The Cass County Republican. [volume] (Dowagiac, Mich.) 18??-1880, 1860-04-05


was S12O,239 more than all the surplus
the democrats left in the Treasury, in
1855, and $4,000 more thar the .sun-
paid interest" which they entirely neg
lected to pyy. Who can tell what they
did with the money? Who can ex-
plain why they did not apply it to the
payment of State expenses and inter-
est on State debt? Who can explain
why they allowed that large balance
to lay in the treasury, aoithoet interest,
while the State was obliged to pay
seveo per cent. interest on every dollar
due the Funds, and seven per cent. ON
every dollar of the part-paid bond
debt? Who can tell why they allowed
the debt to the Funds to accumulate
over 100000 year, and the unpaid
interest" to increase the public debt
over Sl50,O00 year, while officially
reporting and growing over so much
surplus revenue? Who can tell why
they did not observe their sworn Con-
stitutional duty and levy tax every
year sufficient to pay" every years
expenses and interest as they accrued :?
None of them, nor any of their friends
have ever explained these things.
Why! Because, first, truthful an
swer to these questions would implicate
not few democratic State officers in
using the public money for private pur-
pose; and, second, to hide their NAL
feasance they have carried on, year
after year, the systematic and rank
fraud of levying small tax-not half
the amount necessary, as we have
shown-to lull the people into belief
that all was prosperous and right, while
they were every year adding hundreds
of thousands of dollars to the public
debt. Having proved this from their
own records, we will now prove from
the same records, that but for their
neglect and palpable mismanagement
of the public debt not dollar of State
tax would now be necessary for the or
dinary expenses of the government.
The amount of State bonds issued in
1888 for what is called the "Five Mil
lion Loan debt" was $5,2OO,OOO.
On these bonds the State
received pay in full -. s1,3S7 900
And for S3,S13, 900 of bonds
called part-paid bonds,
the State only received, 955, ,96O
Making the recognized debt $2,342 200
This debt was contracted for works
of internal Improvement, and was vir-
tually squandered. The people OF
State of Michigan have never received
much, if any, advantage from it. The
democracy so managed it, that al
though the State sold the Michigan
Central and Southern Railroads, upon
which most of the expenditure had
been made, for 50, $780, 900, or $4,000
more than the original debt, the amount
due to bond-holders on account of i,
when the Republicans acceded to pow
er, January lst, 1855, sixteen years af
ter it was contracted, was S2,53l ,545
or $19S,5S5 more than the debt origin
ally made. Increditable as this ap
pears, it is, nevertheless, officially re
corded truth. And yet, with glarins
evidence of wrong before them, tht
democratic State Convention refer.
the people back to democratic admin
istrations as examples of ''thrift an6
honesty -
But their management of the part
paid bond debt exhibits the most glar
ing incompeteney or dishonesty. A.
before stated, the ori iginM amount o
+ho+ dob+ woo Soss oc0 DIT +b, slo,,
oorats' not only did not pay the inter
est on that part of the State debt, bu
actually issued State bonds at sundr,
times to the amount of $685. ,34l to pa,
up the interest on the other portion
of the State debt. We give a tabl
of their own official figures to exhibi
their peculiar and characteristic man
agement. and the annual increase an
aggregation of that debt to the tim
they were driven from the State office
; in January, 1855
PART-PAID BOND DEBT.
AMOUNT OF DEBT. INCREASE
1898, (originaD 1886 800
, ls4s, Gncreased) ,656,564 s7o9,5o
, 1855. ....... 1883 302, "a
Accumulated Unpaid In
! terest on principal OF or
| iginal debt ........... 81, ,oo2, ,ss
5 Add Bond issued for inter
: est on other part Of S5,-
100000 loan. .......... $685.
] Shows a total of -Accunau-
r lated Interest and origin
al debt of. ......... s2,s22. .3s
ANNUAL Interest on Accana-
: uldted Interest at Z. per
$ cent. is............... $le2,5
t ANNUAL Interest on Accu-