Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1871-10-11
LIFTING THE BURDEN.

month brings the same story OF cenlilueu
reduction of the principal of the great war
debt inflicted upon us by the democratic
rebellion. During this maligned and vii
l;fed administration two hundred and six
tv-four millions of the debt have been paid
off and guished-thirteen millions
of it during the month of September just
expired Yet while the government is
TINS hard at work to reduce the weight of
our obligations, every democratic news
paper in the land is busily engaged in cir
culating carefully prepared statistical mis-
representations, alleging that the regular
expenditures of the administration are eX-
travaganty higher under Grant than I'M
der any democratic president. All the
money used to reduce the debt is, in these
garbled statements, charged against Grant
as extravaganza. So are all the pensions
and war claims. A democratic rebellion
caused patriotic people to rush to the
field, to save the republic, and now It'll
called extravaganza to pay pensions to
the wounded and disabled.
Our democratic opponents are also ter
ribly exercised in their minds about the
compensation allowed to the syndicate for
placing the new fives. 1t had been so ar
IDENTIFY desired to have the entire loan fail,
that the annoyance caused to the demo-
cratic journals by the assured success OF
the measure is quite serious indeed. Mr..
Boutwell, estimates the net saving to the
government at over twenty-four millions.
Mr.. Pendleton has theory of printing
limitless grcenbaeks and paying off the
entire debt with them, thus saving all the
interest. This seems to be the ''cheap
and abundant currency" advocated by the
Democratic journals. The democratic idea
is to raise the money from the paper mill
the republican idea is to raise it from tax
alton. The difference is that in the repub-
lican case the government extinguishes
the debt, while in the democratic case
merely the form Of the debt is changed.
The more we progress in reducing the
aggregate of the debt, the less need there
is of raising money by taxation to pay the
interest on it. But as we cannot hope to
get rid of the debt soon, we are adopting
the next best course by making arrange
ments to substitute new bonds at lower
rates of interest. Mr.. Boutwell, has stated
in speech at Cincinnati that as soon as
the fives shall have been all placed, the
way will be opened to place the remain
ing bonds at four and four-and-a-half per
cent. Mr. Boutwelrs belief in the posi-
bility of negotiating the fives was source
of endless ridicule with all the free trade
organs and the democratic journals. They
talked without ceasing of his ignorance of
finance, and of his blunders, and of his UNI
wise policy, and of what he might, could,
would or should have done. And all that
time Mr.. Boutwell, was reducing the debt
regularly every month, reducing the sup
ply of bonds in the market piling up hi:
balances, collecting the revenue, and thus
furnishing the basis of national credit.
OF the quarter of billion of dollars pal,
out to extinguish the debt, the create
part has gone into the building or improv
ing of railroads and other public works
the effect of which upon the commerce
agriculture, manufactures, and genera
trade Of the country, has been immense
No nation of the world has ever befor,
made such progress within SO short ;
period of time, and most of this is fairly
attributable to the policy of paying off the
national debt and allowing the capital to
pass into other forms of investment. Not
only have these grand results been achiev-
ed in public works and in the productive
and trading forces of the republic, but oul
banking and insurance capital increases
steadily and largely, and the operations
are on scale far more enterprising and
extended than was ever.belore known in
this country.
All this has been done by republican
policy in setting free she vast amount o
capital locked up in the form of nationa
debt. During the war this money wa
evoked from its hiding places by the grea
necessities of the nation, ard for the frs
time embodied in such shape that til,
people might see and know their owl
power. Having by this tremendous fnan
cial effort learned something of the pc
tency Of active capital. they now readily
apply it to all sorts of uses SO soon as it il
released from the national debt If the
policy of the government shall be contin'
ued without interference by an excessive
and premature reduction of taxes, the
progress now witnessed everywhere will
go on at an accelerated pace, and the eff.
fects win be felt by all the interests Of the
country. The vehement assaults upon
this policy by the democratic party show
that they have more regard for mere par
tisan political aims than for the interests
OF the taxpayers and the prosperity of bus
mess. II Mr.. Boutwell's course were sub