Holmes County Republican. [volume] (Millersburg, Holmes Co., O. [Ohio]) 1870-1895, 1871-09-07
FINANCIAL MANAGEMENT.

FINANCIAL MANAGEMENT.
Under the above heading the
Pittsburg Dispatch makes some very
sensible and true remarks. 1t says:
The real point of contest, around
which special interest will gather, in
both the present and the approach
ing Presidential campaigns is that
of finances. The manner in which
the finances of the nation are or
may be conducted-whether we shall
rapidly or slowly pay the national
debtor derive the revenues of the
country from tariff duties or direct
taxation, and if the latter, what
classes of taxable articles shall be
chiefly looked to for revenue-these
are the questions that will be very
largely discussed. We mention
them, not to refer to the several
points in detail, but to call attention
to a very prominent fact, incidental
to the main question. This is the
circumstance that just as United
States loan bearing a lower rate of
interest than any loan it has ever
sought to negotiate, is successfully
placed on the home and foreign
markets-the bonds of New York,
the metropolitan city of this coun-
try, and the richest we have, are ex-
cluded from the Berlin board of ex-
change. The fact is significant.
The two cases represent the finan-
cial management of the two promi-
nent political parties of the coun-
try. So far as may be seen, New
York should stand as well in the
money markets of the world as the
United States. Yet one is accepted,
and the other after having been
quoted, is excluded.
The reason for this is not hard to
find. The Secretary of the Treas
ury, under the announced policy of
President Grant, has steadily paid,
not only the interest on the nation
al debt in gold, but he has been re-
ducing the principal of the debt at
the rate of over eight million dol
lars a month. Yet while doing this,
Congress has steadily reduced taxa
tion at the rate of from fifty mill
ions to eighty millions per annum.
Thus it is evident that the country
is recuperating, as constantly de-
creasing rate of taxation provides a
constantly increasing revenue to the
government. Thus, it has been il
lustrated to the best financiers of
Europe, that the Republican party
is honestly purposing to pay the
war debt of the country; that it is
amply able to do it; and that while
doing it the country is rising in
prosperity, and gaining in material
wealth. These are points that can
not be disputed. The capitalists
referred to have enough faith in these
points to invest their money in our
securities-the very best evidence Of
sincerity.
On the other hand, New York
municipal securities are excluded.
Why? Evidently because of the rev.
elations, outrages, fraud and swind
ling on the part of the authorities
of that city, and because of the rapid
increase of their debt. Even the
United States government, in times
of peace, could not decrease her
debt, for years, at the rate of s., 49,
719 per month, without suffering
loss of credit. Even were we de-
veloping great works of internal i'm
provement, such a strain upon our
eredit-could not be endured. Yet
New York has only ourt-house to
show for these millions spent. Is it
strange that all confidence has been
lost in the financial faith of the au
thorities of that city? The line of
adverse reasoning is plain. If now
the debt amounts to over S130 for
every man, woman and child in the
city, it will not be long before re-
pudiation must come. This state
of affairs has been brought about
by Democratic officials. Whatever
may be said as to the Legislature
and the action it took, it cannot be
doubted that whatever corrupt legis-
lation was enacted, was concocted
and brought about by New York
Democratic officials. 1t matters not
that some of the parties purchased
were Republicans-the purchasers
were Democrats. And the robbery.
extortion and fraud perpetrated un-
der this Legislation, thus purchased,
was done by Democrats, and for the
benefit of themselves and of Dem
ocratic organization. These are un-
disputed facts.
To apply. If representative
Democratic organization-for such
Tammany is-can thus break down
the credit OF one of the richest cit
les in the world, ought the party it
represents and partially controls to
be trusted with national power?
Would not the very fact of its ele-
vation demoralize our securities, and
occasion immense national loss?
Would not its peculation and fraud,
its adverse financial policy, speedily
ruin the country? Nor is there a
lack of projects for just such opera
tions on gigantic scale. There is
a single proposition actually enter
tained at the South, of asking for
the payment by the government of
$500, 100000 for the losses suffered
through the emancipation of slaves.
And were the Democrats in power
this idea would be brought forward.
Thus Republicanism means pros
perity-Democracy ruin. .+
HAD JUST HEARD OF 1T.
A rough looking specimen of hu-
manity was cruising along Chatham
street, New York, not long since,
when he came plumply upon a Jew,
a snecimen of his own race. abont