Ashtabula telegraph. (Ashtabula, Ohio) 1874-1880, 1876-09-22
Public CredIt-BOrrOwtng Power oi
the GOVernmenL.

debt certainly ev1nces Ootn gooQ slAlesA40A
ship AID careful economy.
PubIie CredIt-BOrrOwtng Power OF
the GOVernmeuI.
UNDER DEMOCRATIC RULE,
BY the act Of June %, 1850, provision was
made for the redemption Of Treasury uo.es
which bad previously been Issued 70 ul@Ae
good deficiency in the revenues. his 4e'
provides for the issuing Of stock for an amount
uot exceeding s21, 100000, at rate
Of Interest mot exceeding six per cent
per aoDun. an to be reimbursed within a
period not beyoud twenty years and no' less
than ten years" Ten millions was offered on
these terms and taken, though 81 ,099 900
OF this amount. was forfeited. The remaining
II ,OOO. 600 could not be negotiated. Under
the Circumstances, It was recommended by
Howell Cobb, Secretary Of the Treasury, that
so much of the act of June %, 1860,
as authorized the issuing Of the stock be re-
pealed, and that authority be giyeD for Issuing
Of Treasury notes to the same amount, to Be
negotoied # such rates as mould command dts
eonfdencs Of the country and to create that
confidence it was recommended that the pub
lie lands should be Internationally pledged
for the ultimate redemption of all the Treasury
notes which it might become necessary to IS
sue. It was also recommended that provision
should at once be made to relieve the Treasury
from "preseut" embarrassmeuts by autnor-
izing the issue Of an additional amount OF
Treasury notes not less than SlO,OO0,OOO.-
See FiaGHes Report, 1860, pages and
In accordance with these recommendations
Congress passed the act Of December II, lSoO,
authorizing an Issue Of S1O,O0O,OOO in Treasury
notes, "beaTiDg such rate OF interest as may
be offered by the lowest bidders" The whole
amount thus authorized was issued, large
portion bearing interest at the rate Of TWELVE
FER CENT. per annum.-See Finance Report,
1865. page 42
UNDER REPUBLICAN RULE.
Interest.
Act Of July Is 1871. bonds 600 p. Ct
Act of July IS 1851. Treasury notes.. 7SO P. e.
Act Of Aug. 5, 1851, bonds in exchange
for Treasury notes Of July b.. go. 90 p CT
Actof March 8 1854 IO-40 loan. 500 p Ct
ass isSl q iulSea S ioan. tS lo.., anu ANNA. 500 p Ct
Acts Of July Il, 1870, and January 20
ISL. frst instaliment Of $3O0,OO0OOO,
funded loan A5J P CT
The syndicate Of The new four-and-a-haf
per cent. United States bonds reports salts
factory progress Of sales in New York and
London A London dispatch received at New
York states that there is decline in consols,
which is due to the attractive character of the
United States foUr-and- half per cent fund
ing loan. Several London banks are selling
consols to buy four and -a-half per cents.
The Public BuIIdIngs-ResuIts OF
Democratic Legislation.
The refusal of the House to make the appro-
priations called for will work incalculable
injury in variety of ways. The buildings
are needed; they are now under process Of
construction. In some cases, as at Chicago,
Illinois, for example, there IS no appropriation
TO roof them, and serious loss must be the
result. In other cases foundations are begun,
but there is not money enough to b ring them
up 10 the level of the streets, so that the grad
ing may be done and the gas and water pipes
be put In order. The amount appropriated
for the current year is not large enough to
continue these works economically, and
hence large sum of money will be wasted
instead of saved. The Government is paying
large sums for rent of buildings in various
places, which would be saved by the compile
tion Of those now in progress; instance, the
inconvepient and -freproof
offices amounts to 100000 per annum. The
interest charged upon the sums already ex-
pended will amount to 81 ,756, 4G4. .38, which is
a dead loss while the buildings remain IN
By the stoppage of appropriations called for
the work upon these buildings is suspended,
and thirty five hundred persons are deprived
Of employment. The money devoted to these
works of utility and economy should not be
included in the expenditures Of the Govern
ment; it should be treated as permanent in
an addition to the capital or wealth
Of the nation.
The amount asked for making repairs to the
United States Treasury building was consid-
cred necessary for the usual or ordinary re-
pairs and for putting on a new roof. The roof
now leaks badly, and great damage to the
building and public records is the result; the
amount appropriated is insufficient for this
work, and it is consequently postponed at an
additional cost impossible to estimate. The
same remark will apply to the failure to ap-
DIopriate the amount considered necessary for
i'repairs and preservation Of public buildings"
generally. The insecurity of the public
their liability 20 destruction or irrepa-
rshle damage in the rented offices and such of
the public buildings as need repairs through
out the country, should be taken into consider
alton in estimating the loss the Government is
liable 10 sustain by Withholding the necessary
appropriations.
APPROPRIATION FOR FUEL, LIGHT, ETC.
In the face of the storm of public indigna-
ton that was aroused by the failure of the
House to vote the necessary sum to supply
The deficiency in the appropriation for fuel,
lights, water, &c, for public buildings in
March last, they have cut down the sum as
eertained to be absolutely necessary for the
purposes specified for the current year.
APPROPRIATIONS FOR LIGHTHOUSES, BEA-
CONS AND SIGNALS.
For lighthouses, bsacons and signals, $780,
400 was required; 1851 200 was allowed.
These are indispensable for the safety of our
commerce on the ocean and the great lakes.
They we're estimated for and urged by the
Lighthouse Board. No person doubts their
value or that they will be provided for here
after, though now postponed, probably at the
cost of life and property to American citizens
engaged in commerce, while at least five hun
dred mechanics and laborers are thus deprived
of employment. For buoys the appropriation
was cut down SIC, 600. In some of our North
ern harbors, as at New York for example,
many Of the buoys are carried out to sea and
lost by the floating ice every spring. This re-
duction will prevent the replacing of such as
are lost in this manner. Who can estimate
the loss of life and damage to property that
may result.
APPROPRIATIONS FOR NAVY YARDS, DOCKS,
ETC.
The appropriation for labor at navy Yards is
cut down St25,O and another item for labor
Of various kinds is reduced $4,000. For gen
eral maintenance of yards and docks the re-
duction is 100000; the loss occurring from
depreciation and destruction of property it is
impossible to estimate. For repair of naval
hospitals and naval laboratory but $50 coo was
asked, and this was cut down to $4,000.
APPROPRIATIONS FOR THE PRESERVATION OF
VESSELS, &C.
For preservation of vessels the amount ap-
propriated is 81, ,800, 900 less than the sum
U-l,o 81 EI,Fs .o5f,,o4fo,, ---;11