The Daily state journal. [volume] (Alexandria, Va.) 1868-1874, 1872-08-06
FINANCIAL EXHIBIT.

Wherever and whenever the financial
policy of the present Administration
is attacked, the stern reply of fig
ures that can not lie form of themselves
simple and an effective answer. No 9TH
er financial policy than that adopted by the
Republican party could have been persist
emily followed and led the country forward
with a steady and undertaking step. If it
had been faulty or corrupt, slight retro
spect at the price of gold during the pres
ent Administration would have shown it
while the evidence of the wisdom and faith
fulness with which the fiscal branch of the.
government has been conducted under Re-
publican rule is everywhere most manifest.
In March 1869, when the johnson Adj
ministration went out, the average pre-
MUM of gold during the month was 1919.
The public was then undecided as to the
policy ofthe new Administration, and every
impeachment was made by Wall street COM
binations and Adventures to control the
sales of gold in the manner to which they
had been formerly accustomed. The Sec
rotary of the Treasury hal to combat clique
after clique, and ring after ring, and to
have certain legislation passed giving him
certain authority before he could inaugurate
any new system. 1t was battle of giants,
and during the months of May and June
gold was run up to an average of l3S to 1879
per cent. But the battle was not of long
continuance, nor without signal results.
In the latter part of the year 1870, gold
commenced rapidly to decline, averaging in
October, 1870; November, 124b; Decem-
Der, 1919.
In the early part of January the decline
continued steadily, reaching in April an av-
erage of 113, and SO it has continued to
the present time, sometimes being much
lower, averaging in January of the present
year 1905. Does any one whose opinion
is of any weight, or who is not blinded by
passion or prejudice, suppose this steady
decline in gold would have taken place if
the charges of corruption or misuse of the
public revenues were true? Take also
into consideration the steady, gradual APP
probation of the national securities. The
loan due in 1881, the one that has the long,
est to run before it can be redeemed by
the Government, is the chief favorite with
capitalists and investors. When the pres
ent Administration came into power, with
gold at 1919, it was worth, with accumula-
ted interest, l164. In the month of June,
1872, with gold at 1l3B, it is worth 1194,
with accumulated interest.
Few persons like to wade through an in-
tricate maze Of figures and calculations
the public eye wants to glance at results,
not computations. To sum up, then, the
result of the present Administration of the
financial affairs Of the nation has been UNI
exampled in the history of national adj
vancement, and far beyond the expectations
of the most sanguine. The citizens of the
United States, the people of all countries,
have become so inspired with confidence
at the jealous watchfulness of the public
credit by the present Administration that
any change would not only be impolitic
but dangerous. 1t is no use to say that
these results would have been attained
through the natural recuperative powers of
the country. Other countries with equal
resources according to territory and popu-
lation are financially at the mercy of bank
ers and SPECTATORS. Take Mexico for iu-
stance. If she had not been torn by do
mestic feuds her inexhaustible mineral re-
sources would have made her loans the
most desirable in the world. As it is her
revenues are invariably behind her expend-
lures. Fidelity to principle and honesty
in administration make the difference.