The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1880-10-19

Fiom Gov. Seymours speech Delivered In !
New York, Oct. o.
The Republicans Excited Wild !
SpcculatiOns and Controversies
About Currency.
We charge that the Republican ad-
mnistration, from the close OF the war
In 1867 to 1877. inclusive--a period OF
eleven ysars-not only practiced repu-
dition, bu. by thrir conduct of public
affairs ins,igated 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
torm OF reputation 80 common and
dangerous as that where the debtor,
loudly protesting his honor, at the same
lime wastes or nisappies his resources.
This is as true OF states as it is OF pei
,ons Ii, when the war was closed, the
I government had cut down its expenses
as it should have done, it would at once
have made such payments upon the pub
lie debt as would have given it high
credit in the world; woult 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 l speak the expen
ditures amounted 10 more than one
thousand six hundred and torty-five
millions Of dollars, making a yearly av-
!, erage OF more than 9 hundred and forty :.
4 uHe mitlions and FIVE hundred thou sand
dollars. ,In this there are not included
i The cost of pensions. OF interest, or the
payments on the public debt; only the
j ordinary items for the war, the navy and
1.-THE fndian departments, and the miscel.-
laneous costs '..'''s. ~'sf' - s
f. Before the war The highest expenses
OF government we're less than one-hslf
this sum. II from 1867 to 1877 inclu-
sive the government had spent one third
more than it did annually from 1856 to
1861, II could have applied ave hundred
millians more than it has done toward
!. the payment Of its obligations. To
D show its extravaganza, let us take the
cost Of the navy for the same eleven
years Of pesce. There has been spent
upon i, more than two hundred and for.
ty-nine millions of dollars. This Was
directly after on expenditure of more
than three hundred and fifty millions
, from 1862 to 1866, inclusive From tn,
foundation of our government to 1867
!, its whole cost was only seven hundred
, and seventeen millions. We have spen
, more than third in eleven years o
! peace of the sum expended in seventy
3 live years, which included the events o
three wars. Yet this period of NOR
. than three-quarters of . century cover
!. led the war with the South, our invasion
e OF Mexico, aud the last war with Gre
: Britain, when We gained so many tri
umphsi upon the ocean. 1t was ais
during this long period that our ship
ping was only second to that Of Grea
:, Britain. While we were wasting tbi
0 vast sum we have had but q small an
. waning carrying trade, and now we ar
told that our navy is almost worthless
in comparison with that Of other pow
ers.
}, II the taxes upon the people had bee
c honestly applied, there would have bee
It no "greenback" agitation, for the cur
rency would have been as good as gold
) kTbe public believed the charge made ,
= members of this Administration again,
d the Republican party in the words {
9. Mr.. Schurz: "The party, in ninety ;nir
II out Of one hundred cases, has shielde
). fraud and corruption
= The waste and corruption CROWN
'e ont.of the expenditures of government
j. the widespread decentralization in offici
o circles; the sums of money made B
!. those who gain grants from Congress
had much TO do with exciting controve
= sizes about our finances and our currel
10 cy. When the crash came in 1873, th
,f aspect, these speculations and CORFU
N tions, led to irritations that for tin
N unsettled the public mind. If.the R
publican party claim merit from the I
suits of prosperous seasons, OF failir
a. harvests iE other countries, OF the SIX
ls and labor of our people over which th'
Of have had no control, they certain
- should be held responsible for the evi
" which have grown out of their manaG
Z. mept where they have had exclusi
ic control. If Mr. McCulloch, who pr
e, sided at late Republican meeting
at ,his city, or Mr.. Evarts, who address
!. it. were upon the stand as witnesses,
- honest men, they would be forced
Q! condemn the conduct, both in the lig
le Of morals and policy, Of public affai
of during the period alluded to- Th
h could not speak Of it 10 milder teri
than ss reputation in fact-a cour
Nc of action hurtful to the public creditor
le, and hurtfnl to the public morals. T
ly tpnblic faith was pledged for econou
Nv i Reputation vas taught, by the waste
!, the Administration and inculcated by
! Judicial decision.