Indiana American, Volume 9, Number 9, Brookville, Franklin County, 4 March 1870 — Page 1

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tCBLlSHED KVRRY "FRIDAY BY 0. H. BINGHAM, Proprietor

Office in the National Bank Building, (fniroi sfory.) TERMS OF SUBSCRIPTION: $2 50 PERYEAR.tK abtakc. $5 00 ' " !F ROTFllI t S&. DTAKCt. jfa oostage on papers delivered within this Coonty. KEY-NOTE OF THE CAMPAIGN. Speech by Senator Morton, tin ivkrkd at Indianapolis, February 22,1870. Femow Citukss: to response to an Invitation from many friends, and in i,..i;pnee to tnY own wishes, I have retnrned home to meet the Itepubl icana of Indiana in council, and shall oegin wnat I have to say to-night by a short review tf the financial condition" of the State. NATIONAL FINANCES. Mr. Voorhees, one of the most eloquent men in the Democratic party, recently made a speech in the House of Representatives, which was evidently intended for a campaign document, in which he discussed the financial question at great length. His argument may be thus sum. med up ni stated; First, he entered into minute calculation in figures to show lhat of our public debt 1,550,53S,9GG -were without consideration, fraudulent, nd should not be paid. Second, that of the whole amount only $1,371,424,718 -were fair and honest and should be paid. These two sums added together make the abrogate of the debt 8373,210,731 greateMhan it is; but we will let a small error like this pass. Third, he argued that if the public creditor insisted upon the payrr.entof the nrst sum, wmcn is irauauieni, ihe people would be exonerated and released from the payment of the second sum, which be admits is just and honest. Fourth, he admits his willingness to pay the whole sum if it is paid in new greenbacks, tolc issued for that purpose. Fifth, by a logic as incomprehensible as all the rest, he would confine the new issue of greenbacks to $300,000,000, which would come far short of paying even that part mhich he admits to be just. Hut Mr. Voorhees' ideas in regard to the currency have suffered great contraction since he wade his speech in this place, in Jan., to the Democratic Convention. In rhat srreeh he advocated a new issue of SI, I4K ihhUIIiO of greenbacks to pay 81.500.- ;

HM,000 of five twenty bonds, which add- for State offices, and lay down a platform 1 to the 8700.000 ,000 currency now afloat, j of '"t'h and action. In the first rcsoluwould bring it up to 82,200,000,000. I j tion they declare that the Federal Union Uote from'his speech as reported in the n,ust l,e preserved. This is excellent, but Vntinel: "I am sometimes charged with J it is a trifle too late. If they had said so being good at tearing down the plans of j before and during the war, instead of lendotlier.e We have now outstanding 81 ,-! nS ,heir influence to those who were seek. rtl0,000.Kk) of five-twenty bonds pay. ing to destroy the Fnion, we should have .1.1' . tin. n.l nffire nrtwentv vcars from I bren vastly more obliged to them.

ihe time when issued. 1 he five have about cxrircd. They can be raid at any time within the next fifteen years.) ily plan is to draw in 8100.000,000 this jear, 81l!0,0UlMi00 next year, and, as it j were, sprinkle it all over the next fifteen j fars. issuing currency to redeem it, thusi faying the bonded debt in better money than it was bought with." The difficulties of Mr. Voorhees' position cannot be exaggerated, but are those of his party, which has no status upon j the financial question whatever but catches at eveiy fallacy and r:rs.ox that seems to

present the prospect of getting a few votes, j nient, and protest against Indiana being The absurdity of proposing to pay off the j counted in lor its ratification. They did national debt, not by taxation, not by col-, t,,is before, by the disgraceful desertion or lecting debt, not by taxation, not by col- j their scats, and by a wicked conspiracy to lecting money in the usual and honest wayjertive Indiana of an equal voice in an but by issuing new currency, which is ; amendment to the Constitution of the never to be redeemed, but to be left to United States, by breaking up the legisperish in the hands of the people, would i lative body. Rut their piotest was not te ridiculous were iunot travel v mit forth ; heeded then; nor will it be now, although

