Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1880-09-02

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opposite policy. From 1857 to 1860, when
MIR. Buchanan was President, ii steadily in
creased the public debt from ~, ,99s, ,62l. .6 to
S5S,964. 1920 At the close of that period
II paid As high as tw, I've per cent. on one
year Treasury notes. and sold six per cent
twenty-year bonds At eighty-nine 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 10 cheat the public cred
itor. Its influence was the chief obstruction
to the debt-paying aud MISUNDERSTANDING
o.icy of the republican party. In States
where IT has the ascendancy. like Virginia,
Louisiana, Tennessee. Mississippi. and Ar
kansas, II has either rcpudiated the State
debts or threatens 10 10 so. Its success in a
National election, would, in my Judgment,
greatly impair the public credit and reduce
the value of public securities.
FAIrHrrL COLLECTION OF THE REvENun.
Then again. under the administration of
| President Hayes, the revenues of the govern
ment have been honestly and faithfully col
lected, and honestly and faithfully disbursed.
fables have been carefully made show ing the
losses that have occurred in the receipts and
disbursements of the public money, and these
exhibit the fact that during this administra-
tion the losses by dcfalcation have been re-
duced to the smallest persentage that has
ever been shown in any administration of
tins government, or of any other known to
us.
During the three years of this administra-
ton, ending June 80. 1880, there was collect
ed from all sources SS64, $50, ,S5993. All this
vast sum has been paid into the Treasury. ex-
cepting about $1,000, and il is believed that
even this sum will be recovered. The inter
nal revenue collected in every part of the
| | nitcd States has been paid into
the Treasury without the loss of
a dollar Besides the collection of the
revenue. the great transactions of the Post
Office Department. extending all over the
country. and collecting and disbursing during
the last three wears an amount of more than
$3.50 200, 900. have thus far been made with
the loss of less than 81 800. In the small
detacations that have occurred, suits have
been promptly brought against the dcfaultng
officers or their sureties, and judgments en-
forced. system of rigid accountability for
public moneys has heen applied, without fear
or favor, with results that never before have
been realized by any administration.
| The disbursement of this money by public
officers at home and abroad has been made
for the purposes for which it was appropriat-
ed by Congress, absolutely without loss or
| defacation so far known to the Govern
ment.
| During the administrations of James
Buchanan, the loss by defalcations of public
officer. in the collection and disbursement of
| the public monies was So. 81 on every 81 900:
during Pierce's administration it WAS 81 81:
during Folks administration il was 81 .0s
during Jackson's administration it was S1.52:
during Van Buren's administration it was
Sill Mark the contrast with Republican
administrations
| In Lincoln's time. embracing the reckless
ness caused by war, it was 80 cents. For six
years of Grants administration it was -
cents. In Hayes administration thus far
assuming that all amounts in dispute are lost,
| the loss on 81 900 would be so small that the
smallest coin of the country would make it
good three times. 1t has been but one third
of a cent on 81 900 of the amount involved.
REDUCTION OF EXPENSES.
Again this administration has effected
| striking reduction of the expenses of those
branches of the public service over which
the Executive has complete control The
appropriation for the collection of the Gus
toms revenue is a permanent one, entirely
dependent for the amount of its expenditure
upon the Treasury Department. While the
revenues OF the government have enorm-
| ously increased, the expenditures have
been largely diminished. The expense of
| collecting over SlSS, ,O00. 900 customs duties
during the last fiscal year was only three and
one-tenth per cent. while the expense of
collecting S53 900. 900, in 1850, during Prcsi-
dent Buchanans time was six and two-tenths
per cent the amount collected-just
double. On the first of July last there was
returned to the Treasury 81, ,O0O. 900 of mon
ey that had been saved out of the appropria-
ton for the collection of the customs reve-
nue.; and in the expenses for refunding the
loan, for which an appropriation of one-haf of
one per cent is made, the Treasury Department
returned to the Treasury, on the lst of july
last, sl,o00,000 saved. The Secretary Of
the Navy has returned to the Treasury very
large sums. saved by a careful and honest
administration of that department. There
was carried to the surplus fund, on the Both
OF June, 1850. SS.434.4l6, money appropri-
ated for the different Departments for that
year and remaining unexpended. Does apy
one believe that democratic administration
could have attained these results?
RESULTS IRON BUSINESS PROSPERITY.
And what has been the result of republican
administration under President Hayes upon
the general business interests of the country !?
We have witnessed, and are now enjoyiny
the greatest revival of business of modern
ftimes. We have leaped forward from a peri
Cd Of extreme distress to one of great pros
perity. Our exports during the last fiscal
year reached the enormous sum of Ss35 900 :
600. being an increase since 1875, of over
20,00o,oo0. Our imports during the last
fiscal year were sGGs 900, 900, being an in
crease since 1875 Of 1856 900, 900. and making
an aggregate foreign commerce Of the last
year of over 81, 800, ,OO0, 900. Every nation
contributes to our comfort. From every land
and from every sea, and from every part Of
our country. we gather the productions of
their labor to supply our daily wants. Our
manufactures in all branches have increased,
so that not only do we supply the domestic
markets with nearly all the articles essential
TO human life. but we export in great quantities
the productions of the workshop and the
farm.
We now feed Europe not only with grain,
but with meat, butter. lard. canned fruits, and
an infinite quantity OF other productions. We
are gradually gaining trade in other countries,
North and South, and NAV hope, in short
time, to supply them with nearly all the arti-
cles of foreign production they desire. In
the great branches of industry ry-agriculture
manufactures, and minning,-we are now
taking our rank as the leading nation. With
plenty of money as good as gold with plenty
of work for all who are willing to work with