Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1868-07-02
E.nsnditurs, in rims Of peaos.


lures of this Radical "best government
the world ever saw is enormous beyond
all precedent. The result, if it is con-
tinued, will be inevitable bankruptcy,
and the currency will go out as did the
old Continental. The.facts and figures
given by the Hon. Horatio Seymore, in a
speech at Cooper Institute, New York,
are startling, We clip the following ex-
tract. And we will add that when such
arguments can be so truthfully urged to
the minds of any people of fair intelli.
gence, we can see no room for doubling
the verdict they will pass on the authors
of the existing calamitiesi
Since the war closed, in 1855, the gov
eminent has spent for its expenses, in
addition to payments on principal or in
terest Of the public debt, the sum Of more
than one thousand million dollars. OF
this sum there has been spent nearly
eight hundred million dollars on the
army and navy, and for military pur-
poses. This is nearly one-ihird OF the
national debt. This was spent in the
time of peace. The cost OF cur navy
before the war was about thirteen mill
lion dollars each year. Since the war,
when our shipping has been swept from
the ocean by taxation, the annual aver
age cost has been thirty million dollars,
although we have now no carrying trade
TO protect. While money is thus wasted
without scruple upon the army and navy,
if any aid s sought to lessen the cost Of
trans portation for the farmers of the
West or to cheaper food for the laborers
OF the East, we are at once treated with
Congressional speeches upon the yir-
tues of economy. If from this amount
there had been saved and paid upon the
debt the sum of five hundred million dol
lars how changed would our condition
have been. With this payment, which
would have cut down the debt to about
two thousand million dollars, our credit
would at least have been as good IS that
Of Great Britain. 1t is because we did
not thus apply this money to this ,ptr-
pose, and spent it upon the negro policy,
the military despot'sms, and other abuses
Of government, that our credit Is so low.
The world saw that we we're violating our
faith with the public creditors and the
taxpayers alike, when the money was
used for the partisan purpose of keeping
the South out Of the Union until sham
governments could be manufactured by
military violence and congressional ac-
ton. The world not only saw this mou-
strous perversiou of the money wrung
| from the people by taxation, but it also
saw that it made through long series Of
years still greater annual expenses una
voidable. When the entire control of
the Southern States is given over, un-
checked by the intelligence Of the white
race, to untutored negroes whom the
people of the North have said to be unfit
for voters; when the unfortunate Afri-
cans, drunk with unusual power and
geaded on by bad and designing men,
shall make life and property unsafe and
shall shock and disgust the world with
outrages, we shall be forced to raise and
pay still greater armies. Up to this time
the South has had at least an intelligent
tyranny in military officers. Every
man who is not blinded by hate OF
bigo,ry losks forward with horror
10 The condition Of the South under
negro domination. The bad faith to the
public creditor aud taxpayer 10 thus un-
settling our Union, Of keeping the South
in a condition where il cannot help the
national prosperity, but is made heavy
load upon the country, Is the real cause
of our debased credit The Taxpayer
was told the burdens put upon him wer'
to pay the debt; but the money was no
used in good faith to him, for the deb
sill stands; nor 10 good faith 70 th'
creditor, for be was not paid what h'
should have been; but Il was used il
way which harmed both-in a Wal
that tainted the nations credit, kept nj
taxation by keeping up the rate Of int
rest, while il sank the value Of tn
bonds. and With them carried down th'
paper currency, aud thus wronged thi
iAborer and pensioner. Bot for the policl
Of bad faith, II partisan purposes, ma
folly. We could to-day borrow money a
cheapiy as Great Britain bat We hav
cursed The taxpayer, the laborer, th'
peusioner, the public creditor, for IN
axe Of cursinr the people Of the Souil
with military despolisn aud negro dom
nation. Every one must see. II We ha'
paid Of one-fiith Of oar debt, bad kep
down the cost Of government, had give
peace 70 our Uniou, had built up indasir
and good order IN the South, not one {
The evils which nov afhict % coald nav
existed.