The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1894-11-14
The New Bond Issue.

The New Bond Issue.
In anticipation of the circular invit-
ing proposals for the purchase of gov
ernment per cent. bonds, which was
issued yesterday afternoon at Washing
ton, the New York Commercial Adver-
tiser recently compiled some statistics
which are so pertinent to the present
subject that we copy them forthwith.
From July |, 1866, to June 30, 1893, or
twenty-six years." says the Advertiser,
"the fiscal policy of the nation was
directed and controlled by the Republi-
can party. The value of the accumu-
lated wealth Of the country on the for
mer date did not exceed $4,000, 100000.
The wealth per capita was $5lO. Our
total foreign commerce was $651 1885, $40.
OF railways we had 36,SlO miles, cost
ing $l,472 ,0O00 900. The public debt (prin-
cipal and interest payable in gold was
$2,773, 236, 173 The annual interest
charge was $133,O67,625 gold sold in
July, 1866, at 1872. The industries in
one-half of our settled territory were
completely paralyzed. Labor was thor
oughly disorganiZed. Production was
almost suspended. The south was at
enmity with the north; angry passions
were highly inflamed; war of races was
impending; state governments were de-
moralized. Two millions Of armed men
had lately been disbanded. The ma
tional credit was at zero; United States
6 per cent. gold bonds were at heavy
discount; our relations with Great
Britain were severly strained, in view
of which an early reconstruction of the
south was imperatively demanded.
This was the administrative problem
which the leaders of the Republican
party were called upon to solve. Did
they solve it? Let US see.
when they resigned control to a
Democratic administration the value Of
the wealth of the nation was $4,000, ,000,-
600, or, in other worlls, the taxpaying
power had been increased nearly 400
per cent. The per capita wealth was
$1,04O The total foreign commerce was
$1,956, 1894, ,446. The public debt was re-
duced to 1866, ,322, 1884, the annual in
terest charge to 29,97S, ,116. OF railways
we had 175,204 miles, costing $10,512,
100000. In the twenty-siX years there
had been paid as principal upon the
public debt $1,776SlO 4S9; as interest
upon the debt, $2,2ll, 1885, ,OSS; for pen
sions to soldiers, S1,404, ,502,S42. The
odious income tax had been abolished
and the internal revenue taxation re-
duced. Tea, coffee and sugar had been
placed upon the free list. Postage
rates were reduced, mail routes ex-
tended $50 per cent, while the post
100000 to $70,000,0OO. Interest upon the
public debt was reduced from per
cent. to per cent; rtvy was con-
structed worthy Of the republic The
south was reconstructed, angry pas
sions were soothed, fraternal relations
were renewed, the nation was united
the sword sheathed, and our contro-
yersy with Great Britain was amicably
and honorably settled by arbitration
And yet in each and every year from
1866 to 1893 the revenue exceeded the
expenditure Our per capita wealth was
increased 100 per cent; our total wealth
nearly 400 per cent; our earning power
nearly 500 per cent; our foreign com.
merce more than 800 per cent; our rail.
way mileage 450 per cent; the annua
interest charge was reduced 900 pei
cent In short, the resources of the ma.
tion had been enormously increased
while the burdens had been immenselN
reduced. Nevertheless, the first yeal
of Democratic control of the nationa
treasury the expenditure exceeded thu
revenue, the national debt was in
creased by tens Of millions and the in
come tax has been restored"
And now, to crown all, 1t is deliber
ately proposed to plunge the nation We
further into debt by. the issuing of $50,
100000 Of new five per cent. obligation
at time when the total excess of ou
assets over liabilities exceeds $4,000,
100000 in round numbers,-a time, too
when the only cause of all this pros
tration and stringency is the handi
work of Democracy's own maladminis
tration! Is it to be wondered at tina
the people have voted such party ou
of power?