Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1880-09-03

times. We have leaped forward from a
period of extreme distress TO one of great
prosperity. Our exports during the last ifs
cal year reached the enormous sum OF $3.50,
600, 900, being an increase since 1879 Of over
$500, 900, 900 Our imports during the last
fiscal year were S66S, 00O, 900, being an in
crease since 1915 of S135, 900, 900, and max
ing an aggregate foreign commerce Of the
last year of over 81, 800 900, 900.
Our National prosperity has excited the
attention of all European Nations, and has
set in motion again the stream of immigrants,
whose labor has added so greatly to our
growth and productions. The number who
arrived during the last fiscal year was 435,-
49,, against 111,S26 in 1879. Daring the
month of June last, y, SCI immigrants reach
ed our shore, and since March /, to latest
date of which we have reports the number
is about 3aS, 900, or more than enough to
form State
DEMOCRATIC PRETENCEs.
That party, for more than five years has
had control of one branch of Congress, and
for nearly two years of both branches. What
has it done, or proposed TO do, to benefit the
public, or to evince any disposition to bring
about reforms?
have before me table showing the ap-
preparations that have been made by Congress
each year for each branch of the service
since 1873 In 1875, the last year in which
the Republicans had a majority i'll both
Houses, the appropriations made for the
fiscal year 1876 were S147, 7l4,9 $40. At the
next session the Democrats controlled the
House. and, by refusing to appropriate for
some of the most necessary expenses of the
Government, reduced the appropriations to
Sl2i, l22, 0l0, and the following year in
order TO cocrcc the President by a failure to
pass the Army bill and to provide for other
necessary expenses, they reduced the ap-
prorriations to SIS, 1856, 9s3 but at the fol-
lowing session. TO make good these deticien-
cics and TO repair the faults committed, they
appropriated Sl12, DIG, 500, being S25, 600, =
900 more than was appropriated in 1876 Z;
and in 1880 they appropriated SlGa, 4O4, 4l;
and Tor 1881 they have appropriated S154,
lis, 2l2 or $1,000 900 more than the appro-
priatpns made the last year the Republicans
controlled the House The appropriations
made for the current fiscal year by a Demo
cratic Congress in time when the currency
is upon the specie standard, are rs large rs
in the year 1878, made by a Republican
Congress when our currency was at dis
count of twelve per cent and when the
"N' Ptifih5 wa
RESUMPTION.
When President Hayes was inauguratcd,
the resumption act of 1875 was an unexecut-
ed mandate of the Republican party. 1t had
beer voted for only by Republicans and had
from its introduction been assaulted, resisted
and ridiculed by the Democratic party.
The National revenues had been greatly
impaired US the result of the panic, so that
there was, in fact, no surplus revenue to aid
in the work of resumption. The only means
left was to increase the volume of coin be-
fore the day of resumption by the sale of
bonds, 10 do the utmost to strengthen the
public credit, and to produce confidence in
the ability to resume. This was done in
the eighteen months that followed the inau-
guration of President HAYES. and at the end
of that period the credit of the country had
been greatly advanced surplus coin had
been accumulated TO the amount of $780,
900, 900, and the public mind, relieved from
imaginary tcrrors, had become not only re-
cOnciled to resumption, but was anXiously
and hopefully awaiting the event. During
all this time the Democratic party excelled
itself in active resistance to the successful
execution of this law. They sought to re-
peal it they sought by investigations
all the proceedings had under it and it was
boastfully said that thousands of dollars
would be given TO stand ON the right of
the line ut the Public Treasury on
the day of resumption; but thanks to the
Republican party, resumption came, and
came so certainly and so securely that at this
day specie payments are more complete, in
the true sense of the term, than even before
in this country, and as complete as in any
country in the world.
EEFUYDING.
The credit of the Gnrnrnmnnt d'an,ed
precisely rs resumption approached success
and within one hundred days after resump-
tion there were sold $50, 347 800 of four per
cent bonds, thus completing the work Of re-
funding, as far as the law allowed it to be
done, by the redemption of all the bonds
bearing five or six per cent interest that
were then redeemable. The result of this
Republican policy was saving to the people
of the United States of Sl4, 900. 1880 inter
est per year But this was not the only ben
eft derived by our people from refunding
operations The rate of interest became
permanently reduced on all investments
throughout the country. Low interest is the
chief factor in our prosperity. 1t became
possible for manufacturers and trades people
to borrow money, so as to conduct their bust
ness proiitably This low rate of interest
produced demand for new Investments,
and new enterprises were started into life.
Thus, by the policy Of the resumption and
the rcfundng acts, the way was paved for
the present era of prosperity. And the
whole of this was the work of the Repub-
lican party.
uovrsr p.yurST of THE rTHIIC DEET
Again, the policy of the Republican party
has always been the honest and faithful OBJ
servance of public obligations. No thought
of Reputation, wholly or in part, has ever
entered into the Republican policy, The
principal of the debt had attained its maxi
mum August 81, 1865, when it reached So
$50, 43l Slab. 1t has been gradually paid
off with the surplus revenue, so that, on the
first day of July of this year it was 81, 3d.,
326, HIS. The principal of the debt has
been reduced SS37, 104 S2S GS, but the inter
est has been reduced in far greater proper
ton. In 1865 the Understanding debt
was g, 3Sl $50, 294 90, and the rate of inter
est on part of it was as high as seven and
three-tenths per cent per annum, and the in
tcrest-chargc was $3.50, or ,G97S7. The in
tcrest-cLarge had been reduced 10 S19, 633, =
9Sl, on the first of July, 1860 and We only
await the maturity of $40, 645, 300, the bal
ancc of the five and six per cent bonds, to
reduce the interest charge to not exceeding
$50, 100000. A Republican administration
is now paying the public debt at the rate OF
ten millions u month, or two and half mil
lions u week In all human probability, be-
fore this administration closes its term, the
debt will be further reduced seventy millions,
making saving in annual interest of four
millions of dollars.
The Democratic party pursued an exactly
opposite policy. From 1867 to 1860, when
Mr. Buchanan was President, it steadily in
creased the public debt from S9,99S, 621. ~
to $50, 96i, 4020l. AT the close of that
period it paid as high as twelve per cent on
one-ycar Treasury notes, and sold SIX per
cent tweuty-year bonIs at eighty-nne cents
on the dollar. While the debt was being re-
duced by the Republican party, the Demo
cratic party impaired the public credit by
proposing schemes to cheat the public cred
itor In States where it has the ascendancy,
like Virginia. Louisiana, Tennessee, Missis-
sippi, and Arkansas, it has either rcpudiated
the State debts or threatens to do so. lis
success, in a National election, would, in my
judgment, greatly impair the public credit
and reduce the value of public securities.
FAITHFUL COLLECTION OF THE REVENUE.
During the three years of this administra
ton ending June 30, 1880 there was collect
ed from all sources SS6l, $40, 359.93- All
this vast sum has been paid into the Treas
ury, excepting about $4,000, and it is be
ieved that even this sum will he recovered.
The internal revenue collected in every part
of the United States has been paid into the
Treasury without the loss of dollar. Be