The union Democrat., 1868-08-08

notes OF our Government, which paw no inter.
EST, be worth their face in gold or silver
Wnen me bonds of Government. which nav
SIX per cent. interest, are worth only eighty
cents on the dollar? You cannot make the
notes put out by banks worth more than
the bonds which secure these notes. Il is
sau thing to say that our credit is dishon.
ored IN the markets of the world, but it is
'rue, ana 1t must be said, il we are to find
remscy. 1t Is Eumliaung to find that
when Great Britain borrows a thousand. dol.
iars lor twenty years it pays the lender but
sI,.uu, when, IT we make the same loan,
We have to pay s., 100 to the lender. II We
wisn TO help the taxpayer, if we wish to
get at the cause of debased currency in the
hand OF the laborer. we must first tind out
whysoar credit is dishonored, for it is n
tainted credit, that sinks alike the value of
bonds, OF greenbacks, and back notes. Make
the credit OF the United States as good as that
OF treat Britain, or of u merchant in good
standing. or OF mortgage on farm, and our
troubles would disappear. If we make our
paper money good 10y harsh system of con.
traction, We shall cripple the energies of the
country, and make bankruptcy and ruin
CONSEQUENCE OF DEBAsING TIE CURRENCY.
Ii, on the other hand, we debasc the cur
rency oy unwlSe issues, we shall equally per
plex business and destroy sober industry and
make all prices mere matters of gambling.
tricks and chances. This will end as il d nd
III the Southern Conftderacy. At the outset
The citizens of Rchnond went 10 market
with their money IN their vest pockets and
brought back their dinners in their baskets.
l" the end they touk their money in their
baskets and took home their dinners i'm their
vest puckets. Make our money good by an
honest aud wise course, aud when this is
done it will be worth twenty five per cent.
mure than it is now, which will be equal to
an increase Of one quarter in the amount of
currency. Business will he strengthened
industry will be encouraged, prices will be
regular, and men will then dare to 20 on with
useful enterprises. We find right here the
cause ot our-troubes, perblexties, and ma
lonal disgrace. Our credit is tainted. But
for that We could borrow money as Britain
does at three per cent. and cut down taxa.
tion. But for that our paper money would
be good, and gold and silver would glitter in
the hands of labor. But for that fact, there
would be no question as to how the bonds
are to be paid, and we never should have
heard of the greenback issue. But for the
national discredit, business men would not be
perplexed, and the disquiet aud fears which
now disturb the public mind would not ex.
list. Now if this dishonor cannot be helped.
we must bear it in the best way we can, and
we must get on with the sectional and social
and nolitical toubles growing out of it until
time and events shall bring some cure. But
il it can be shown to be the work of those in
power, then all sections, all classes, and all
interests should unite and turn them out.
Fortunately we have official statements to
guide US IN our inquiries. We take the
showing OF tie very parties under impeach.
ment to show where guilt lies.
RECKLESS WASTE OF THE ADMINISTRATION.
To show the waste of those in power. let
us compare the cost of Government during
the tour years Of peace before 1861, and the
four years of peace following the lst OF July
1865. For the fiscal year ending Jlly |,
1869, will take the estimate 10y the Com.
mttee ot Ways and Means. Bear in mind
that this is the best promise the Republican
can make on the eve Of u Presidential eec.
ton. 1t will prove to be many millions short
OF what they will spend, but We will give them
the benefit of their own statements. Alter
the close of the war, and up to the lst OF
July, 1868, the War Department paid Sl65,
700, ,000, which is $50, 100, 900 more than was
spent by the same Department in the four
years OF Mr.. Polk $ administration, and which
included the cost of the Mexican war. 1t
took nearly twice as much 10 stop "A war un.
der Republican policy as it did to carry on u
war under Democratic management. But
will not take this Sl65, ,000.0U0 into account
Let us close the war. Since July l, 1865.
about three months after the surrender of
Lee, up to July l, 1868, the cost OF Govern
ment wi / be, by official reports and estimates,
$500, ,390, POS. Up to July l, 1869, by the
estimate OF the Chairman of the Committee of
Ways and Means, it will be Sl97 .973, ,366
making the cost of Government for four years
81, ,0lS, 1858 ,574. This does not include one
cent paid Or to be paid for interest or princi
pal of the debt. The cost of Government
during the four years before the war leaving
out interest on debt was S266, 226, Ala. This
shows that the Republicans have spent in a
time of peace, four dollars where the Demo.
Gratis spent one. But the cost of Government
grows greater, and we Will allow them to
spend two dollars where the Democrats spent
one. This will make S5l2, 452, ,S2S. But
they spent S506.9l0, GAG beyond this. What
did they do with the money? During the
four years of Mr.. Polk's term, which includ
ei the Mexican war. the cost of the War De-
partment was only SOS, $40, ,7So, 81. We find
that the cost OF the War Department, taking
their own statement and estimates, will be in
those four years of peace, S54l ,6l3,6 ,6l9. And
this follows an expenditure of more than
So, ,000, 900, 900 during the war.
The cost of the Navy Department in the
four years ending July |. 1869, will be- by
Republican statements and estimates, Sll7.-
IL .S02; and this follows an expenditure of
S3l4.lI6, l42 during the war. In the four
wears before the war the navy cost only So.
9l0, ,534. We then stood In the front rank of
commercial powers. Our ships were on every
sea and were to be found in every mort.
American shipping is now BY our tariff poll.
CIV swept from the ocean, but the cost of the
navy is nearly doubled. The year ending
July l, 1868, is the third year of peace. But
the War Department cost Sl2S, ,S5S, ,934, which
is more than it cost during the four years of
Mr.. Polk s term, which covered the expenses
Of the Mexican war. Not only Goes one year
of peaee cost more than four years of war
then did, but the third year Of peace costs
more than the second, for in the year ending
July |, 1867, the War Department spent on.
IL SOS, ,224 AIS. In these statements we have
-sl- IL I'll