The Rock Island Argus. (Rock Island, Ill.) 1877-1885, 1879-07-25
THE KEY NOTE
General Ewing's Speech at Lancaster,
Ohio.

General Ewing's Speech at Lancaster
Ohio.
We publish below the speech of Gen.
Ewing, democratic candidate for Cover
nor of Ohio, delivered at Lancaster, Ohio,
on Thursday evening. 1t will bear close
reading. He said
LET us see which Of the great parties
is entitled TO credit for economy in public
expenditures. The democracy for four
years past has held the house of represen-
tatives, which controls the appropriations
of public money, and in that time appro-
priations for the expenses of the govern
ment, exclusive of interest on the public
debt, have been 1904, $4,000. For four
years preceding, during which the repub-
lican party controlled the appropriations,
the same expenses amounted to 1893, $780,
900, so that the control of one branch of
congress by the democracy saved the
people $S4. 100000, being an average OF
over $2l 100000 year. Since June 80,
1877, the people have paid $4,3ll ,0O0,0OO
ia federal taxes, and out OF that sum but
$52S, 100000 have been applied to the
principal of the public debt. If the re-.
publicans 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, 100000 more, without imposing one
dollar of additional taxes on the people.
The $2l 600, 900 asyear saved since 1919
by the democratic house have been saved
in spite of the most vehement and deter
mined resistance Of the administration and
senate, and it never would have been saw
ed at all mad not the people at last dlsre-
garded.the bowls about the alleged.treason-
able purposes Of the democracy which have
formed the campaign arguments OF the
republicans since the war.
After dwelling upon the difficulties put
in the way of the Democrats who would
save. Gen. Ewing passes to the consldera-
ton of
sHERMAN's FUNDING OPERATIONS,
when he says
Mr.. Sherman claims great credit tol
having successfully funded $S47 100000
of the public debt into s., AZ
and per cent bonds since March
4, 1873, reducing the Interest
paid by the government about $l0,000000
1t appears, however, by the finance re-
port that the interest on the public deb
paid iu 1877 was $97, l24,000 and las
year $lO2 100000. and this year $105,
OOOOOO In other words, 10 1878 and
1879 over $l3, 100000 more of interest
on the debt have been paid than wheI
MIR. Sherman took charge of the funding
operation. That large sum is what th,
operation cost. 1t is made up of bonuse
in the shape of double interest and Oh
commissions paid to syndicotes. Mean
time Mr.. Sherman has increased the prin
cipal of the bonded debt $50 100000. L
will take the savings OF interest by refund
ing eight or ten years to pay this increased
bonded debt and bonuses and double in
terest and get even on the entire opera
ton. Why have American capitalist
bought A per cent bonds? 1t is becaus
they are practically O. per cent. bonds
being exempt for about 81 per cent. Q
taxes which other property pays, an
because the industries of the countr
have been so broken down that capita
had better get 81 per cent. assured b
the government than risk an investmeI
in almost any industrial pursuit. Is 1t
great achievement TO have industrle
perish for want of money, in order that
may GO to untaxed government bonds
| admit the desirability of having ou
debt held at home, so far as prosperou
business leaves a surplus for investmen
bat the readiness with which hundreds
millions of money heretofore employed
industrial pursuits has been turned IN
these bonds is only symptom OF the II
dustrial congestion which has drawn II
lifeblood OF business from the extremiti
to the heart and refuses to send it baC
10 give life and strength to the body.
venture TO say that the people OF Il
United States have lost 10 the aggrega
wealth ia the past FIVE years, throug
prostration of industries. brought abol
by the republican finance policy, three {
four hundred times more than the nomi
al annual saving of interest which NJ
Sherman will accomplish by his boastt
funding. Furthermore, fellow citizens,
assert and am able to prove, that, after
of the $4,000, 100000 of taxes pa
by the people since IS
after the nominal reduction of the pub
debt $500, 100000, and after the reiundi
80 far accomplished, the public debt
the United States to-day is a far great
effective burden on the people than it W
before the first dollar Of it was pal
Measure it by things which have to
sold TO pay it, by pork, corn, wheat, be-
horses, labor. 1t takes so per cent. mo
of labor, or land or products to pay int
est,to-day than it took FIVE years az
How is the country benefited by a non
nal reduction of SlO,O00.O00 of interet
when the reductions has been accomplis
ed only by adding so per cent. to Il
amount OF labor or property which it tax
to pay it2
Gen. Ewing takes up the subject of
SPECIE RESUMPTION,
and says:
The next great achievement of the r
publican party has been the accomplis
ment of gold resumption. Do you recC
lect, my friends, what Mr. Sherm'
promised you year ago, here on Vince
ing street, as the result of resumption
that gold would flow out 10 circulation, ar
that we would have fuller voume
money actually current. and consequent
general restoration of prosperity w
we have had gold resumption fer over :
months past. We have bad. morrnve
for three years past two unparalleled fav"
able comedies, enormous crops at hon
and great foreign demand for our su
plus. The republican party did not 81,
us these two blessings, A kind Prov
denceI looking down in pity on industri
distress, inflicted by the Ingenuity of the
rists aud usurers, relieved its asperity
Il