Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1876-09-06
From the Boston Journal.
The Times and the Democrats.

nent of Europe, and are even apparent IN
the business circles of the east. These
periodic vstations of business depressions
have come to be an established fact, and
they usually follow flush times as the
through of the sea- succeeds the high
waves. 1t is evident, however, that in ad-
dition to the general causes, whatever they
may be, which have affected the whole
business world, there have been in this
country special reasons for the severity OF
the stagnation under which WE have been
suffering since the panic. The chief OF
these is found in the extraordinary con-
sumption of the means and life of the ma
ton during the four years war on the most
gigantic scale. Then came the vast rail-
road investments in advance of the wants
Of the country; the fires of Portland,
Chicago, Boston and other places, with
their tremendous consumption of proper
ty the general tendency to speculation
supernduced by an inflated currency, and
the universal extravaganza. owing in part
ing the sacrifices since made necessary by
the business reverSes.
In one way only do these things have
any connection with party politics. SO far
as the rebellion is to be considered . po-
litical movement 1t was clearly of demo-
cratic origin. Lincon's administration
had to meet the crisis in the best way it
could The suspension of specie pay
ments which followed, the running up OF
the national debt and the increase Of the
taxes were unavoidable neces sites, like
the loss of life and the destruction of prop
erty. The democratic party-through its
rebels at the South and through its states
men at the North who like Buchanan and
Tilden, maintained that coercion was un-
Observation-Disclosures responsible for this
whole catastrophe. Nor did the democra-
cy of the North cease their accountability
at any time afterward. Whenever new
measure for the more vigorous prosecu-
ton of the war was proposed their mem
bers of Congress and their organs re-
sisted it. They stirred up opposi-
ton 10 the draft. They discouraged
the people from investing in The govern
ment bonds, when these constituted the
only available means for pushing on the
war; and through their frequent threats
of reputation they wounded the national
credit and added immensely to the finan-
cial burdens of the people. Thus from
first to last the democracy originated the
war, heightened and sweled its disasters
and evils. They ought. therefore, to be
making or promising some repara,ion
now; but at the same time their first duty
is reform themselves and their next to I'M
do their own bad works.
1t will be seen at once, therefore, that
the democratic party is decidedly under
the shade as a financial reform party.
Suppose it should get into power-the
greater part of our national burdens would
remain undsturbed, except at the expense
ofrepudiation or infdclity to solemn trusts.
The national debt would have to be paid
Just as it is being paid by the republicans,
and so would the pensions and the other
ordinary expenditures of the government.
If the cotton tax was refunded, and the
enormous Southern claims now on file for
democratic administration should be sat
stied, and the rebel pensioners should BIZ
added to the loyal. of course, there could
be no improvement to the hard times. 1t
would not be merely that the actual cost
OF the government would be changed, but
that the confidence ofthe people be wound
ed and destroyed. To show the difference
between these two considerations, let Us
concede for the moment that the democrats
saved at the last session of Congress, as
they claim, $50, 900, 900 AS the Union
numbers about Al 900 900, it will be seen
that this could only have given saving
of about 6S cents to every individual in
the country When future deficiency bills
and the vital gripping of the public SER
vice come to be taken into the account.
even this saving will have to be materially
cut down. Desirable, therefore, as is any
specific saving of the public expense, in
fnitely more important is the general ef-
fecf produced by the party in power
on the spirit and confidence of the bust
ness community. In that respect what
could be more unfortunate and disastrous
than the accession of the democratic par
ty! With Its Presidential candidate al
ready committed to the inflationist, with
the oflice-hungry hordes of Southern dem
ocrats masters of the situation in their par
ty and determined to rule it as of old, there
is not one element of safety or encourage
ment in such contingency. The bust
ness masses. comprising even those who
| are Indifferent 10 the ordinary political is
sues, are already taking this view of the
matter and will decide it by their votes in
| November.
Explanation Wanted.