Rensselaer Union, Volume 2, Number 50, Rensselaer, Jasper County, 8 September 1870 — The Repunlican Party's Record. [ARTICLE]

The Repunlican Party's Record.

*Oil* cmr credit at home and abroad should be improved: that tarn ahould be lightened, andttel M *wsufc oT thla poH«r, lion would experience a steady, healthy reign of material prosperity. How tar theae pledges have been carried out, can beat be learned from consulting the cffi dal statistics of President Grant’s administration thus far, and comparing them with tkoae of Johnson's administration. Beginning with the public debt, we find that it waa as follows on the dates given:

Diminution for sixteen month*... *189,104,660.27 Tran thla is to be deducted $36,673.10 the estimated diminution of the debt for the first four days of March, 1860. The debt has, therefore, in round numbers been diminished by nearly one hundred and forty millions of dollars. The people are thus sated forever from an annual tax of aboaVsipU and one-third millions of dollars. For sixteen months thla may be considered a very fair fulfillment, for that time, of the pledge to diminish the public debt: The receipts and expenditures for the last fiscal year, ending June 30, 1870, are as follows: sacoiFfs. From custom*. *194.586,874 44 From Internal revenue 184,809,756 49 From sale of public lands 3,350,481 76 lUsosUaseouf sources 28,466,664 94 Total *411,256,477 63 xxraronTM*. Civil and miscellaneous *53.287,668 56 War Department 67.855,«75 40 Navy Department 21,780,220 87 Indians and pensions 81,748,140 32 Interest on public debt 127,702,338 03

•total in Showing exceee of receipts *110,131,425 15 bt comparing the expenditures of Johnson’s administration for the eleven months of the fiscal year ending March 31, 1868, with the expenditures under Grant for the year ending June 80, 1870, we find a saving in favor of Grant of $58,632,193 67. In no department of the administration of the finances of our Government has the hand of economy been put forth with mors success than in the collection of the internal revenue. There were collected from December, 1867, to February, 1869, under Johnson, a total of $161,821,686.77. From the same sources of revenue, and for the same length of time, there were collected from March, 1869, to May, 1870, $238,337,639.92, making an increase of $66,880,640.28, or 41 per cent, notwithstanding the annual reduction under acts of March 31 and July 20,1868, estimated at $45,000,000. There has been a constant desire of the Republican party to diminish taxation by every means possible, consistent with the necessary revenues of the Government, and the acts of Congress to that effect bear record that this part of the Republican policy has been faithfully carried out.. The acts of Feb. 3,1868, removed the tax from raw cotton, and by the act of March 31, 1868, it was removed from a large number of articles. Between 1866 and 1870, some modifications in the tariff on wool, copper, cigars, tobacco, &c., were made, but the material reduction was effected the present year, at the close of the recent session of Congress, in obedience to a univertal demand for a reduction of taxation. The following table is an exhibit of the annual reduction of internal taxes by act of July 14, 1870:

Sources of Revenue. ! Date of Ceasing. jflsca/’yeiu Special taxes, inciuding May 1, 1871, except fermented tboeeon bankers.,... liquor*, spirit* and tobacco ittO. 674,000 *10,674,000 Gross receipts lOct.l, 1870 (KB4 000 6,7840t0 Sale* !Oct. 1, 1870, except tobacco, iplr- ! r, , , i Its, wlnea and stamps . 8,304,00 8,804,000 Income, Including sala- ( 4H per cent, on Income# over riei 84,000, lnatead of 5 per cent, on . , income# over SI,OOO 87,243 000 23,700/00 Legacies Oct. 1, 1870 1,610 000 1,510/00 Successions Oct. 1, 1870. ISM tics 1.,151.000 Articles in Schedule A,. Oct. 1,187 U. 892 ( 00 892 000 Passports., Oct. 1,1870 V jb’cioo 25/00 Stamps Oct. 1, 1870, for promissory note# for l«ss than (100, fdr receipts, for canned and preserved flab 15,611,000 1,350,000 T0ta1..., L (niTonO $56,212 000 Reduction of tariff j ’ 1 80,000,000 Total reduction i 18^212,010

Since the close of the rebellion, the burden ot taxation has been removed from mere than 10,000 articles which are used by the people. ▲ summary view of what has beeD done in the reduction of internal taxes for five years is presented in the following table : By act of Jnly 13. 186 q. 165.030,C00 00 By act of March 2,1867 40 000,000 00 By act of Feb. 3, iSOS 2-3,000,000 00 By act of March 31. aiH J aly 20, 1868 45,000,000 00 By act of July 14,1879 r... 65.212,000 00 Met total reduction !r 52 .’8,212,000 CO Met proposed decrease of dutiea ou imports by act of July 14, 1870.23,6315,821 S 3 Aggregate annual decrease 5251.845.527 33 Since the commencement of President Grant’s administration, there has been a generally steady advance in the price of United States securities, which shows that the public credit has become im - prpved, as will be seen by the following facts and figures: During the closing week of Johnson’s administration the United States 5-20 coupon bonds of 1862 were quoted in London and New York at the following averages:

In London at an'average of 82 1-16 In Mew York at an average of m J 4 The average price of gold in New York being 131 ££. These reduced to their equivalents in the gold currency of the United States give, in London, 89.9 per cent of the face value; in New York, 89.4 per cent of the face value. During the week ending July 5, 1870, under Grant, the same class of securities were quoted in London, Frankfort and New York at the following averages: In London at an average of. so 5-8 In Frankfort at an avenge of. 96 3 16 In Sew York at an average of 111)4 The average price of gold in New York being lor the week 111 45. These reduced to their equivalents in the gold currency of the United States, give, in London, 99.8 per cent; in Frankfort, 98.1 per, cent; ana m New York, 99.4 peueaUw toeir face value. It appears nttinthese figures that since the close of Johnson’s administration United States securities have increased about 11 per cent in value. . These figures, which have been drawn from cffldal source, prove incontestibly that the Administration has pursued a steady, straightforward course toward the objects which it set out to accomplish. There has been in all departments of the Government a vigorous effort to reform abuses, cot down expenses, revive the credit of the nation, by meeting all obligations that have honestly accrued against

the Government Never la any administration inaugurated -under so fraught with dlfßcultife*,' has so. much •olid work been accomplished. “During the rebellion extravagance ran wild, ana aconomygnade no progress In the administration of Johnson. It needed an iron

Will to carry out the programme of economy with which President Grant emered upon hie administration. That h£ tyui successfully moved on the works of extravagance which he found in his path, is amply proved by the facts and figures above given. Tn this he is only carrying out the avowed policy of the Republican party, jrhich, in the main, has worked for the best interests of the country, and of whose aid the country has need so long as there are in existence the vestiges of the party that tried to destroy the Union, or that is now trying to retard the prosperiSf of the country, and to destroy conflence in Republican institutions.—Chicago Republican.