New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1878-08-14


about s2 100000 Perhaps. in siFictness, ths dedue
tion for taxes ought be made for it is probable
their customers VINO in turn shin IL the shoulders Of
with whom they zeal. until. like all other taxa
Il finally fails upon the great body OF consumers
the people.
CONTRACTION OF THE CURRENCY.
II ia not uncommon TO hear il asserted that there has
been contraction OF the currency and IL Is but rev
months the chairman OF the Finance Committee OF
the Senate asserted that the charge Of contraction WAS
simply contraction OF the truth" But what Is the
truth shall not go the disputed question OF what
tor practical purposes constituted currency at the
end OF the aud for several years aflerward sha
cOnne myself TO the three years and half that nave
elapsed since the passage OF the Resumption Act jan
uary IA, 1875, aud 10 what is undeniaby currency
namely greenbocks and National bank notes Now, on
January Ia, 1875, there were outstanding;
OF greenbaeks IN round numbers. o90y ge
fSSS2S9o4
On January Ii, 1875, there were outstanding:
OF National bank s5.5 Az
On June l. o11DIDO
Decrease S29SO54s5
So that the passage Of the Resumption Act the
decrease in greenbacks and bank nOtes-S30.32S,9S4
plus 500 305 4s5-has produced contraction OF S64,-
634 469 II 90 this be added the Sl1 55O9OS OF green
backs on deposit the Treasury for the redemption
OF bank notes, and which are consequently with
drawn from circulation, the contraction amounts TO
1000, being at the rate Of over 81 100000
per month. But, say tine advocates OF the Resumption
Act this contraction was necessary IN order 10 resume
citizens, IL Is thing 20 begin specie payment,
and it s quite another thing to maintain It, 1t rs quite
probable that Secretary OF the Treasury can begin
TO pay specie for greenbacK5 on January 1879 ana
specie for gTeenbacks at the same time the great
question remains Could such specie pas ment be main
tanned II It could not, why should the people be
ground between the upper and the neither milestone
IN order - begin specie payment somewhat earlier han
the condition OF tue country would insure It's eontlnu-
On this question the following facts are OF value
Great Britain and France prominently the hard
money countries Of ChristendOm. The former has, in
coin and bullion about three dollars for every dollar
OF her paper money OF course sue can maintain spe
Gle payments; at least, so long as she avoids war
France has more metallic than paper money, and
when at peace easily maintain specie payment
But the United STATES nave at least three dollars IN pa
per for dollar in coin. and little war; or
change in the balance OF trade. might so long as tna
dsprOpOrtiOn exists, make sbipwreek OF their pretended
specie payment According 10 the best Information
can OBTAIN ine PrOu1GL o, our o' - H{ las been
IL is probable that the maximum ProuucL Las DoSh
reached, and that unless new ana valuable mines DC
discovered, there will heneeiOrth be steady decrease
OF production; bu nevertheless, Tue oauhGS oI u AUG
should continue IN our favor the influx OF g0d ana s
yer, together with the product OF the mines, would en-
justice TO the debtor class would permit If TINS
be true, why resort 10 forced resImphOnt why crush
the unfortunate la order 10 anticipate by cOmpara-
lively brief period an advent that would come natur-
ally and unattended wiih severe distress
DEMOCRATIC ECONOMY.
Inov turn TO another topic, the expenditures OF the
Government TO which too little attention has been paid
propose TO compare Democratic expenditure with Re
publican expenditure. in order that you made judge
which OF the two parties is the better entitled TO praise
for honest and economical government; or 10 put IL Ia
another FORM which party ought to DO condemned for
dishonest and wasteful extravaganza.
The last fiscal year OF Democratic administration
that ending June 80, 1860. The ordinary expenses OF
the Government for that year, exclusive OF pensions
ana interest public debt Sos, $780, 1852. These
penses, stated in detail, were (Omittlng cents);
For Department 472202
Navy Department ll64,bl9
For the Indian Department 299ll2l
For Miscellaneous 21,01I9I5
Now compare these expenditures with those Of toe last
year m which the Republican party had unlimited con-
expenses OF the Government for that exclusive OF
O73 $50; being Ss3 In excess OF the last year OF
Democratic administration; or, IN other words the Re-
publican expenditures were nearly two and half times
a. great tue Democratic expenditures. But Il Be
said that population was much greater In 1873 than
IN 1862 and that this accounts for the increased
excuses OF Government THIS explanation Will not
suffice The population IN 1860 was 81 44332l, and the
expenditures at the rate OF ~ s. 2 per capita In
1875 the population. nearly II be estimated,
50 900, and the expenditures at tue rate
- 30 per capita Again, IL be said that the
crease OF expenses grew OF The This explana-
ton will not answer In the figures have given ana
those shall hereafter give, eXcude the expenditures
OcCasiOucd b. the war namely. pensions, the public
debt and the Interest thereon; and cOuhue my COMPARE
son TO ordinary expenses OF Government namely,
toe cost a. the War NAVY, indian ana Civil Depart
meuts IN Of peace The increase these depart
ments Is shown In detail Ia the following fable: