During the war period, from June 30, 1861, to June 30, 1865, the net expenditures of the Government far exceeded the net ordiThe following table will show the ordinary receipts and expenditures for the five years named: taxes, levied under it, so cheerfully were To show the amount collected under the internal revenue system, and by direct tax, since 1861 to 1874, we submit the following: Year. Year. 1861.... 1862.... Receipts. Expenditures. $11,476,299.49 $62,616,055.78 51,919,261.09 456,379,896.81 1863... 112,094,945.51 694,004,575.56 18 14.... 1865.... 243,412,9 1.20 811,283,679.14 3 2,031,158.19 1,217,704,199.28 $1,795,331.73 Total...... 1,956,323,725:30 14,810,189.37 The other principle source of revenue to meet the expenditures of the Government, was the customs revenue. From this source the following amounts were collected from 1861 to 1874, inclusive: $39,582,125.64 ......... ............. ..... 84,928,260.60 1863 $2,013,292,493.55 1874....... Bab nces due in 1871, collected in 1872 and 1873, and covered into the U. S. Treasury in the latter year. $4,034,157.30 13,190,344.84 24,729,700.62 53,685,421.69 77,395,090.30 133,067,624.91 143,781,591.91 140,424,045.71 130,694,242.80 129,235,498.00 Total...... 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 Internal Revenue.... Direct Tax. Public Lands.. Miscellaneous Premiums Total...... $2,013,292,493.55 1869, was less than one-fiftieth of one per cent. of the amount collected, or less than two dollars in ten thousand. OFFICIAL INTEGRITY, REDUCTION OF DEBT, &C. Yet, with these immense receipts and ex-lection of internal revenue since March 3, penditures, made necessary by the suppression of the Democratic slaveholders' rebellion, the records show a degree of official integrity without a parallel in the history of governments. Vice President Wilson, in 1872, in referring to this subject, said: "During the war we paid, through the Paymaster's Department of the Army, more than a thousand million dollars. That money was paid sometimes when troops were on their march, sometimes when they were under fire, and we lost less than a quarter of a million dollars. Never, in the history of the human family, was there any higher evidence of integrity. In the war of 1812, in paying out the little money we paid during that war, we lost about two million dollars. Since Gen. Spinner entered upon his office of Treasurer of the United States, $55,000,000,000 have passed through his office, counted by from three to four hundred men and women. We have lost between fifty and sixty thousand dollars in these eleven years, while $55,000,000,000 have gone through the office. "There has been collected under General Grant's administration, in three years, nearly twelve hundred million dollars-nearly four hundred millions a year; there has been paid out nearly a thousand million dollarsmaking about twenty-one hundred million dollars. We have lost out of this immense sum, in all the departments of the Government, a million and a quarter-less than a fifteenth part of one per centum! "We have paid out, during these three years, ninety million dollars, in pensions, and we have had five defalcations, all of them soldiers, and four of them shed their blood for their country. But the Government has not lost a dollar, for the agents made good their accounts, or their bondsmen did it for them." These remarks are as applicable to-day as when they were uttered. The same honesty and economy which characterized the Presi In the collection of the customs for the same time the loss was $28,000, out of $553,000,000, or the one-hundreth part of one per cent., or less than five dollars in every one hundred thousand. The loss to depositors, through our National banking system, was the one-hundredth and eighty-sixth part of one per cent. — equivalent to five dollars and three-eighths in every one hundred thousand. The money entries on the books of the United States Treasurer, covering time from June 30, 1861, to January 9, 1872, showed the immense sum of $55,000,000,000, and out of this vast amount the loss was about $55,000, or less than one ten-thousandth part of one per cent., or one dollar in one million of money transactions. With this exhibit of the financial responsibility of the Republican party, and the official integrity which has characterized its public servants, are we not justified in saying that no just comparison can be instituted between the party now in power and those which have preceded it? To determine its merits, and do full justice to its great services to the Republic, we have but to weigh its acts and its responsibilities with the combined acts of all the administrations, from Washington down. Even then, we can obtain but an imperfect understanding of the magnitude of its labors,. and of the power of its influence on the civilization of the world. The excess of expenditures over receipts, or that which far exceeded the ordinary revenues, and which were met by pledges of public faith, ceased with the close of the war. The public debt had reached its highest point in 1866, being at that time, June 30, $2,773,236,173.69. Since then the revenus of the nation have exceeded the expenditures, leaving a balance each year for the redemption of the public debt. From June 30, 1866, to June 30, 1874, the public debt has been reduced $580,305,705.26. This reduction has taken place in the face of reduced taxation. Under the acts of Congress dated July 13, 1866, March 2, 1867, Feb. 3, 1868, March 1 and July 20, 1868, July 14, 1870, May 1 and June 6, 1872-the Internal Revenue taxation has been reduced from its highest point, in 1866, $309,226,813.42, to $102,409,784.90, June 30, 1874. In this reduction of the public debt, and this descending scale of taxation, we have at a single glance the policy of the administration to maintain the public credit, and at the same time lighten the burdens of the people. were forced to bear the financial burdens of the conflict. With these figures before us, with a clear remembrance of those terrible years of sacrifice and suffering, when the hopes of the nation centered in the courage and patriotism of the Republican party, with at least $ 50,000,00 of yearly expenditures to remind us of a party that betrayed the nation, and with a burdensome public debt, which a loyal people are nobly bearing-who that loves his country, or wishes to see it continue in the path of peace and prosperity, can give his vote or influence to the support of a party that stands to-day as responsible for the rebellion, as it did when its recognized head, James Buchanan, folded his arms and gave it the sanction of his official encouragement, by the admission that he had no power to coerce. OUR NATIONAL CURRENCY SYSTEM. We have shown the immense financial operations of the Government during the fourteen years ending June 30, 1874. To those measures which led to the adoption of our present national currency the success of these operations is largely due. Under the old State banking system, financial embarrassments would have attended the collection of the taxes, irredeemable paper money would have become nearly worthless, gold needed for custom duties, and for the payment of interest on our bonds would have become exor We have endeavored to