Tama County Republican. (Toledo, Tama County, Iowa) 1867-1872, 1870-01-13
National Economy.

National Ecemomy.
From speech, delivered by Hon.
Wm. Loughridge, in the House of Rep
rcscntativcs, OH the Odd Of December,
1869, on the above important topic. we
extract few passages that cannot fail
to interest our readers:
And yet, sir, while it is admitted
that wo hav abundant capacity to pay
this debt, and to pay 1t without undue
oppression to the people, it should be
distinctly understood that this payment
cannot be accomplished by any trick
OF legerdemain or sleight- -ot-hand per-
formancc, by which the debt will be
liquidated without the payment OF
money and without taxing the people.
No, sir; this Democratic heresy is a
dangerous delusion, aud is the frs:
step, and long one. toward repudia.
ton. There is but one way TO pay the
debt, and that is with real bona .tde dol.
lars, anL those dollars must come from
the pockets OF the people by taxation,
either direct or indirect, and this will
necessitate a heavy rate of taxation for
years to come This the people well
understand; and to all necessary taxa
ton tor this purpose, and tor the sup
port OF the Government and the pay
ment of pensioners, they will submit
without mnrmur or complaint, as they
have in the past years endured untold
sacrifices to save their country and pre-
serve their institutions and liberties
But, sir, speaking, rs I know do, the
feelings OF the people otsIowa, Nhom
| have the honor, in part, to represeat
upon this floor; and, AS ] believe, OF the
masses OF the people in all parts of the
country, the Government must be con-
Quoted upon the principles OF economy
and truga,ity, and the expenses re-
duccd to the lowest possible standard
consistent with the efficiency Of the
public service and the honor OF the ma
ton. 70 this end l am satisfied that
our worthy and hororcd chief Exccu-
tive will lend all his influence and CO.
operation, but he can do but little
without the cooperation OF Congress,
The great responsibility will rest upon
this body.
! desire to BE understood, Mr.. Chair
man, that | do not advocate. q stingy,
parsimonious, und miserly policy; that
is one extreme. Between that and
prodigality there is a golden mean OF
true, wise and Just economy, which I
do advocate. There is one class OF ex-
penditurcs heretofore made pretty lib
orally which l trust will be entirely
discontinucI. y refer to the expendi-
tnres in the shape OF subsidies TO rail
road companies. IN my opinion it
is the settled conviction of the people
that not another dollar should be
voted for that purpose. We have now
issued and outstanding bonds granted
as subsidies to railroads to the amount
OF *62, ,925 900, and this in addition to
granta OF public land to railroad com
panies 10 the, enormous amount ot one
hundred and eighty million acres, be-
ing an.area equal to five times that of
the State oflIowag r 9
This whole subsidy practicoiswrong,
il. my opinion, not warranted by the
Constitution or the principles and the
ry-of our Government, and all the spe-
cious arguments made TO show that the
people are Indirectly benefited by the
expenditure us much or more than the
smount given, are mere sophsms.-
The reverse is the tact. 1t is taking
the money from the pockets OF the
many to enrich the few, and aiding to
build up powerful monopolies, always
oppressive in their character, crushing
out by their power, all opposition and
all competition, and paralyzing the true
interests of the country. 1t is true
these subsidies are in the shape OF a
loan to be repaid to the Government,
l regard them, in substance, as a gilt
to the companleS.ana have no doubt
they so regard them; and the action OF
Congress-, IN gls64, releasing the liea Of
the Government npon the Union Pa.
cific railroad, which lien it held as sc.
curity for the bonds issued, would lead
a reasonable man to suppose that Con
grcss had no intention OF looking to
the company for the payment OF the
bonds. | never could understand the
reason Of this surrender BY Congress
OF the only security the Government
hal for the yast amount Of money CIV
en- that company, and it is q striking
okthe power OF these rich
corporations. l think we may as we'll
make up our minds to lose what we
have given, but tor myself | say no
more railroad subsidies, no more rob,
hing ot the people to enrich 4 favored
few 49, .4sts.. v.-5v
Another measure Of wise and just
economy which l desire to urge upon
the attention OF the House is to put an
end, absolutely, to the purchase otfor-
eign territory. We paid to Russia Tor
tho purchase OF Alaska near ten million
dollars III currency. / believed at the
time that that purchase was unnecess1
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