July 1866 to July 1872, the net total
Of annual reduction of taxation was $685.
G72 .58S,71.
The best test of the management of the
government is the condition of its credit
This has steadily improved from the time
when our bonds would scarcely sell in the
market abroad or at home, until now they
are readily taken by European capitalists
at per cent. The democratic papers for
get to inform their readers that during the
administration of Mr.. Buchanan, in the
democratic times which they are fond of
pralsing, the government was obliged to
pay as high as II per cent. interest on