THE DAILY E,iiiNG TELEGRAPH PHILADELPHIA, FRIDAY, SEPTEMBER 11, 18G8.
THE NATIONAL DEBT.
A IXrrenne or S02 Millions In Throw
I'cnra Important im Inlcrcntiiix
Factn Kpcech of lWlwnril Atkinson, of
jtoaton. ....
At the Massachusetts UepubUcim Convention
l Worcester, Mr. E lwnrd Atkluson, of Do9ton,
made to It the following hnportant speech upoa
the finances. He proves conclusively that the
Actual debt of the natlou tins been rert.icei
during the last three years by more than $soo,
f)0i),0()0, or one-fourth of the whole, and tti-tt,
even aiter the recent larere reductions of taxa
tion, tbe payment of the principal will continue
rapidly enough to extinguish the whole early la
the next century. The contrast between the
reckless extravueance ol the Inst Domocratlc
admlnHtraiion ana tho economy of the p-esent
Congress nowhere appeals more clearly than la
thee oillclul fisure.
Tbe net result of tblrtv-Uve months 01 eco
nomy and tHxmion Is tbh:
Debt ol the United States:-
AnifiiKt I, IflflB $n,297,733,329
June SO, 1C08, .... 2,45,000,003
Eeductlon $802,739,323
tJentlenieu: Jn a short nd dress I propose to
Justily. not to deleud, the lineal policy of the
tfepublicuQ ptrtv. A the honored Chairman,
of our State Central Committee bus wetl said,
its fiscal record needs no defocso. It is a record
of which we may well be proud.
In speaking to jou 1 shall pa rapidly" over
the details, but jou will find all my statements
verified In detail in the printed reports.
If there Is any merit in the following analysis
of tho expenditures of the lat three years, I
can only claim the plan and method upou which
it is plrced before you. All the data have been
furui'hed me by the Hon. David A. Wells I
long siuce perceived that the statement com
monly accepted as that of the luixiuium debt of
the United St itrs wps not one which covered
the liability of the Government on the 1st of
August, 1BU5, by many millions of dollats.
1BE DEBT IN 18G5.
I knew this from the fact that the manure
turtuf? coiporaiions with which I am myself con
nected, held at that date several millions of dol
lars ot claims upou the Government through the
contractors to whom we had sold material for
the tents and clothing for the army, for which
they had theu had no settlement. These ac
counts were afterwards allowed, a id we took
our pay In 73-10 note?, most of which we sol i
to the various Havings backs of Massachusetts
from whom we had borrowed tbe money to
enable us to do the work and furnish tbe good".
These notes were, of course, converted into 6-20
bonds by the savings banks, aud now form a
portion of the debt which the Democratic party
proposes to repudiate by issuiua greenbacks, or
In other words, substituting lailei paper bear
ing no Interest, for a debt not yet due; the
avowed purpose of the Southern wins; of the
party, wro at least may claim the meed of
praise for their bold avowal, being to render
the greenback valueless and tbPn to repudiate it.
In this scheme they are led by George H. Pen
dleton, aud covertly supported by Horatio Sey
mour, it being now asserted by his supporters
that he has retracted his previous vie vs. and
that there Is a substantial agreement between
himself aud Pendleton as to what should bo the
fiscal policy of the country.
DI3 STATEMENTS ARB OFFICIAL.
1 have said that I have been able to make the
statement which are iucludedin this address by
the uid of my lrieud, David A. Wells, special
commissioner of the revenue, to whom I applied
in order that I might have the force ot an
official statement to prove my position, ot the
value ot his official statement you are well
aware. No man stands higher in the coniidenco
of the people, and no man deserves that con
fidence more. With a single eye to the truth ha
cives to his work the force or aa enthusiasm
rarely to be found, and hence the power and
value of every document tht comes from his
band. For the use I have made of the
figures which he has given to me in
answer to my questions, I alone am
responsible, aud 1 desire that he shall
have the credit of all the facts here stated, and
I invite the blame of those who will charge me
with perverting them to party purposes. The
Democratic puny fears the truth, aud will make
this charge. 1 trust this may not long be so.
The name of Democrat, in Its true 6ianidcauce,
is one which I houor and cherish, and 1 hope
the day is not far olf when it shall no longer be
prostituted to the purposes of a party which
denies every principle indicated by in name,
and which has been the party of despotism and
of oppression ever bince it came to man's estate;
a prrty which now rests its chance of success
upon the iguorauce of its followers aud proposes
to inaugurate war, fraud, aud violence, under
the lead of Seymour and Dlair. We demand
peace and an honest RflminNtration, and under
the wise control of General Grant thjse we
will liave,
CONFIRMED BY MR. BOTTTWELL.
I also desire to say that I did not fully realize
the great importance or the force of the state
ment of tne real maximum debt of the United
Biates, at a given date, until I read tho speech,
of Hon. George 8. Boutwell upon the Fundiug
bill, in which speech is a compact statement sub
stantially agreeing with the exhibit I am about
to make. The condition of active war termi
nated with the surrender of the Rebel armies in
April, 18G5, but the condition of passive war did
not then cease, nor will it cease until every citi
zen of the Southern States shall be safe under
the protection of loyal State Governments,
elected by the ballots of all i'reeoicn or freed
mee uee not only from tbe chains of slavery,
buMrom the fear of violence or fraud by which
they are now Intimidated.
WHAT DID WB OWE IN 18S5?
The ascertained debt of tbe United Slate on
the first day of Api.ll, 18(15, as entered upon the
books of tbe Treasury Department, amounted to
$2,360,955,077. Four moatns later, on the 1st of
August, 1805, the debt represented upon the
books amounted to $2,757,689,571; and the latter
sum has been assumed ot late to have been the
maximum debt of the country at any one time.
But such was very lar from being the fact.
These figures represent only the amount of debt
actually entered upon the books of the Treasury
Department, but there existed at that time a lia
bility for a very laise sum not then entered, but
for which the Government was bound as much as
if tbe bonds had then been issued. A liability
Bince recognized and since paid. At that time
tbe Democratic party leaders asserted what they
now find it convenient to forget, viz: that the
burden of debt imposed upon the country by
the war was three to tour thousand million
dollars, and for once they were right; the true
liability of the Uuitcd States, caused by the war
Which the Democratic party of the South had
waned upon the Government, amounted in the
year 18G6 to the sum of $3,287,733,323; aud since
that date tbe republican party has paid over
$fl()0,000,COO, or one-quarter of the principal of
the entire debt, besides paying the iutercst.
