The daily gazette., 1876-08-12

of the sea to the physical laws of ma
ture, would have paid the natioOal
debt, great as it is, five times. The re
cord, the traditions and the principles
of the Democratic party all favor
what Mr.. Webster called "the money
of the Constitution" But return to
this constitutional currency must be
gradual. We cannot restore Specie
Payments by any policy of sharp or
violent contraction. neither can Hard
Money be coined by mere legal enact
ment. Resumption must be the natur
al resultofconfidence in the purity, hon
esty and integrity of the Government,
will itself give to It's notes the value of
,, gold, without disturbing the volnme
of The currency or the rights of trade.
Ia the languag of our platform, "it
must be preceded by judicious sys>
tenn OF preparation, by public econo-
| mics, by official retrenchment and bv
wise finance.
| Our currency circulation is now
about $500, 600, 900, $591 200, 900 more
than in 1861: This immense volume
of currency, without fixed or stable
value, has produced its natural fruits.
Under the wild cxcitements of illicit
speculation, which it engendered, val
ues were no longer regulated by the
natural laws of supply and demand.
Fabulous fortunes, upon false predi>
Gates, became the heritage of individ-
uals. Vast corporations, once the
creatures, became the masters of legis-
lation, and the halls of Congress marts
where public trust was sold for private
, gain. Thou shalt earn thy bread by
the sweat of thy brow" was no longer
even memory. Paul did not plant,
nor Appollos water, and men lived not
by the energies of labor, but by the
chances of speculation. In one sense,
at least, the Utopia Of the great dream.
er became the actualli or our people.
The hour of atonement has come.
Property having gone far beyond its
actual value, by the law of compensa
! tlon has fallen greatly below its intrin
sic worth. The normal consequence
is panic. Alarm aud anxiety, doubt
and apprehension, brood over all the
industries of the country, and its
wonderful material activities lie pros
trate and helpless under universe,
financial paralysis, with an indebted
ness--national, State and municipal
appalling in its magnitude. The inter
est alone on the national debt is in
round numbers, including that paid
on the Pacific Railway bonds, $1OO,s
000, 900 and on the State and, .munici-
pal debts, $S2 ,000, ,000, So that, for
interest on debt alone, the national
and local governments require $751;
600, 900 yearly from the people. The
enormous character of this burden is
| hnet ohnwn hu
British Government pays annually in
interest on its national debt $122. .0eO,-
900, and on its municipal debt $13, 500,
600. Thus the British Government,
for the same purposes as ourselves,
pays, in round numbers, $13, ,05U, 90 @.
while we pay $1S2, 100000. And yet
there is really little comparison be-,
tween the actual wealth of Great
Britain and that of the United States,
for the former is incalculably the rich
er. The parallel is still more discour-
aging in the costs of the administration
The imperial revenue of Great Britain
is about $685., ,697, 900, and the amount
raised by taxation for local purposes
is about $104, ,337, 600. So that tie
whole cost of governing the country
is, say $465, ,534, 900. The revenue Of
the Government of the United States
is $500, ,000, 600, and the amount raised
by taxation for local purposes is about
1880, 100000. So that the whole cost
of government in the United States is
$500. .000, 900, against $465, ,554, 900 in
Great Britain.
Local taxes alone in the United Stat es
are within fraction of the entire reve-
nue. of the British Government. Yet
+, that Government supports and main
tains a prolific royal family, plants and
protects distant colonies, and governs in
vice-regal munifcence a great Eastern
empire. But bring the COMPARISON home.
Compare the cost of government now
with preceding administrations and the
picture Is still more revolving. The cost
of Washington's Administration, in its
highest expenditure, was little over
] $4,000, 900; that of John Adams, less than
w 100000; that of Jefferson, less than
S8, 900. 900; that of Monroe, less than
S17.O00,0O0; that Of Jackson, with Indian
wars. less than s3l, 10000; that of Van
Buren,, less than s3S,O0O,0OO; that of
Polk with the Mexican war included, less
than $54 800, 900; that of Pierce, $50 ,00O,-
| OOe; and that of Buchanan. little over
s6o,o0O,O00 and that of Grants last year
! over 1924, ,000, 900. This increased expen-
i diture in administration necessitated a
proportionate increase in Federal taxa
tion. Thus, the Federal tax in 1850 was
S4O,OO0,OO0: in 1860 it was $50 OOO. 900,
and in 1870, $3.50, ,000, 900. In 1850 the
population of the United States was %
10l ,S76, paying Federal per-ca pita tax
OF Sl.72; in 1860 it was 81 ,443 ,32i, paying
like tax of 81 81, and in 1870 it was 3s, :
55S S,27l, and paid a like tax of S11,67. It
is thus seen that the increase of public
expenditures, excluding the interest on
the public debt, has been since 1860, 200
per cent, while the population of the
United States has increased only 40 per
cent, and the ratio of Federal taxation,
per capital has increased, from 1860 to
1874 about 600 per cent. What has be-
come OF this immense increase of taxa
| tion, taken from the earnings of the
| people? 1t has not paid the pablic debt;
it has not filled The public treasury; it is
| not boarded for resumption. Where.
then, is it? 1t has been squandefed un-
der the gulse of official expenditure, in
the license of party corruption; it has
been used to debauch the morals of a
great party, through the lnstrnmontol;