Meigs County telegraph. [volume] (Pomeroy [Ohio]) 1848-1859, 1858-07-13

most stupsnduous failure.
On the fourth Of March, 1867, sixteen
short months ago, he took possession oI
the Govornmcnt, under circumstances
which led his friends to promise, and his
political opponcnts to hope for peaceful
and prosperous Administration of tho
affairs Of the country during his term Of
office. True, those who carefully consd-
cred The influences which elevated him to
the Presidency. and which necessarily
surrounded him and controlled his policy,
have not been disappointed; but those OF
the Democratic pa:iy who were honest at
heart, but permitted their strong party
feelings aud attachments To- cloud their
perceptions. have found their disappoint-
ment SO crushing, that they feel tho effects
f,t more keenly than do the opposition.
With large promises of retrenchment
anl reform in the expenditures Of the
Government, the Country has beOn star
tied by an increase. and profusive cKpen-
ditures that almost pAralyzs the mind in
its contemplation. With revenue that
ssemed exhaus tless-wit many millions
Of surplus in the Treasury-those who
managed the finances seemed to think it
their highest duty to invent extravagant
modes OF spending the peoples money
The curse Of full Treasury was expa-
tiated upon by Representatives, Senators,
heads Of Departments and the President
himself. A change in the revenue law
was clamersd for and obtained on the al
legged ground that the Government had no
means Of expendiny tho torrent OF gold
that flowed into it's vaults.
During the Mexican war, the Govern
ment had contracted n considerable debt =
had borrowed money at five or six per cent,
intepst-and had issued her bonds To tho
lenders which had several years 10 run
before due. Our wise President and
Secretary of the Treasury here hit upoL a
most happy idea. They would buy up
these bonds before due, land thus they would
get rid of some of the surplus gold in the
vaults. Notices were therefore given, that
the Government would pay off this debt
before it was due. The holders thcreupon
presented themselves at the Treasury, not
10 receive the payment Of their debts
merely, for this, knowing the tinanciers
with whom they had to deal, they refused
10 take. Whereupon conversation some
thing like this occurred. Buchanon-"Mr.
Simpkins, you hold the obligations OF the
Governments Tor az small sum Of money,
would it be convenient for You to receive
payment at this time % Mr.. Sim,pkin,-
my claim,sir is only a couple of millions,
which is not due for year yet, aud l really
cannot afford to take. the money before
that time" Bachdnam-"The truth is Mr..
our vaults are full Of gold. we
bavo no use for it, ans we will give you
fiitech per cent. over tho amount of your
claim, If you will take it away" Nr. Sin'p-
kihs-''It will be very inconvsnien. for me
TO take the money 1T this time, but make
it sixteen per cent, and III do it," Bucha"
you,sir, thank you, MIR. Simp
kins you have conferred very great
favor indeed, upon tho Administration for
which you will be remembered hereafter"
Thus our economical Administration
commenced its career with III oveItlowing
treasu'y,which it Immediately squandered,
in part, by giving sixteen cents on the
dollar premium, for the high privilege of
paying its debts before they were due.
OF course, being Democratic. the Presi-
dent, as in dury bound, opened up with
furious onslaught upon banks and bank
paper; in short. against anything but
pure specie currency. This was theory,
but having spent tho gold on hand. he H.
luStrated bis haid money theory by engi-
nceriug through Democratic. Congress.
q bill authorizing the sum OF
SI5,OOO,OOO to be issued in shin
plas,ers, TO meet the current expen-
ses of tho first six months of his term
And at the close Of the late session Of
Congress, we find tho money in the TreaS !,
ury when the Administration came into
power, wholly exhausted, tho entire reve-
nuo consumed. and $50, OOo. 900 in addi- !
lion, borrowed TO carry the Government
through the year. The expenditures in
/. time Of profound peace. has been run
Up to nearly. or quite 3IOo,OOo,Oo per
,nnum, and Buchanan will doubtlessly
eaye. as a legacy to his successor. Ma
liopal debt greater than that created by the
late war with England. So much for the
lirect fnancisring of tho Administration
proper (; while the frauds, pcculalions and
committed by its friends and