COW IT WAS REDUCED.
In proof of this statement, let us now review
the financial history of the Government from
April 1, 18C5, to June 30 18G8, the close of the
last fiscal year, a period of three years and three
months of quasi peace.
AND FIRST AB TO REVENUE.
The receipts from the customs hare been as
follows:
April 1 to June 30, 1805 . . $30,014,387
July 1, 18GS, to June 30, 18,10 . 17t,048.651
July 1, 1800, to Juue 30, 18U7 . 170,417,810
July 1, 18G7, to June 30, 1U8 . 163,600,003
Total
$517,078,818
INTERNAL REVENUE.
April 1, 18G5. to June 30. 1805 . $12,508,820
July 1, 1865, to June 30, 1800 . 310.900,1)81
July 1, 1800, to June 30, 1807 . 205,920,474
July 1, 1807, to Juue 30, 18G8 , 193,000,000
Total . . . . . $812,330,278
MISCELLANEOUS SOURCES.
The receipts uuder this bead have been
derived from tho following sources, enumerated
in the order of their importance: First,
Premium on sales of gold. Second, Hales of
military and naval stores, and of captured aud
abandoned property. Third, Dnect taxes.
Fourth, Public lauds. The receipts from the
last having been comparatively inconsiderable,
April 1, 1RC5 to June 30, 1865 . $10,995,955
July 1, lH(ir)tO " 30,1806 . 69,750,154
" 1, 1866 to " 30, 1867 . 48,188,660
" 1, 1807 to " 30, 18G8 . 49.800,000
, Total . . . . . $178,713,719
RECAPITULATION.
Customs. ..... $519,978 538
Internal Revenue. . . . 812,i3fl,278
Miscellaneous .... 178,743,709
Total $1,540 053 533
Tbe above total therefore repreenu the ex'tet
amouut which the Tieasuryot tbe United States
has received from cources other than loans Bince
the close of tbe war.
WHAT BECOMES OF TUB MONET f
And now we oome to the nuin question. In
what manner has this sum of money amounting
to three-tilths the present amount of the public
debt been disposed off This is a question which
tbe people have a right to ak, aud which I pro
pose to answer to auswerln the most simple
and straightforward manner, and in a manner
which can be verified by any man who will take
tbe pains to examine tho finance reports of the
Inst three years, issued by Hon. Hugh McCul
locb, Secretary of tho Treasury. Although
active hostilities virtually ended with the sur
render of the great Rebel armies in April, 1865,
the expenses ot the war did not and ot necessity
could not cease at ouce. The military and
naval forces were at that time in a state of the
greatest efficiency. In number they approxi
mated to a million of men in active service, arid
preparations had been made for prosecuting the
war at all po'Ets with the gieattst euergy durln
the cnsuii g season.
WaB EXPENSES AFTER THE WAR.
It was obviously impossible for the Govern
ment to say to its million ot soldiers and sailors
the moment the Rebels laid down their arms
Col we have no further use for youl To the
sick, wounded, and disabled take care ofyour-r-elvesl
To the owners of half constructed
vissels, and to those who had contracted in
good laith to supply food, clothiugaud ordnance
we rcpudinte our contracts and refuse your
supplies 1 No; all thche matteis were to bo set
tled upon principles of justice, honor and hu
manity; but to accomplish such a result the
treasury found itself in a position ot embarrass
mentKud dancer which few eitter knew or ap
preciated. The credit of the Government had
become greatly impnircd, the 7 3-10 loan was
seliirgat less than par even in currency, and all
other means adopted for raising money during
tbe preceding year had proved or were theu
proving comparative failures. There were in
April, 1865, arcounts passed tor payment aud
overdue to the extent of over one hundred aud
twenty millions of dollars, w hile ull the avail
able cash funds, coin, aud curreucy, which the
Government could tbca command was less, all
told, than seventeen millions of dollars.
OCR CREDIT LOW.
Treasury voucher, issued lor supplies to the
army and navy, were buing sold with difficulty
by their holders at from ten to twenty per cent,
discount, the pay of the army itself was aud had
for months been largely in arrears. Horatio
Seymour and other rich Democrats were then
refusing, as they bad always refused, to sub
sciibJ lor or to hold the bonds of the United
Btates. In short, the Treasury was so near to
absolute bankruptcy that the old officials, to
whom almost alone the-e facts were known,
dreaded the collapse wtiich they feared might
come at any day. But fortunately the sjstein
of Internal revenue, the establishment of which,
bad beeu only too long delayed, was beginning
to prove effective, aud the receipts from this
source aud from the renewal of subscriptions to
the 730 loan tided the Treasury over a most
critical peiiod. The inevitable result was, how
ever, that large paymeuts, the liability for
which actually existed during tho time, and
which were properly part and parcel of tho ex
penses of aciivo war, were carried over into the
year succeeding the war, and were then largely
paid from tho enormous receipts of revenue of
that jcar.
BACK rAY OF TROOPS.
This liability for back pay, for the pay of the
troops to the date of their possible discharge
for their transportation, and for the settlement
of contracts, formed a part of the debt of tho
United States on tbe 1st of April or on tho 1st of
August, 1865, as much as if it had all been settled
and the bonds issued and entered upon the books
of tbe Treasury Department. These disburse
ments, under tbe direction ot the War Depart
ment, from the 1st of April. 18C5, to the 30th of
June, 186G, a period of only fifteen months, were
as follows:
April 1 to June 30, 18C5 . , $114,196,377
July 1 to 8eptember30, 18G5 . 165,369,237
October 1 to December 31, 18G5 . 68,122,541
January 1, 18bG, to Juue 30, 166G . 50,857,023
Total 15 months . . . $698,510,078
During the tame period the expenditures
made under the direction ot the Navy Department
were as follows: .
Apiil 1, 1865, to December 31, 1865 $53,847,889
January 1, 1866, to Juue 30, 18UC . 17,461 881
Total 15 months . . . .$7(5,319,773
It thus appears that the disbursements made
under the direction of the Atmv and Navy De
partment during the mteeu months immediately
succeeding April 1, 1865, the month in which
the Rebel armies euritndered, amounted to
$771,865,851.
