, 1879-07-26

Gen. EWING has opened his Ohio campaign
by speech delivered at his homa In Lam.
caster. Il that speech sounds tho keynote
Of the canvass, ms Is probably tho case, then
Gen. Ew1Na proposes to base bis chances
for succoss upon policy Of n,isroprosenta-
ton and demagogism. He evidently hopes
to damage tbs Republican party by falsifylng
tho facts, aud aid the Democratic party bY
appealing to tho most ignorant and deceptive
sentiment in favor Of hat imitation. In start-
ing out upon a campaign Of this character,
tho Democratic candidate for Governor Of
Ohio misca1culates the amount OF informa-
tion and intelligence Of the people Of his
S.ate. His misrepresentation will be
promptly exposed, and his demagogism will
excite mora disgust than enthusiasm.
Gen. EWING, a. member of Congress, has
bcen in rosition to inform himself &C.
enrately about the financial operations Of
tho Government, 40 that inaccurate atato-
ments coming from him cannot fairly bo
attributed to ignorance. Whon ho rapre-
sentod TINT thu Government debt had
aotually boom increased, and tho Govern
ment interest swollen, by tho present Adj
1ninistratiou, he must have been consciouH
OF concoaling The roal explanation Of an up.
pnrent increase, which he put forward as
permanent. The terms of the law arc
familiar 10 him, which requires three
months notice for bonds that arc called in.
He nlso knows that tho new bonds must DO
issued in order to raise tho money whorawith
tho called l,onds are redeemed. This PROCESS
inevitably involved tho payment OF double
interest pending tie process Of refunding.
II Gen. EWING knew Of n better and less
expensive why for converting tho G por cents
md per cents into ! per cents, il was hia
duty as member Of Congress to propose
md urgo his party to pass 1t, hut it
is unfair and dishonest for him to represent
that thero has boon an actual increase in the
dobt, whon thoro Inns been moroly tempo-
rary enlargement form few months of tho out
standing obligations as n monns for reducing
tho interest. This temporary incrsase will
DO at end by the 1st OF September, when tho
refunliug shall bo completed, and then tbs
full benefits Of the refunding will bo ap-
pnraut.
Gen. EWING says that tho interest paid In
1873 was about ST, 900, 600 more than that Of
1877, aud TINT this year thore will be fur
thor inoreaso Of about S3, 0oo, 900 in tho in-
torcat account, owing, Of course, TO the con-
ditiona Of tho refunaing process already de-
scribed. Thon he aaas, with reckless diHre-
gard Of truth, that "it will tako tho savings
Of interest by rofunding for eight or niuo
yeara " to even up Oh the outlay. Tho faot
il that the annual saving In interest secured
by tho rofunding operations unce March /,
1877, Is $l+ ,oo7, 1T, while tie extra interest
paid during tho two years, as eatimated
ly Gen. EwNo, is only $4,000, 600
Inatead Of i!a taking eight, or ten yeara
to mike good tho cost OF refunding, as Gen.
EWING says, the saving Of single year more
than ropayB tho transient investment, and
! therenfter the annual saving Ia large actual
reduction Of taxation.
Con, EWING coudomns tho sale Of bonds
for the accumulating Of specie to carry ont
tho Resumption net, which alono enabled
tho Government to refunl its debt at 1 par
cont intorost, This accumulation Of specie
| for resumption w.s essential to tho aohono !;
| Congroaa appropriated the current revenues
and the law provided for The sale of bonds
| In order to reuder resumption suocessful,
Con. EWING made desperate efforts to have
that law repealed, but failed; ha WINS not
sustained By tho intelligent sentiment Of the
country, Tho SUCCESS Of resumption be.
catne tl1e basis Of a universal reduction in
tho rates Of intarest aud universal t,anro,c-
nent In public confidence, The Government
was. euabled to borrow money at 1 per
cent to nay OF 9 per cent bombs,
aud private persons and business corpora.
tlons enjoyed proportiouate bonetlu, In
ucar]y eyory State whore tho Lsulslatures
met this yvar stems wore taken 10 reduce
tho legal rate Of interest whero ths
rato had been 10 per cent, It was put down
to psr cent, az in Illinois and Indiana, and
In Now York tho pcs cent rate vao Gu,
down to {, por cent. In communities whore
businessmen could borrow at not less thar