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Year.

taxes, levied under it, so cheerfully were During the war period, from June 30, they responded to by a loyal people, that the 1891, to June 30, 1865, the net expenditures fature historian, when he looks for the evi- of the Government far exceeded the net ordidence of those burdens which oppress a peo- wary revenue. The following table will show ple during the prosecution of a great war, the ordinary receipts and expenditures for will fail to discover that the payment of these the five years named: countless millions was regarded as oppres

Receipts.

Expenditures. sive, or checked for a moment the growth of a nation's prosperity. To show the amount collected under the 1861... $ 11,476,299.49 $62,616,055.78

1862.... internal revenue system, and by direct tax,

51,919,261.09 456,379,896.81

1863... since 1861 to 1874, we submit the following:

112,094,945.51 694,004,575.56 18 14.... 243,412,9 1.20 811,283,679.14

186).... 3 2,031,158.19 1,217,704,199.28 Internal Reve. Year.

Direct tax.

Total.. $770,934,635 48 $3,241,988,406.57

nue.

1862.........

To the above receipts should be added

$1,795,331.73 1863.. $37,640,787 95 1,485,103.61

$33,561,924.24 received as premiums, and to 1864..

109,741, 134.10 475,648.96 the expenditures should be added $176,034,1865..

209,464,215.25 1,2 0,573.0 714.75 paid for interest, and $1,717,900.11 1866.. 309,226,813.42 1,974,754.12

paid as premiums, making the total net re1867..

266,027,537.43 4,200,233.70 1868..

191,087,58 1.41 1,788,145.85 ceipts for the five years named $814,496,1869..

158,356,460.86 765,685.4;1 559.72, and the total net expenditures for 1870..

184,899,756.491 229,102.88 the same time, $3,419,741,021.43, or more 1871..

143,098,153.63 580,355.37 than four times the amount of the receipts. 1872..

130,642,177.72 1873..

It will thus be seen that the expenditures 113,729,314.14 *315,254.51 1874.. 102,409,784.90

exceeded the receipts during the five years

$2,615,214,461.71. Total ...... 1,956,323,725:30 14,810,189.37

To meet this excess, the nation was forced

to look outside of its ordinary revenues, and The other principle source of revenue to meet the expenditures of the Government, and Treasury notes. These loans make up

the amount needed was provided by its loans was the customs revenue. From this source the following amounts were collected from the bulk of our present National debt. The 1861 to 1874, inclusive :

following shows the yearly payment for interest from 1861 to 1874:

of war,

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RECEIPTS FROM ALL SOURCES FROM JUNE 30, dent's first term have distinguished, in even 1861, TO JUNE 30, 1874, INCLUSIVE. a greater degree, the first half of his second

term. Customs

$2,913,292,493.55 A very careful calculation of losses susInternal Revenue...... 1,956,323, 725.30

tained was embodied in an official letter from Direct Tax.

14,810,189.37 Public Lands.

23,022,636.56 the Secretary of the Treasury, in 1872. As Miscellaneous

237,108,498.2 equal honesty has been practiced in all the Premiums

192,590,748.36

departments since the date of this letter, it Total .......

$4,437,143,291.39 may be safely taken as a basis for present cal

culations. According to this letter, the per OFFICIAL INTEGRITY, REDUCTION OF DEBT, &c. cent. of losses to the Government in the col

Yet, with these immense receipts and ex- lection of internal revenue since March 3, penditures, made necessary by the suppres-1859, was less than one-fiftieth of one per sion of the Democratic slaveholders' rebel-cent. of the amount collected, or less than lion, the records show a degree of official two dollars in ten thousand. integrity without a parallel in the history In the collection of the customs for the of governments. Vice President Wilson, in same time the loss was $28,000, out of $553,1872, in referring to this subject, said : 000,000, or the one-hundreth part of one per