WE OWED TH13 IS APRIL, 1665.
It is estimated that a very largo propertion of
this sum, not less than $100,000,000, was on
account of expenses incurred and accounts
rendered from three to twelve months prior to
tbe termination of active hostilities, and which
had been allowed by the Treasury to remain
unliquidated, simply by reason of great financial
embarrassments. The remainder is made up
mainly of the following Items:
Pay of the army 15 months. , $206,000,000
Commissaty and Quartermaster's
Department for subsistence and
transportation, about . . 60,000,000
Medical and Hospital Department 17,337,000
Arrears of pay of discharged or de
ceased 6oldiers .... 16,189,000
Bounties ..... 10,429,000
Prize money paid by Navy Depart
ment 3,875.072
It is therefore not only legitimate but strictly
in accordance with tho lacts, to assume that
this large expenditure ot nearly eight hundred
million dollars from. April 1, 1865, to June 30,
lb06, was in every sense a war expenditure, and
that it was a liability on ths 1st of August, 1865,
tbe date on which our debt appeared to beat its
maximum by the Treasury books, as much as if
7 3-10 notes or 5-20 bouds bad been issued and
entered upon the ledger; and this expenditure
is to be measured and estimated by the same
standards as thOBe by which the expenditures of
the active war are adjudged to have been
necessary and unavoidable on the one hand, or
unnecessary and inexpedient on the other.
THIS IS NOT ALL.
But the liability which existed nt that date
was even more. There were tha debts which
humanity and honor alike have imposed upon
the country, and which Congress has recognised
and paid. We were then liable for pensions, for
the equalization ot bounties, for further arrears
of pay of deceased soldiers, tor the claims of
States, for the property of loyal men destroyed,
for additional prists money, lor the reconstruc
tion of the Rebellious States, for the care of the
fieedmen, and for tho burial of the dead. The
amount ot these liabilities which have been
recognized and paid, and which are not included
in the previous statement, is as follows:
Pensions $62,828,955
Bounties 49,382,859
Prize money 1,642,099
lteimbuwlng States lor war expen
ditures 12,330,183
Claims of loyal men . . . 11,111,300
Freedmen's Buieau . . . 6,617,000
Miscellaneous, including all ex
penses of reconstruction and
national cemeteries, estimated . 3,000,000
Add to this tbe oxpme of the
army and navy for 15 mouths,
as pieviousiy stated . . ,
And we have a total of . .
And In this total we have the sum
to be added to the debt as it
stood upon the books of the
Treasury, April 1, 1805
Making the aggregate of
$115,012,101
774,805.851
$920,778,252
2,366,955,077
, $3,287,733,329
which was tho actual maximum of tho war
debt, being the expenses of the war not paid as
they wers incurred.
. TUB DR11T THEN AND NOW.
Bear In mind that these figures are all official'
carefully prepared tor me by Hon. David A'
Well", in order that I might defend the credit of
the United States against all comers.
WHAT IB OUB DEDT NOW T
At tho end of tho fiscal year ending
June 30. 1868, it was . . $
But in this amount there were In
cluded $26,000,000 of bonds loaned
to the PuciQc Railroad, and to be
paid by them ....
2,511,000,000
23,000,000
Net debt .... $2,485,000,000
WE HAVE PAID off $802,733,329.
Thepresent debt, deducted from the maximum
debt in 1865, proves the actual payment during
three jears of qnasl peace of $802,733,329, or
about one.quarter of our entire war liability.
Our net debt is a little more at this date, owing
to the Alaska purchase, the further advance of
bonds to the Pacific Railroad, and the reduction
of the revenue lrom the frauds ot the whisky
riag before the tax on whisky was reduced. And
now wo begin to ee to what purpose tho reve
nue of the past three years bus been applied.
But another great war liability has accrued in
that period, viz: the interest upon the war
debt, amounting from April 1, 1865, to Juno 30,
1868, iu coiu aud currency, to $133,484,883. We
can now strike the talance between our Income
and our war expenditures:
Income, 8J, years . , . $1,510,038,583
War debt . . . $802,733,329
War interest paid . 438.484.e83
1,241,218,212
Ordinary expenses . . $298,840,371
Including the cost of the late Indian war, aud
about $10,000,000 paid under the direction of
the Engineer Bureuu for river uud harbor im
provement. NO EXTRAVAGANCE.
This is the sum and substance of all tho
charges of extravagance and waste. If it shall
be claimed that the whole problem should be
stated In currency the result is not changed,
only our income and our war interest will each
appear a little larger. The premiums on sales of
gold having been iucluded in the miscellaneous
receipts, the ouly addition we have to make is
to add to the war interest the premium on
about two-thirds ot the amount paid in gold at
an average rate of forty per cent., say $112,000,
000. Oui statement will then stand:
Income 34 vcars . . . $1,510,033,583
And value of premium on gold in
terest paid 112,000,000
Income in currency . . 1,652,058,583
War debt paid . $802,733,329
Interest . . . 438,484,883
Premium on gold . 112,oou,000 1,353.218,212
Ordinary expenses . . . $208,840,371
or a little less thau $92,000,000 a
year.
The expenses of the last fiscal
year under tbe Democratic ad
ministration of James Buchanan
amounted to S73,841,000
equal to a currency equivalent at
the average of 110 for gold, the
rate fat which our expenditures
(should be takcu if our curreucy
expenses be reduced to gold, to , $107,577,400
THE GOVERNMENT CHEAPER THAN BUCHANAN'S.
It therefore appears that the expenses of tho
Government UDder the direction of a Republican
Congress, hampered ty a hostile Executive, have
been at tbe rate of $15,600,000 less per annum
than the expenses uuder the last year of Demo
cratic rule. We claim that ihey might fairly
have exceeded any honest expenditure in 1860,
for we have five or six millions more population
and a vast extent of new territory to guard and
control. If it shall be alleged that we have in
eluded all the expenses of the War and Navy
depaitments for tilteen months after April, 1865,
as war expenses, and that there would hive
been a moderate expenditure under any circum
stances, we will admit It; but the expenses of
the Indian war, estima'ed at $30,000,000 to
$40,000,000, and the amount expended on rivor
and barboi improvements ($10,000,0C0) for which
wc have made no allowance, but have included
as ordinary expenses would fully offset this
claim. It would therefore appear that when
partisans charge the Republican Coneress with
eAtravagauce they charge the last Democratic
administration with far greater.
