Western Reserve chronicle. [volume] (Warren, Ohio) 1855-1921, 1872-10-02

.
also to diminish the burden ofinterest.
| If il were settled that this debt were
| to be paid off in twenty years we
could very easily fund it at lower
rate, and were it known that our
bonds would be less in volume and
amount every year, our bankers and
capitalists would say, those bonds
will advance as they become scarce.
| We will not fear to buy because they
will become of more and more value" F."
Were it settled that there would be
no relaxation in the Republican
policy of paying off the debt there
would be no difficulty in funding the
debt at lower rate of interest.
feel that the exaltation of the
Democratic party to power would, in
the first place, arrest the payment of
the debt: it would alarm all the
holders of :he debt and all the buyers
of the debt; and instead of being
able. as we are now, to borrow money
at five per cent. with which to pay off
our six per cent loans, thereby dimin-
ishinh the annual cost of the debt to
the nation, YOU would find nobody
willing to buy at all. Every body
would saw: at is not going to be
Iessened in volume it is likely this
new party coming in now may take
off taxes, and reduce taxes. until
there is no money TO paw the debt
with :" and so there would be uni
versal reluctance either to hold or to
purchase any portion OF that DEBT:
Merely as a financial consideration, L
say the Democratic party is not pre-
pared to take power. 1t must, in
taking power assume the RESPONSE
biIity of the Government, its duties,
Tits obligations, its taxes. 1t must as
sume 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 not
do this.
You NAV ask, would we not go on
if the debt were repudiated? l say
No. five were even to go so far as
TO stop paving the interest, this coun-
try would be convulsed with the most
terrible commercial panic that the
world ever saw for our currency
rests on the integrity Of the debt.
Every dollar in your pocket or mine,
whether it be greenback or a Ma
tional Bank dollar, becomes worthless
the hour that the debt ceases to be
Maid. 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 currencv turn 10 nothing, no
man will dare to buy or sell. fearing
that the money will be OF no value,
and turn to ashes in mis- hands. So
with the money in the savings banks.
Not less than 5000, ,OOO is invested In
savings banks, and these savings
banks have funded it in Government
bonds but the moment you cease
paying interest, every body knows that
the deposits in the savings banks are
unsafe, so everybody rushes for his
money. and has handed out his stuff
TO him which no longer has any Sc
curity behind it, and becomes again
worthless in the hands of its holders.
If the Democratic party were in
mower. its members of Congress would
be men who fought in the rebel
armies, or who were high in the rebel
councils they would be necessarily
tine chief advisers of the administra-
ton, and they would necessarily be
adverse to raising revenue, imposing
taxes for the purpose OF paying OH
the debt which was the means OF their
subiugation. 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 oOllgatlloh oI ho
value.
So with regard to the pension list.
Were the Democratic party in power,
it would he very hard to maintain the
payment of pensions to Union SOL
diers. They would say, why, have
we not won? Have We not voted IN
the majority ? Now you are paying
pensions to those fellows who m we
have beaten at the polls, and you give
no pension to US who have beaten
them. ," There would be demand
to pension the rebel soldier as well
as ours, and the Democratic Admins
| tratioh and Congress would find II
very difficult TO resist.
These are but some of the consider
ations showing that the Democratic
party is not in a position that would
enable it to take power without in
volving itself in terrible embarrass'
mentsSwithOut finding itself bur
dened with obligations and demands!
on this side and that, which would
render its power weakness, and its
holding Office only source OF em0ar'
assment and vexation.
NEW YORK FRAUDS.
Now to speak few words on anoth-
or question of the hour. You have
doubtless heard of our financial troub-
les in New YOrk-Of the great defal-
cations-of the extravagant waste oi
public money there-and you cannot
have heard too much think there
is nothing in the history of nations
equal TO the prodigality and prohiga-
ey evil ced in the government OF the
city of New York, during the last six
or seven wears. That Government
has been, in its leading officers as well
as in its Councils, almost unanimous
| ly Democratic. It has been continu-
al critic and cavilier as to the eXtrava
eance and prOdigality of the National
| Administration. No longer ago than
the 4th of July last, VIM. NJ. Tweed.
the master spirit of the City Govern
ment, made a speech at Tammany
Hall. and said: ave are marching
on TO power, and we will show them
an example of economy and honesty
/ in the administration of the National
Government" Laughter.
Mr.. Tweed has for several years
shaped the legislation at Albany,
which has controlled the finances OF
our city. He has been at the head OF
] tba aadD,iuiStration of Dublic works in
/ the city, and at the same time a Sena-
/ tor, a leader and counselor at Albany
| and the several tax levies, some oi
them passed by Assemblies and Sen
ates in which a majority were Repub,
| lioals, have been passed by the solid
! Democratic vote with scarcely one
exception. and a few purchased Re-
/ Duhlicans. When we had Democrat
/ &c majority extraordinary measures
were carried through, nobody know
1 ing what was in them they were sell
dom read, and seldom understood, bui
rushed through in the last hours ol
the session. 1t was thus the State
government was administered. Nc
| longer ago than the spring of 1870,
measure was passed, and in such a
manner that i never heard of it TIL
long after it was passed, in when u
was provided that three millions o.
dollars should be raised, and the May
or, Hall, the Comptroller, Richard b
Connolly, and the Chief of the Bureau
of Public Works, Tweed, were to ad
inst and settle all claims against the
city. They met, and on an occasion
passed claims for 81, 700, 900, not one