Gloucester County Democrat. (Woodbury, N.J.) 1878-1932, 1880-10-21
WOODBURY., N. J., THURSDAY, OCTOBER 2l, 1880

was aggravated by still greater error
on the part of the friends of the ad-
ministration. They constantly placed
the public creditor in an odious and in
vidious light, by making him favored
in comparison with all others. They
did not take the broad and honest
ground that all debts should be honestly
paid. They did not show that the pen
sioner who had shed his blood, the la
borer who had toiled for his employer
and for the benefit of the public, and
that all other honest claims should
be honestly paid. They proposed only
an exceptional integrity. This still
further irritated debtors and other
classes of creditors This discrimina-
ton was equally unjust to the bond
holders and all classes of citizsns.
On the other hand, the Democratic
party held higher and mere honor
able position. It's speakers in its con-
ventions in this State demanded that
the currency should be made good for
all classes of creditors. In a speech
made in 1867, at call from State con-
vention to speak to it, said, with re-
gard to legal-tenders: "Ifit isrepudia-
ton to pay such money, it is repudia-
tion to keep it debased by waste, by
partisan plans to keep our country An
disorder. Give decent credit to our
bonds, and we can make new loans.n
In March, 1868, at q convention to
send delegates to the national conven-
ton, this was said: A return to
economy, honesty, and constitutional
order is demanded alike by the inter-
ests of the taxpayer and the public
creditor, By the bondholder and the Ia
borer."
THE REPUBLICANS EXCITED WILD SPEC
ULATI0Ns AND CONTROVERSIES ABOUT
CURRENCY.
We charge that the Republican ad-
ministrations, from the close of the war
in 1867 to 1877, inclusive-a period OF
eleven years-not only practiced repudi.
alton, but by their conduct of public
affairs instigated the controversies with
regard to the currency and public debt.
These never would have been excited
under wise and honest policy. Every
business man knows that there is no
form of reputation so common and
dangerous as that where the debtor,
loudly protesting his honor, at the same
times wastes or misapplies his resources.
This is as true of States as it is of per-
sons. If, when the war was closed, the
government had cut down its expenses,
as it should have done, it would at once
have made such payments upon the
public debt as would have given it high
credit in the world; would have added
to the value of its currency; and by the
use OF its resources in payment Of its
debt, at home and abroad, would have
checked the wild speculations that
brought upon all classes so much ruin
and distress in 1873. Official reports
show the truth of this charge. During
the period Of which speak, the expen-
ditures amounted to more than one
thousand six hundred and forty. five
millions of dollars, making a yearly
average of more than q hundred and
forty-nine millions and five hundred
thousand dollars. In this there are not
included the cost of pensions, of interest,
or the payment on the public debt;
only the ordinary items for the war, the
navy, and the Indian departments, and
the miscellaneous costs.
Before the war the highest expenses
Of government were less than one-half
this sum. If from 1867 to 1877 inclusive,
the government had spent one-third
more than it did annually from 1856 70
1861, it could have applied five hundred
millions more than it has done toward
the payment of its obligations. To show
its extravaganza, let US take the cost of
the navy for the same eleven years of
peace. There has been spent upon it
more than $4,000, 600. This was d.
rectly after an expenditure of more than
$S50, 900, 600 from 1862 to 1866, inclusive.
From the foundation of our government
to 1867, its whole cost was only S7I7,-
600 600. We have spent more than one
third in eleven years of peace Of the sum
expended in seventy-fve years, which
included the events OF three wars. Yet
this period of more than three-quarters
OF a century covered the war with the
South, our invasion of Mexico, and the
last war with Great Britain, when we
gained go many triumphs upon the
ocean. 1t was also during this long
period that our shipping was only
second to that of Great Britain. While
we were wasting this vast sum, we have
had but q small and waning carrying
trade, and now we are told that our
navy is almost worthless in comparison
with that of other powers.
If the taxes upon the people had been
honestly applied there would have been
no greenback" agitation, for the cur
rency would have been as good as gold.
The public believed the charge made By
members of this administration against
the Republican party in the words Of
MIR. Schurz: The party, in ninety
nine out of one hundred cases, has
shielded fraud and corruption"
The waste and corruption growing
out of the expenditures OF government;
Tho yfdo1v,vaood nrsulf f1o ntf1-
cial circles; the sums of money made
by those who gain grants from Congress,
bad much to do with exciting contro-
versies about our finances and our cur
rency. When the crash came in 1878,
this aspect, these speculations and cor
ruptions, led to irritations that for a
time unsettled the public mind. If the
Republican party claim merit from the
results of prosperous seasons, of failing
harvestS in other countries, of the skill
and labor of our people, over which
they have had no control, they certainly
should be held responsible for the evils
which have grown out of their manage
ment where they have had exclusive
control. IF Mr.. McCulloch, who pre-
sided at late Republican meeting in
this city, or Mr.. Evarts, who addressed
it, were upon the stand as witnesses, as
honest men. they would be forced 10
condemn the conduct, both in the light
Of morals and OF policy, of public af-
fairs during the period alluded to. They
could notspeak ofitin milder terms than
as reputation in fact-a course of
action hurtful to the public creditors,
and hurtful to the public morals The
public faith was pledged for economy.
Reputation was taught by the waste Of
the administration and inculcated by a
judicial decision.
THE COMMERCE OF NEW YORK ASsAILED.
This State has certain advantages
nr,uon 70, - hxy t,ot,,r.a-o nrowk <<l,,,