WniRB BUCHANAN'S MONBT WENT.
But we are fully prepared to admit their
charge of excessive expenditure agalust boto.
administrations. Tb expenditure made uuder
J aines Buchanan, of $77,841,000 in gold, amount
ing to a present currency equivalent to $107,
577,400, was largely used to arm and equip the
rebel Sia'e9 in order that they might wage war
against the Government. The extravagant
expenditure of the last three years lias been
made in consequence of the appointment to and
maintenance in office of corrupt clhcials by
Andrew Johnson. We will now close this
branch of our subject, but let us lirst recapitu
late our figures,
TABULAR STATEMENT.
We have proved that the ordinary expenses of
the Goveinment for three years and a quarter,
including the suppression of Indian hostilities,
aud nearly $10,000,000 for river and harbor
improvements, have been at less rates thau
during the last fiscal year prior to the war.
We have proved that to the alleged
maximum debt, August 1, 1865 . $2,757,689,571
There must be added a portion of
the liability ot $920,778,262,
which existed April 1, and ot
which there was still unsettled
on the l6t August the sum of . 630,643,759
And we then bave the actual maxi
mum debt $3,287,733,329
IN WHAT FORM WAS THIS DEBT?
1st. Du wahin three years.
1st The liability not then entered
upon the books was all recog
nized and settled within three
years, and most of it was due and
paid within one year . , . $530,043,758
2d The debt upon the books was
mostly due at short date, and
consisted of the following obli
gations: Overdue, on which interest bad
ceased 1,503,020
Compound Interest notes due in
I860 and 1867 .... 217,024,160
7 3-10 Treasury notes dus iu 1867
and 18G8 830,000,003
Certificates of indebtcduess due
In 1806 . , 85,093.000
Temporary loan on 10 days'
notice, 6 and 6 per cent. . . 107,148 713
One and two year totes at 5 per '
cent. . , . . . . 33,954,230
Suspended requisitions ... a 111,000
6 per cent. bOLds issued before the '
war, aud due lu 1867 aud 1868 . 18,323,592
Total debt due with In 3 years, $1,825,201,473
Due Debt on Dtmand. '
Notes known as Legal-tender notes
or "greenbacks" which the Re
publican party now recognizes
as a debt due on demand aud has
paid iu part or proposes to pay
or to fund in interest bearing
bonds . . . $433,1C0,5U9
Fractional currency . 26,344,742
$t69,603l7
Less cash In Treasury 88,218,055 $371,297,258
Funded Debt,
Old five per cents,, due
in 1871 and 1874 . $27,022,000
5 per cent. 10-40 bonds
due in 1904 . . 172,770,100
6 per cent, bonds due
in 1882 aud 1884 . C0C,CC0,E00
Bonds issued to tbe
Pacific railroad, due
1896 .... 1.258.C00
1,091,244,600
Maximum debt ; . . $3,287,733,329
FORM OF THB DEBT IMPROVED.
If we analyze the form of our debt as It
existed June 30, 1866, amounting net to only
$2,485,000,000, we fiatl that it wa all Bub9tao.
tially consolidated Into long loins, the pivmnt
of none of which can be demanded before 1880.
except the currency debt represented by the
legal tender demand notes amounting no to
only $356,000,000. And for the I undine of these
notes the Republican party pascd an act which
failed to become a law by the laches of Andrew
Johnson.
THB PARTY OF HONE8TT.
We then claim that the Republican party has
proved its intention to meet the liabilities of the
country by honest payment, aud to remove from
tbe people at the earliest moment the curse of
an inconvertible paper currency. I have never
been entirely convinced ot the necessity for the
issue of the letrnl-tender notes as a war measure
until 1 en'ered upon the review of our finances,
of which 1 am now giving you the results. I
challenge any one to deny that this exhibit
prove that the finances of tbe country have
ben manaced b.v the Republican pnrty witn a
succets never before koowii in tho history of the
world. Would that I nad the eloquence of
Olndsione, that I might exci'c In you as much
interest in these dry details as tueir importuuee
demands.
RESULT j ATTAINED.
From this review ot the finances of the last
Ihree years It is manifest that if tho nation has
submitted to excessive taxation, and ha? mada
an extraordinary effort to free Usolf from finan
cial embarrassment, it has something real aud
substauiinl to show for it. It hu secured rud
6tnnt1al relief lrom the burden ot debt in spite of
that wont form of taxation upon consuaicrs,
that Involved ia tho n-e of inconvertible paper
moaey forced into calculation nnder the diro
necessity of war, and which tbe Republican
pnrty proooses to remedy by doing i istice to the
noteholder?, and making their lea il tender notes
as pood as gold, while the Democratic party
propose 1o continue indefinitely this burden by
iesuiDg greenbacks until they become worthless,
TRUE POLICY OF FUNDING.
Here let me enlorcc the point so w 11 made by
Governor Boutwell in hi speech upon the Fuud
irg bill. Congress should never authorize a loan
even at a low rate ot interest upon over ten
years, without retainini; tbe right to pay It at its
option after that period. We seem to have lost
our financial couraee since the war ended.
Duiii.g tho war we issued five-tventy and ten
forty loans, assuming that we should want to
pay the whole or a portion at an early dnte. The
fraudulent proposition of the Democratic party,
seconded by a few weak Republicans, to substi
tute bonds bearing no interest lor the five
twenty bouds, thus defrauding our creditors
without paying our debt, ha, for the time
being, prevented us from availing ourclves of
the privilege of real payment and has kept our
rate ol Interest very high; but let us keeo our
faith in the nation and not give up the idea of
paying the debt within twenty or thirty years.
We have paid $800,000,000 ot our debt in the
last three years, aud at least $209,000,000 of extra
lnttrestor guaranty, the latter paid in couse
quence of the dishocest purposes of the Demo
cratic party. One Republican member of
Conuress in Maine, one iu Missouri, and I know
not how many more, have been or will be
rejectid by their constituents solely becanse
they were weak enough to be misled by thefaUe
counsels of false leaders.
THE REVENUE LAWS.