by distinguished politicians iu the desperate nursuit of rower. ----- : r --j i -- It is quite as ridiculous as if you should j propose to pay all your debts drawing in- j terest, by giving your due-bills without ! interest, with the understanding that they i re never to bo paid. Mr. Hendricks, in i his speech before the Democratic Conven-j tion on the 8th of January, 1808, declared himself in favor of the payment of the ' national debt by issue of new greenbacks I for that purpose. I quote his language. "'I hen we may at once commence the pay- j nient of our debt by the issue of Treasury ! notes, and thus stop the payment of gold j interest, and also increase our currency, I and thus stimulate commerce, enterprise and labor, and in connection with a wise j poltoy toward the Southern States, and the j ucvcioj n ent ot their resources .1 ... i . restore prosperity to the whole country." It is but justice, however, to state that he afterward threw out an anchor to the ! mJward by declaring that the volume of currency should not be increased beyond 'he demands of business. The two positions were, of course, irreconcilable, but so are all the professions of the Democratic party on this subject. In .New York and the Eastern States, jl'ey are in favor of having the bonds paid ln gold, returning to specie payment, ad'vecate the National Ranks, and approve 'he expansion of the currency, while in 'ce Northwest they profess a medley of ritradictions, and have no position on "e financial question that any white or Colored is bound to respect. but Democratic politicians have been ;'j:litered in the house of their friends. t Supreme Court which iboy so much '"ere has cut up their financial theories bJ th roots, stripped them of all their Poor pretenses, and left them without a on which to hang an argument. In the Jeeifjon rendered at Washington c . before la.t, the majority of the Court ?iJed that the law making the United 'ites notes a legal tender was unconstitutoual and void as to all contracts made beore "a passage; that all bond and debts, 01 Whatever kind, made before the 25th of ebrUa(T( s&2f woul(1 be paiJ Jn golJ if F'd was demanded by the creditor. The aet of this decision in, that if Congress to authorize an issue cf new legal ... ":, uiey could net dtf maua apl;sl! to the, pavment of any debt created eiore their iss'u. Thus, legal tender ot" lssued in 1870 could not be made PP icable to debts created in lSOi), and tlOt be IlSPiI in tlia navmont -' V jWional debt, as recommended by tbe eioeratic politicians in Indiana, so that ,vl eorJ f paying the national debt by tie

