The Jackson standard. [volume] (Jackson C.H., Ohio) 1847-1888, 1883-01-11
cincinnati Gazette.1
A Contrast That is Worth Making A
Note Of,

NOte VIs
In 1860, when the last Democratic
President, James Buchahan by name |
in obedience to the voice of the SOW
ereign people, stepped down and out
of the White House, the government
was virtually bankrupt. There was
no money in the Treasury, and, in Or
der to borrow a few millions, it was
necessary to pay interest at the rate OF
equal to - per cent. per annum. The
banks were largely of kind created by
Democratic Legislatures, some good OF
the kind, some middling, and some
very bad. These under the first ad-
verse blast fell like the leaves OF au-
tumn. There was little coin in circu-
lation, and the paper currency was so
uncertain that no one felt safe in car
rying it over night. In the best OF
times every man who handled dollar
of paper money suffered shave upon
it of 1 to 3 per cent This was some
times called a discount, and in other
cases premium on exchange or gold,
but it was a shave all the same. In
the year 1859 the people of the West
lost more by discounts, and exchange
and bank failures, than is now requ1r-
ed to pay the interest on the war debt.
For the use of money, too, exorbltant
rates of interest were paid; 10 to II
per cent. in the open market was usual,
and Il and 2 per cent. per month was
not unusual.
In financial matters this was the
legacy handed over by the last Demo-
cratic administration. It handed over
a civil war also, the suppression OF
which cost billions Of treasure and
rivers of blood.
Now how is it.? The Secretary of
the Treasury, indorsed by the Presi-
dent, calls upon Congress to reduce
the taxes in order to stop the flow of
money into the national vaults, and
points out the evils Of further reduc-
ing the principal Of the national debt.
The national credit has been lifted up
from - to 8 per cent. From being
the worst of the nations of the earth,
now it is the best. Our banking sys-
tenn is the best in the world. In near
ly twenty years it has supplied the
people with paper currency, and
note holders have not lost dollar by
reason of bank failures. There is no
shaves on this currency. A national
bank note is as good as gold, and is at
par everywhere within the United
States, and can also be sold for its face
value in England and France and Ger
many The housekeeper, when he or
she goes with basket on arm to pur-
chase supplies, has no discount to pay.
Shaving shops that abounded in old
Democratic times have been closed,
and now every dollar in paper money
in circulation is the equivalent Of gold.
All this has been accomplished, too,
not with the aid of the Democratic
party, but in spite Of it. Every step
looking to the improvement of the
national credit or of the currency of
the country was vigorously opposed
by the Democratic party, and notably
by men who are now foremost among
the leaders Of that party. This is a
fact that is written all over the pages
of the history Of the country covering
the last twenty years.
See how magnifcently, too, our in
dustries have loomed up under that
fostering care afforded by the Repub-
lican p rty, and antagonized by the
Democratic party. The total value of
products, according to the census of
1880, was S., 1863, ,667,706. The popu-
lation of the country has grown from
100000 to 50,O00,OOO Railroads
have spanned the continent, and there
are in operation altogether 100000
miles. New States have been added.
and others are getting ready, and
whereas in 1860 there were 100000
slaves, now the flag floats only over
freemen. The chains that bound the
slaves have been forged into imple-
ments of freedom, and the products Of
the land where slavery fourished have
almost doubled under the stimulating
influences of free labor.
This is contrast and this is a rec
ord that the millions who are now
budding into manhood need to study.
This great work has been accomplish
ed in the lifetime Of a single genera
tion. It is an honor to those who
took part in it. It is a disgrace to
those who antagonized it; yet among
the latter are the most prominent
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