The Cass County Republican. [volume] (Dowagiac, Mich.) 18??-1880, 1860-10-04

Indebtedness, and then failed. Thus
the State of Michigan had out FIVE
million two hundred thousand dollars
of Bonds, and had received only about
two millions of money from them. 1t
became the duty of John S. Barry, as
Governor, to adjust the bonds properly
with the bond holders, so as to relieve
the State from paying interest upon
that portion for which it had received
no value. As this was a work of some
labor and great trouble, John S. Barry
struck new method of disposing of
the question. He a0yised the State to
repudiate the bonds entirely, and this
policy of reputation was persisted in
until interest to the amount of nine
hundred and ninety-nine thousand
dollars had accrued upon them, which
was finally added to the principal of
the State debt, making the total loss to
the State by this loan transaction, of
over four millions of dollars. These
bonds were never fairly and fully ad-
justed until during the Administration
of Governor Bing am in 1855. How
do the people relish such an evidence
of financial ability, resulting as it did
in total loss to the tax payers of the
State of Michigan, of over four mil
lions of dollars.
Not one of these Democratic organs
have attempted to specify the year or
the amount which the State debt was
reduced during Gov. Barry's first two
terms of Office, but they jumped at a
bound from 1912 to 1854, and claim for
Gov. Barry the entire reduction of the
State debt during that period. Now,
while this may be pleasant to Gov. Bar
ry, it is unjust to their other Governors.
Whatever reduction was made in the
State indebtedness prior to 1850 was
the result of the sale of the public
works of the State, the Central and
Southern Railroads, in ls45, which the
State realized the sum of two and a
half millions of dollars, thus paying so
much of the bonded debt of the State.
Now it is well known to many of us
that the measure of the sales of these
Railroads originated with the Whig
f party, and was finally forced upon the
. Democracy by the people. 1t was not
, the result of the financial ability of this
/ great Governor Barry at all, and was
/ consummated without his aid or assist
ance, and if anybody is entitled to the
credit of this transaction, which re-
snlted in the first reduction of the State
debt, it is the old Wing party-ccr-
! tainly none of it belongs to Governor
. Barry.
. During Gov. Barry's second term OF
office, from 1S49 to 1851, the people
have yet to learn Of any evidence of
financial ability save the single exploit
I of the moving of the State Capital
yard, at the expense of $l.5O, and the
!. sale of the hay at $l.26. One thing is
q certain, he did not decrease the State
debt, for his Auditor General, during
e the first year of his administration, re
n ported the State debt at $2,O71, 1862. 80;
/ while two years later, Auditor Gene
1 raj Sweegles reported it to be the sum
e OF S9,339, ,392.0S, an increase of just ex
n actly the difference of the interest up
v on the whole bonded indebtedness o
: the State. while there also accrued
!. against his administration, ledger bal
|, ances due the "trust funds" to the
q amount of over two hundred thousand
$ dollars. Thus much for Gov. John S
& Barry's financial ability during his sec
v ond term of office.
$ Now we wish to cite another evi
4 dence of John S. Barry's financial abil
q ity, upon the score of taxation. The
It rate of taxation during the six years O
John S. Barry's administration, wa
e about four mills on the dollar of valua
If tion of the entire property of the State
!. With no reduction of the principal o
e the State debt, neglecting to pay ever
d the interest, nothing but the ordinar,
n expenses of the State Government t,
s pay, and those comparatively light, we
e he taxed the people at the rate of fou
Ie mills on every dollar of valuation il
" the State. Contrast this with the pres
s. ent rate of Taxation by the Republicans
,e which has been less than half mill t.
l. the dollar of valuation during the las
,r six years, and we have an evidence O
il Gov. Barry's financial ability in taxin,
s. the people worthy of consideration.
re In concluding this article, we wish t.
0. call attention to the fact that Will
m this great financial manager was Gov
lie ernor, the bonds of the State wer
le worth only about fifty cents on dollar
of They were absolutely almost WORTHLESS
d. for capital or investment. The interes
SC was paid, and nobody would buy then
d except they were obliged to take then
to and then at discount of from fifty t
to eighty per cent. on the dollar. Unde
IN the Republican administrations, ou
at bonds have risen gradually in value
ne until to-day they stand side by sid
10 with the best in the Union, command
ra ing a premium of from five to six pc
IN cent. This contrast, and careful peri
e. sal of the facts we have above set fort
IN concerning the financial ability of job
ne S. Barry, may well challenge the after
I'd tion of the people, and cause them t
n look closely into this pretentious clair
IN of Financial ability" set up by an inte
IN ested and inscriptions partizan press.
n We shall take the trouble to furths
he investigate the financial transactions
nv this party and its leaders in succeedin