Telegram-herald., 1890-04-25
ssIcHIGAs kkFUsLIcAslss1.

ne l4i4s-DE EsFaeiseea O TIE z5d
last. makes 6us showing Tor tie Re-
publican party 81 Ncn gan. whea
should Be placet n tie hal4s q every
citizen Eh0 i interested ia h0aest
a lninlssEaEea of state Affairs. The
statement of a few substantial facts .
enough - eOuUtersct whole volumes OF
DemocF4Ee tRad1le about Republican
extFasAzznce. We rsproaaee Il eaure;
.-On November 81, 1850, the funded
and tun1Ab.e aeog Ot Michigan
amounted 70 & IS s4Z.I5. Every dol
lar bur soo 90 OF tat amount had de-
seendrd 81 4 Republican administration
from the good Old Democratic days 50
often referred 20. 1ne openlag OF the
DsmOcraLie rebellion a. that time
created al eNgeucy which the state
Was obliged 10 meet by the issue OF
other bonds, Tor waF purposes, and tHo
issues were made-one Ter aFnllng and
eqGipplng trOOps. ana the other Tor the
pzyulent or bouns4ss 10 volunteers no
went 70 the front To I'll the quota de-
manded from Michigan for the defense
OF the federal union. The bonds issued
for war purposes aggregated 81 ,555, 400
and Increased the total Indebtedness or
the State 10 the amount OF 81, ,si4 ,2i2. 10.
'Of the s., ,555, 400 OF bonds issued for
war purposes, about one-half were pay
able 81 the pleasure Of the State. These
were long since retired and the interest
stopped. Ihe remaining half were pay
able May /, 1890, and bore interest at
per cent.
The sinking fund provided for the
payment OF the bonded debt OF the
State has been full for ten years past,
and efforts have been made to Ietlre
the bonds and save interest; but they
commanded so high premium on the
money market that all could not be Sc
cured. Otherwise they would have
been retired before maturity. The State
officials, however, who have been NTH
the exception OF Governor one term
continuously Republican, have pursued
q settled policy OF purchasing the State s
bonds, from Tune TO time, as they could
be reached, and by tins course interest
has been saved 10 the State TO the
amount of 81 $50 ,5S1.02, divided as fol
lows; Two-million loan ISSUED IN 1865
10 take up the old S5,000,000 loan of
1887, made for internal improvements,
and matured in 1869, $3.50, ,997 80; war
bounty loan ISSUED IN 1869, 81 ,629,-
O04.l2; renewal loan, S4S, ,079.4O; tenn
poraEy loan, S52 300.
ain addition TO paying these debts,
every state institution IN Michigan
with the exception of the old university
and Agricultural College buildings, the
State Prison at Jackson, some prelimln-
ary work ON the Flint Asylum and Re-
form School, and the insane asylum al
Kalamazoo have been built within these
past thirty years, and paid for; yet the
highest rate of state taxation reached
during the entire period mentioned has
been but 3.734 mills on the dollar OF
equallzed valuation. The lowest tax
during the period of thirty years was
.s2T mills on the dollar, and the average
for that period, l.S09 mills on the dollar
of equalized valuation.
son Thursday, May /, the last OF
Michigan's bonded debt, amounting tC
s229 900, will mature, and the bond:
will be called IN and paid from the
sinking fund, which has been sc
sacredly guarded for years in anticipa
ton OF this event. Michigan will ther
stand forth, almost unique among the
happy, prosperous, and intelligen
population; with state institutions that
/ have for years stood as models for othel
states; with an educational system tha
is unsurpassed; with a climate, soil
and natural and developed resources
scarcely excelled by any state, ant
without a dollar of Indebtedness.
"This IS the proud record of thirty
! five years of unbroken Republican
policy, honestly earned out. 1t tells it
own story. Has any State of this Unior
ever so prospered under a Democratic
administration 1t IS glorious de
monstratiOn of the soundness of Re
publican policy and principles, which
every citizen of Michigan may point Il
| with justlfiable pride.
Michigan requires no change. Re
publicanism, that has placed her in the
van of the galaxy Of States, and secured
for her people a position almost un
paralleled. Is good enough for Mich.
gan IN the future, as Il has been IN th'
past"