Saint Mary's beacon. [volume] (Leonard Town, Md.) 1867-1983, 1894-12-20
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AFTER THE b lE.


told you so.' They Ex how it
was all going TO haI ~. am
afraid | must plead ! kle gnilty
myself, for | not only but as
serted in confidence I'd MEMBERS of
my party that | had ssl public
opinion, as reflected b Il press Of
the country, to little aAfuose, II il
did not foreteIl the ssnkral defeat
Of tha .Delot'nEatic did
trust that it~Eonld not be as gener-
al as it has turned out to be, but,
perhaps as it is done, .'it were bet
ter that it were well done"
1t is now useless to reflect upon
what might have been the defeat
of our party is an accomplished
fact we are beaten, badly beaten,
and nothing is to be gained by Grim
nations or regret over discarded
opportunities. except to learn wis
dom from disaster.
In order to understand the con-
ditions that led up to the last polit-
ical convulsion, and to get down to
rock bottom-the temper of the
peOple-~it is necessary to recall
some thirty years OF our national
existence IL no more. Indeed, we
might go back to anti-bellnm days.
At that time we were out of debt,
and taxes rested lightly upon the
people. Enough and to spare
crowned the efforts of contented
labor. Prosperity was the rule,
poverty the exception. The war
came-four years of fratercidal
strife, with its attendant horrors.
Unnumbered millions of property
were destroyed with correspond
ing loss of human life. The ener-
gies of the people that went to fill
our granaries to overflowing were
now directed to the slaughter of
each other. Our finances and meth
cd Of taxation, ample in time Of
peace, were totally resdsqaase ii
time of war. Vast sumswere need
ed, and to meet the emergency, the
government adopted the doubtful
constitutional expedient of issuing
greenbacks or promises to pay, and
made them legal tender. AS the
war progressed and the credit of
the government declined, bonds
from time to time and maturing at
different periods, were issued, bear
ing different rates of interest and
payable semi-annnally in gold.
The wealthy men of the country,
who were willing to risk their mon
ey upon the ultimate ability of the
government to pay, as rule, did
not buy up the bonds with their
gold, but bought up greenbacks at
their market value, which fluctuat-
ed with the fortunes of the war,
but the tendency of which was
downward, eliminating at .he bat
tie of Gettysburg. when it took
about S2.50 in greenbacks TO buy q
dollar in gold. With these green
backs they purchased the bonds.
This was an unfair advantage to
take of the government in its dis
tress and dire need of money but
as it could not be helped and money
must be had at any price, it had to
be borne and the consequence was
that not only was the national debt
increased to this extent, but the
holder of the bonds received semi
annually in gold interest upon an
amount vastly greater than the
amount of solid money lent the
government. To make matters
worse a spirit OF speculation and
riotous living were engendered by
the apparent but deceptive ample
supply of money. Debts were in.
Cured under an inflated currency
which, after the war, had to be Paid
in a higher and constantly appreci-
ating currency. The close of the
war found us with q national debt
running into the billions that would
have staggered less confident and
energetic people. Our state and
municipal taxes If not proportion
ately. were greatly increased.
Thus. vast overshadowing debt
like pail hung darkly over the
land and weighed ponderously upon
the shoulders of the people. The
tariff tax, levied as war measure,
was unduly excessive upon the
cheaper imports that entered into
the everyday wants Of the people.
Th;s tax unfair as II was in this