We have collfcted this billion of dollars under
tax and tarltl laws wh'iso justification is in the
revenue they have yielded. Judged upon their
own merits they appear to have been enacted in
haste, ill devised and calculated to make the
burden of taxation much more onerous than it
need be. The internal revenue law has been
revised and made simple, the tariff needs yet
more to be simplified, in order that as much or
more revenue may be derived fiom it, with less
injury to the people who pay the tax imposed by
the tariff, viz: the consumers of foreign go ids.
If, then, under all these difficulties, we have in
thiee years paid one-quarter of our debt, shall
wo take fifty, forty, or even th'.ity years to pay
the other threo-quarters? Let us not listen to
such a proposal; let us not put upon onr child
ren a burden we can so easily remove. We have
groaned under heavy taxation, but had wo not
paid war debt and war interest had we bor
rowed instead of paying our debt would now
be over $3,800,000,000.
SEDUCTION OF TAXES.
We have reduced our faxes $167,000,000 per
annum, and when George H. Pendhston alleges
that the trxes now amount to $500,000,000 a
year, he wilfully asserts wbut he knows to b
false. We may well repeat the pertinent
question put, we believe, by Hou. William
Whiting, "Are Pendleton and the Democratic
leaders intcntioually attempting to destroy tho
credit of the nation, in order that we may be
unable to obtain tbe means to put down the
new rebellion which they propose to
inaugurate?" But what is far more important,
we bave reduced expenses yet more.
Jor the year ending June so, 1863, tbe ex.-
peusea ol the War Department wwr i oci.T'3 000
For llit yrer eudli.K Jaueau IStW, tlie eu
tire expenses or the army proper, ex
cluding bounilefl. State claims aaa other
legacies of the war, were 50,018,090
Fit tbe current year the est mtues are
If ss than 4),00ft,000
TheezpeDsea for the Navy Deparimtut
lor tbe year ending June 80, IS6S, were... 123,ono,ooi
Tear ending Juneau. loti8 .., 277ii,otio
JiKtluiHte lor the curieut year 17,3iU,WX
We are charged by Mr. Tendletou with heavy
deficiency bills, but we reply that they are ren
dered necessary by the frauds ot the honorable
Democrats ot the whisky riug kept in office by
Andiew Johnson.
STRENGTH OF THB COUNTRY.
We have ceased the rapid reduction of deb,
and our taxes are not now excessive, but perhaps
ill-adjusted. At the present rate per head of less
than $9, our antiie debt, with intereet calculated
at six per cent, for the next five years and at flv
per cent, thereafter, and with an allowance for
ordinary expenses for greater than we are now
payiDg I say making all these allowances, the
rate of $860 per head will pay our debt before
the year 1884 has ended. Whv. Gentlemen, we
do not begin to realize our power we do not
begin to know our strength, we are scared by a
mirage, ana we propoie to put on twenty, thirty,
ave. even filtv vears. what we can easilv do in
ten. We do not need to issue a long loan to
obtain a low rate of interest. Canada has just
borrowed 7,500,000 at 4 per cent, and $2,500,000
at 5 per cent., and the whole amount was taken
on twenty years by the Rothschilds at 105J. Tbe
finance minister ot Cauada expects to placd
la Wlrt turn - -
9iu,uuu,uuu more on stui oetier terms.
WHY INTEREST IS HIQH.
All we pay above four per cent, interest is tho
guarautee charged ut by capitalists because we
indulge ourselves in the luxury of Democratic
party leadeis like Pendleton, Seymour, hainp
tou, Forrest and the like. I have said that we
don't know our strength, let us try to realize it
by a glance at soaio of tho elements of oar
luture prosperity.
WHERE STRKNGTH COMBS FROM.
First Immigration. Since tbe termination
of tbe war, as I am informed by Mr. Wells, over
nine hundred thousand natives of foreign coun
tries bave sought a permanent home in tie
United States, There Immigrants are known to
bring with them specie, or its equivalent, to the
average amouut of $70 per head, wade their
average value to the country as producers Ond
It is from production alone that we can collect
taxes) cannot be estimated at less than the ave
rage value of an able-bodied laborer in the
South, piior to tbe war, via., $10JO per capita.
Immigration, therefore, since the war has added
$63,0(10,000 directly, and $900,000,000 ludirectly
to tbe wealth aud resources of the cmutry.
And here let me point out an effect of the Pa
cific Railroad upon future immigration. I be
lieve the force of Chinese laborers who are now
constructing the Pacittc eud ot that road are but
the advance guard of a mighty host who will
establish a new "central flowery kinsdom" upou
the dry plains between the Sierra Nevada and
the Rocky Mountains. Theo plains can ouly be
cultivated by irrigat od, in which method tbo
Chinese are tbe most expert people lu the
world. BuUtUl fuitber aud more important
ytt. While tbe white can and tbe black does
cultivate cotton, I believe the Chiuese will per.
form the work more cheaply, and that they will
settle upon the rich cotton fields of Arkansas
atd Texas now cultivated to the exteut of ouly
half of one per cent, of their area. To the
cotton climate and to the method of cultivation
the Chinaman is perfectly adapted. He is tem
perate and frugal, and his persistent Industry Is
exactly lilted to the light but continuous labor
required in the production of cotton,
INDUSTRT GROWING.
Second, illers let mo again quj'.e the lin
sriiapo of Mr. Wells, n I hive his hiuh authority
for the statement: "Since the .termination of
the war more iron furnaces have been erected,
more pig iron smelted; more bara rolled, more
steel made, more coal mined: more lumber
sawed and hewed, "mora vessels b-Ult upon our
inland waters, more bouees con-tructfdt nrre
manufactories of diflerent kinds started, more
cotton spun ind woven, more petroleum col
lected, refined, and exported thau in any equal
period In the history of the couu'ry, either
before, during or since tho war.'1.
RAILROADS EXTENDING.
Third. We may say that during the war, or
Btioi after its commencement, tbe railroad
system of the North was made a unit by trie
completion of various connections, and it will
never be known how much this added to our
war power. But I will aaiu quote Mr. We i is;
he fays, "Since the termination ot the warov?r
rive thousand mihs of new railroad hav beeu
constructed ntd opened for use iu the United
States, to say nothing of the lines in trie South
ern States which have been restored and re
opened." Gentlemen, when you bear us who
arc buslners men complaining ol dullness and
ifiipnatlon, please reier ta tne tables of the
comparative recepts of feveral ot the great
railroads which are given week by week in the
Financial Chronicle, aud when jou see hovthcy
increase jcar by year, aithou'ib raie are lower,
nt who exchanges ull tbejo commodities on
which the IreigLl is paid, and inen consider
whether the use of paper money may not have
induced too many men to engage in exchange,
or to become tracers rather thau praduceis.
