The Jackson standard. [volume] (Jackson C.H., Ohio) 1847-1888, 1875-08-12

OF lts influence on the civilization OF the
world
The excess of expenditures over re
ceipts, or that which far exceeded the or
binary revenues, and which were met by
| pledges of public faith ceased with the
close of the war The public debt had
reached its highest point in 1866, being
at that time, June 80 S2,773, ,236, 173. 80
/ Since then the revenues of the nation
have exceeded the expenditures, leaving
balance each year for the redemption
of the public debt. From June 80, 1866,
to June So 1874 the public debt has
been reduced 5S0.305, 70526. This re-
duction has taken place in the face of re-
duced taxation. Under the acts of Con-
gress dated July Is, 1866, March 2, 1867,
Feb. 3, 1868, March and July 20, 1868,
July IA, 1870, May l and June 6, 1872
the Internal Revenue taxation has been
reduced from its highest point, in 1866,
S3O9, ,226, ,813.42, to $l02 409, 1874 80, June
80, 1874 In this reduction of the public
debt, and this descending scale of taxa
ton, we have at single glance the policy
of the administration to maintain the
public credit, and at the same time
tighten the burdens of the people.
We have endeavored to show, by the
statements submitted, the magnitude of
the financial operations of the Govern
ment during fourteen years of Republi-
can rule. They may safely be held up,
as being without a parallel in our history
If not in the history of nations. To carry
on these operations through a long Sc
ries of years, without infringing upon
the constitutional rights of single citi-
zen, or without expressing the industrial
interests of the country, has required the
highest degree of administrative and leg
islatIve talent, and the highest order of
executive integrity. 1t should be borne
in mind that these heavy financial re-
sponsibilities were forced upon the coun-
try by reasonable Democracy, and that
the part performed by the Republican
party was simply the execution of an I'M
perative duty which it owed to the Union,
to freedom, to humanity and to the
worlds civilization.
If we would realize the cost of this
reasonable Democracy, we must go over
the expenditures of each year, and sum
up those which are directly chargable to
the Democratic Shareholders rebellion.
They would not only wipe out our pres
ent national debt, but restore an equal
amount to those who were forced to bear
the financial burdens of the conflict
With these figures before US, with
clear remembrance of those terrible years
of sacrifice and suffering, when the hopes
of the nation centered in the courage
and patriotism of the Republican party,
with at least $3.50, 100000 of yearly ex-
penditures to remind US of party that
betrayed the nation, and with a burden
some public debt, which a loyal people
are nobly bearing-who that nobly loves
his country, or wishes to see it continue
in the path of peace and prosperity, can
give his vote or influence to the support
of party that stands to-day as respon-
sible for the rebellion, as it did when its
recognized head, James Buchanan folded
his arms and gave it the sanction of his
official encouragement, by the admission
that he had no power to coerce.
OUR NATIONAL CURRENCY sYsTEM
We have shown the immense financial
operations of the Government during the
those measures which led to the adoption
of our present national currency the sue
cess of these operations is largely due.
Under the old State banking system, f.
nancial embarrassments would have at
tended the collection of the taxes, ire
deemable paper money would have be-
come nearly worthless, gold needed for
custom duties, and for the payment of
interest on our bonds would have become
exorbitantly high, the credit of States
and individuals would have been de-
stroyed, and before the close of the war
even if such close had been possible, |
universal bankruptcy would have stared |
US in the face.
Therefore to the adoption of our pres
ent national currency, the nation is
largely indebted for the success of its f. |
nancial operations. 1t gave to the coun-
try currency of uniform value; it
pledged the faith of . the nation for the |
security of the circulating medium; it
the possibility of loss on the |
part of the bill holder, by making the |
Government the redemption agent; it
united the moneyed interests of the |
country with the efforts of the govern
nent to maintain its existence, by MAX
ng the currency, and through this pros
oerity, wholly dependent upon the credit
md integrity of the nation.
This national currency system operated
is strong bond of union, holding the
States to the Government, upon which
hey depended for financial prosperity.
It placed the states in the attitude of
largely interested in maintain
ng the solvency of the Government.
To this system of currency, due to the
wisdom of Republican legislation, the
people are indebted for that harmony
which existed cetween the States and the
Government, and for that marvellous
which developed itself in the
midst of devastating war, and which
las practically continued unchecked up
o the present time.
Under the old State banking system,
very financial disturbance entailed
leavy losses on holders of bills, while
,anics like those of 1887 and 1857
wrecked hundreds of banks and entailed
upon thousands of individuals
lolding their notes. Under the present
rational system, these losses, which gen.
rally fell upon the workingmen, are i'm
possible. A bank may be badly managed;
t may fail; yet, its notes, being
ecured by deposit of United
states bonds, are as valuable as the
notes of the best managed bank
n the country. They continue to circu-
ate, or if the holder desires it, they may
,e redeemed by the United States. Thus
he circulating notes, under the present
ystem, may be considered absolutely
afe. Not a dollar has been lost by the
lolder on the bill of broken national
,ank since the organization of the sys-
en- All that is now needed to make
he national currency system as perfect
IS any ever devised by human wisdom,
s, the redemption of its notes in coin or
is equivalent. If hostile legislation does
lot interfere to change or cripple the
present plans of Republican administra-
ion, the resumption of specie payments
will be soon brought about without shock
II detriment to business interests.
The Republican party is pledged to
he eventual redemption of every Gov
,rnment obligation, in gold. 1t has new
n failed to make good its pledges, and
his one will be kept with sacred fidelity,
f the people continue through the future