Western Reserve chronicle. [volume] (Warren, Ohio) 1855-1921, 1868-09-02
. p II IA O H
OF
SENATOR SHERMAN,

I non. JOHN SIBERIAN @uuTesseu ne
publican meeting, at Hillsboro, Ohio,
August 20. After discussing, briefly,
the conduct and policies Of the two
parties, since 1860, and reviewing the
present position of parties, the opin-
ions of the candidates for President
and Vice President, showing the 40.
tive part Southern leaders had in the
New York Convention, Mr.. Sherman
proceeded to consider the question of
taxation and finance, as follows:
When the Republican party received
The Government from the Democratic
party it was crumbling into snarchy-
salaries were unpaid-our bonds were
issued bearing twelve per cent. inter
est, and the United States was depend
ent upon the voluntary and patriotic
offers of citizens of New York for means
to pay the interest on the public debt
on the lsL of January, 1861. Presi-
dent Lincoln was compelled to reach
Washington by stealth to avoid assas-
sination. The Democratic party left
the Government tOtteriDg to its fall,
without money or credit, and with a
slave holders rebellion on hand. Now
if we-are responsible for bad financial
measures, we ought to have credit for
good ones. What was done? Public
credit was restored the moment patri-
otism governed on the quarter deck
Large sums of gold were borrowed in
the midst of defeat and detection, at
lower rates of interest than the Demo
cratic party could borrow before the
war, and with a very small debt. When
the specie of the country was exhaust
ed, we provided a currency-the best
national currency in existence, and
which unlocked the fountains of cred
it and enterprise. When the State
banks were found to clog the operations
of the Government, they we're absorb
ed by g system of National banks,
which now furnishes local and uni
form currency, aud pay taxes to State
and nation of twenty millions of dol
lars. We adopted system of loans,
which, by appealing directly to the peO-
pie, brought their treasures, great and
small, in streams and rivulets, to the
support of the Government, and by
which our own people by their own
loans sustained and paid our soldiers
and sailors to the end of the war. We
improvised without the light of prece-
dents a system of taxation which tho
severe, yet without distress or eppres-
sion, levied from the people vast sums
of money, and enabled us since the
war not only to pay off mass OF float
ing debt, but to reduce the principal of
the ascertained debt $3.50, 900, 900. We,
by system of tariff laws, protected our
domestic industry from foreign com
petition, so as to double since 1861 the
internal productions of the country
We can truly say that the general
financial policy of the Republican par
tY has been a success, and this is testi-
| fed to not only by the rebels down
South and by all European nations who
l have marveled at our success, but even
by the acquiesence and general appro-
val of the Democratic party.
While, then, fellow-citizens, the Re-
publican party may be srraigned for any
, errors or defects in finance or in war,
I yet we must give them credit for the
! good they have done. Where would
have been the soldiers who pushed for
ward into rebel territory, but for the
support of the Republican party at
home? But for the Republican party,
your flag would this day be trailing un-
der the stars and bars of Jefferson Da-
Wis. But for the Republican party,
republican institutions would now be
as in 1S6l-the scoff of Europe. But
for the energy, genius and statesman
ship developed by that party, the Unit
ed States this day, instead of extend
ing its influence into European diplo-
macy. and opening new sources of
wealth in China and japan, would be
struggling for existence with rival hos
tile powers on this continent When
we contrast our present position with
the discord, anarchy and war left US
by the Democratic party, we may fairly
boast of the results of our administrs-
ton, both in finance and in war.
And now that the war is over, does
this Democratic party take issue with
US on any of the great questions OF the
future? Its platform on finance is a
series of generalities or riddles. 1t has
a greenbsck look with gray back can
didate. Read that platform, and tell
me where the Democratic party stands
as to the time and manner of Iesuming
specie payments? Where does it stand
as to the funding of the public debt ?
How does it staDd on the National
Banking system, or the protection of
domestic industry, or the development
of the West? 1t has no policy, it has
no principles its whole policy is ex-
hausted in the effort to restore the reb
els to power. When its leading men
talk about finance it is merely general
and false srraiguments of the Repub-
ican party as to public expenditures.
| will give you one or two specimens of
their financial talk. Mr.. Hendricks, |
of Indiana, who is confessedly one of
the ablest leaders of the Democratic |
party, in a recent speech said he wish
ed to know what has been done with |
the immense sums of money collected |
from you. He says:
From the seth of June, 1866. to the 10Th of |
June, l6tS. the receipts in gold from customs |
amounted to S5ls 752 Ss7 so and in currency from
Internal revenue. to sos 259 1854. making. in |
the whole, 81, ,2ST, ,Ol2 1884. The interest on /
the public debt. during these three years, has |
averaged about Sl5.0DO,OO0 per year, making /
sum collected leaves about $500, ,0UO. 600. being
more than $500 900 900 per year in = time Of pro-
found peace. except so far as the Confessional |
policy has created a tate OF hOStilities. This /
great sum Of money has been expended in leZis-
lative, judicial. executive and military eEpen-
ses."
You see that this is general charge,
that since the war the Republican par
ty authorized Johnson's administra-
tiOn to expend three hundred millions
a year for ordinary expenses of the
Let US see how this
stands. The total receipts are proba-
bly, correctly stated at 81, 1000, 900.
Now, find by reference to official
that out of this was paid
for interest of the public debt over
20,000,000, instead of 1915, 900, 900,
as stated by him. This is an error of
only SIS 100000 1 find, also, that
over S266, 100000 were paid on the
principal of the public debt, which was
that amount. Now this fact
is entirely suppressed. find, also
that out of this sum over $40, 900, 900
has been paid for back pay and boun-
lies, and for transportation and prize
money of the army and navy, all of
which accrued during the war, but was
paid after July l, 1865. Now this fact
5 suppressed. l found, also, that there I
vas paid during the three years for {
lew bounties to soldiers the sum of {
549, ,3S3, ,S59, and to States for claims for
var avpanSaa the ct,n1 of cI0 9z0 mn | Z