Daily globe., 1879-07-26
GEN. EWlNG,s sPEECH.

GEN. EWING's SPEECH
The speech of Gen. Ewing at his home at
Lancaster on Thursday evening was very
clear presentation of the questions at issue
before the people. It was devoted mainly to
the finances, as that question is now upper
most in the public mind, and demonstrated
very fully the folly of the policy pursued by
Secretary Sherman in funding the debt and
bringing about resumption in the manner he
did. Contrasting the expenditures during the
last four years in which the Democrats have
had control of the government with the four
preceding, he showed that there had been a
decrease of 1884, 100000, or an average of
more than twenty-ope millions year. This
was effected in spite of the extraordinary
demands for money-the Halifax
award and the increase de-
manded for river and harbor i'm
provements. The Republican papers all
over the country have been bowling for
years about Democratic extravaganza. While
we admit that more than the requisite
amounts have been expended, the record of
the Democrats compares very favorably with
that of the Republicans. Mr.. Ewing might
have pointed out the fact that but for the
persiste nee Of the Republican Senate in
keeping up the appropriations still larger
reduction of expenses would have been
made. If so much has been accomplished
III hnf oE
hands of the Democrats, we may confidently
expect far greater results when every de-
partment of the government passes into
their CONTROL
Referring to the funding of the public
debt, Gen. Ewing pointed out the fact to
which the GLOBE has repeatedly called at
tention, that the secretary of the treasury
has In reality been paying large bonuses to
the syndicate in the form of double interest
on the four per cents purchased and on
the six per cents exchanged-which adds
many millions to the burdens of the people
for the first year if not perpetually. He also
showed that the four per cent. interest on
the bonds is equivalent to six and half per
cent. in any other investment by reason of
the exemption from taxation of both bonds
and interest. To effect loan on such terms
does not, it strikes US, demonstrate extraor-
dlnary sagac ty on the part of the financial
secretary. 1t is also shown that through
this process the bonded indebtedness of the
country has been largely increased, so that
the reduction in the rate of interest is more
than counterbalanced by the amount of in
terest paid.
In the matter of resumption the course of
the secretary was severely criticised.
Sherman promised that resumption would
bring about new era of prosperity, but
though it has been in effect tor seven months
the country IS as far from experiencing pros.
perlty as ever. The currency has net been
increased but rather contracted by the hoard
ing of gold and silver in the treasury. But
for the foreign demand for our products the
business and farming community would be
IN suffering condition. Gen. Ewing made
the demand, which will be echoed by the
people with constantly increasing force, that
the boards should be used for the redemp-
ton of portion of the interest bearing
debt, thus relieving the people of part of
their too heavy burdens.
On the question of the national bank
system Gen. Ewing was sound. He demand
ed that the government should issue all
forms of currency designed for circulation
among the people, and arraigned the Repub-
l'can party for its conspiracy to retire green
backs from circulation and increase the
wealth and power of the national banks.
That such conspiracy was actually on foot
he fully proved. He declared that the DEM
ocratic party in Congress and throughout
the country was fully committed to the
abolition of the national banks, and would
never cease the war until the right of the
government to issue the money of the peo-
pie was fully guaranteed.
Taken as whole the speech was an ex-
cellent one, free from the extreme views that
characterize the financial expressions of the
Cary stripe of political economists. It will
do much good among the people, for it will
show the true policy of the Democratic party
and prove to those You are yet in doubt on
the subject that it can be trusted with the
control of the affairs of the nation.