AGRICULTURE MORE 1'RO JUCTIVE.
Fourth. The agricultural products of the
United States have steadily iucreascd both In
quantity and value finrettie termination of the
war, and the product of agriculture increased iu
qnnntity all through the war. We aro rapidly
rcstoriLg the number or aulmals, both hor-cs
and cattle, to their normal proportion. It may
be that this year the crop ol gain will be in
full proportion to what it would have been hud
there been no uunatuial or lorced stimulus to
manufactures by which labor has beeu diver .el
from tigriculturc.
THE SOUTHERN STATES.
Fifth. Lttusplunce at the condition of the
South. It Is alleged that the reconstruction
plan of Congress has been a lailure. Let us test
it by economic result. It is alleged that the
South has been ground down unuer a military
despotism; that there has been no labor that
could be relied upon, and lastly, that tUey have
bad no capital. The last allegation we will
admit, because wo know that the tendency of
Northern cnpital to the South has been checked
by its insecurity. The crops of this year a-e,
therefore, free from mortgage, for no one would
trust a planter this last fpnue.
Now let os see what is the result. If the
South has hod neither labor nor capital, thtiir
crops must be tbe s ponlaneous production of
natiue, and they have
Firs'. An annual supply of food for the con
sumption of the whole population, say 10,000,
000 to 12,000,000.
Second. A crop of cotton which promies to
equal or to exceed that of last year, which has
been proved by the Investigation of our Cotton
Manufacturers' Association to have been nearly
or quite 3,000,000,000 bale, or much more than
tbe compilers of the comrneiciul tables will
admit, and more than three-tilths tho largest
crop ever raised be.'orc.
Thirl. A crop of rice which the Charleston
Daily JS'ewB asserts will prove sufficient to drive
all imported rice out of the home matketduriug
tbe coming year.
Fourth. 50 to 100,000 tierces of sugar.
Filth. A crop of tobacco so large as to make it
one of our mala dependencies' us an article to
be taxed,
THEY ARE RICH ALREADY.
In short the South has a salable surplus of the
aggregate value of 400 to $500,0(.0,000, and all
this with their harvest of food is, if we cau
trust the evidence of their Democratic leaders,
the spontaneous product of nature 1 What may
not be the result when General Grant is elected,
peace nssiued, labor rendered elTectivc, and
capital safe ?
THB WAR WORTH IT3 COST.
Let me express my profound conviction that,
as a purely economic question, the war will pay
for itself, since tho increased production of the
Southern States, which will follow tho abolition
of slavery, will in the next twenty years more
than pay the entire cost of the war by which
slavery was ended. The question ot taxation is
therefore a mere question of distributiou of the
burden, and we must see to it that the late
Rebel States do not throw off all the burden and
reap only the benefit by allowing them to uid
the Democratic party in repudiating the debt.
Like the Titan of old, this nation has been bouud
to a rock, and scathed within the lightning of
Jove, but the Prometheus is unbound, and to us
may be applied the closing words of that noble
poem of Shelley's. In the past years we could
havs said thttt it was our fate
To Buffer wo s which hope thinks foBatte:
To forgive wronga darker thau death or night:
To delay power which seems omnipotent:
To love aud btar: to hope till hope creates
From Its own wreck the thing It cOEteoiplatos:
Neither to change, nor taller, uor tepeut.
This, like thy glory, Titan I U to be
Uoud, great, and Joyous, beautiful and free;
'ibis Is alone Lile, Joy, .Empire, and Victory.
RELIEF ASSOCIATION.
SHIPPING.
i
E.
OFFICE OF TIIE MAN II AT TAX CO OPE.
BATAYJB KE&EF ASSOCIATION,
JS. m WALNDT STHEEr. PHILADELPHIA.
Object. Tbe object ot this Association Is to secure
a casu payment wuhiu forty days alter the death of a
member ol e many dol an as there are members lu
the class to hicn he or ahe belongs, to tue heirs.
ILLUeTKATlOiS; Clas "A" baa froo male members.
A member dUs. Tbe Association iaa over wltuia
forty days tseus to the widow or heirs, and tbe
remaining members forward within thirty days oue
dollar aud ten tenia each to the Association io re
imburse I. Fading to send this bum, they lorlel. H
the Association all moneys paid, and tbe Association
supplits a new member to fill the place of tue retiring
oue.
IJlN CLASSES FOR MEN AND TEN FOK
WO MEW.
Clabsks. In Class A all persons between the ag'a
ot j6 and 20 ymrH; in Lilacs 11, all persons between the
ages ot 2U aud !U years: lu Class C, all persons be
tween the ages of 25 aud SO years? lu u abs D, all per
sons bet weeu the agesol so aud H5 years: iu Class Kail
persons between the ages of 85 and 40 years; lu Class
all persons between the tges ol 4u aud ib years: lu
Cilass U, all persons between the eges of 4 aud 50
el; lu class H, all persons between ihe age of 50
aud 65 year o: In class 1 all persous between tue agea
Ol 65 and W years; lu Ulass K, all persons between tue
agea ot 60 and 85 years. Tbe tlasses L r womeu are
the same as tbove. Kach class la limited to &)otl
members. Escb. person pa s six dollars upon be
coming a rxeuiber aad one dollar aud teu cili
each time a member dies beluugl g to the same
class he or she Is a member of. One dollar
goes aired to Ihe h-lrs, ten cents t, pay tor
collecting. A member ofone cia caunot be as.essxd
lb a dol'ar II a memberot auolher ciass dies. Knotx
class U Independent, uavlug no connection wltn any
oilier. To become a member it Is necessary To py
Mi lollura Into tbe trensury at the time of luaklbg
Ihe application; to pay One Dohar aud Teu On. a
lino tbe treasury upou the Uealh of each aud auy
member or Iheciai-s lo which be or she belong,
wlihiu Iblrly day alter date ol notice ol such death;
lo give your Same. Towu.C'ouMy, Htate.Occuuatluu,
etc.; aii-o a midlcal ceiiiil ;tue. 10 very minister la
ankeu lo act as agent, and will be paid ivguiar rates
i Ui Drt. Circulars win explain fully lu regard to
iui.de and investments. Circulars giving fun expla
nation aud blank tonus ol application will be seat
on ii quest or upou a persoual application at the oUl m
of Ihe Association.
