, 1876-08-26
THE REPUBLICANS AND TIE PUBLIC
CREDIT.

Wfitt1n the following lnA,et1nent OF Tile Ae-
pntlican party:
We tlcnouncc the ansncial imhcr!1isy and imn1nr.
ality of thnt tRcpu1lfcanl party which, during
eleven yeass of pcacc, has n'adc no ADVANCE to-
ward resumption, no preparation for resumption,
hut instead haa ohatructcd resumption BY wasting
oHs rcs0nsccs and c1hnustins Ali bar hNrp'ns N.
conc; and while annlIalty pgofefs!ng to intend !
epccly return 10 specie payments, has Annually en-"
actel fresh h!udsanccs thereto.
This is tho graye indictment made by tho |
representatives Of twenty millions Of people
against tho other twenty odd millions, oil Of |
whom are concerned in knowing what truth |
there fe in tho accusation. Tho facts are |
quito recent enough to require only brief
SUMMARY of them to refuto the wllole accu-
gation. When the Nar closed III 1876, tho
Government found the public credit greatly
impaired, an unpaid ar,ny Of more than
million Of ,ucn III tho field, q fargo nayy
ailoat, and tl1a only money in the country
currency of :75d,Mt0,ddu Of irredeenlahlo
pnr1cr,-tlic solo measure OF values, anu
worth not over 10 cents on the dollar, and
subject to grcat and sudden fluctuations. All
the business aud nll tho property III the co,ln-
try were measured in value by this hally.ac-
prectatcd mud 1uctunting currency. This was
tho condition Of things when LEES army
surrendered. Tho tns1 of graphing with
this, an1 lcoaing and preparing for specie
resumption. was no triAing one. It was NOT
to Le done in day, nor Il year. The Rcpnb-'
lican party at once addressed itself to the
emergency bcforo it. 1t recalled tho yast
army FROM tho ,!e11 1t returned the men to
their lo,ucs and to their former peaceful
occupations; it paid them of to tho last
lollns. This without trouble Or difficulty,
| aud to tie surprise Of NIL mankind. In like
manner at immense navy, with its detail Of
transports and its stores Of supplies, was re-
lucod 10 asral skeleton asId its force tlisbautl-
ed nnd mid of. Also the arrears Of nrnly
aud navy, amounting to several hundred
millions Of dollars. There were ut the san.o
time unatliuatet ctaims for balances Oh con-
Tracts, to railroads for transportation, 10
others for supplies. for arms, munitions, aud
for tho countless objects pertaining to q
s.upentlous war, which footed up sovcfai hnn-
drcd millions Of lolla17; moro. There could be-
no rus,lmption willie these bills remained
unpaid; in fact, their pay1nent was csactl-
TALLY one Of tho lint steps in tbs "slyance
towartl resumption. When these werp dis
posed Of there calne detnnutl from tho
Statca for payments for advances and exrend-
itnrcs 1natle Of, account Of the General Gov
ornmont; these hatl to be adjusted aud paid.
An immense ponsion-roll grew ,uso existence
und tho country voted $50, D00, 300 u bounty
to tho army. At tho close Of tho War tle
public debt was in Il very confused state; 1t
was III all manner OF tor1s1B bearing various
rates of interest. Five, six, seven.t!irly, md
oveu compound interest. wero paid. Tic
task Of consolidating these for1ns OF debI
tl,u funding them without loss ut uniform,
rate was, in the stats ot the public credit,
no slight operation, Int 1t was successfully
accomplished. During these efforts, mpor'
. tapt md difficult, anl ail preparatory to The
: eventual work of resumption, tho publ,
! crstlit was advanced, and Tho A4nerican sc
, curities nttained permanent aud enhancing
, value.
I lInying accomplished a.l this, the llepnb
ltcaa party applied itself to tho reduction o
taxes. During the five ysars following til
close OF tho War it gradually reduced AM
=. finally repealed taxes which, when Il
+. force, yielded over Mres AuAtIrnI mil
t ions If dollars IL gear. In llk
o manner it reduced expenditures. III
t internal revenue tax, which had beon Il,
) most oppressive because reacl.iag to over
: business aud production, bus been reduce
d to thu thrco isems-spirits. tobacco, m
y banks, and ia now hardly known to tho pull
il liz. While Tie whole tax system Of the Va
& WIS thus rapidly aud gradually aholislael