The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1879-08-07
General Ewing's Speech.

General Ewing's speech delivered at
Lancaster, Ohio, is a very remarkable
effort. 1t is simple of utterance and
clear as MONDAY, and if Ohio is not car
ried on that showing it will be because
the money power of the country has be-
come the peoples master.
General Ewing reviews Secretary
Sherman's claims rs q financial bene-
factor of the country and people, and if
ever daw WAS mercilessly plucked of its
plumes one by one, the political and
financial Jeremy-diddler is most merci-
lessly stripped to the buff.
Mr.. Sherman claims that since he took
charge of the treasury, first deducting
the cash in the treasury, the public debt
has been reduced SCI, ,573, 1856. Mr.
Sherman now has $249, ,0S0,00O locked up
in the treasury, and the government is
paying interest on that much debt, which
could be liqui6ated with this amount; or,
at 6 per cent, by keeping unused that
much money in the treasury, the country
is sinking annually some SIT ,000,0 900.
The public debt stands..........$2 ,245, ,495, ,072
Less cash IN the treasury-..... 2,490, ,0So, 900
Debt beyond treasury fund. 81 1896, ,415, ,772
As to the boast of Republican econ-
omy, Mr.. Ewing makes bad showing
for the great party of moral ideas and
golden charms. General Ewing says:
The Republican party enters the can
vass claiming to have administered the
government economically, reduced the
interest on the public debt, and estab-
lished specie payments, and confidently
demands a new lease of power as a pub
lie benefactor.
Let US see which of the two great par
ties is most entitled to credit for economy
in public expenditures. The Democracy
for four years past has held the House of
Representatives, and in that time the ap-
preparations for the expenses of the gov
ernmcnt, exclusive of interest on the
public debt, have been 1904, ,619, 900.
For the four years preceding, during
which the Republican party controlled
appropriations, the same expenses
amounted to $699, ,S39, 900; so that the
control of one branch of Congress by the
: Democracy for these four years has
saved the people SS4,72O,0OO, being an
average of over 50, 100000 year.
Since June 80, 1866, the people have
paid s., 81, !, 100000 in Federal taxes, and
out of that vast sum but S52S, 100000
have been applied to the principal of the
public debt. If the Republicans had
been as economical during the nine years
preceding 1875 as the Democrats have
forced them 10 be since then, the public
debt would have been reduced S345, ,O00,-
600 more, without imposing one dollar
of additional taxes on the people. The
$21 100000 year saved since 1875 by
the Democratic House have been saved
in spite of the most vehement and de-
termined resistance of the administra-
ton and the Senate.
The annual expenses of the Federal
government in 1877, for all purposes ex-
cept public debt and pensions, were
S114, ,000, ,000-nearly twice as great as
for the year 1860, when they were but
$59,000,000. 1t is true the population of
the country increased in that seventeen
years nearly so per cent. but admitting
(which is not the fact) that the expenses
of the government must increase in the
ratio of increase of population, those ex-
penses for 1877 were $27, 100000 greater
than they should have been in the ratio
of the expenses in 1860, and this, too,
after the Democratic Congress had made
every reduction which the heads of de-
partments could be driven to.
X
Mr.. Sherman claims great credit for
having successfully funded $S47, 900, 900
of the public debt into five, four and
half and four per cent. bonds since
March 4th, 1877, reducing the interest
paid by the government about S10,O00,-
900 year. It appears, however, by the
finance report, that the interest on the
public debt paid in 1877 was $97 ,124, 900,
and last year $780, 900, and this year
100000. In other words, in 1878
and 1879 over thirteen millions more of
interest on the debt has been paid than
when MIR. Sherman took charge Of the
funding operation. That large sum is
what the operation cost. 1t is made up
of bonuses in the shape of double in
terest, and Of commissions paid to the
syndycate. Meantime, Mr.. Sherman has
Increased the principal of the bonded
debt $S6 100000. 1t will take the saw
ings of interest by refunding for eight or
ten years 70 pay off this increased hond-
ed debt and the bonuses and double in
terest, snd get even on the entire opera
tion.
General Ewing then goes on to show
why it is that American capitalists have
been willing to invest in four per cents.
as follows:
cit is because they are practically six
and half per cent. bonds, being exempt
from about two and half per cent. of
taxes which other property pays, and be-
cause the industries of the country have
been so broken down that capital had
better get six and half per cent, as
sured by the government, than risk an
investment in almost any industrial pur-
suit. Is it great achievement to have
industries perish for want of money, in
order that it may go into unta3ed gov
ernment bonds? l admit the desirable
ity of having our debt held at home, so
far as prosperous business leaves sur
plus for investment, but the readiness
with which hundreds of millions of
money, heretofore employed in indus
trial pursuits, has been turned into these
bonds, is only symptom of the indus
trial congestion which has drawn the
life blood of business from the extremi-
ties to the heart, and refuses to send it
back to give life and strength to the
body. -
This is just what has been done all
over the United States. Silent mills,
fireless furnaces, scanty wages, want OF
work, swarms of tramps, all attest the
success of Mr.. Sherman in so shrinking
aud diminishing the business of the
country, the wages Of working men and
the profits of capitalists engaged in pro-
ductive industry, that money, accumu-
lating in hordes and fearful OF all other
:..ont ,,ont, ,,,op aonor m taEp the six