Lexington weekly intelligencer. (Lexington, Mo.) 1871-1887, 1879-08-09

"A " -
OPENING OF THE DEMOCRATIC CAM
PAIGN IN OHIO.
speech by Cen. Ewing at Lancas.
CINCINNATI, O.. July 24-Gen. Ewing
reached Lancaster this evening at 8
O'Clock and was received at the depot by
a large delegation OF citizens of Lancas-
ter and surrounding towns. Judge
Silas H. Wright made. a brief introduce
tory speech Of welcome.
The contest in Ohio, Mr.. Ewing said,
was really national. because the issues
are those of the parties throughout the
country. He first took up the claim OF the
republican party to having administered
the government economically. reducing
interest on the public debt and estab-
fishing specie payments, and confidently
demanding a new lease OF power as
public benefactor. He then discussed
the question of economy. He said: Let
us see which of the great parties is en-
titled to credit for ecooomy in public ex-
penditures. The democracy tor tour
years past has held the house of repre-
sentatlves. which controls the appropria-
tions OF public money. and in that time
appropriations for the expenses OF the
government, exclusive of interest on the
public debt, have been 1904, GIG 900.
For four years preceding. during which
the republican party cuntrolled the
me
amounted to $699. 339 900, so that the
the democracy for those four years has
saved the people 1884. .72O, 900. being
an average of over S21, 100000 q
year. Since June 80. 1866, the people
have paid 50. 81 900. 900 in federal taxes.
and out of that sum but 1928 ,OOO. 900
have been applied to the principal of
the public debt. 1t the republicans
had been as economical during the
years preceding 1875 as the democrats
have forced them to be since then.
the public debt would have been
reduced $345, 900, 900 more, without
imposing one dollar of additional taxes
on the people. The $21 ZOO. 900 year
saved since since 1875 by the democrat
ic house have been saved in spite of the
most vehement and determined resis-
tance of the administration and senate,
and it never would have been saved at
all had not the people at last disregarded
the howls about the alleged reasonable
purposes of the democracy, which have
formed the campaign arguments of the
republicans since the war. .
sHERMAN's FUNDING OPERATIONS.
After dwelling upon the difficulties
put in the way of the democrats who
would save, Gen. Ewing passed to the
consideration of Shelman's funding op-
erations, when he says: Mr.. Sherman
claims great credit for baving success
fully funded S847 100000 of the public
debt into 5, Al and per cent. bonds
since March 4, 1873, reducing the in.
terest paid by the government about
$40, 100000. 1t appears, however, by
the finance report that the interest on
the public debt paid in 1877. was S97,
124, 900, and last year $102, 800, 900, and
this year $105. 100000. In other words,
in 1883 over $l3, 900. 900 more of inter.
est on the debt have been paid than
when Mr.. Sherman took charge of the
funding operation. That large sum is
what the operation cost. 1t is made uI
of bonuses in the shape of double inter
est and on commissions paid to syndi'
Gates. Meantime MIR. Sherman has in
creased the principal of the bonded debt
$50, 200. 900. 1t will take the savings o
interest by refunding eight or ten years
to pay this increased bonded debt ant
bonuses and double interest and get ever
on the entire operation. Why have
American capitalists bought per cent
bonds? 1t is because they are practi
cally 64 per cent. bonds. being exemp
tor about % per cent. of taxes which
other property pays, and because th'
industries of the country have been 81
broken down that capital had better ge
81 per cent. assured by government thai
risk an investment in almost any indus
trial pursuit. Is it a greater achieve
ment to have industries perish for wan
OF money, in order that it may go to un
taxed government bonds? l admit tn.
desirability of having our debt held a
home, so tar as prosperous business
leaves surplus for investment; but th
readiness with which hundreds of mil
lions OF money heretofore employed ii
industrial pursuits has been turned int
these bonds is only symptom of the in
dustrial congestion which has drawn tn
life blood OF business from the extrem
tiles to the heart and refuses to send
back to give lite and strength to the bod
! venture to say that the people of tn
United States have lost in the aggregat
wealth in the past five years, throug
prostration of industries, brought abou
by the republican finance policy, thre
|
nominal annual saving OF interest whic
Mr.. Sherman will accomplish by hi
boasted funding. Furthermore. fellow
citizens. l assert and am able to prov
that. all OF the $4,000, 900. 900 of take
paid by the people since 1868. after tn
nominal reduction of the public det
$500. .OOO,O 900, and after the reiunding s
tar accomplished, the public debt of tn
United States to-day is far greater Ell
fective burden on the people than it wa
before the first dollar of it was paid
Measure it by things which have to b
sold to pay it-by pork, corn. whea
beef, horses, labor. 1t takes fifty
six per cent. more labor, or land
or products to pay interest to-da
than it took five years ago. How
the country benefited by nominal redut
ton OF $l0,000,0O0 Of interest, whe
the reduction has been accomplished
only by adding so per cent. to tn
amount OF labor or property which
takes to pay it?
| SPECIE RESUMPTION.
Gen. Ewing took up the subject {
specie resumption and said the mex
great achievement OF the republica
party has been the accomplishment g
gold resumption. Do you recollect, m
friends. what Mr.. Sherman promise
you year ago, here on Wheeling street
as the result OF resumption-that gol
would flow out in circulation, and tina
we would have fuller volume of none
actually current, and consequently
general restoration Of prosperity? Well
we have had gold resumption for owe
six months past. We have had. more
over, tor three years past two unparal
leled favorable condolences, enormou
crops at home and a great foreign de
mand for our surplus. The republican
party did not give us these two blessings
A kind providence, looking down on in
dustrial distress, inflicted by the ingen
uity OF theorists and usurers, relieve
its asperity by bounteous harvests a
home and eaUer markets abroad Ru