show, by the statements submitted, the magnitude of the financial operations of the Government during fourteen years of Republican rule. They may safely be held up, as being without a parallel in our history, if not in the history of nations. To carry on these operations through a long series of years, without infringing upon the constitutional rights of a single citizen, or without oppressing the in-bitantly high, the credit of States and indidustrial interests of the country, has required the highest degree of administrative and legislative talent, and the highest order of executive integrity. It should be borne in mind that these heavy financial responsibilities were forced upon the country by treasonable Democracy, and that the part performed by the Republican party was sim ply the execution of an imperative duty which it owed to the Union, to freedom, to humanity and to the world's civilization. If we would realize the cost of this treasonable Democracy, we must go over the expenditures of each year, and sum up those which are directly chargeable to the Democratic slaveholders' rebellion. They would not only wipe out our present national debt, but restore an equal amount to those who viduals would have been destroyed, and before the close of the war, even if such a close had been possible, universal bankruptcy would have stared us in the face. Therefore to the adoption of our present national currency, the nation is largely indebted for the success of its financial operations. It gave to the country a currency of uniform value; it pledged the faith of the nation for the security of the circulating medium; it removed the possibility of loss on the part of the bill holder, by making the Government the redemption agent; it united the moneyed interests of the country with the efforts of the government to maintain its existence, by making the currency, and through this prosperity, wholly dependent upon the credit and integrity of the nation. This national currency system operated as a strong bond of union, holding the States to the Government, upon which they depended for financial prosperity. It placed the states in the attitude of creditors, largely interested in maintaining the solvency of the Govern ment. To this system of currency, due to the wisdom of Republican legislation, the people are indebted for that harmony which existed between the States and the Government, and for that marvelous prosperity, which developed itself in the midst of a devastating war, and which has practically continued unchecked up to the present time. culating notes, under the present system, may be considered absolutely safe. Not a dollar has been lost by the holder on the bill of a broken national bank since the organization of the system. All that is now needed to make the national currency system as perfect as any ever devised by human wisdom, is, the redemption of its notes in coin or its equivalent. If hostile legislation does not interfere to change or cripple the present plans of Republican administration, the resumption of specie payments will be soon brought about without shock or detriment to business interests. The Republican party is pledged to the eventual redemption of every Government obligation, in gold. It has never failed to make good its pledges, and this one will be kept with sacred fidelity, if the people continue through the future the same noble confidence which has upheld the party in the past. Under the old State banking system, every As a comparison of the old system and the present one may be of value, we present the following statement, exhibiting by sections the bank circulation, the amount per capita, and the ratio of circulation to wealth and to capital, in 1862 (State bank system), and in *National bank notes, June 30, 1875. $351,869, 008: old demand and legal tender notes, $375 841,697 50: fractional currency, $12, 129, 424.19; total paper curr ney, $769,840, 119. 19. Total circulation per capita, $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 speaking of the relative value of the legal "The amount of legal tender notes authorized is $382,000,000; the amount of na Ratio to Bank Capital. tional bank notes, $354,00 1,00. The amounts of legal tender notes, under the act of June 20, 1874, cannot be reduced, but must remain continually in circulation; the amount of national bank notes, however, may be reduced at the pleasure of the banks. If the value of the paper dollar be determined by the amount of such money in circulation, then the national bank note is more valua ble than the legal tender note. The national bank notes outstanding are secured by a deposit of more than $385,00,000 of United States bonds, which are at a premium of more than 12 per cent. "If the United States bonds be not of sufficient value to pay the notes, the capital and surplus of the banks, amounting to $622,000,000, as well as their entire assets, are available for that purpose. The stockholders are individually liable for the full amount of their stock, in addition to the amount invested in such shares. And the United States guarantees, the final payment of the notes. There are, then, absolute assets for more than three times the amount of the national bank notes outstanding, available for the redemption of these notes, and in addition, the contingent liability of the shareholders, and the guarantee of their final payment by the United States." It will thus be seen that our currency is the loss of public credit, the paralyzation of business enterprise, the depreciation of national securities, and eventually a repudiation of national obligations. A SUMMARY OF ACHIEVEMENTS. To do justice to a review of Republican A brief achievements would fill a volume, summary will be a fitting conclusion to the statements already made. During the period of Republican ascendency, we have seen the nation increase in population from 1860 to 1870, 7,115,050, with an estimated increase, up to the present time, of 11,500,0 0. We have seen an increase of the products of manufactures during the same time of $2,231,931,594, with a probable increase, up to this time, of over $3,0 10,000,000. We have seen an increase in the true wealth of the Northern States, up to 1870, $13,9)8,902,433, which to-day may be estimated at $20,000,000,000. We have seen the assessed valuation of real estate increase in ten years $3,128,501,392, which, at the present time, would make it over $4,000,000,000. We have seen the Government successfully conducting financial operations of great magnitude, and improving its credit, while meeting obligations which bore heavily upon its resources. We have seen a defective State currency system, supplanted by one of a national character, Yet safe not only in times of business prosperity, but in the midst of financial panics. Founded upon the credit of the Government, nothing but the loss of public credit could affect materially the value of our currency. To maintain this credit, to strengthen it at home and abroad, has been the object of the Re-safe, sound and effective, and destined to 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 into 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 command service to the Republic. Its overthrow means the admiration of the world. |