iue of new currency which

is never

VOL. 9, NO. 9. to be redeemed, however lovely in itself, most be abandoned. The argument of Chief Justice Chase went to show that the Legal Tender act was unconstitutional in all respects, but the majority of the Court confined the decision to contracts made before the passage of the law. While I do not approve of thia decis ion, as I had never doubted that the Legal Tender act was constitutional as to past contracts, still it has had the effect to greatiy simpmy the financial situation and to remove the vast piles of rubbish with which the Democratic party were endeav oring to obstruct the vision of the people. And as it was made by the Democratic members of that tribunal, which the De mocracy hold in such supreme regard, they can not complain that it is a Republican outrage committed for the benefit of the Radical bond holders. The decision of the Supreme Court. If not hereafter overruled, has substantially settled the question of the emission of any more legal tender notes, and the financial question in the future will, probably, be between the National Banking system and the possible revival of the system of State banks. The latter seems to be popular with the Democracy as a reminiscence of the doctrine of State Rights, and their aversion to everything that grew out of the war. The Senate recently passed a bill aut ll nri i II cr t it A ilidtrikiilinn ft.-, f It a Witet n i .1 South of sixty-five millions of National Banking currency, which is all they will need fof some time to come. What its fate in the House will be, I do not know, but hope it will pass, as it will grant relief by furnishing banking facilitics-so much needed. 1 have resisted the con. traction of the currency, in any form, believing tbe volume is none too great tor the business wants of the country, and i that specie payment can ultimately be obtained, without reducing the volume of paper circulation. THK !EMOC3ATlC n.ATFORM. The Democratic party held a conven- ! tloni ,ast month, to nominate candidates i In another resolution they declare that the tariff law lias destroyed our shipping, whereas it i generally supposed that those distinguished Democrats who managed the Alabamas and the Sheiiandoahs had something to do with the destruction of American shipping and commerce. In another resolution they declare their abhorrence of the reconstruction measures. This, of course. Theyrelihed the doctrines of secession and the resolutions of 17iS to well for that. I" "!:.-.!!. er resolution llirr drrl.ir thpii" unalterable opposition to the 15th Amend it cost the State between one and two hundred thousand dollars, and is remembered on,J t0 be execrated and despised, The 15th Amendment is the law of the land. This great measure of justice and equal rights has been engrafted upon the Constitution; and hereafter, in the North as well as the Sjuth, the right of suffrage will not depend upon color or race, but will be given to all citizens who are not disqualified by crime. This is the happy and glorious conclusion of a struggle which has been in progress for many years and removes from the field one of the most exciting and dangerousquestions by which it has ever been disturbed, It is gratify ing tint Indiana has, by her vote, contributed to this grand result, notwithstanding the desperate and revolution ary efforts to prevent her from doing so. The ratification by Indiana greatly en couraged the friends of the amendment in otlier States, and stimulated them to renewed exertions for its unal success. Of all the weak artifices ever devised to deprive a State of its rights under the Natioual Constitution, the weakest was that by which it was sought to break up the Legislature of Indiana by the resignation of a minority of its members. The future historian will look upon this stupidity witli utter incredulity, only to be overcome by the legislature record. In another resolution they demanded the repeal of the Tariff law, and that duties shall be levied only fcr revenue. The Democracy never giuuiblcd at any tariff which protected the productions of slave labor, but they seem absolutely hostile and uialiguaut toward the protection of the interests of free labor. Tbey seem absolutely to aspire to the destruction of all our manufacturing interests, for some reason as incomprehensible as it would be ruinous to the country. Mr. Kerr, the Representative in Con gress from tbe Second District, who stands high in the Uemocratio party, recently j made a Fpeeen in trie liouse on t no sun. ; ject of the tariff, and after discussing it at great length, summed up the true principles upon which it should be established in the following language. I quote from the Globe of January 23d; "As a general principle, therefore, imposts should be chiefly charged against imported articles of luxury and such other articles of commerce as can be produced at all in our country. Such duties never fail to produce the greatest amount of revenue with the least material effect on general prices, the most inconsiderable loss to the people, and the least injury to domestic production. Rut these principles ate shatnefully violated by the present laws." This declaration is iost etra.ordiqary

