The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1876-03-28
Refunding the National Debt-Imbe-
cility OF tho Democratic House OF


strongly against the democratic party that
ceptible effect in arresting the progress of
the republicans in recovering lost ground,
as was shown in the New Hampshire election.
To be sure the merits of political parties
must be estimated from a moral as well as
fiscal standpoint True it is that small
sum lost TO the Treasury by theft or pecula-
tion deserves q severity of condemnation
which cannot be Justly visited upon losses
which result from an honest but mistaken
policy. In the mere fiscal, apart from the
moral view the malversation Of Belknap
is bagatelle when compared with the
waste which attends democratic folly. Bel
knap's dishonest avarice entails no loss on
the Treasury, and his illicit extortions
at the expense OF the soldiers cannot
have amounted TO more than one or
two hundred thousand dollars per annum.
But the democrats in Congress- by sheer
folly and incompetence, are sacrificing at
least ten million dollars year under one
head of squandering neglect. We refer to
their inexcusable failure to take the requi-
site steps for enabling the Secretary of the
Treasury to refund the six per cent bonds at
lower rate of interest. The necessary
measures would have been adopted Mt an
carly stage of the session if the republicans
had retained their majority in both houses,
and there is nothing which the democrats
can plead rs a set-off to this wasteful neglect.
II is not the democrats, but Secretary Bris-
tow, that stopped the leaks in the revenue
from whiskey, and although they may justly
claim the credit of arresting the corrupt
career of Beknap the fiscal advantage of
forcing him out of Office is trihing.
If we pass from the fiscal to the moral
aspect of public questions it is difficult
to discover any solid ground of con-
tidence in the democratic party. Their
motives seem purely partisan and utterly
selfish. They ignore every advantage to tho
Treasury and the taxpayers which brings no
grst to their party mill. Had the public
good, and not partisan advantage, been their
ruling motive they would have made it their
first ondeavor to find such means of strength
ening the Treasury as the Senate would be
likely to concur in, and have secured what
was easily practicable before trying doubtful
experiments. They would have had the full
support of the Senate and the President in
measures for refunding the public debt at q
lower rate of interest, and ten millions q
year saved in this way would be as great q
relief to the taxpayers rs q reduction of sala-
RIGS and expenses to the same amount. But
they would have shared the credit of this
species of economy with their republican
rivals and they feel no interest in any re-
form which does not feather their own
nest. This is shortsighted and suicidal,
even from the partisan point of view.
1t advertises to the country that the
democratic party cares nothing for
economy or reform except MS lever of
party success. 1t shows that they do not
WOO economy for itself, but only for its
dover. 1t betokens purpose to subordinate
the public welfare to party aims, which is
hardly less selfish and dishonorable than the
prostitution of public positions to sordid
private gains. If the democrats in Congress
had evinced n sincere purpose to alleviate
the public burdens without regard to party
advantage they might have established them
selves in public confidence. But this
method of leaving the public funds to waste
ut the bunghole because the republicans
would share the stoppage of that waste, and
making great parade of saving at the
spigot, where they expected no republican
cooperation, proves that they stand on the
same low moral level as their political
opponents whom they are trying to discredit
and disgrace. 1t was in their power to save
at least ten millions year to the Treasury
by cooperation with the republicans in
reducing the interest on the public debt \
but, neglecting this great opportunity
TO serve and relieve the people, they have
confined their activity to petty retrench-
ments of salaries and expenses, in which
they do not expect the concurrence of the
Senate, with view to make party capital
for the Presidential election.
Our respected contemporary, the Times,
though party organ, is entirely right in
inveiShng against the neglect of the House
TO take any steps for alternating the heavy
burden of the public debt. The petty and
piddling economies of the democratic House
in relation to West Point expenses and
diplomatic salaries are very sorry matter
indeed, in comparison with the important
and practicable reduction of the public
burdens, which might have been accom-
plshed by appropriate legislation for re-
funding the six per cent bonds. The Times
says, with great truth and force:-"Unfor-
tunately, the Secretary of the Treasury has
no authority to issue any more five
per cents for funding purposes, and he
does not seem to be able to sell Mt
par bonds carrying lower rate than five
per cent 1t is now upward of four months
since the last bonds were called for pay