'JhUsTEKS AND OFFICERS.
K CMCR1Y. P,e.ldet.
E. T. WKiUHT (President Star Metal Co.) Viee
i resident.
W. a CAltM AN (President Btuy veaant Bank). Trea
surer. I.EWla SANDKrtS. 8ecretry.
I), it, A-AivUtM (I'reslilnut National Traat Co,)
1). H. IjUNCOMB. o. S flue street.
The trut"t funds win be held In ti n it by the
WATlUtiAli THUSl' COMPANY.
no. a&i Uroidway, New York.
Agents wanted for this city.
Ail'irms
WILLIAM LIPPINOOTT. GmvtrI ent,
Maubattan Oo-om rullve Henel lusoclaiion,
9 2'm No 4W vVALMU' (Street, Puliad.
XCffills LORILLARD'S OUTSIDK LINE.
FOR NEW YORK.
From and after this dale, tbe rates of freight bj this
line will be ten cents per ion 1m for heavy goods; four
crnts per foot, nieaniirenient; one cent per gallon for
liquids, ship's option. Oue of tbe Hteamtrs of this
Line will leave every liiendav, Thursday, and Bator
Cay Goods iccelved at all times on covered piers
All goods fotwarded by New Yt rk ageul free of
charge, except enrtsce.
Fur further miormatlon, apply 03 the pier to
2 m JOHN F. oaL.
FuK LIVERPOOL ANIVQUKBNS
StUaimMiZi TOWN.- liiinaii Line ol ilall oteauiera
ai. , pi, titled (o Mi ll a ii I'uwc:
CI 1 Y OK LON UHA, Isitturilav, Heptember 12;
CI 1 Y OF liALlTMOitU, Haturday. rteplewber 15;
HI Y VI? NKvV Iukk, Tuesday, Hepleujber ii
CITY Ob' UO HON, f-aturday, f eptember 2l.
ano ai'h succeetili g HaniitU) and alternate Tuesday,
at 1 1", W,, lrom Pier 4ft, .Norm hlver.
HAII.S Oil' l'Asblllli nv THB MAII, STSAMEB
SAll.fNO ItVuItY fA-ll'RlJAV,
PRJ'sblo i" Ooid. pnvabia in Currency.
FJIiT CAHIN......M....Uio,alEKHAOK.... M
to London... ICR to I -mutou... ....... 40
to Pari .... HC I to Paris . 4f
r ASK AUK 11Y THK TlitsUiV BTKaHKH VIA hALK.X,
HhhT CAItIM, eTEKHAM.
Paj able In Wold. Parable lu Currency.
Liverpool ?!X) lAvt rpoui $30
JlHIIlHX..
M. John s, N. K I
by KraLCh Strainer.
lUl.lHX
"t. John's, N. !
y Hraucli M
IS
- I go
PitaiiviiKerN nls i rwuriltu to liavia Uatuouru. iira-
tne ii, etc., ai reduced rales.
'1 Irkels can be bnueht ' by persons Rending for
tbtlr Irleuds, at mndeia e tales
eor tt.roier lniormutiuu upply at the Company's
Ollit tH.
JOHN G. DALF. Accent, No. 15 BRJATWA Y.N. Y.
Otto O'OOiNM-LI. dt PAt'LK. Aaenls, .
No. 411 CHI- U I Btr.-tl, Philadelphia.
v M.,w iXPHiosb lineTtu a lex-4
wiUteaudrla. Oeorgelowu, aud W fMilngcon)
L c , via Cbes -peake and Lclutv..re Ca al . Kl con
nections at Alexandria from the mot 1rct route
lor L) urhourg, Bristol, KnoxviUe, lSaahvlllt), Dalton
and the Ptinhw tst.
Hteamers leave resnlaily evrry Batflrday at noon
from the Unt wharf a ve Market street.
Freight received daliy. ,
WM. P. CLYDE 4 C'T,,
, No, 14 North and tj.wib Wharves,
J. B. DAVIDSON, Agent at Oeorgelown.
M. ELDiULUifi A Co.. Agents at Alexaudrla, Vlr
gl' . 61
sri a i i' irr D KL A W A K K AWDRARITAN CANAL.
KXl'Hhoii blKAMUOAT COMPANY
The bteam Propellers of this line leuve DAILY
lrom llrsl wharf below Market street,
THHOUOH IN 24 HOURS.
Goods forwarded by all the lines going out of New
Yi-rk. Ni nh, Ka.il, aud West, free ol commission,
i I eights received at our uhurI low rates,
WILLIAM P. CI.YDK SS CO., Agents,
. Ku- 14 WHAKVJfia, Philadelphia.
JAMFS HAND, Agent, hu .
ISo. 119 WALL street, corner of Potith, New York.
-rffff NORTH AMKItlCAN STEAJI3HI1'
sftrtaaVlii'i.ai.COMPAN Y.
ahrottgU ldxt to Callforml via Pastam
llallroad.
HEW ARRANGEMENT. ' ,"
Hailing from Mew Yo.k on tbe 6th and 2oth of
EVERY MONTxi. ox the uay belore wheu tueae date
tail on bund ay.
Psage lower than by any other line. '
For Information address
D. JS. CiARRINQTON, Agent,
Pier Ne. 46 NORTU KlVElt, itew York,
Or 1 UOMAB K. H&ARLtfi,
No, S17 WALNUT fetreet, Philadelphia pa,
W. H. WEbR. Preslden. til AS. DANA, vWpre.
OCice 64 EXCHANGE Plac-. New York. S9ia
TASSAGE TO AND VUOM GBBAT
ii olEAAHSHlP ANll 8AIL1NU PACKKT.
AT kklllllCN'TI HA'l'h4 '
DRAFTS AVAILABLE THKUUUHOUT JTVO.
LAN1, IKEUAND, bCOTlaAND, AND WALE&
For particulars apply to
TAPnCOrrr, BROTHERS A W
No, 86 SOUTH Ulreet. aud tio.Zi BROAnWAY, .
