The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1878-08-20

greenbacks and National bank notes.
Now, on January IA, 1875, there were
outstanding:
Of greenbacks, round numbers, $685., 100000
On June 1, 1878, 346,671 ,016
Decrease, 81 $35, 1895, 1884
On January IA, 1875, there were out
standing:
OF National Bank notes, s351, ,S61 .450
On June 1, 1873, 322.515,975
Decrease, 9.345,475
So that, since the passage of the re-
sumption act, the decrease in greenbacks
and bank notes-35, 1884 plus 20,
475-has produced contraction of
S64, ,634, ,469 II to this be added the
Sl1, ,550,903 of greenbacks on deposit In
the Treasury for the redemption of bank
notes, and which are, consequently,
withdrawn from circulation, .he contrac-
tion amounts to over $76, ,000, 900, being
at the rate of over 81 10000 per month.
But, say the advocates of the Resump-
ton Act, this contraction was necessary
in order to resume specie payments on
January l, 1879. Now, citizens,
1t is one thing to begin specie payment,
and it is quite another thing to maintain
it. 1t is quite probable that the Secreta-
ry of the Treasury can begin to pay spe-
Gle for greenbacks on January l, 1873,
and that most, if not all, of the banks
can begin to pay specie or greenbacks at
the same time; but the great question re-
mains,
COULD sUoH. SPECIE PAYMENTS BE MAIN
TAfNED2
If it could not, why should the people
be ground between the upper and the
neither milestone in order to begin specie
payment somewhat earlier than the con-
dition of the country would insure its
continuance On this question, the fol
lowing facts are of value:
Great Britain and France are pre-emi.
nently the hard.money countries oi
Christendoms The former has, in coir
and bullion, about three dollars for every
dollar of her money. Of course, she
can maintain specie payments; at leas
SO long as she avoids war. France has
more metallic than paper money, ane
when at peace can easily maintain specie
payment. But the United States have, "a
least three dollars in paper for every dol
lar in coin; and even little war, or {
change in the balance of trade, might, sc
long as that disproportion exists, make
shipwreck of their pretended specie pay
ment According to the best informa
ton / can obtain, the product OF ou
mines is likely to fall off. tits probable
that the maximum product has beef
reached, and that, unless new and valua
Bile mines be discovered, there will hence
forth be steady decrease of production
but, nevertheless, if the balance of trad
should continue in our favor, the influ.
of gold and silver, together with the pro
duct of the mines, would enable US t
begin and maintain specie payment
quite as soon as justice to the de5to
class would permit II this be true, VIII
resort to forced resumption? Why crus
the unfortunate in order to anticipate, b
a comparatively brief period, an adven
that would come naturally and unatteno
ed with severe distress
!. 2. now turn to another topic,the ez
J penditures OF the Government, to whic
too little attention has been paid. pre-
pose to
COMPARE DEMOCRATIC EXPENDITURE WIT
REPUBLICAN, EXPENDITURES,
, in order that you may judge which c
the two parties is the better entitled
praise for honest and economical gov
ernmeht; or, to put it in another form
, which party ought TO be condemned fc
{ dishonest and wasteful extravaganza ?
!, The last fiscal year of Democratic &C
! ministration was that ending June 81
1860 The ordinary expenses Of th
. Government for that year, exclusive
q pensions and interest on public debt, wei
S5S, $685.
E These expenses, stated in detail, we
r (omitting cents):
n For the War Department, $l6,47s,2
NAVY /" 11,514,6
. " Indian &c 1891, L
: Miscellaneous. or Civil, !27,9T,s
|, Now compare these expenditures vii
Y those of the last year in which the r
d publican party had unlimited control,tt
l. fiscal year ending June 80, 1875, tt
n ordinary expenses OF the Governmel
I'll for that year exclusive of pensions al
II interest on the public debt) were $l4s
/ 073,63 being S83, 1882 in excess
e the last year of Democratic administr
IS tion; or, in other words, the Republic.
, expenditures were nearly two and a hs
" times as great as the Democratic expe
l. ditures. But it may be said that o.
n population was much greater in Isl
e than it was in ! $3.50, and that this aceoun
for the increased expenses Of Cover
ment. This explanation will not suff1c
The population in 1850 was 81, ,443,9
1T and the expenditures were at the rate
d 81 S7a per capita. In 1875 the popul
y tion, as nearly as it can be estimated,w
r 43, 900, 900, and the expenditures were
', the rate of SO 30 per capita
VI Again, it may be said that the increa
/, of expenses grew out Of the war. Tn
e explanation will not answer. In the e
o ures have given and those I shall her
n after give, ! exclude the expenditures Q
IT casioned by the war, namely, pension
n the public debt and the interest thereo
/ and confne my comparison to the orr
l. nary expenses of government, namel
IS the cost Of the War, Navy, Indian Al
le Civil Departments in time OF peace. T
It increase in these Departments is shoy
q in detail IN the following table:
DETAILS.
1860. 1876. Increa
8 =" ment, Sic, ,47s,2os n.1soe45 s4e4s.4
b Navy, 11.514,64 81 ,497, ,626 9,9S2, {
@ Miscellaneous
. or Civil, s7.e7,s7s 7l,o7O 7os 4s,O9s.;
= Indian, 1891, l,12l 8,3S4,656 $685.;
; Increase, ss3.117,t
y But it may be said that the comparis
: should not be OF single year with a s.
= gle year, because special circumstano
:, might make such comparison pnfs
= :, and that the only fair mode is to Co
= pare period of several years with q Ii