“During the war we paid, through the cent., or less than five dollars in every one Paymaster's Department of the Army, more

hundred thousand. than a thousand million dollars. That money The loss to depositors, through our National was paid sometimes when troops were on their march, sometimes when they were un

banking system, was the one-hundredth and der fire, and we lost less thar a quarter of a

eighty-sixth part of one per cent. — equivamillion dollars. Never, in the history of the lent to five dollars and three-eighths in every human family, was there any higher evi- one hundred thousand. dence of integrity. In the war of 1812, in paying out the little money we paid during

The money entries on the books of the that war, we lost about two million dollars. United States Treasurer, covering time from Since Gen. Spinner entered upon his office of June 30, 1861, to January 9, 1872, showed the Treasurer of the United States, $55,000,000,- immense sum of $55,000,000,000, and out of 000 have passed through his office, counted this vast amount the loss was about $55,000, by from three to four hundred men and wo

We have lost between fifty and sixty or less than one ten-thousandth part of one thousand dollars in these eleven years, while per cent., or one dollar in one million of $55,000,000,000 have gone through the office. “There has been collected under General

money transactions. Grant's administration, in three years, nearly

With this exhibit of the financial responsitwelve hundred million dollars — nearly four bility of the Republican party, and the official hundred millions a year; there has been integrity which has characterized its public paid out nearly a thousand million dollars making about twenty-one hundred million servants, are we nut justified in saying that dollars. We have lost out of this immense no just comparison can be instituted between sum, in all the departments of the Govern- | the party now in power and those which have ment, a million and a quarter — less than a preceded it ? To determine its merits, and do fifteenth part of one per centum !

“We have paid out, during these three full justice to its great services to the Reyears, ninety million dollars, in pensions, public, we have but to weigh its acts and its and we have had five defalcations, all of them responsibilities with the combined acts of all soldiers, and four of them shed their blood the administrations, from Washington down. for their country. But the Government has Even then, we can obtain but an imperfect not lost a dollar, for the agents made good their accounts, or their bondsmen did it for understanding of the magnitude of its labors,. them."

and of the power of its influence on the civilThese remarks are as applicable to-day as ization of the world. when they were uttered. The same honesty The excess of expenditures over receipts, and economy which characterized the Presi- or that which far exceeded the ordinary

men.

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OUR NATIONAL CURRENCY SYSTEM.

revenues, and which were met by pledges were forced to bear the financial burdens of
of public faith, ceased with the close of the conflict.
the war.
The public debt had reached its

With these figures before us, with a clear
highest point in 1866, being at that time, remembrance of those terrible years of sac-
June 30, $2,773,236,173.69. Since then the rifice and suffering, when the hopes of the
revenus of the nation have exceeded the ex-nation centered in the courage and patriot-
penditures, leaving a balance each year for ism of the Republican party, with at least
the redemption of the public debt. From $ 50,000,0;0 of yearly expenditures to re-
June 30, 1866, to June 30, 1874, the public mind us of a party that betrayed the nation,
debt has been reduced $580,305,705.26. This and with a burdensome public dubt, which a
reduction has taken place in the face of re- loyal people are nobly bearing—who that
duced taxation. Under the acts of Congress loves his country, or wishes to see it con-
dated July 13, 1866, March 2, 1867, Feb. 3, tinue in the path of peace and prosperity,
1868, March 1 and July 20, 1868, July 14, can give his vote or influence to the support
1870, May 1 and June 6, 1872—the Internal of a party that stands to-day as responsible
Revenue taxation has been reduved from its for the rebellion, as it did when its recog-
highest point, in 1866, $309,226,813.42, to nized head, James Buchanan, folded his
$102,409,784.90, June 30, 1874. In this re- arms and gave it the sanction of his official
duction of the public debt, and this nescend. encouragement, by the admission that he had
ing scale of taxation, we have at a single no power to coerce.
glance the policy of the administration to
maintain the public credit, and at the same

We have shown the immense financial opetime lighten the burdens of the people.

