The Jackson standard. [volume] (Jackson C.H., Ohio) 1847-1888, 1880-09-16

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Government was then pressed for
ready money to meet current exlen-
ses. The Democratic managers had
not only squandered the available
funds but had run up the public debt
to nearl y a hundred millions and had
destroyed the public credit. OF the
loan of February Sth, 1861, the
amount Of S18,415,O00 was sold at an
aggregate discount Of S2,019,7 ZIG 10
That is for every 800 bond the Gov
ernment received SS9.09, discount of
almost eleven per cent. A few days
after this loan was authorized the
Government issued Treasury notes
payable in one year, and to secure
their sale the interest was fixed at Il
per cent. on 81, $40, 900, 10 per cent
on S4,716,200, and at those enormous
rates they were disposed Of. Such
was the credit Of the Government OF
the United States when James
Buchanan was President of the United
States. Now under Republican rule
a Government bond drawing four pei
cent. interest sells in all the markets
in the United States for nine pei
cent. premium. That is a Govern
ment bond for S100 drawing four pei
cent. interest is worth 800. To any
business man, to any man Of sense.
no other facts than these need be pre-
sented to prove the superiority of
Republican financial management over
Democratic incopnetency. Let us IL
lustrate the situation in this way. In
1910 a number Of men engaged in
business requiring the use Of vast
sums OF money as working capital.
One Of the number, Mr.. Democrat by
name, was made business manager.
and to him and such advisers as be
saw fit to select the stockholders en-
trusted their interests. It was found
necessary from time to time TO borrow
from banks, bankers and capita, SIS
large sums Of money. The company
issued its notes and sold them in the
market for what they would fetch.
Owing to public suspicion that the
company was not properly managed
by Mr.. Democrat, men who had mon
ey to- loan would not buy the compa-
ny's notes. except at q heavy discount
or on heavy rates Of interest. The
company's note for 500 would bring
but $50, or if it brought $100 the
money lender demanded twelve per
per cent. interest. 1t was clear that
no company could long survive such
enormous discounts and rates Of inter
esj. The profits of the business would
not warrant the discounts and the in
te est. The frightened stakeholder,
met, talked over the situation, discoy-
e'ed that their indebtedness had i'll
creased several millions Of dollars, and
resolved to discharge Mr.. Democrat
and put a new man in charge Of the
business. Mr.. Democrat complained
bitterly at what he called this cruel
treatment. Address ng the stockhold-
ers, Mr.. Democrat spoke as follows:
"Gentlemen-I have had charge of
your business for twenty years. Ihave
filed all the subordinate places with
my relatives and friends, young and
old Democrats. have many friends
and relatives who are waiting for po-
sitIons in the firm, and if you dismiss
me these friends and relatives will
make trouble. They already threaten
to start an opposition concern, and if
you make this change, | will not be
responsible for the results" The
stockholders were, however, determin-
ed. To continue Democrat in charge
meant bankruptcy for all Of them.
1t would, said one Of them, be far bet
ter to make the change and take the
chances Of killing Of such opposition
as Democrats friends might make.
The change was made and a new man,
Mr.. Republican, became general man
ager. For long time he found it up
hill work. The credit Of the compa-
ny was well-nigh ruined. Democrat
and his friends had organized new
company just across the street, had
stolen many Of their trade marks, and
had seduced away many Of their best
workmen. But Republican was a de
termined man, and Witffal an honest
man. Money-lenders looking into his
honest face, seeing that he had good
habits, that he was not q hummer or
a gambler, but steady, industrious
man and loyal in talk and act to the
stockholders, said to him we Will take
our chances on you and let you have
money. Years Of patient toll, close
attention to business and honest deal
inc resulted as they always Will in
success. Republican restored the COM
pany's credit, crushed out the opposi-
ton and after twenty years Of control
he could borrow all the money he
needed. and even had money thrust on
him at onc-third the rate Of interest
paid by Democrat; and instead of
hawking his notes about the street at
ninety cents on the dollar, money
lenders swarmcQ his office to offer HIM
eight and nine dollars premium on
every hundred dollar note he would
issue Meantime what had become Of
Democrat and his opposition concern
across the street? At first Democrat
had run Of luck. Unthinking peo--
pie predicted a great success for him.
His fame spread abroad to foreign
lands. and he had sympathizing friends
and admirers even among the p"trons
and stockholders of the old concern.
Finally the bubble exploded; thou
sands of men were thrown out Of
work, all the stockholders were made
bankrupts, and ruin stared them in
the face Then it was that Republi-
can showed his magnanimity. He
saw how complete the ruin of his op-
porents, and he took them in, gave
them work and an opportunity to
gain living. For time Democrat
was content to work in a subordinate
place, but his wicked and scheming
spirit had not been ctusl ed by his ca
lamities, end he firalIy had the impu-
dence to 90 5efo.e the stockholders
and demand re nst-ytenent as mana
Ger of the companY's basl ess. And