Western Reserve chronicle. [volume] (Warren, Ohio) 1855-1921, 1871-10-11

What will the democratic party d.
if it accepts power? We can tax
we do tax. We do not claim the deb
is not burden il is a burden bu
the nation bears it Dobly, and 5ears
better because it feels that every da,
it grows lighter; and thus enables u
also to diminish the burden ofinterest
If it were settled that this debt wer,
to be paid off in twenty years W.
could very easily fund it at a lowe
rate, and were it known that ou
bonds would be less in volume anC
amount every year, our bankers anC
capitalists would say "those bond
will advance as they become scarce
we will not fear to buy because they
will become of more and more value.
Were it settled that there would b.
no relaxation in the Republican
policy of paying off the debt Their
would be no difficulty in funding thu
debt at a lower rate of interest.
1 feel that the exaltation of thu
Democratic party to power would, IL
the first place, arrest the payment o
the debt; it would alarm all the
holders of the debt and all the buyer!
of the debt; and instead of being
able, as we are now, to borrow money
at five per cent. with which to pay of
our six per cent. loans, thereby dimin
ishing the annual cost of the debt tC
the nation, you would find nobody
willing to buy at all. Everybody
would say: sit is not going to bt
Iessened in volume; it is likely thi:
new party coming in now may take
off taxes, and reduce taxes, until
there is no money to pay the deb
with :" and so there would be q uni.
versal reluctance either to hold or tc
purchase any portion of that debt
Merely as financial consideration,
say the Democratic party is not pre-.
pared to take power. 1t must, in
taking power, assume the response
bility of the Government, its duties,
its obligations, its taxes. 1t must as
sumo that it will faithfully fulfill all
the ends, all the duties which devolve
upon an administration, and its pub
lie avowals prove that it would moi
do this.
You may ask, would we not go on
if the debt were repudiated 1 say
No. If we were even to go so far as
to stop paying the interest, this coun-
try would be cOnvulsed with the most
terrible commercial panic that the
world eyer saw; for our currency
rests on the integrity of the debt.
Every dollar in your pocket or mine,
whether it be a greenback or a Ma
tional Bank dollar, becomes worthless
the hour that the debt ceases to be
paid, or the interest on it. There is
no longer any money in the country,
except specie, which very few of us
have, or are likely to have. If all
this currency turn to nothing, no
man will dare to buy or sell, fearing
that the money will be of no value,
and turn to ashes in his hands. So
with the money in the savings banks.
Not less than S., 900, 600 is invested in
savings banks, and these savings
banks have funded it in Government
bonds; but the moment you cease
payinginterest, everybody knows that
the deposits in the savings banks are
unsafe, so everybody rushes for his
money, and has handed out this stuff
to him. which no longer has any Sc
curity behind it, and becomes again
worthless in the hands Of the holders.
If the Democratic party were in
power, its members of Congress would
be men who fought in the rebel
or who were high in the rebel
councils they would be necessarily
the chief advisers Of the administra-
ton, and they would necessarily be
adverse to raising revenue, imposing
taxes for the purpose of paying Off
the debt which was the means of their
subjugatiOa. They would inevitably
be hostile to the policy of paying
high taxes in order to pay the debt
due to the creditors of the Union,
while the creditors of the Confed-
eracy found their obligations of no
value.
So with regard to the pension list.
Were the Democratic party in power,
it would be very hard to maintain the
payment of pensions to Union sold
Iers. They would say, "Why, have
we not won? Have we not voted in
the majority? Now you are paying
pensions to those fellows whom we
have beaten at the polls, and you give
40 pension to US who have beaten
HEM" There would be q demand
10 pension the rebel soldiers as well
Is ours, and the Democratic Admins
ration and Congress would find it
very difficult to resist.
These are but some of the cOnsid-
.rations showing that the Democratic
party is not in position that would
enable it to take power without in
yolving itself in terrible embarrass-
finding itself bur-
lened with obligations and demands,
IN this side and that, which would
ender its power weakness, and its
holding office only a source of embar-
assment and vexation.
NEW YORK FRAUDS.
Now to speak a few words on anoth-
T question of the hour. You have
doubtless heard of our financial troub- !
es in New YoTk-of the great defal- !
the extravagant waste of
'uhlic money there-and you can not
ave heard too much. 1 think there 4
5 nothing in the history Of nations
quail to the prodigality and profliga- |
Y evinced in the government of the /
ity of New York during the last six |
r seven years. That Government |
las been, In its leading officers as well |
s in its Councils, almost unanimous
Y Democratic. 1t has been a continu-
! critic and cavilier as to the extrava-
ance and prodigality of the National
administration. No longer ago than
he 4th Of July last, VIM. M. Tweed,
be master spirit Of the City Govern
nent, made a speech at Tammany
Hall, and said: 1--WE are marching
n to power, and we will show them
n example of economy and honesty /
n the administration of the National
government" Laughter.
Mr.. Tweed has for several years
haped the legislation at Albany,
7hieh has controlled the finances Of
ur city. He has been at the head of
he administration of public works in
be city, and at the same time Sena-
Dr., leader and counselor at Albany,
nd the several tax levies, some of
hem passed by Assemblies and Sen
tes in which a majority were Repub-
cans, have been passed by the solid
vote with scarcely one
and few purchased Re-
ublieans. When we had Democrat
, majority extraordinary measures
7ere carried through, nobody know
lg what was in them; they were sell
ON read, and seldom understood, but
lshed through in the last hours of
he session, It was thus the State
was administered. No
niger ago than the spring of 1870, a