rations of the Government during the fourWe have endeavored to show, by the state

teen years ending June 30, 1874. To those

measures which led to the adoption of our ments submitted, the magnitude of the finan

present national currency thesuccess of these cial operations of the Government during operations is largely due. Under the old State fourteen years of Republican rule. They may banking system, financial embarrassments safely be held up, as being without a par- would have attended the collection of the allel in our history, if not in the history taxes, irredeemable paper money would have of nations. To carry on these operations become nearly worthless, gold needed for through a long series of years, without in- custom duties, and for the payment of interfringing upon the constitutional rights of a

est on our bonds would have become exorsingle citizen, or without oppressing the in-bitantly high, the credit of States and indidustrial interests of the country, has re

viduals would have been destroyed, and bequired the highest degree of administrative fore the close of the war, even if such a close and legislative talent, and thu highest order had been possible, universal bankruptcy of executive integrity. It should be borne would have stared us in the face. in mind that these heavy financial responsi- Therefore to the adoption of our present bilities were forced upon the country by national currency, the nation is largely intreasonable Democracy, and that the part debted for the success of its financial operaperformed by the Republican party was sim. tions. It gave to the country a currency of ply the execution of an imperative duty uniform value; it pledged the faith of the which it owed to the Union, to freedom, tonation for the security of the circulating humanity and to the world's civilization.

medium ; it removed the possibility of loss If we would realize the cost of this treas- i on the part of the bill holder, by making the onable Democracy, we must go over the ex-Government the redemption agent; it united penditures of each year, and sum up those the moneyed interests of the country with which are directly chargeable to the Demo- the efforts of the government to maintain its cratic slaveholders' rebellion. They would existence, by making the currency,

and not only wipe out our present national debt, through this prosperity, wholly dependent but restore an equal amount to those who apon the credit and integrity of the nation.

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This national currency system operated as culating notes, under the present system, a strong bond of union, holding the States to may be considered absolutely safe. Not a the Government, upon which they depended dollar has been lost by the holder on the bill for financial prosperity. It placed the states of a broken national bank since the organiin the attitude of creditors, largely interested zation of the system. All that is now needed in maintaining the solvency of the Govern

to make the national currency system as To this system of currency, due to the wis- perfect as any ever devised by human wisdom of Republican lezislation, the people are dom, is, the redemption of its notes in coin indebted for that harmony which existed be- or its equivalent. If hostile legislation does tween the States and the Government, and not interfere to change or cripple the present for that marvelous prosperity, which devel- plans of Republican administration, the reoped itself in the midst of a devastating sumption of specie payments will be soon war, and which has practically continued un- brought about without shock or detriment checked up to the present time.

to business interests. Under the old State banking system, every

The Republican party is pledged to the financial disturbance entailed heavy losses on eventual redemption of every Government holders of bills, while panics like those of obligation, in gold. It has never failed to 1837 and 1857 wrecked hundreds of banks make good its pledges, and this one will be and entailed hardships upon thousands of kept with sacred fidelity, if the people conindividuals holding their notes. Under the tinue through the future the same noble conpresent national system, these losses, which fidence which has upheld the party in the generally fell upon the workingmen, are im- past. possible. A bank may be badly managed; it As a comparison of the old system and the may fail ; yet, its notes, being secured by a present one may be of value, we present the deposit of United States bonds, are as valu following statement, exhibiting by sections able as the notes of the best managed bank the bank circulation, the amount per cipita, in the country. They continue to circulate, and the ratio of circulation to wealth and to or if the holder desires it, they may be re- capital, in 1862 (State bank system), and in deemed by the United States. Thus the cir- | 1874 :

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* National bank notes, June 30, 1875. $351,869,008; on demand and legal tener notes, $375 841,687 50: fractional currency, $12, 129, 424. 19; totul paper curri ncy, $769, 840, 119.19. Total circulation per capila, $18.38.

