Daily Kennebec journal., 1879-08-14
General Ewing's Speech.


Gen. Ewing of Ohio is undoubtedly the
representative of greenback opinion in this
country. A man of acknowledged ability,
prospective candidate for the Presidency
if the opinions of any man in the grecnback
democratic coalition are to be treated with
consideration (?) whose more so than he?
Now let us see what his ideas on the subject
are, rs set forth in the recent address at
Cleveland Ohio; an acknowledged master
piece (among those of greenback persuasion)
of financial argument.
But first of all observe the great financicr's 5
prophetic powers-how truly have his predic-
tions been realized, what a master of fore
thought did he prove himself to be when in
the halls of Congress on Nov. %, 1877, he
was delivered Of the following
''If we were wholly ont of debt to Europe,
if our foreign commerce hoated under our
own flag, if there were no system of absen-
tceism among our wealthy classes, spending
wealth abroad. resumption in gold or even in
gold and silver would be impossible on our
present volume of currency for many years
to come.
Oh, what mighty prophet this Gen Ewing
to lead the people through the wilderness to
prosperity.
Now, in this Cleveland argument, he has
changed the words, although the tune remains
the same. and the whole speech is such tis-
sue of Interpretations that it is difficult to
say whether he really knows whereof he is
talking or is merely throwing dust into his
constituents eyes. deeming them unable to
discern the true from the false In either
case, what a proud boast, to be led by such a
man.
First of all he claims that in reduction of
appropriations, the democratic majority in
Congress during the last four years, has saved
to this country an average of S21 900, 900 IA
year Something to boast of truly, to have
saved-or rather appropriated (for it is not a
saving) at the rate of $2l 10000 less than
is necessary to carry on this government.
Admitting for sake of argument that you
have lessened your appropriations at this
rate. this is far from having saved that sum.
You reduced the appropriations by refusing
to pay money the government actually owes
for cxpcnses-money already spent and in
honor bound to be paid, and which if not
paid by you will be by some future Congress.
You have saved nothing, you have simply
put off ''pay day" that you might point to the
amount of appropriations to show how much
you hare iessened expenses. When Parla-
mentary bodies in other countries do this they
are called traitors and punished as such,
while you-Pshaw
Now let us see if even your boast of hav-
ing lcsscned appropriations is not false. BY
your own words the expenses of this govern
ment for the year 1877 were ll4,000,OO0.
Let us look at the appropriations since and
| then calculate the saving to this country, and
remember that the following figures are taken
| from the official statements of the Secretary
| of the United States Treasury, and if you
| deny them you prove nothing but your own
falsity. Here arc the annual appropriations
for the fiscal years
1873, Sl14,O6 ,4SO13
1879, l46,304, ,30921
1880, l6l sos, ,9342l
Now if any mortal can twist his arithmetic
in such way as to prove a reduction, even
in appropriations, of over $50. ZOO. 900 in four
years, or in any way that will not show All
increase of $47, 739, 50 .0S since 1873, shall
be curious to inspect the mental anatomy ofthat
man. So much for democratic economy.
Secondly, he says that Secretary Sherman $
| refunding operations have cost $l3 200, 900 in
double interest to save Sl0,O00,000 annual
interest to bOndholders.
To begin with, Gen. Ewing, Mr.. Sherman $
| refunding operations have not cost Sl3, ,OOO,-
900, and the actual annual amount saved is
not $40, 100000, but $l4, ,297 III. But will
take you at your own figures and ask you if
| you really cannot see the saving of spending
| 1900, 900 to save $4,000, 900, annually,
| ever afterward? should hesitate to offer to
| you, personally, such an exchange, but per-
haps you think the finances of government
| ought to be reckOned backward instead of in
the usual manner. However, Mr.. Sherman
did recommend to your economical democrat
| ic Congress, a measure by which these $l3,-
| 900, 900 of double interest would have been
saved. 1t was rejected by strictly democratic
party vote.
In regard to the statement you allude to
and which is generally accredited by the
greenback press, that the refuhding opera
tions, while they have decreased the interest,
have increased the grand total Of the public
debt, it will be well to say once for all that
whoever repeats it lends himself tofalsehOod.
During the ninety days necessary before the
old bonds can be legally cancelled, it was in
evitable that the monthly statements from the
| United States Treasury should show in the
| total sum of the debt an increase in the
| amount of the new bonds issued. But this
was only so during these days. Expired the
| ninety days, the old bonds are cancelled and
| the total of the public debt returns to its
| former amount. The only. loss to the people
is not in the temporary increase Of the grand
| total. but in the double interest paid during
| these ninety days. and as l have said, this
might have been saved if your democratic
| Congress had not feared Secretary Sher-
man would gain too much credit by the act.
Thirdly, he INDUCES in the usual talk about
bonds, and says the A per cents are in reality
| Cd per cents, and that money is locked up in
bonds that should be employed in manufac-
| lures.
Well, Gen Ewing. to all talk about bonds
and the burden of the public debt, an honest
| man can have but one answer. though you
may be unable to see the force of it. No one
has ever denied that our public debt is a bur-
den, but the question simply amounts to this :
Shall we stand up under and pay 1t like men
,v, IA m
it, or seek like towards for some
way to repu1iate it, or what amounts to
the same thing, give our notes (never re-
deemable) without interest, for it In other
words steal the interest we agreed to pay for
the loan until we could repay it in gold, and
not only steal the interest, but by paving for
it in ''fiat money" steal the capital also
In short, ''steal' is the only word word to use
and chief the only word to apply to oil
who advocate such measures. Whom this
cap fits-let him wear it
Fourthly, he has made the wonderful dis
covery that notw outstanding all the taxes paid
since 1866, notwithstanding the reduction of
the debt in the sum of SJ28, 600, 900 Che