Or to THc-MAH T. bEARLB,
11 No. 217 WALNUT atroet.
-Fi PHILADELPHIA, KICHMOND
AtafcktffiSM AND XvoKf OLK. bTEAMbUIP LINE,
ijtlKOOUH . FREIGHT AIR LLNAi TO THB
bOUTH AND WEST.
EVERY SATURDAY,
At noon, from FIRST WHARF above MAItKIT
Street.
THROUGH BATES and THROUGH RECEIPTS
to all points in North and South Carolina, via (sea
board Air Line Railroad, connecting at Portsinouta
and to Lynchburg, Va., Tennessee, aud the West, via
Virginia and Tennessee Air Line and Richmond and
Danville Railroad,
Freight HANDLED BUT ONCE, and taken at
LO ER RttTUb TH AN ANY OTHER LINai.
The regularity, safely, aud cheapness of this rout
commend It to the public as tue most desirable me
dium lor carrying every description ot Irelghu "
No charge lor commission, dray age, ot any expense
Ot trausler.
Steamships insured at lowest rates.
Freight received dally.
WILLIAM P. CLYDE A CO.,
d rr,; "North and booth WHARVE8.
Point roB'li!'R, Agent at Richmond and Uty
T, P. CROW ELL A CO.. Agents at Norfolk. 6 lj
p.rflCT,N' F0K NEW YOKK SWIFT-SDRB
sain Viani i Transportation Company Despatch
a u bwiit-btire Lines, via Delaware and Rarltan
Canal, on and after the 16th of March. leaving dally at
12 M. and 6 P. M connecting with all Northern and
Kastem lines.
For ireU-ht, which will be taken on accommodatlns
terms, app.y to WILLIAjI M. BAlHD dfcCO.,
. 1 li No. liM S. DELAWARE Avenue,
n e,
COSCEJiTRATED LN1)I(J0,
For the Lauidry.-Free from Ox.Ulo Acld.-8ee
Chemist's Cettltlcate
A Patent Pocket Pincushion or Emery Bag In each
Twenty Cent Box. 7 147 mwlum
Tor salt by all respectable Grocers and Driufglaut,;
STEAMBOAT LINES.
tnT BRISTOL LINES
BETWEEN
NEW YORK AND
VIA JiiilaiOL,
BOSTON,
For PROVIDENCE, TAUNTON. NBW BEDFORB
CAPE COD, ano ail points of railway cou.uio.uiGa
tlon. Euat and North.
Tbe new and splendid steamers BRISTOL and
PROVIDENCE, leave Pier No. 40 NORTH KIVERj
toot of caual street, adjoining Debrassea Street Ferry,
New jerk, at 6 P. M dally, oundaya excepted, con
netting with steamboat train at Bristol at 4 So A. M..
arriving In Boston at t A. M., In time to couneel with
all tbe morning trains lrom that city. The moat da
eiraule and pleaeaut rome to the Whit Mountains,
Travellers lor that point cau mske direct oon sec
tions by way of Provideuoe and Worcester, or Boston.
blale-rooma and Tickets secured at Otttce an Pier la
New v ork.
0 1 8m H. O. BRIGQS, General Manager. 1
' I i i .i i-
paICTJt PHILADELPHIA AND TBEtf.
t in bteamooat Line. Tue steamboat
i.t w i. unities i leaves Alien Htreet Wbarr, tor
Trenton, stopping at Tacoay, Torresdale, Beverly,
Burlington, Bristol, Florence, Rob ulna' Wharf, ami
White Hill.
Leaves Arch Street Wharf I Leaves South Trenton.
baturday, bepU 12, 8 A. at Saturday, bept,U. U af.
bunday, Kept- Is. to Burlington, Bristol, and Inter
meutaie landing, leaves Area street wharf at 8 A.M.
aud 2 P. M.: leaves Brlbtoi at luii A. M. aud P. M.
Monday, bept 14, 10 A.M , Monday, Sept 14. 2 P.tf
Tuesoay, 16,11 A. M Tuesday, , S P.S
weuaay,
i i.umuay, "
Weo'uay.
1 bursa ay
rrioay,
It). 11
17. 12
18, 1
AM
M
P. at
Friday,
la. s P.M
17, 4 P.M
18. 6 P.M
Fare to Trenton. 40 cento each way: Intermedial:
places. 86 cents. in
R-1C Fult CUIiSTEtt, HOOK, AND
tgsil im!G WILMINGTON At 8 80 aud 8 60 A. M,
u. 4 oo A". AI.
Tue steamer 8, H. FELTON and ARIRL leave
CHEbNUT btreel w barf (bundaya excepted) at 8 80
and rfeoA. M and S'oO P. M., returning leave Wil
mington at 6'60 A . M l'i au, and -W p, m. Stopping at
Cheater aud Hook each way. ,
Fare, 10 cents between all points.
t Excursion tickets, 16 cents, good to return by etthet
boat. tUm
rtA$ZKD OPPOSITION TO TUB COM
aJTrTftsaA -laTrTli in im railroad ano rwer
ihfcw. UA AA. 1 .
Steamer JOHN SYLVESTBR will make dally
excursions to Wilmiugtou (Sundays excepted), touch
ing at cheater aud Marcus Hook, leaving ARCH
bu eet hai f at lu A. M. and 4 P. lU.i returning, leave
Wl mlnrii r at 7 A. M. and IP. M.
Light freight taken.
u ".Bragk,
DAILY EXCURSIONS. TUB
a splendid cteamboat JOHN A. WAU-
i.NU. leaves CHEbNUT btteet Wharf, Pbllada at I
o'clock aud 6 o'clock P. M., for Burlington and
Bristol, touching at Rlverton. Torrexlaie, A ndatnsia,
aud Beverly. Returning, leaves Bristol at T o'clock
A, M. and 4 P. M.
Jfare. 6 cents each wan Excursion 40 Ota. lltf
PAINTED PHOTOS.
NEW THING IN A li T.
BERLIN PAINTED PHOT04,
A. S. ROUINSON,
No 8.0 CHK8NCT Btreet,
Has ust received a superb collection of
B KB LIN PAINTUD PHOTOGRAPHS OJT
FLOWF.RS.
They are exquisite rems of art, rivalling la beauty,
naturalness of tint, and perfection o1' form a great
variety of the choicest exotic flowering plant. They
are mounted on boards of three slaea, and sold from
26 cents to nd $4 each.
For framing anil tits album they are Incomparably
beautiful. A5i