Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1879-07-25
ECONOMY OF PUBLIC EXPENDITURES.

House of Representatives, which controls the
appropriation of public money, and in that
time the appropriations for expenses Of the
government, exclusive of interest on the public
debt, have been 1904, 6l9,000. For the four
years preceding, during which the Republican
party controlled the appropriations, the same
expenses amounted to $699, 1899, 0O0 So that
the economy of one branch of Congress
by the Democratic party for. these four
years has saved the country 4,72O, OGO. being
an average of over $21,000,0 900 year. Since
June 30, 1866, the people have paid $4.3I1, :
UOO0O IN federal taxes, and out of that vast
sum but 1928. 600 have been applied to the
principal of the public debt. If the Republic
cans had been SO economical during the nine
years preceding 1875 as the Democrats had
forced them to be since then, the public debt
would have been reduced $345, 100000 more,
without imposing one dollar of additional
taxes on the people. The
TwENTY-oNE MILLION DOLLARS YEAR
saved since 1875 by the Democratic House have
been saved in spite of the most vehement and
determined resistance 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.
He claimed this as an illustration of the
necessity of the frequent changes of admins
tration. Reform of extravaganza and abuses
can only be secured by such changes
SHERMANS CLAIM.
He said Mr., Sherman claimed great credit
for having successfully funded 1884,, 600 coo Of
the public debt into and Al and per cent.
bonds since March 4, 1877, and reducing the
interest paid by the government about $1O,-
0OOOOO year. 1t appears, however, by the
hot t,os &Io
debt paid in 1877 was $97 124, 900, and last year
$lO2. 900, and this year $105, 100000. In
other words in 1878 ana 1879 over $1S, 100000
more of interest on the government debt has
been paid that when Mr.. Sherman took charge
of the funding operations. That large sum is
what the operation cost. tits made up Of
BONUSES IN THE SHAPE OF DOUBLE INTEREST
and of commissions paid to the syndicate.
Meantime Mr.. Sherman has increased the prin-
cipal of the bonded debt $50, 1000, 000. It will
take the savings of interest by refunCling for
eight or ten years to pay off the increased
bonded debt and the bonuses and double in
terest and get even on the entire operation.
He claimed further than that American capt.
talists had bought the per cent. bonds be-
cause they were practically 81 per cent bonds,
being exempt from about ~ per cent. taxes,
which other property pays and because the in
dustries of the country have been so broken
assured by the government than risk an invest
menJ in aim ost any industrial pursuit.
INCREASE IN THE BURDENS OF THE PUBLIC DEBT.
He said, assert, and am willing to prove,
that after all, the $430OOO, 600 Of taxes paid by
the people since 1866. after the nominal re-
duction of the public debt 1928, 900. 600, and
after the refundiug is SO far accomplished, the
public debt of the United States to-day is far
greater burden on the people than it was be-
fore the first dollar of it was paid. Measured
by things which have to be sold to pay it-by
pork, corn, wheat, beef, horses and labor, it
TAKES FIFTY PER CENT. MORE OF LABOR,
land or products to pay the interest than it took
few years ago. How is the country benefited
by nominal reduction of $40,OOO,OOO of in
terest when the reduction has been accom-
plished only BY adding so per cent. to the
amount of labor or property which it takes to
pay it? The next great achievement of the Re-
publican party has been the accomplishment of
gold resumption. Doyou recollect my friends,
what Mr.. Sherman promised you year ago as
the result of resumption, that
GOLD WOULD FLOW OUT IN CIRCULATION
and that we would have a fuller volume Of
money actually current, and consequently a
general restoration of prosperity. Well, we
have had gold resumption for over six months
past two unparalleled favorable cOincidents:
enormous crops at home and a great foreign
demand for our surplus. The Repub lican party
did not give us these two blessings: a kind
Providence looking down in pity on the indus
trial distress inflicted by the
INGENUITY OF THEORISTS AND UsURERs
relieved its asperity by bounteous harvests at
home and eager markets abroad. But for
our self inflicted troubles these great crops
would have flushed our country with exuber
ant prosperity But in spite of these good
providences, in contradiction of the pledge Of
gold resumptionists which led the people to a
the promised prosperity has not come;
the paper dollar is equal to the
gold dollar, but the gold dollar
is ungenerously kept boarded intthe treasury.
The money actually current is no greater now,
If as great, as it was one or two years ago.
Every little debt you owe still nettles you,
every large debt still threatens you with the
loss Of your home, your farm, your factory, or
your store. Every tax you pay calls for more
labor or product than before. Wages do not
increase, laborers still hunt for employers in
stead of employers seeking laborers, and it is
at last becoming apparent that the condition of
things in last year and the year before is to
become the permanent condition under the
established gold prices of labor and properly.
SPECIE PAYMENTS.
He then touched upon the question of specie
payments, and the clamor that owing to vari-
GUS causes gold prices were one-third lower
than bimetallic prices. He said neither party
could let the financial question alone, and the
Republican party did not intend to do it.. Mr..
Sherman says in his last annual report that the
present law providing for the coinage Of 50,