The Placer herald. [volume] (Auburn, Placer County, Calif.) 1855-1991, 1868-09-12
DEBTOR ANn CREDITOR STATrS.

The main bulk of our war debt, amount
ing then to great sum i'll millions,
was held in but few States of the Union,
mostly on the seaboard and north of the
Chesapeake. These few States held near1y
all the debt The other States, including
the great Northwest, largely exceeding
them in population and voting power,
owed the debt. Thus, the States OF the
Union were divided into creditor and
debtor States, the latter holding the power
of the Government. The Republlcana
party had full warning of the dangers OF
this new division of the States. The TAR
sighted statesman who Is at the head OF our
ticket, and will soon, we hope, be at the
head of our Government, pointed them out
in 1862, in the New York State Convention
which nominated him for Governor, and
afterwards in his messages while Governor
in 1868 and 1864. Applause
The Republican leaders should have
known that a conflict between the debtor
and creditor States Of the Union, just after
its formation, as to the assumption OF the
State debts, threatened to break up the
Union, and that the influence OF Jefferson
and Hamilton and other great men OF the
day was required to meet the crisis.
They should also have known that no
condition of the people Of country Is more
dangerous to its welfare or peace than that
in which, while taxation is heavy, one
large class is exempt, while another, and
that the most numerous class, bears the
whole burden. Readers of history know
that no other single cause contributed more
powerfully to bring on the first French
Revolution with all its horrors.
All the while everybody knew that the
vast public debt existing at the close OF the
war represented nearly one fifth OF the
entire taxable property of the country; and
that being exempt from taxation, it created
a privileged class of its holders and cast the
entire load of the crushing taxation
Federal and State, including the heavy
war debts of the States and cities, upon the
remaining four-fifths.
THEIR NEGLECT OF DUTY.
We say, and all fair mon of the Republi
can party will say with US, that it was the
bounden duty of the men in power a
Washington, at the close of the war, tt
provide for this critical condition of things
1t was their duty so to shape the action O.
the Government as to avert the dangers
which stared them in the face. This coulc
only be done by rigid economy in all de
partments of Government, reducing ex
prenses to the lowest point, by diminishing
| taxation and distributing its burdens so as
to make them lighter on tho people, and
by uniting with this q sound tinancia
policy in the management of the debt. By
these means they would have raised up the
credit of the Government to the highes
point practicable. They would have
brought greenbacks, if not to par, at leas
so near to it as to mako the difference
easily borne by the people.
In this way they could have averted al
the difficulties and irritatlOns as to bonds
greenbacks and taxation which are per
picking the country, setting one section
against another, and class against class
| difficulties which have shown themselves
too strong for party organizations, and too
serious to be smoothed over by a resolve OF
sounding antiquities against repudla.
ton, such as that to which our opponents
treated tho country in their platform al
Chicago-a resolve which, like the false
oracles of old, reads either way to the de
luded votary. They treat the people as
the Snowman does the children at the fair.
When we who have to pay this great debtask
the showmen at Chicago how we must pay
in gold or greenbacks, they tell us, (which
ever you please, my little dears, you pay
yonr money and you take your choice |. D
Laughter and applause
RADICAL MIsa1ANAGEMENT AT ALL POINTS.
The men in power have not done any OF
the things called for by tho grave crisis
which confronted them at the close of the
war. They have not practiced economy,
they have not reduced taxes, nor have they
laid them on with due fairness or
equality, as between the several sections of
the country or the different classes of the
people. They have not restored the
| Southern States, which even in their i'm
| povershed condition might have borne a
good share, at least fifth OF the taxation.
| Thus, this reconstruction policy cuts
with the great cost of armies and Freed
mems Bureaus at the South, and also with
tie share of the taxes which belongs to those
States. They have not raised the credit OF
| the country, nor brought the currency OF
| the Government any nearer to par than
| they found it at the close of the war. In
stead of II financial policy worthy of a great
people and a powerful party, with absolute
control Of tho Government they have
scarcely had policy worthy of the name.
At one time reducing the debt and con-
tracing the currency, then suddenly for
bidding further reduction or contraction
they have seemed unable to do anything
better than to let things take their course
hoping, apparently, that somehow or other
| things would work themselves out right
Meantime things have not so worked out
| Business men do not know what to expect
from one day to another; the state OF the
| country grows from bad to worse; sectional
and class jealousies are increased and all
mems minds are filled with vague alarm
as to the financial future. After the
hundreds ON hundreds Of millions paid in
Federal taxes by the people within the last
four years, it is Illuminating to think thai
greenbacks are to-day nearly ten to twelve
I'LL <lo,, arf
| two years ago, and the bonds Of our Govern
ment, con fessedly one ofthe four or five great
powers of the earth, stand lower than the
paper promises of Austria, Brazil, or even
| Turkey, the sick man of Europe.
To this complexion have We come at last
at the end of the many years rule OF oul
opponents. For the sake of country We
| all love, let all good men and trueipatrlot'
resolve to make an end of that rule next No
vember, and thus arrest the downward
course of affairs. Applause.
We come now to examine the details O
the financial policy Of our opponents since
| the close of the war. We are able to take
our figures generally from the official docu
ments of the Government, the most authen
| tic source of information.
ENORMOUS EXPENDITURES.
In the first days of April 1865, the wal
ended. To the close of tho present fsca
year, June 80, 1863 will be little over toul
years of peace. 1t will be instructive tt
compare the cost of government during
this period with its cost during tho foul
years of peace preceding the war.
For the four years from 1857 to 1861, tn,
total expenditures of government wer
27l millions. This includes Sl1 600, 900 il
1861, on account of tho war; For foul
wears and three months of peace, from
April, 1865, to June 80, 1862 the total ex
penditures reach the enormous sum o
2,1l0 millions. Interest on public debt il
included in both cases, but not payment
in reduction of the debt
The mind scarcely grasps the extent o
this vast amount any more than it does TIN
immense distances of astronomy. 1t is a
the rate of nearly $500,000,000 year
nearly $42,0O0,000 month-(S15,0 00,O 0
more than tho entire cost of government
for 1876 the first year of Mr.. Folks admin
istration) and 81 400, GOO day.
In silver coin, it would weigh nearl,
| sixty thOusanl tONs enough to load tllrt'