THE UNION, THE CONSTITUTION, AND THE ENFORCEMENT OF THE LAWS

but is a perfect illustration of the spirit of the Democratic party toward the manufacturing interests of our country. He says that duties should be levied chiefly against imported articles of luxury, and against such other articles of com. merce as cannvt be produced in our country. So far as the articles of luxury are concerned, it is all right; but that duties should be levied chiefly against articles that can not be produced at all in our country is a declaration of war against our manufacturers, lie would place the duties high where we have no manufacturers to encourage or protect, and would place them low, or abolish them altogether, where we have. According to his theory they ought to be made high upon tea and coffee, because we do not produce them, but abolished or made very low upon all articles which we are producing in competition with foreign countries. 1 differ with him exactly, and insist that if there be discrimination it should be the other way. In levying heavy duties upon articles that we do not produce, we gain nothing but revenue and make the price high for our own people; while in levying reason able duties upon articles that we produce ! in comretition with foreign countries, we not oniy obtain revenue, but we encour age our own producers. The Democratic party in their platform and speeches at tempt to make capital among the farmers reFresenting that every other interest . 13 a ,ax ufon le farming interest This 1DS,U!C l int?,ll,Sence of those I w.bo , rultivate be soil. It everybody ! hou,d become farmers it would be very ! xta ro1!8 to th,ose . who " engaged in j t business, for they would lose their u.uu,c ,ua.rKel ' ost entirely; ana me IOr , thc,r,suT,us Products; and small to take the business would become the most unpopular in the country. J he true interest of the nation consists of the diversity of labor and tbe mutual growth and prosperity of every occupation which contribute to the wealth. intelligence, independence and happiness of the neonle. In view of the large amount of revenue a a we have to raise to defray the expenses of the Government, a tariff for revenue is essentially a tariff for protection, and the discrimination to be made for or against particular articles should be in favor of those we produce rather than those we do not. The tariff question now is one of fact, far more thau theory. The Special Com. missioner of the Revenue, Mr. Wells, in his lato report to the Secretary of the Treasury, has happily expressed the condition of the Tariff question, in the following passage: "The experience of the last few years has been equivalent to a demonstration that any attempt to reconstruct the tariff, as a whole, on any basis of principle is practically impossible, the diverse interests of the different sections of industries being sufficiently powerful under almost any circumstances to engraft upon a bill during its passage such modifications as will effectually deprive it of any pretentions to consistency or harmony. "There would therefore seem to be but one available method of tariff reform, which is to adopt the saaie course which has been taken in respect to the reforms heretofore made in the internal revenue, and which furthermore finds a precedent in all tbe experience of Great Rritain in legislating upon the subject, viz: to make such modifications or removals of duties, year by year, as experience or the condition of the Treasury may indicate as prac ticable and desirable, and tnus by prunling rather than reconstruction, to gradu any attain me greatest uegree 01 simplicity and effectiveness with the least possible burden upon industry and the people." While I am far from agreeing with all the notions of Mr Wells on the subject of j the tariff, yet I lully concur in the statement that the question is to be treated more with reference to tbe actual condition if rln' mro tint n w 1 t fY nna t n. i r y tt i- j- . i ory. Experience, from year toyear, deui- , "I , .i ' j . points out that upon some articles the duty j i is too high, amounting, almost, to prohibi-. t V ' ... ' 1 . . tion, and cutting oft that just competition i , it . i . , j rhi(h shiiiilil ptisr hf iKPen nnr own ami the manufactures of foreign countries; that on others it is too low, and might be inc teased with advantage to the revenue , and our own productions, that upon some I articles of prime necessity, which we do j not and can not produce, ii much too high, I and should be reduced, in the interest of I the great mass of consumers. It is the j business and duty of Congress to address! itself to the work of reform, and to make such changes from tune to time as experience and reason shall show to be practi cable and proper. We are dealing with tbe actual situation and with a stern array of obstinate facts, aud can not consent, on the one hand, in pursuit of the theory, to burden the country ! wilh enormous duties, or, on the other, to strike down great existing interests in deference to plausible schemes of political economists. The whole platform to which I have referred is a dismal rehash of miserable negations and Democratio commonplaces, and furnishes conclusive evidence that the party has no definite policy upon any sub j c c t or remedy for any evil, real or tended. It has nothing to offer but opposition, empty professions of devotion to the Constitution, and preposterous suggestions of returning to the condition of former times. It can not restore slavery, neither give it up. It can not undo the results of the war, nor yet accept thetu. It can not grapple with the questions of the day, but, like the deposed Bourbons who wander about Europe, is strong only in its hate and the tenacity with which it olinirs ' to the policy aud memories of the past. 1 j challenge an examination of its platforms ! in the several States, of the speeches of its politicians, n Congress, of the columns of its leading newspapers to find any suggestions of policy or remedy upo,n. any ouea-

iisiii

BROOKVILLE, IND., FRIDAY, MARCH 4, 1870.

