New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-08-09
THE NATIONAL FINANCES.

The Union Republican Congressional
Committee, of Washington, has prepared
one of the most important campaign docu-
ments on the national finances, the pages of
which are devoted to careful review of
the financial measures and policy of the
Republican Congress and administration,
commencing with the period when the exec
utive and legislative departments of the
government were brought into harmonious
relations by the inauguration of President
Grant. they also present comparisons with
other periods, and take note of the results
which have been attained.
The statements have been drawn from
authentic sources, and the computations OBJ
tanned by the most approved methods and
thorough research, and are believed to be
entirely trustworthy.
All the subjects treated are of paramount
interest TO the people; and the facts and
the results are submitted with an earnest
desire that they be carefully studied and
scrdtinized, for the purpose of reaching an
accurate judgment as to both the faithful
ness and the wisdom of those in charge of
national affairs. Every branch of the pub
Lie service is so intimately and inseparably
connected with the great subjects OF finance
and taxation that administrations and par
ties must, for the present, be judged by the
wisdom and fidelity displayed in providing
and applying the means for the main
tenance of the government and the dis
charge of its obligations.
The steady appreciation of popular con
fidence and national credit, since the aeces-
sion of the Republican party to power in
1861, notwithstanding the disturbances in
eident to gigantic war, and the factious
opposition of one of the great political par
ties which pervade the country, affords the
most indubitable evidence of the wisdom,
fidelity and efficiency of Republican ties
men-evidence which has both satisfied the
people of the United States, and carried
conviction TO even unwilling fnanciers and
hostile interests in other nations.
1t remains for the people to say whether
the men and measures which have pro-
duced such beneficial results are lightly
to be exchanged for the domination
which promises nothing but practical
reputation of the national obligations and
blind worship of the memories Of thrice
defeated political party.
The following conclusions are arrived at
by the committee in regard to the statements
made
l. That in the first two years and. one
month of the administration of President
Grant there has been an actual reduction of
the public debt TO the amount of $2l5, 1885,
663 "a.
2. That the annual interest charge to the
people has, within the same period, been
reduced in the sum of $l2, ,062, 1897 sc, con-
sequently affording permanent annual re-
lief from taxation to that amount.
8. That the net gold discount actually
realized to the public treasury on the pur-
chase of bonds, by which purchase the debt
has been mainly reduced, is $l4, ,5S5, 1888 SO.
4. That, In consequence of the measures
and policy of the Republican Congress and
administration, the public credit, although
greatly disturbed by the war, advanced
Il L. 81
year 1861 (the close of the Democratic ad-
ministration of President Buchanan to
March !, IS59-reaching an aggregate ap-
probation, as applied to the then existing
values and principal of the public debt, Of
three hundred and sixty-ive millions of
dollars; and by the still more efficient ad-
ministration OF President Grant, the public
credit, as referred to the now existing val
ues and debt april !, 1871, has been fur
ther advanced, within a little more than
two years, making an appreciation during
this short period, as applicable to the now
existing debt, of six hundred and fifteen
millions of dollars; also showing that the
appreciation since the close of the last Dem
ocratic administration early in 1861, appli- |
cable TO the existing values and debt, is |
eight hundred and sixty five millions of |
dollars.
5. Within the period from March 4, 1869, |
to April l, 1871, the appreciation of the ma
tional and national bank currency was |
twelve per cent, making an aggregate ap- |
probation of $S5,000,000 which has accrued |
to the people in consequence of the advance |
ment of the public credit by the Republican |
policy.
6. Reduction of annual expenditures for |
the fiscal year lS69-70 as compared with the |
last year of Johnson's administration, $780,
532, 1913 or. As compared with the last year
of Buchanan's administration, upon the /
same basis, thirty-six cents less per capita,
the population AZ, ,000, 900, making
an annual saving of $l4, 100000.
7. The internal taxes and customs duties
have, since the close of the war for the snp-
preston of the rebellion, been reduced by |
the amount per annum of $25l, ,84S ,827 3S.
8. The postal service has been extended
ana increased in efficiency, and its compar-
alive expenditures materially reduced.
An Incident of Long Branch.