New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1879-08-21

expense OF these Operations mas been saved the Treas
ury by prudence and economy, These fac's Generd
Ewing obscure. and ought nOt 60 wish TO- nor
he make the people Of OhiO believe that the Rre'
many times than the interest paid or the bonds
sold e. secure tie ample reserve Of god d. Wmcn re-
sumption is maintained.
THE DEMOCRATIC CLAIM OF ECONOMY
The Democratic party claims great credit for alleged
economy in the past four years, during which they
have controlled the House " Representatives,.
| am glad to say that the Committee on Appropiia-
lions Of the last two Houses, composed OF "A ma
johty OF Democrats and minority Of Republicans,
one were Jealous and careful IN rsdHenS eXPenS1.:
fiscal year ending June 80 1877 For that year the APP
sioI 100 40 70 Theneyt wear by making no appro-
praon rivers ami harbors and reducing the appro-
uriaOns for the Deficiencies IN the pOsta service TO one
hafthe demands OF tie service thev cut the appropri
atoms down again to S1l4OG9,4s3 10 But the next
Scgrcgarc appropriation OF SAG 3Oi,3C9 81 part Of
which was made up y the largest deficiency bil passed
for many years. amounting to Sl52l3259 q. But the
iBg june &c. $50, amounts to sl62 6l7 76 which is
the largest appropriation made within eght years, e4-
cept N the year 1874 when tbe approprdil0ns were
purpOsely largely increased, as means OF relief RON
the effects OF the panic I1Hs 10 wa De seen .nat dne
since they have had control Of Congress. During ne
present fiscal year they nave nor Ohy aPrVii1eGd a.,
the revenue OF the Government hut nave exhausted te
sinking fund. to disable Us for me his lne IRON
reducing principal OF the public debt, ana have APP
pied to other uses Iuho spech.alg seI '.ius ~ Id"
for the redemption OF fractional currency
has forced economy Republican Administration
the facts are that the most marked economies Of tins
OF the public for which Congress does not maze
annual appropriations or where ample AUTHORIZATIONS
were made The Administration has felt no restraint
from insufficient appropriations in me great branches OF
minor details OF tie service by the iadvsed reduction
Of force and compensation, but as general rule the
Aduntsrat on mas met the professions of the DemOc
racy for reduction expenses more than halfway and
reduced 10 practice what are yet only professions Of The
Il is claimed that the reduction Of appropriations was
made spite Of the most vehement and determined re-
amount estimated by the Treasury Department to Con-
gess for the ordinary expenses Of the fiscal year 1870
made by Congress were $146.3O4309 q, or $S,196-
ego A excess OF the sum estimated Ana so Tor tne
ordinary expenses of the Government, the estimates
presented 10 Congress for NE fiscal year ending june
pT51prisfions made by Congress In the ordinary
benses of the Government for that year amount 10
Sl62,4O4G47 76show ing an excess Of appropriations
over estimates Of $50 20G,S35 OS.
THE NATIONAL BANK AND SILVER QUESTIONS
Another question upon which an issue Is made with
the Republican party is the substitution OF greenbaoks
for National bank notes Two thousand banks
are scattered throughout the United States,
lent agencies commercial exchanges and for the loan
and transfer Of money. They authorized TO issue
circulating notes upon conditions that make them all
absolutely over S320OO0O00 Of such notes are
In active circulation every dollar OF which secured BY
greater United states bonds deposited with the
Treasurer the United States Not dollar has been lost
against cOuntereiting. ThOy good everywhere 10
tic United States These banks have loaned TO the people,
mostly for commercial and manufacturing purposes,
1892 s24 o. They chartered for twenty years,
and none expire until 1888 Aud now II is proposed 70
abolish these banks 10 compel the collection OF all their
loans; TO withdraw all their circulating notes. with me
certainty that their overthrow will be followed with the
brood OF State banks. governed Dy local avs as diverse
the whms and necessities OF local legislation Is this
wisef Is II even eKcusabe NIat reason Is EINen IoI
measure destructive 10 the business interests OF our
country The only reason know OF that Is even paus.
