Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1879-07-25

have been saved IN spite OF the nlOSl We
hement and determined resistance OF
the Administration and the Senate; and
il never would have been saved at all
had not the people at last disregarded
the hOwls about the alleged reasonable
purposes of the Democracy which have
formed the campaign arguments OF the
Republicans since the war.
We have here an illustration, fellow
citizens. of the necessity of frequent
changes of administration. Reform oil
extravaganza and abuses can only be Sc
cured bv such changes. In the flush
times ol Grant and Boss Shepherd, the
Hon. Proctor Knott asked leave to in
troduce bill to pay salaries to the cast
iron boys. which are the hitching-pOsts
along the avenues, saying they were the
only iellowos in the District not salaried! /!
The constant tendency of every branch
and twig and leatiet OF the public service
il toward growth OF patronage and
mower. Every subordinate finds need
for some subordinate under him, every
division is struggling to become bu-
reau, every bureau TO be a department.
This tendency, stimulated by the enOr-
nous revenues of the government dur
ing the prosperous times following the
war. unchecked by formidable Opposi-
ton, encouraged by the desire OF the
Republican praty to magnify the Cen
eral Government which IL seemed TO
hold under lease for ninety-nine years,
renewable forever, has been only, in
part, arrested by the election ola Demo-
-
nor the Senate can enforce thorough
economy in the public service in oppo-
sitiOn 10 the Executive Departments,
and complete change Of administration
is therefore Indispensable to cut down
public expenditures to the limits OF
economical efficiency. The annual eX-
penses of the Federal Government in
1877, for all purposes ercept public dsOt
and DsHsiOns, were Sll4,OOO,OOO-nearly
twice as great as for the year 1860, when
they were but S59,OOO,OOO. 1t is true
the population of the country increased
i'm that seventeen wears nearly fifty per
cent. but, admitting (which Is not the
iactl, that the expenses Ot the GOyern-
ment must increase in the ratio OF in
crease of population, those expenses for
1877 were 81 100000 greater than they
should have been in the ratio OF the ex-
penses in 2S60, and this, too, after the
Democratic Congress had made every
reduction which the heads OF depart
ment could be driven TO. \ change OF
administration will demonstrate that 4
further very large reduction can be
made 20 the relief of taxpayers and the
- 81 40
REPUBLICAN FUNDING-ITS COsT-THE
DEBT INCREASED.
Mr.. Sherman claims great credit Tor
having successfully funded SS47 100000
ofthe public debt into five, four and a
half, and four per cent. bonds since
March 4th, 1877; reducing the interest
paid by the Government about SlO,OOO,-
600 year. Ii appears, however, by the
finance report, that the interest on the
public debt paid in 1877 was S97, IA, 900,
and last wear SlO2, 100000, and this year
sos. 900. 900. In other words, in 1878
and 1879 over thirteen millions more OF
interest on the debt has been paid that
wheh Mr.. Sherman took charge charge
of the funding operation. That large
sum is what the operation cost. 1t Is
made up of bonuses in the shape OF
double interest, and of commissions
paid to the syndicate. Meantime Mr..
sherman has increased the principal oil
the bonded debt SS6,0OO,0O0. 1t will
take the savings OF interest by refundlng
for eight or ten years 10 pay oil this m
creased bonded debt, and the bonuses
and double interest, and get even on the
entire operation.
Why have American capitalists
bought the four per cent bonds? 1t IS
because they are practically six and a
hall per cent. bonds, being exempt from
about two and a-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 a-half per cent,
assured by the Government, than risk
an investment in almost any industrial
pursuit. Ii is q great achievement to
have industries perish for want OF
money, in order that it may 90 into un-
taxed Government bonds? | admit the
desirability of having our debt held at
home. so far as prOSerOus business
leaves a surplus for investment; but the
readiness with which hundreds of mil
lions of money, heretofore employed in
industrial pursuits, has been turned
into these bonds, is only symptom oil
the industrial congestion which has
drawn the life blood of business from
the extremeties to the heart, and re-
fuses 20 send 1t back 10 give life and
strength to the body. Suppose Mlthott
and Whitley here i'm Lancaster, should
close their shops and turn out OF en-
ployment several hundred men and IN
vest their capital in untaXable bonds.
Would YOU feel that To be an evidence
of public prosperity? Would you throw
up Your hats for Mr.. Sherman and hls
funding scheme? Yet that is just what
has been done all over the United
states. Silent mills, tireless furnaces,
Scanty wages, want of work, swarms OF
trampS, all attest the success Ot Mr..
sherman i'm so shrinking and diminish
ing the busineS of the country, the
wages of working men, and the profits
of capitalists engaged in productive in
duStrv, that money, accumulatlng IN
hor,les and fearful OF all other invest
mentS. was eager to take the six and
a-half per cent. OF interest and eXemp-
tion offered by the Government, rather
than embark on the dead sea OF indus
trv. | venture to say that the people
of the United States have lost in aggre-
cate wealth in the past five years,
though the prostration of industries,
brought about by the Republican
finance policy, three or four hundred
times more than the nominal annual
saving of interest which Mr., Sherman
will accomplish by his boasted fund
ing.
Furthermore, iellow-citizens, ! assert,
and ann able To prove, that, after all OF
the iurtv-thrce hundred millions OF
taxes paid by the people since 1866;
after the nominal reduction of the pub.
lie debt, five hundred and twenty-eight
millions: and after the refunding so far
accomplished, the public debt otthe
United States to-day is far greater
effective burden on the people than 1t
was before the first dollar Of it was paid.
Measure it by the things which have to
be sold to pay it-by pork, corn, wheat.
beef, horses, labor. 1t takes fifty per