The Republican. [volume] (Oakland, Md.) 1877-current, 1880-08-07
Some Interesting Facts.

lie
Secretary of Treasury Upton has just
issued an official letter which states
that the loan negotiated by the Coy
eminent under the last Democratic
administration. just before the war,
was little more than Sl8,000,o Il
have not the published letter before
me to give the exact figures of
which amount not more than about
S470,O00 was borrowed by the Gov
eminent at a less rate of interest than
10 per centum per annum and all the
remainder at or above II per centum
per annum. Besides, the bonds issu-
ed to secure this loan brought but
about IS per cent. of their face value.
A portion of these bonds, the Assis-
tant Secretary remarks, mature on
the 1st day of January, 1881.
Now this is strange commentary
on Democratic administration of the
Government. No great war had at
that time transpired to pile up an
immense debt against the Govern
ment, the interest on which alone
amounted to several hundred millions
of dollars annually before the able
financiering OF the present Secretary
of Treasury reduced it about one
half; no pensions had to be paid to
disabled Union soldiers or the wild
ows and orphans of such, amounting
to fifty or sixty millions more annu-
ally, nor had the country grown or
developed so immensely as it has
since the war, correspondingly in
creasing the current necessary ex-
penses of the Government. Then
only the ordinary expenses of con-
Quoting the Government had to be
met, which were but meagre as
compared with the similar expenses
now.
But what difference in the finan-
cial condition Of the Government and
it's credit then and now, as shown in
the above negotiation of its loan.
Every one can comprehend the con-
trast. Then a small loan of less than
$4,000, 900 had to be negotiated at T.
per cent. interest, with bonds selling
for only SO pr cent. of their face
value now bonds bearing but pei
cent. interest per annum can be had
only by paying more than two years
interest in advance in addition tC
their face value, and more than q
thousand millions of dollars of the
great war debt are secured by them
I say every one can comprehend
this vast difference in the credit Of
the Government under Democratic
and Republican rule. Why did the
Government have to pay so high Il
rate of interest for the loan of money
then. and why should II. s. bonds,
even at that rate. only bring SO cents
on the dollar-11 cents below par ?
Does it not clearly manifest the SUI
periorty of the Republican party's
administration of the Governments
finances over that of the Democratic
party, all the advantages being in
favor of the latter
The most intricate part of the
machinery of any Government is its
finances, and unless they be in a
healthy condition the whole machin
cry will be out Of gear. This fact was
fully experienced by our own Gov.
eminent at one period during the
war, when it was hardly able nor
could scarcely devise any means to
pay the soldiers in the field and pro.
vide them with clothing, &C., and
at the same time provide for the other
expenses of the Government. But
why the finances of this Government
should have been in such bad con
dltiOn during the last administration
of it by the Democratic party | am
totally unable to divil e. Certain il
il, however, that the fact should
cause persons to reflect whether OIL
not ii would be better to return that
party to power. Every one, irrespec-
tive party, has an interest in this
on IN, for the prosperity of the
WI country and every interest
priVe,e and individual as well as
public, depends upon the settlement
of the country's finances and its
credit.