A comparative table, exhibiting the above tender note, and the national bank note, the by States, may be found in the report of the Comptroller says, in his report : Comptroller of the Currency, for 1874. In

"The amount of legal tender notes au. speaking c.f the relative value of the legal | thorized is $382,000,000; the amount of na

A SUMMARY OF ACHIEVEMENTS.

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tional bank notes, $354,00!,0 10. The amounts the loss of public credit, the paralyzation of
of legal tender notes, under the act of June business enterprise, the depreciation of na-
20, 1874, cannot be reduced, but must re-
main continually in circulation; the amount

tional securities, and eventually a repudia-
of national ba ik notes, however, may be re- tion of national obligations.
duced at the pleasure of the banks. If the
value of the paper dollar be determined by

To do justice to a review of Republican the amount of such money in circulation, then the national bank note is more valua- | achievements would fill a volume. A brief ble than the legal tender note. The national summary will be a fitting conclusion to the bank notes outstanding are secured by a statements already made. deposit of more than $385,00 !,000 of United

During the period of Republican ascendStates bonds, which are at a premium of

ency, we have seen the nation increase in more than 12 per cent.

If the United States bonds be not of suf-population from 1860 to 1870, 7,115,050, ficient value to pay the nntes, the capital with an estimated increase, up to the present and surplus of the banks, amounting to time, of 11,500,0 0. We have seen an in8622,000,000, as well as their entire assets, are available for that purpose. The stock crease of the products of manufactures durholders are individually liable for the full ing the same time of $2,231,931,594, with a amount of their stock, in addition to the probable increase, up to this time, of over amount invested in such shares. And the $3,030,000,000. We have seen an increase United States guarantees, the final payment in the true wealth of the Northern States, of the notes. There are, then, absolute assets, for more than three times the amount up to 1870, $13,9 18,902,437, which to-day of the national bank notes outstanding, avail- may be estimated at $20,000,000,00). We able for the redemption of these notes, and have seen the assessed valuation of real esin addition, the contingent liability of the tate increase in ten years $3,128,501,392, shareholders, and the guarantee of their final payment by the United States."

which, at the present time, would make it

over $4,000,000,000. We have seen the GovIt will thus be seen that our currency is ernment successfully conducting financial safe not only in times of business prosperity, operations of great magnitude, and improvbut in the midst of financial panics. Founded

ing its credit, while meeting obligations upon the credit of the Government, nothing

which bore heavily upon its resources.

We but the loss of public credit could affect ma

have seen a defective State currency system, terially the value of our currency. To main

supplanted by one of a national character, tain this credit, to strengthen it at home

safe, sound and effective, and destined to and abroad, has been the object of the Re- become, at no distant day, the most perfect publican party. Under its wise management

currency system ever devised by man. our national credit has steadily improved, these items of growth and improvements, are Our securities are sought for as among the but a few of the many that could be prebest and safest in the world, and if the party sented if time permitted. whose administration, has brought about so

The homestead acts; the building of the favorable a result is continued in power, we Pacific railroad ; the 13th, 14th, and 15th may confidently look forward to the refund

amendments, and the legislation necessary ing of our national debt at a low rate of in- to enforce their provisions ; the reconstructerest, thus in this single item saving annu- tion of the Southern States ; the settlement ally millions of dollars to the Government. of the Alabama Claims, and the vexed San We appeal to true citizens everywhere, to Juan boundary ; e-tablishment of life-savall who desire to maintain the credit of the ing stations; protection to immigrants ; nation, to all who appreciate a good currency, encouragement of labor; advancement of that is gradually approaching a gold basis, science and education; and above all, the to all who are in any way interested in crowning work of the century-the abolition maintaining public faith, to lay aside petty of human slavery--are items in the long list prejudices and local issues, and earnestly of Republican triumphs, which will insure support the party that has rendered noble the gratitude of posterity, and ever coinmand service to the Republic. Its overthrow means the admiration of the world.

Yet

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