The Mankato free press. [volume] (Mankato, Blue Earth County, Minn.) 1879-1924, 1882-10-20

tuclc viii Ictiiuiit iOI SiilSlC otistVo"
of doubt rs 10 where to place the
credit.
When the Republican party took
possession of the government it found
a bankrupt treasury. whose bonds
bore - per cent. interest, and sold ut
IL discount; IT carried the country
through long and bloody war AZ Il
cost of more than SIX thousand mil.
lions of dollars; and it has since re.
stored the public credit so that its
bonds, hearing per cent. interest
command heavy premium, its per |
cents. sell at par. and its legal tender
notes are receivable at par with gold
in every great commercial center of
the world. While these facts are |
perfectly well known to the general
reader, yet we find that as the time |
approaches when men should he
awake to the issues before them, they |
are seized with chronic spasm of
apathy, rs it were. and become EN-
tirely uninterested and unconcerned
in the continuance of this unexampled
record of the Republican party. They
seem to temporarily forget the in
Vulnerable abuses heaped upon them
by the Democratic party OF old. and
not until the ghostly visage of these
trying days are appealed to does it
seem to bestir them to an active duty
of self-preservatiOn.
We hear it heralded from the Dem
ocratic organs and so.called indepen.
dent press that the Republican party,
through its unbroken career, has be-
come rotten, corrupted beyond en-
durance, and that the reins of govern
ment must be given over to Democrat
tic hands. While the Republican
party is not infallible, nor even be-
yond the pale, in some instances, of
corrupting influences, yet its princi-
plies are eternal and above the contu-
melious language of the scoffer, and
challenges comparison for equality in
general purity and eminence of states
manship. That there is a total lack
of proof or argument, why the Demo-
crazy should gain the ascendency is
ample evidence, if evidence were
needed, for the Republicans to battle
for supremacy and thus preserve in
violable, the constitutional rights of
American citizenship.
Let us for a moment cast our optics
over recent achievements of Repub-
lican administrative ability and sound
craftsmanship, and see if the record
is not such as will commend the par
ty to the honest support of truly
honest men.
When the administration of General
Garfield came into power there were
outstanding s466,320, $50 in United
States bonds bearing per cent. inter-
est, and S202, 268, $50, bearing interest
ut 6 per cent. These bonds were re-
deemable at the pleasure of the Gov.
eminent after June 30, 1881. and Con-
grcss having adjourned without pro-
viding for their retirement, Secretary
Window Immediately upon his acces-
sion to Office, took steps to reduce the
annual rate of interest with such sue
cess that within the next few months
the holders of the greater portion of
the bonds mentioned above, requested
their continuance during the pleasure
of the Government at 81 per cent.
interest per annum.
The amount of 8 per cent. bonds
continued under this arrangement was
S17S, 055, $50. and of per cent. bonds
S4Ol ,504 900, thus effecting an annual
saving of interest amounting to S10,-
473,9j2.25 by this single operation,
while at the same time the surplus
revenues of the Government have
been devoted to the redemption of
the remaining and 6 per cent. bonds
outstanding.
1t will he seen that there are no
bonds outstanding at the present time,
on which the Government is paying
Il higher rate of interest than - per
| cent.
The total interest bearing debt on
the 3lst of August, lS65-that is, at
the close of the rebellion and the date
on which the national debt reached
its highest point--was 1881 $780,
294.98; the annual interest charge
upon which was $3.50, 81, 697.s7. I'm
mediately, upon the close of the
war, the work of reducing the
debt, both principal and inter-
est. was begun by the Republic
ans, and the refunding operations,
which began in 1871, have reduced
the annual interest charge year by
year, so that the total amount of inter-
est saved during the seventeen years
amounts to S729, 81 ,926.38.
AFrom August 81. 1865. to August
81, 1882, the interest bearing princi-
pal of the debt has been reduced
$943. 928, 54498. and the annual inter
est charge has been reduced during
the same period 1914, 534. 809.37, with
every prospect at this present time of
Il still further reduction of at least
81 10000 per annum, by the refund
ing operations now in progress under
the recent law authorizing the issue
of per cents.
The reduction Of the interest-bedr-
ing debt, amounting to S943, $780,
544. 90, added to the amount of inter-
est saved by such reduction and by
the refunding operations, make a
grand total of 81 ,673, 1885, All "a saved
10y the Republicans in control of the
Government In the seventeen years
since 1855.
TO mind capable of comprehend
ing the magnitude Of this great finan.
cial showing, the mere presumption
that the Republican party has out
grown its usefulness is delusion, and |
that it should be retired from admin
istering the affairs of government
little less than nonsensical.