The Union and journal. [volume] (Biddeford, Me.) 1858-1882, 1869-08-27
The Finances Of the Administration.

Because the arbitrament Of war overthrow
the system Of slavery and ''broke" the bank
of the Democratic party. that party have
no capital with which to do business and
consequently they have no credit. Or, in
other words. tho issues OF the past have
been settled by the bayonct and ballot, and
the Democratic party are without any le-
Ultimate issue.
In the presidential election that party
made great stress upon the financial is.
sue" Push the financial issue" was the
watchword sent to the Seymour organs
as that was the only point which they
thought they could make. Talk about
the groans OF the poor down-trodden In
boring man. and the fat and bloated bond,
holders, and how faithfully they dinned
this into the ears Of the populace the rec,
ords Of the times win show. They pre-.
dicted utter iinancialr,iin, the depreciation
Of Government bonds abroad and eventual
Reputation. IL Is unfortunate for false
statements and false logic that facts do not
always hasten to support them, and often
times do not come ut all. On the receipt
of the news in Europe that Grant was
elected. our bonds went up one and hall
per cent. which advance alone was worth
millions Of ready money to the Govern.
ment. Grants Administration brought
peace to the country, so long distracted,
and IL was an immediate peace which can
not he calculated in dollars and cents.
The Ku Klux Of the rebel States were
forced to subsidc, knowing that prompt
humiliation awaited them il they pursued
their outraSes. Union men began to feel
the protection Of law, and assassinations
and rapine fed. The Industries of the
South began TO feel the effects Of peace,
and while the lives of loyal men have been
sayed,southern industry has incrcasedmorc
than fivc-fold in value. Under the wise
reconstruction laws of Congress rs exc
cuted by loyal administration, the lately
rcbellious States are growing in strength
to soon bear with us of the always loyal
States the heavy burden of our national
debt.
Here we might pause and consider well
answered by this array Of facts all the
cavils of the democracy. But as tito show
the utter feeblcness Of copperhead states
manship. President Grant has not been
content with that. When he came into
power we were engaged in n frontier war
with the Indians which was depicting the
treasury. and which promised to be long
and wearisome. A new policy towards
the Indians was adopted, and that war
ceased, saving thereby millions to the
treasury.
The "whiskey ring" which dciied the
last democratic administration has been
pursued with vigor that has already in
creased the revenue from that source, dur
inc the five months last past. at the rate
of over sS0.0OO,OO0 per year. while the
increased revenue from n faithfully collect
eel tax upon tobacco has amounted to
nearly ms much. These gratifying facts
are owing to u greater care in the selec-
ton of agents Of the treasury and choos-
ing Trustworthy officers for the executive
duties, AMI vigorous enforcement of the
laws.
The army has been reduced from forty
regiments to twenty-five. saving thereby
rs many millions to the treasury. Our
national securities are advancing in worth
every day, and the bonded Indebtedness of
the government since Grant was inaugur-
aied. Is lessencd at least $3.50, OOO,O 900, ow-
ing TO their advance in the market of the
world. For. rs will be- plainly seen. five
issue five hundred millions of bonds. and
they will bring only fifty cents on the dol
lar. our actual indebtedness is seven hun
dred and fifty millions; while If they will
bring 10 us twenty per cent. more than
the face OF the bond, our actual indebted
ness Is only four hundred millions. We
are now paying all the way from five to
1910 per cent. interest. The enhanced
price of our securities leave no doubt of
our ability within the year to fund the
entire national debt ut n rate Of interest
not exceeding four per cent. saving of
even one per cent. in interest. by funding
the debt. will amount to over S25,O00,O00
The increase of the revenue over the
expenditures has been applied to the re-
duction of the debt, which really amounts
to Ss2, OOO,O 900. and we are sure Of u sur
plus nj the end Of the current fiscal year
of from sle5,OO0,O00 to sl50,oo0, 900,
while II Is no longer question that our
revenues win justify n large reduction of
our taxes.
Yes. "push the financial issuen. Let us
see whether the people feel disposed to
rc5ukc the political party that has brought
about this state of things through its po-
litical and chosen representatives. There
is an old, old story of long ago about the
killing Of the goose that laid the golden
egg. The moral is very excellent one,
and the people can apply 1t.