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GROWTH IN TRUE WEALTH,
poses of the charge so often made by DemocThe increase of the true wealth of the na
racy, that Republicanism has impoverished tion for the same time, will better illustrate the country. No better evidence can be the character of the Government which, in a large measure, has been instrumental in found of the fallacy of this assumption than bringing it about. This increase shows that contained in the impartial returns of the the wonderful growth of the nation under a ninth census. From this we tabulate the single decade of Republican rule, and dis- / following:
It will be seen from the above, that the added the general depreciation of real estate, true wealth of every section, with the scep- which has taken place in every Southern tion of the Southern, has increased in a state with the exception of Kentucky and marvelous degree the total increase being
Tennessee. nearly $14,000,000,000. The loss of slave property, the value of which was included in the census of 1860, partially accounts The following table shows the decrease in for the apparent decrease of the true wealth the assessed valuation of real estate in the of the Southern States. To this should be the Southern States, from 1860 to 1870 :
ASSESSED VALUATION OF REAL ESTATE.
* West Virginia not included in 1870. Increase.
The great falling off in the assessed valua- controlled the property and moneyed intertion of real estate in the Southern States as est, and thus checked the growth which indicated in the table given, is due, not so would otherwise have followed the ascendmuch to the destruction which attended the ancy of Republicanism. No political party, war, as it is to the bitter political prejudices however pure, can of itself restore prosperity held since its close by the property-owners to a people who combine the money power of the South against Northern capitalists, against it. A cordial relation must exist especially those who favor the Republican between the party in power and the busiparty These prejudices have been so ness elements with which it has to deal, bemarked, that Northern men, with money to fore true prosperity can be attained, and if invest, have sought other and safer channels the South had long since recognized this for their investments. Had the South laid truth, to-day her real estate would have aside its political hatred to the Republican shown as large an increase in value as that party, and extended a cordial welcome to of other sections. Northern men; skill, industry and wealth In order to show the increase in the aswould have poured into its States, and ere sessed valuation of real estate in those this, restored to it the prosperity which it lost States where the Republican party has had by the rebellion. Numerically, Republican- the active sympathy of business men and ism has been stronger in certain Southern property owners, we present the following States than Democracy, but the latter has table, collated from the last census :
The above table indicates an aggregate in- exercising their legitimate functions, the crease in the assessed valuation of real estate close of the last decade would have revealed in the Eastern, Middle, Western and Pacific an increase instead of decrease in Southern States, during the first decade of Republican wealth. rule, of $3,128,501,392, while the Southern The South has many natural advantages, States, during the same period, show a de- which, if properly used, would make it an crease in the assessed valuation of real es- attractive field for enterprise and wealth. Its tate, amounting to $365,111,106.
climate, mineral resources, water-power, agThe question may be asked, why has not the ricultural privileges, fine harbors and magRepublican party advanced the material in- nificent rivers, ought to have largely interests of those States in the South where it creased its population and trebled its wealth has had control ? The answer is, because it in ten years. Why has it failed to advance! has met the organized opposition of the in- Why has it fallen behind? The reason may telligent, wealthy and business elements of be found in the narrow political prejudices those States. Its control has been the con- which have created a policy of exclusiveness trol of a majority, cut off by deep-rooted that has shut her gates against the enterprejudice from the sympathy and support of prising men of the world. In still clinging an influential minority. Thus, insurmount- to a political party that once led them to the able obstacles have been placed in its way. brink of ruin, the property owners of the Its efforts to build up have been met by South are committing an act of suicidal folly. counter efforts to tear down, and this conflict By ignoring the party of freedom and procarried on through a series of years, has gress, which has advanced by its wisdom borne its natural results, the paralyzation and energy other sections of the country, of industry and the stoppage of growth. At the South is putting off the day of prosperthe North, active party opposition against a ity. If she would keep pace with the North, State administration ceases when the ballot she must imitate the political freedom which announces, the people's choice. At the South the latter enjoys, and break down, of her the opposition of Democracy is intensified own accord, those barriers which pride and by the elevation of Republican officials. The prejudice have raised against the principles choice of the people is disregarded, the mi- of Republicanism. By the adoption of these nority refuse to cheerfully submit to the principles the South will close the present decree of the ballot box, and thus the ad- decade with a degree of prosperity beyond ministration of government lacks that co- her hopes. The surplus wealth of the North operation of effort on the part of all classes will pour in upon her; hardy immigrants essential to a complete development of State will possess her now idle lands; mills and interests. If one-half the talent and energy factories will line her water-courses ; shipshown by Southern Democracy in obstruct- ping will crowd her seaports ; and she will ing the administration of Republican gov. become what nature seems to have intended ernments had been used to assist officials in her to be—the very garden spot of America.
To bury her prejudices, turn her back on complish it; the revenues and expenditure Democracy, and welcome Republicanism, of the nation during its struggle for existwould be to her the beginning of a glorious ence.
A careful estimate, made in 1872, of the PINANCIAL RESPONSIBILITIES OF THE GOVERN- expenses incurred for the fiscal year ending
June 30, 1871, showed that the expenditures
growing out of the war-such as pensions, The financial operations of the Government since 1861, illustrate in a marked degree the interest, premiums, claims, collection of the
internal revenue, additional cost of army and wonderful resources of the nation, and the
navy, payments for illegal captires, suppresintegrity of the party that has been responsi-sion of disturbances in the Southern States ble for the administration of public affairs. amounted to $214,642,081.03. This amount, The armed rebellion of eleven States which deducted from the total expenditures of the confronted the Republican party when it Nation, $292,177,188.25, left $77,535,107.22 assumed control, necessitated extraordinary as the ordinary expenses of the Government expenses on the part of the Government, and for 1871 on a peace basis. Reduced to a to meet these expenses, the collection of ex- gold basis-the average price of gold during traordinary revenues. There was no alter- 1871 being 112.3—it was $69,042,838.13. native but heavy expenditures and great sac- The expenditures of the Nation for the year rifices, or universal bankruptcy and national ended June 30, 1860, were $61,402,408.64. extinction. True, the full force of the ter- The population of the United States January rible strain to be borne was unknown in 1, 1860, was 31,630,750. The population 1861, but the party in power never weighed January 1, 1871, was 38,911,616. This the value of the Union in the scale of dol-would make the expenditures per capita in lars and cents. Its preservation was cheap 1860, $1.98, and in 1871, $1.77. If we acat any price of treasure or blood. It was copt the result of this calculation as a fair priceless, not only to the generation which average of the ordinary expenses of adminundertook its salvation, but to the countless istration, or those which exclude the extraorgenerations which were to follow. Its de- dinary expenditures growing out of, and justly fence and preservation were sacred duties, chargeable to the rebellion, we shall have for which no loyal citizen could overlook. Free- the fourteen years prior to June 30, 1874, dom, humanity, intelligence, all depended $966,599,733.82 ordinary expenses, instead upon the issue; and with its successful ter- o! $6,465,897,922.84, the actual amount remination, each of these elements of human quired for those extraordinary expenditures
growing out of the war. The difference becivilization became more deeply rooted in
tween the two items, represents the financial American soil.
sacrifice made by the nation to defend the We have already shown the material pros- Union, and to resist the fatal doctrine of perity which the Union has developed. This State Rights as preached by Calhoun, fought far outweighs the money expenditures made for by the Southe n Confederacy, and pracnecessary by four years of war. The com- tically maintained by the Democratic party pensation for the bloodshed cannot be found of to-day. in dollars and cents. The elevation of the The following table shows the net revenue human race, the extinction of human bond- of the Government from 1789 to 1860, and age, the erection of free States throughout from 1864 to 1874; also, the net expenditures the world, and the future preservation of of the Government during the same periods : hundreils of thousands of lives which would NET REVENUE OF THE GOVERNMENT, INCLUDING be sacrificed in the defence of separate nationalities—are among the legitimate fruits From March 4, 1789, to which will spring up from the graves of the
June 30, 1860
$1,806,354,650.53 Union defenders.
From June 30, 1860, to
4,437,187,765.12 The value of the work being conceded, let us look at the means made necessary to ac
PREMIUMS AND INTEREST RECEIVED.
enditure For exist
PREMIUMS AND INTEREST.
of the ending litures
3sions, of the
ITEMS OF EXPENDITURE.
NET EXPENDITURES, INCLUDING PAYMENTS FOR to 1860, or more than six and a half times as
much as the entire amount of interest paid From March 4, 1789, to
by the Government for seventy-one years.
able to the rebellion, show that $262,81,6,465,897,922.84
830.28 have been paid out, or more than Total.
$8,197,632,596.56 three times the entire pension payments of
the Government for the seventy-one years
prior to 1860. From March 4, 1789, to June 30, 1860.
If a party is to be judged by the weight
$552,534,462.79 of its responsibilities, then the Republican Navy
347,733,0 3.83 party in its administration of public affairs Indians.
cannot fail to invoke the favorable judgment Pensions
of impartial minds. It has borne a str:in Premiums..
5,834,626.94 which laid upon weaker shoulders, might 196,590,068.09 well have destroyed a Government. The
magnitude of its labors can only be measNet.expenditures ....... 1,731.734,673.72
ured by their priceless results, and these From June 30,.1860, to June 30, 1874. will grow in value as generation follows genWar
$3,534,163,574.37 eration. Navy.........
If the expenditures shown are without Indians
262,814,830.28 parallel in our history, so the means emMiscellaneous
672,854,238.57 ployed, the honesty and energy displayed, Premiums
59,738,167.73 the statesmanship which created the systems Interest ......
necessary to carry the Government through Net expenditures ...
the most active period of its existence, must 6,465,897,922.84
be regarded as without parallel in the hisNet expenditures, from March 4, 1789, to June
tory of nations. 30, 1874....
$8,197,632,596.56 The wisdom and sagacity which developed
the internal revenue system, and our present The tables submitted show, at a glance, currency system, should entitle the Rethe extraordinary expenditures directly due publican party to the gratitude of the to the rebellion. The work required of the country. The first made possible the imarmy and the magnitude of military opera- mense revenues necessary to prosecute the tions, can only be realized by a comparison war to a successful issue. The latter made of the expenditures. The army expendi- the payment of the taxes uniform throughtures for the years 1862, 263, '64, and 1865, out the country, provided a safe currency of amounted to $2,713,569,422.83, or nearly equal value in all the States, protected infive times as much as the entire army ex- dustry, by removing its earnings from the penses of the Government from 1789 to 1860, possibility of loss through State bank faila period of seventy-one years. The army ures, and commanded the active support of expenditures of a single year, 1855—the the moneyed interests of the States by makclose of the war--were $1,030,690,400.06, oring the security of those interests dependent within a fraction of $3,000,000 for every day upon the integrity and credit of the nation.
ent system of internal revenue The nation has been required to pay for
was created to meet the wants growing out the item of interest alone during the past of an emergency. Through its operation fourteen years, $1,305,042,627.38, as against those wants were supplied promptly, regu196,590,068.09, the amount paid from 1789, larly, and without shock or injury to the bus
So efficiently was *Includes Civil Service Foreign Relations, Light-liness of the country. house and Public Buildings - Xienditures, and the the system organized, so equalized were the cost of collecting the Internal reveu ues.
in the year.