Ashtabula weekly telegraph. (Ashtabula, Ohio) 1880-1886, 1880-05-07
The Difference.


The Democrats bankruptedth the United
States Treasury once, and win do IL
again II they are permitted to obtain
full control OF the Government. On
the 18th Of December, 1860, James
Buchanan being then President and the
Democrats having been in power for
long term of years, Congress authorized
an issue of $10,000,000 of one-year
Treasury notes, to be disposed of at the
best attainable rates. The Democracy
were not able to run the Government
on the revenue, but had to borrow
money to meet current expenses. Be-
fore this, in June, 1860, Buchanan's
Secretary of the Treasury was borrow
ing money at twelve per cent. per
annum. This was i'm a time of pro-
found peace and four months before
the election of Abraham Lincoln, which
the Democrats made a pretext for try
ing 10 destroy the Government. And
yet a Democratic Administration was
borrowing money at one per cent.
month to defray the current expenses
of Government. OF the Treasury notes
authorized to be issued, five millions
were advertised to be awarded on the
2Sth of December. 1860. The bids
ranged from twelve to thirty-six per
cent, and as twelve per cent. was the
best offer that could be obtained, the
entire S5,O0O,OOO were disposed of at
that rate. At a later date the other
$4,000, 900 authorized by Congress were
negotiated at about eleven per cent.
At this time the public Treasury was
empty, and the foregoing facts show
the condition of the public credit.
On the Sth of February, 1861, the
Government still being under
Democratic control, Congress au-
thorized the issue of S25,0OO, 900 of
United States bonds, payable in not less
than ten nor more than twenty years,
to bear six per cent interest. The
Democratic Secretary of the Treasury
advertised SS,00O,O00 of these to be
awarded on the 22d of the same month.
This money was required to meet cur
rent expenses. The bids were opened
on the 22d, as advertised, and the offers
ranged from seventy-tive to ninety-six
cents. The entire S8,000,000 were
placed at about ninety cents. The
credit of the Government had run so
low under Democratic rule that it could
only get ninety cents on the dollar for
a six per cent. twenty-year bond This
was before the Republican party had
ever been in power, and when the De-
mocracy had held control of every branch
of the Government for a long term OF
years. These are historical facts, and
yet with such financial record as this,
and still worse record of corruption
and treason to answer for, the Democ-
racy dare to aspire to the control of the
Government which they tried to de-
stroy. With the financial negotiation
above narrated contrast the magnif-
cent funding operations which have re-
Gently taken place, in which a Repub-
lican Secretary of the Treasury has
been able to fund several hundred mill
ion dollars of the outstanding public
debt at four per cent. If the credit of
Government represents the character
and capacity, Of the party administer
ing it, this contrast furnishes a perpetu-
al and unanswerable argument against
intrusting the Democracy with power
They bankrupted the Government once
in time of profound peace, and will
do it again if they get a chance. In
QiandpOHS journal.