The Evansville journal. [volume] (Evansville, Ind.) 1866-1870, 1870-09-15

TIT 4dSI aUml1lStrati01 the O5MOcEdt-
&c party favored this nation with. |
doubt whether the people will rush
to their arms this Fall. 0: embraces
their candidates, or seek to moor their
ship OF State IN such haven OF
Democratic Reforml
have not bsen able to obtain the
aggregate amount of expenditures OF
the Democracy-ruled city of New
York for later fiscal year than 1867.
But, IN that year, the cost of govern
ing one million of psople II that city.
including pay of officers, police, inter-
est on debt. and State taxes, but ruth
out any ATHly or Navy, or Pension
last, or Indccns Except the Tammany
Chiefs, to provide for, vas $23. 800 2g9,
not quite twenty-four millions of dol
lars. ] trust, If these chief are ever
TO obtain power. they viii lot expect
to pay out, for governing forty mil
lions of people, at the same propor-
ton it costs them to govern one mil.
lion in New York city. which would
aggregate nine hundred and sixty
millions per year. But, without
charging that they would, / submit
that before they can expect the peo-
pie TO credit their pledges Of retfench-
ment and reform, they should give us
some specimens Of its working IN that
Overwhelmingly Democratic city OF
theirs. -
When Mr.. Dawes left Washington
last March to speak in New Hamp-
shire, President Grant said to him,
Tell the people Of New Hampshire
that during my administration, there
shall be no ascending sale of public
expenditures, but wherever and when
ever the closest scrutiny shall dis
close the possibility of cutting OF
dollar it shall be done LIST the fol-
loving figures Of Government ez-
penses show how this pledge also has
been redeemed. For the fiscal year
ending June 30, 1863. president
Johnson's last full year, 1871. 000, 600.
For the year ending June 30. 1869,
| (eight months johnson and four
mouths Grau4) S321, O00,000 For the
year ending June 80, 1870, Gall
Grant's) 1922, 600 000 All these in
clude interest on the public debt.
Approximations for the year ending
June 80, 1871, $158. 000. 900. Add in
teFest on reduced debt, which last
year was Sl2S, 900, 600, but will not
now reach $ll8 600, 900 for the year.
Total $276. 600, 600 or one hundred
millions less than Johnson's last full
year. a d ~
: This retrenchment can be shown
even more clearly By the following
official figures from the Treasury De
partment: Total expenditures, not
including interest for Is months, from
Sept. 1, 1867, to March I, 1869, (John-
son's), $32S, 765 .6S9; from March 1,
1869. 70 Sept. 1, 1870. (Grant's), $245,-
912. 629. Decrease Of expenditures.
$50. $50, 060 During JohnsOn's last
Is months. be paid of interest on our
debt $211, 221 ,9l6. During Grants
6rst Is mouths, he paid of interest
$193, 40, 155. Reduction of interest,
ST., S00,56 Total decrease 10 Is
months. 00.653,621.
THE NATIONAL DEBT.
Our uttermCst good faith--to quote
these striking words-was to be main
tained-all plans of reputation, di-
rect or indirect, to be frowned upon
and the rate of interest to be re-
duced whenever it could be honestly
brought about. These were our
pledges as to the debt. and nobly have
they been redeemed. To every appeal
sition that was not marked by the
most scrupulous integrity, to all plans
for compelling an exchange of secu-
rites By any one, to every device for
saving money in any other way than
through an honest straightforward
Improvement of our credit by paying
of cur bonds at their market price
the Republican Administ,a ton and |
Congress responded emphaticaIly No.
One act of national bad faith to a |
single national creditor would SO
faint our credit, that, If foreign or |
domestic war should again come, we |
would realize that it was not only a |
crime but a costly one to the nation. |
To borrow money. to put armies |
quickly in She field, to maintain ma
tional existence, to repel invasion, |
spotless credit is priceless in its value,
and we intend that the national arm /
shall not be weakened By any impair
ing Of that credit-by the slightest
stain on our national faith.
/ know the strength of the Demo
cratic cry here in the West, Tax the
Bonds but have never hesitated
IN exposing its fallacy. We can not
do 1t: First, because We promised |
not to do it when we borrowed the
money, and could not have obtained
the money if we had not promised,
aud the promise is as sacred as the
debt. Secondly, because the Supreme
Court has decided five times, unani-
mously. from the days eff Chief JUS
tice Marshall to Chief Justice Chase,
that they are not taxable by States
or cities, for the obvious reason that,
If they were, New York, for instance.
could prevent the United States bor-j
rowing a dollar in that State
By unjust taxation, putting the
nation. even for money to save
its life. at the feet Of the
a single step from ma
tional suicide and death. Thirdly.
because the exemption from taxation.
in an hour Of national peril, was part
of the consideration on which we
borrowed, and was needed to Offset
the hazard of losing all By rebel vic
tory, or the incoming of some hostile
party, hating the debt and its object, .
and willing to repudiate it. Fourthly,
because, thong there have been Dem. I
ocratic Presidents, Democrats Con
crosses. and Democratic bonds, in our
past history, not a single bond ever
issued under President Madison, for !
The war of 1872, under Polk, for the
Mexican war, or under Buchanan.
for the expenses of his Democratic
was ever taxed or
to be taxed BY any Demo-
cratic Treasurer. Senator or Repre-
To tax our own debt to
help pay it off was never dreamed of
IS Democratic BY any of them. If il
could be taxed one per cent, II could
De six per cent, and thus rendered
worthless. 1t is indeed "a new way {
% pay old debts.