tions whatever, beyond that of sullen opposition, destruction of what - has been done, and proposals of impossible return to the conditions of the past. RECONSTRUCTION. The primary work of reconstruction is nearly accomplished. Mississippi has just been readmitted, and Georgia and Texas will soon follow. The recent action of Congress has enunciated the great principle, that tbe power to reconstruct implies the power to protect the reconstruc tion, and to prevent the fraudulent violation of tbe terms and conditions upon which tbe late rebel States are restored to representation; that the power to guarantee a republican government in a State is the power to secure, and may be as well exercised in advance to prevent its destruction so as to rebuild aftr it has been destroyed. Rut reconstruction will for years require the watching and fostering hand of the Republican pa'rty. Should the Democjatic party come into power, imbued with the spirit of sullen opposition, it would seek to destroy whatever has been accomplished, like the invaders of ancient Rome, who pulled down the beautiful statues and monuments, which they had no genius or skill to set up again. DEMOCRACY AND THE COLORED VOTES. For many years the Democratic party lived upon prejudice against the colored race. This prejudice was stimulated by every means in their power, by heaping upon the colored man the foulest abuse and ridicule; by denying bis humanity and manhood; by describing him as a semibaboon, and as a cross between the ape and the human, and by denying to him every right that can make life sweet and attractive. Year after year, canvass after canvass, this disgusting drama was repeated, and the lowest passions of the white race appealed to by the meanest motives that can move mankind. My late colleague, Mr. Hendricks, a few days since made a speech in New Orleans, to a Democratic meeting, composed of ex-Confederates. The burden of it was devoted to telling them they should conciliate the colored vote, and how to do it. They should tell the colored men that the Democracy had always been their best friends, and were in favor of just and equal laws, and would protect them in the enjoyment of civil and political rights, that the Republicans were their enemies, and would betray them; and the men who had gone to the South from the North were aliens and foreigners to their interest, upon whom they should turn their backs, in behalf of their former owners. He also reminded them how nobly, and patriotically, the colored men of the South had stood by then, during the rebellion, and this fact seems to have excited the grati tude of Mr. Hendricks. 1 quote his own language: "You have no cause to entertain against the colored people a feeling of prejudice. When your young men were far oft' in the field, and even your aged men many of them were absent during the four years of the war you left these colored men at your homes, where they stood sentinels at the doors, where your wives and your children were safe under their protection. They labored and cultivated your lands, and raised those products which supported the armies in the field. And now is it possible that the foreigner I speak not of the foreigner as a man of another country, but men foreign to your interests, men of other sections of the country is it possible that they shall come in and make these colored men to hate you and destroy you? Your interests are the interests of the colored men." He forgot to tell them that last spring he advised the breaking up of the Legislature of Indiana to prevent the ratification of the 15th Amendment, and that his whole political life had been devoted to a warfare in behalf of slavery, and to excite ilst the colored people the bitterest peoph j prejudice and hatred of the white race. He also told them that political equality d not mean social eouality, and would did not mean social equality, and would . i . i .i . .i. i j not tad to it and that the colored man had no desire or purpose of that kind, and . . . . , 1 . . , ' . . . , ..J rntinm in ltiiii:iii:i lli.it mil 1 1 ie:i I pmi.-ilitv ... . . , , , . . 1 ... J would inevitably lead to social equality, . . . J V and that this was the great thing the Re publican party had in view. Where now are the Democratic mottoes? "White husbands or none," and "Fathers, save us from negro equality," and "This is a white man's Government." Where are the "White Roys in Ulue.' These war cries of the Democratic pirty are suddenly hushed forever by the 15th Amendment, and in place are now issued on perfumed paper polite invitations to eat and sleep at the houses of Democratic editors. What a wondrous change has been wrought by the 15th Amendment! The colored man has his revenge. It has been long coming, but has come at last. What luxury U must be to him now to despise the fawning demagogue who now grovels at his feet, and begs to kiss his hand for his vote. But now that the colored man is no longer the "daily bread" of the Democratio party, and is himself invited to sit down at the feast, they have cast about for a substitute, and have fixed upon the bondholder, the man who loaned his money to the Government to carry on the war. This man is now persecuted in their speeches and platforms, as the embodiment of all viilamy, as the usurer aud extortioner, the pluuderer of his Government in the hour of its extremity, and as now fattening on the sweat and blood of the people. Rut they were not always his enemies, for during the rebellion, when the Government appealed to, the people for money to pay the army and carry on the war, these Democratio politicians advised them not to lend their money, and warned them A. that they would lose it telling them that the bonds would be worthless, and that the greenbacks would perish in their bands. Then they exaggerated the risk, assured them that the rebellion could not be pu,t 4wn. aa! S h9 exnresshe la,a-

