The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1879-08-05

4
duced $345, 100000 more. without impo-
sing one dollar OF additional taxes OF,
the people. The s2l, 100000 a yoar
saved since 1875 by the Democratic
House have been saved in spite of the
most vehement and determined resist
ance of the Administration and the SEN
ate and 1t never would have been saved
at all had not the people at last disre-
lgarded the howls about the alleged trea-
Isonable purposes Of the Democracy
which have formed the campaign argu-
lments Of the Republicans since the war
/ We have here ar Illustration, fellow
lcitizens, of the necessity of frequent
changes Of administration. Reform Of
extravagance and abuses can only be Sc.
lcured by such changes. In tue flush
times of Grant and Boss Shepherd, the
Hon. Proctor Knott, asked leaveyto M
Itroduce bill to pay salaries to the cast
jiron boys, which are the hitching posts
along the avenues, saying they we're the
Ionly fellows in the District not salaried
The constant tendency of every branch
and twig and lesfet of the public service
is toward growth of patronage and pow
ler. Every subordinate finds need for
some subordinate under him, every d.,
vision Is struggling to become bureau,
every bureau 10 be department. This
tendency, stimulated by the enormous
revenues Of the government during the
prosperous times following the war, un-
lchecked by formidable opposition, en-
Icouraged by the desire of the Republic
can party to magnify the General Gov
lernment which it seemed to hold under a
lease for nluety-nine years, renewable
forever, has been only, in part, arrested
10y the election of a Democratic Con-
| gress. Neither the House nor the SEN
ate can enforce thorough economy in the
lpublic service in opposition to the Exc
lcutive Departments, and a complete
lchange Of administration is therefore in
fdispensable to cut down public expendi-
lures to the limits OF ccono mical eff
,lcieucy. The annual expenses of the.
Federal Government in 1877. for all pur-l
tposes except public debt and pensions,
were Sl14, ,000, 000-nearly twice as great
ss for the veal, 1860, when they were but
$50 600. 900. 1t is true the population
OF the country increased in tina. seven
teen years nearly City per cent; bat, ad-
hitting (which is not the fact, that the
expenses of the Government must in
crease in the, ratio of increase of popu-
llation, those expenses for 1877 were
] S27, 600, 900 greater than they should
have been In the ratio of the expenses in
1850, and this, too, after the Democratic
congress had made every reduction
which the heads OF departments could
be driven to. A change of administra-
ton will demonstrate that further very
large reduction can be made to the relief
of Taxpayers and the publication of the
public service.
REPUBLICAN, FUEDING--ITa- CosT-THEI
I DEBT INCREASED.
Mr.. Sherman claims great credit for
having successfully funded SS47, 100000
of the public debt into FIVE, four and a
half and four per cent bonds since March
4, 1877; reducing the interest paid by
the Government about $l0,000,000 a
year. It appears, however, by the finance
report, that the interest paid on the pub
lie debt in 1877 was s97 7,124, 600, and
last year Sl02, 100000, and this year
tSl05.000,000. In other words in 1878
aud 1879, over $l3, 100000 more of in
lterest on the debthas been paid than when
Mr.. ShermanFtook 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 com
missions paid to the syndicate. Mean
time Mr.. Sherman has increased the
lprincipal Of the bonded debt $50, ,000,-
600. 1t will take the savings Of interest
/ by refunding for eight or ten years to
pay off this increased bonded debt, and
the bonuses and double interest, and getI
even on the entire operation.
Why have American capitalists bought
| the four per cent bonds2 1t is because
they are practically six and half per
cent bonds, being exempt from about p
iper cent Of taxes which other property
pays, and, because the industries Of the
country have been so broken down that
capital had hetter get 81 per cent, assur-
ed by the Government, than risk an in
vestment in almost, any industrial pur-
suit. Is it "a great achievement to have
industries perish for want of money. in
order that it may 60 into untaxed Gov
eminent bondsp admit the desirability |
of having our debt held at home, so far
| as prosperous business leaves o surplus
for Investment; but the readiness with
which hundreds of millions of money,
heretofore employed in industrial pur-
suits, has been turned into these bonds,
is only symptom of the industrial con-
gestion which has drawn the life blood |
Of business from the extremities 10 the |
heart, and refuses TO send it back to give |
| life and strength to the body, Suppose
Mithoff and Whitley here in Lancaster,
should close their shops and turn out of
employment several hundred men and |
invest their capital in untaxed bonds.-l
Would you feel that to he an evidence OF
public prosperity Yet that is just what
has been done all over the United States.
Silent mills, fireless furnaces, scanty wa
ges, want Of work, swsrms of tramps, all
attest the success of Mr.. Sherman in so
shrinking and diminishing the business
of the country, the wages of working
linen, and the profits Of capitalists en-
gagged in productive industry, that mon
ey, accumulaiing in, boards apd fearful
of all other investments, was eager to
lake the 81 per cent of interest and ex-
emption offered by the Government,
rather than embark on the dead sea OF
Industry venture to say that the peo-
lple OF the United States have lost In the
aggregate within the past five years,
Through 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 accom-
plish by bis boosted funding.
Furthermore, citizens, assert,
and am able to prove. that after all of the
$4,3 300, ,000,0 of taxes paid by the peo-
pie since 1865; after the nominal reduc-
tior of the public debt S52S, 900, 900;
and after the refunding so far accom-
plished, the public debt of the United