ble Is that the Government OF the Unteu STATES might
issue its notes or gcen3ack III tne place OF Jne 4ank
and United States notes issued the utmost saving is
Sl2SOJ0O0 AT per cent But II these notes are Issued
bark upon wild scheme OF irrcdeemabe paper money
If you maintain com reserve OF even 70 per cent the
coin must be purchased and remain idle In your iuts
reducing II to 80 100000 But what DO you lose by
wipng out the banksl The United States aud the |
States collect taxes from the banks amounting, In
privilege ffon YOU except the power TO crcua-
ing-nOtes and for this make them pay more than
By this operation you lose money! You lose
teen millions revenue to save possibly nine millions OF
interest You Kill the goose that lays the golden egg
But II has been said you can tax the banks ans way Ihat
is idle. Not IN ten would continue their cOrpor-
ate existence They would either 60 out OF business or
become private banks bankers and then their United
States bonds the basis OF banking capital, and as
sneh taxable would then held free from all taxes by
state irrational authority The franchise the Naona
banks enjoy IL as free as air: Any OF you VINO nave
money organize q bank There is no monopoly |
There is another financial question upon which thereis
dem agOsmtO the square inch than upon any other
It's the silver question We are told that the free coinage
little any, objection TO the free coinage Of silver at its
market value. What we object TO is the free coinage OF
silver dollar worth only So cents Whether the profit OF
such coinage to the owner OF bullion or 10 the
United states 1t is equally wrong. Now, fellow CIT
zens which Is the better way to settle the silver
question and yet have both gold and silver in crcua-
onf We issue both coins upon the present ratio
and limit the amount TO that sum which can be MAIN
tanned par with goldj OF we can negotiate with com
mercia nations Tor now ratio upon when an coinaRe
shall be made; can issue silver dollar OF our
with silver enough III 1t to make II worm IN market
a gold dollar That would be honest dollar. Either
OF these eXpedents would secure us blmetano money,
and will Dc supported by the Republican party.
But our Gdversaries, though divided, think they can
party capital by allowing any holder or bullion 10
take 50 cents worth Of silver bullion to the Treasury
and get for 1t silver dollar which would be iul legal
tender for all purposes This as matter OF course,
would soon Danish from circulation the gold dollar and
bring all money down the standard or 4l22 grains of
standard silver General Warner and his political
this Transaction to the bulon-owuer but this was too
barefaced and now it is proposed that the Govern
cents as eIo i Ha cents IF This is device
to make money Tor the government it is very mean
one, but its rea purpose ana effect is to dem0neiEe
gold cheaper the dollar and lower the standard OF
value. Now. fellow-citzens. is this desirablei
True craftsmanship points TO an international agree
with commercial countries as 10 the ratio OF silver
and gold but II chat rs not attanabe, then the issue by
the United states OF real honest silver dollar. worth In
the market 100 cents IN gold WonId give Woid-Wde
circulation aud the best possible market for our silver
bullion. TIE opposite policy Of coming free an s5-oent
standard OF silver, with view TO cheat our people win
Fellow-citizens, why is it that now wheu have |
the best system of currency ever devised; when we
bred and fOTty-six millions Of United States notes re-
deemable coin, and three hundred and twenty mill
ions of bank notes good gOd That we have re-
sumption. kind of money Tor all and all as good as
gold; now that prosperity bnghtens w all our indus
tries and Providence besses with bOuntlful crops
why now with currency. and yield to the
denlagogues of the hOuri The Republican party Il
strong enough brave enough to do what Is right
and honest, with certainty that our Democratic
friends viii Ind out that we are right after nave
done IT, AID ungraoefuy acquiesce they now do III
regard " resumption.
THE SOLID SOUTH.
have thus far felOw-citizsns. confined myself TO
financial topics most of them Of temporary character.
,rbicf In admufs-