The Morristown gazette. [volume] (Morristown, Tenn.) 1867-1920, 1878-11-06
A SKETCH
REPUBLICAN, LEGISLATION
OF NATIONAL FINANCES,
From the Beginning Of the Civil
War to the Present Time.
BY W. W. LANGHoRNE.


country Without sound finance, no
sound government is possible without
sound government, no sound finance is
possible. In the fiscal and commercial
| policy of a nation lie the foundation, the
happiness, the prosperity and the well
fare, not only Of the working classes,
but of the capitalists also. ."-Rt. Hon.
Jas. WTson.
To the Editor of the NIorristown Gazette:
The language Of this eminent En-
glishmau is justified by the expert
ence OF nations for where there is
bad government there is always bad
finances. and it is equally true that
mismanagement Of rational finance
brings with it bad government. They
are evils that accompany each other.
Good government and bad finance
are impossible of assimilation. The
distresses Of the laboring and produ-
cling classes in this government find
their offspring in unwiSe Legislation
in finance, and these distreszes will
increase until the party in power dis
cards the idea that it is the capital
ist and not the laborer who must be
protected and enriched by class leg
islation-class legislation in inan
cial matters is the most hurtful and
dangerous Of all legislation, since its
repeal has been generally attained
through the agency of revolutions
and civil war. The legislation OF
this country since the accession Of
the Republican party to power in
this country, from 1861 to the pres
ent time, has been based upon the
idea: First. that credit of the nation
is best preserved by legislation for
the capitalist, assuming if the gov
ernment pleases, fosters and protects
the rich, the rich will foster and pro-
tect the poor. Second, that the Uni
on was saved by the bondholder and
not by the soldiers and sailors.
Before glance at the financial !
record OF the Republican party it
will probably be nothing amiss to
examine the records of the Wing and
Democratic administrations. to see
how they appear from the records.
The public debt of the nation on the |
1st of January, 1918. was. in round |
numbers, $95,O0O,OOO. From this
time there was a gradual reduction
of Indebtedness to 1886. when the
debt was was only 1921. .O59 05: nor
did the public debt ever reach so
high figure as it was in 1918, dur
ing all the following years Of Wing |
or Democratic administrations. The |
statement of the debt under Buch- !
anon's administration was $64,769, !
7O3 08. Less than il was in 1859 !
and 1853. and considerable portion
OF the debt under Buchanan's adj
ministration was the unpaid liabili. !
ties arising from the prosecution or
the Mexican war. The revenue col !
lected by the government from all
sources. internal revenue, direct /
taxes, sales of public lands, bank !
stock, dividends and bonds, from |
1920 to the close of Buchanan's ad |
ministration, averaged per year less
than s4s. 100000.
The average expenditures of the
government from 1920 to the close /
of Buchanan's administration, includ- !
ing Indian wars, the purchase OF !
Florida, large sums paid to Mexico
in '49 and 50. aud $1,000. 900 indem-
nifty to Mexico in 1853. are less than
S48. 100000. The blessings of this
government during these years can
in some measure be understood by
noticing the utter insigniGcance OF
our public debt. The revenues coll
Iected show that our public burdens
we're not felt, and the expenditures.
which included expenses of the Ia
dian wars. the war with Mexico. the
purchase or Florida aud the Mexican
show the most rigid econ
omy. The population Of the United
States in 1890 was barely 4 1000. 900.
each decade about S3 per
cent, it reached in 1860. 81 ,000.0 900.
an increase Of 700 per cent. on the
population Of 1870. From the 4th
lay of March, 1889. to the Both of
June, 1861. period of over 72.years,
he entire government expenditures
we're seventeen hundred millions Of
dollars, during which time We were
engaged in wars with Great Britain
md Mexico, with what were then
powerful Indian tribes-Louisiana !
vas purchased from France for $15.-
100000, Florida ceded by Spain for
s., 100000. California from Mexico
or $15,000.000, and New Mexico
rom Texas for $1O.000.0OO. The I
leavy indebtedness created hy the
revolutionary war had been reduced I
O $45, 100000 in 1912. After the |
var of 1912 our national debt reach. {
d as high as $127 .OOO. 900. bat with 1
d twenty years the entire sum was !
'aid and the national. debt extin- I
,uished under the administration OF 1