Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1871-09-07
THE PUBLIC CREDIT.

THE PUBLIC CREDIT. i-
The effect of the financial policy O,
the administration upon the public and
general financial condition ofthe coun.
try is equally as striking and credita-
BILE.
On the 1st of March, 1869, gold was
\ tive-twenty bonds of 1862 at 118 to 118l
or about Is cents below the ruling quo
tations for gold.
quoted at 115S, and the same class OF
bonds at 1144 to 1144, or one per cent.
only below the price ofgold.
On the 1st of March, 1871, gold was
quoted at Ill, and the same bonds at
112f to 112s, being then really at pre-
MUM II to Ii in in gold. And that is
substantially the condition of American
finance and national securities to-day.
Our bonds have appreciated, and
every class of government securities is
enhanced in value in the markets Of
the world. This result has only been
achieved through a wise and cautious
policy. The eyes of European capital
lists were turned hither, subjecting our
president and his policy to the most
| 11SIo OC1uG1Lys OhcDllCtI us lO Ills
ability to manage such interests, and to
render American securities a safe in
vestment, determined at the first sign
of failure to throw back our bonds on the
market, the result has been increased
confidence in American credit and the
purchase of increased quantities of Uni
ted States bonds, as well as the general
advancement ofonr credit abroad in the
same proportion IN It has ia appreciated at
This is but a brief summary of repub-
lican financial management.
| Contrast it with specimen of demo-
crat fnanciering and see what the peo-
pie would probably realize from the
change which our democratic fr iendsare
SO anxious to effect.
DEMOCRATIC FINANCIERING.
Here, again, shall draw on the ex-
ample of New York, as practiceing the
party faith in its most abundant purity.
In this elysium of democracy it is un-
derstoOd that sysetmatic and magnifi-
cent plans have been fostered for Sc
curing a national triumph lat the next
election. 1t is believed that these
plans embrace the raising of large sums
of money there, which being sexpedi-
emily used, will enable Tammany hall
to CONTROL the democratic nominations
and secure the election. That conclu-
slve proof of this corrupt scheme should
be so early presented to the people was
not expected; and but for the courage
and integrity of an able and prominent
public journalist of New York, in ex-
posingthe plan, could scarcely have
been realized. This scheme contem-
plates the expenditure by the city Off
cials of large amounts of money osten-
Sibly for work never done, as well as
enormous sums for jobs actually exc
cuted. From the amounts thus cor
ruptly disbursed contractors are to con-
tribute with corresponding munifcence
to the Tammany fund for the purposes
OF the next presidential election. Here
is the motive for these enormous and
unparalleled frauds, without which it is
difficult to understand how such gross
dishonesty could have been perpetrat-
ed with this key, observe the monstrou5
fact;
Debt of New York city, Dec'ber 81 1859 SS4 1901
Debt of New York city April 30. 1871. 81 5A, 1856
Increase of the debt in 2s months...... So i59
How can this increase be accounted
for? For what purpose was this mon
strous city expenditure made? Let us
examine the items:
For carpenters work, carpets. aud
shades in public offices 664 646
For county offlces and armories,
For b and Sas M
Paid IngersoI, Garyey &Miller, one year 3l,955
This example ought to be sufficient.
1t illustrates the venality, peculation
ond T1nIitioaI zaroCfitufinr, which a0uo-
the Tammany democracy, and render
ulent, obnoxious and infamous. Here
was paid a larger sum for repairs, car
pets, and furniture for county offices,
than the present administration paid
in the same year for mail transporta-
ton throughout the United States;
nearly three times as much as the en-
tire diplomatic expenses for two years
past; as much as the yearly cost of col
lecting the customs revenue; more than
all the miscellaneous expenditures of the
interior department for either year of
the present administration, and more
than the entire annual expenses of the
Indian bnreaul Here is larger sum
paid in eleven months, for plastering,
than the entire expense of the United
OOdtCC lOA
the present administration; and more
for plumbing and gas-ftting, in one
year, than the expenses attending all
Washington City. There was paid more
money to three men for such expendi-
lures, in one year, than was paid for
the collection of the entire internal
revenue of the country in any year Of
tho D,.oca,,t n NJ n CT fin0. moro thon
double the expense of the United States
all the expenses of the forty-first Con-
gress. With such a policy as this trans
ferred to Washington, the Democratic
clamor that the national debt must not
be paid off now, would be found full of
meaning and full of danger. Public
credit would fall, and distrust of all
The government could not long survive
such mismanagement.
The people of New York must at
once awake to their danger. The pres
ent city debt is $50 per capita. If their
municipal affairs are not improved their
public Securities must seriously depre-
ciate, their real estate suffer from the
same influence, and that noble city will
be given up to the riots, bloodshed, and
insecurity instigated by lawless men,
and to the peeuniary plunder Of the
political thieves who are seeking to gain
possession.
SAN DOMINGO.
This imperfect review of the foreign
policy and acts of the administration
would be incomplete were it not made
to include the San Domingo question,
concerning which so much has been
said and written abusive of the admin
istration. Every effort seems to have
been made to induce the belief that
the scheme for the annexation of the
| Dominican mart of the island of Havti.