The Rock Island Argus., 1878-09-10
o Gts b 9'aiIg Assns!...
E(N. Y. WorId,l

/ E(N Y. Worldly
The speech of Presi dent HAYES from
the grand stand at st. Paul is carefull,
prepared abstract of the records of the
/ treasury department designed to exhIbil
the admirable progress that the country
has made since the close OK the war. It
shows that the debt has been reduced:
that the interest on the debt has been re-
duced; that the amount of taxes levied
has been reduced: that the ordinary ex
penditures has been reduced, and that the
balance OF trade has shifted in our favor.
Ihe inference suggested is that the repub-
lican party il entitled to great credit for
such happy results. The facts may be ad :
mltted but the inference is simply lauaha-
bic. The Indebtedness, the interest. the
taxation, the rate of expenditure and the
condition OF the foreign trade at the close
OF the war were simply intolerable and had
TO be modified. The only method for
testing the administration of the reDuhli
can party is TO consider whether the pnh.
llc debt was recklessly created and IN gise-
" augmented through unfortunate blum
ders IN regard to the currency: whether
the interest was too high; whether the
expenditures were exorbitant; whether
the taxes were judiciously levied: whether
the errors originally committed were RENE
died with due. haste, and whether the ha
DIT OF extravaganza so easily contracted
was willingly flung aside, In a word
without disputing Mr.. Hayes's invenionslv
compiled figures. the question remains n
be considered: How much of onr gain H. .
been made in spite of the REPUBLICAN par-
ty rather than through its influence? The
neera L
eo. not Dy comparing our condition now
with our condition ten years ago, but bs
considering how far folly, extrayagante
and partisan bigotry contributed TO our
eVll then and how far they have retarded
our recovery. 1t the President could show
that every cent of our debt was paid. that
TACT would not excuse the republican party
II the debt was twice as large as it should
have been and if its payment had been
made three times more burdeDsome than
was necessary. Judging matters by a
money standard, we do not think the re-
suit attained by the republican party af
ter an expenditure of nearly fourteen
thousand millions of dollars in eighteen
years anything to be proud of: and If the
hation is in better financial condition.
considered as q business corporation. than
| it was in 1865, the people are SO: much
worse off now than they were then that
they can hardly enjoy the improvement
which the United States Treasury ac-
counts exhibit. 1t is true, as President
Hayes says. that the Government seemed
insolvent thirteen years ago, while it is
certainly solvent to-day; but thousands of
the people who were solvent thirteen wears
ago are bankrupt now. The fallacy Of
| this argument from contrasted figures 10
which the President does not give a parti-
san application but seems to Indicate one.
IS like the fallacy in Macaulay's celebrated
picture of England under the Stuarts as
contrasted with England of the present
day, wherein he contrives to put all the
progress to the credit af the revolution of
1888. The true way to test the career of
the republican party is to reckon up its
works and the cost of them. 1t put.down
the rebellion. but after much laundering
and mismanagement. 1t freed the slaves,
but by the sacrifice of a white mans life
for every negro man liberated. and by the
expenditure of money enough to buy every
slave IN the South at a fair market price.
1t reconstructed the rebellions States, but
weighed them dowu with burden of dis
honestly contracted debt, interfered with
civil liberty and disgraced the whole coun
try by the knaveries of the carpet -bagpers,
Ii built the Pacific Railroad by grant of
money and land and virtually bestowed the
great work upon a private corporation
guilty of the vilest bribery to attain it's
ends. 1t has squandered hundreds of
millions on our navy. and we are without
effective war ships. 1t has almost brought
about the resumption of specie payment
but only after the most curious course of
financial jugglery with irredeemable paper.
which it sometimes considered receivable
for debts contracted in gold and some
times considered insufficient tender of
debts contracted in paper. 1t boasts In
crease for foreign commerce after almost
throtlling it By atariff, It is proud of re-
duced expenditures after being compelled
to the reduction by democratic house of
representatives. Verify. if things are in
good condition. which is, to say the least,
doubtful. we owe little thanks to the re-
publican party.