mum

guageofone, that they "might as well throw their money into the river as to loan it to the Government." Their raven cries were not heeded then and because they were not, the men who had faith in the Government and were willing to risk their money on its existence, are now calumnia- ! d " the eneu,ie8 of their country. But i ,f the b,,e the men who loaned their i uiuuejr iu carry on rue war, iney natc me j soldiers who fought our battles still worse, land would characterize them io fouler phrase, if they dared. But the soldiers are a very numerous body, who can not be insulted With impunity, and it is, therefore, considered safer to attempt to excite their prejudices against the men who furnished the means to prosecute the war; but this is alike an insult to their intelligence and integrity, for what soldier does not know that armies cannot be raised and maintained! without vast expense? ECONOMY IN EX PEN" DITCHES. Economy is the word. Retrenchment and reform are the order of the administration, and are being pushed in every direction. Congress is working diligently to reduce the expenses of the Government to the lowest point consistent with its efficient operation and the protection of the great interests committed to its care. During the eleven months of its administration great reforms have been effected in various ways. The amount of revenue collected upon the same rates of taxation have been largely increased as compared wuu an equal period under the oduiiuisnaiiuu ui .nr. ouuusuii. I'unug me ursi eleven months of this aduiUtration tbe amount of internal revenue collected was 8105,231,081, being an increase of 19,906,380 over the amount collected during the last eleven months of Mr. Johnson's administration. During the same period the revenue received from customs was 8170,233,845, being an iucrease over the amount received from the same source during the last eleven months of Mr. Johnson's administration of 59,738,441. These reforms have been effected iu less than a year, during which much time was taken up in the reorganization of the Treasury Department, turning out corrupt and inefficient officers and putting in new ones, and in overhauling and repairing the entire machinery of collections. Much greater results may be expected from the next twelve months, when the new machinery will be in successful operation, and honest and energetic officers, with a full knowledge of their duties, shall faithfully and efficiently execute the revenue laws. During the same period of eleven months, as compared with the preceding eleven months, the expenditures of the Government have been largely reduced. The economy of an administration must be judged by its actual expenditures, and not by the estimates for appropriations, which arc generally made by subordinate officers often carelessly, and always intended to be large enough. Judged by this rule the administration of General Grant, if it shall go on as it has begun, will as I believe, all things considered, prove to be the most economical since tbit of John Quiucy Adaius. Thus far the President has realized the most sanguine anticipations of his friends. Although the tongue of calumny has been busy with bis name, and systematic efforts have been made to take away from him the confidence of the people, he stands higher, to-day, in their admiration and affection than ever before. His ability and integrity will triumph over all the slanders of his enemies, and carry him through the ordeal to final success. During the last eleven months of Johnson's administration the expenditures were 8327,007,281 53. During the first eleven mouths of Grant's administration they were 8171,927,303 09, being a reduction of 855,139,981 44. The comparative account of the two ad ministrations, thus far made up, tor an equal period, will stand thus: he.luotion of expenditure $i5,l39,!81 44 Increase of internal revenue 1 tf,.M6,HSS 0 Increase in customs fl73S)44l US Making an aggregate gain of 884,844,80S44 for Gram's administration, which is worth more than many millions of Democratic platforms and promises. In tact, these latter constitute the most worthless und depreciated currency known to polit.cal bistoiy. During the first eleven months of General Grant's administration the public debt has been paid off to the amount of 8S0,049,971, which has been done by the application of the surplus revenues to that purpose, while during the last year of Mr. Johnson's administration the debt was only reduced 85,959,718, although the taxation was greater than it is now. By the increase of revenue, resulting from the honest execution of the laws, and the reduction of the expenditures effected by retrenchment aud economy. Congress will be able to make a very considerable reduction of the taxes, and that 1 believe to be a settled purpose before its adjournment; and it is not improbable that this reduction may be fully equal to 850,000, 000; and the taxes may be still further diminished by reducing tbe amount which we shall annually pay hereafter in the discharge of the national debt. We intend to pay the national debt, every dolar of it, and to liquidate some portion of it every year; but I am opposed to paying it oft at the rate of 8100,000,000 per annum. To pay it off at this rapid late would sound very well in foreign parts, but would be an unnecessary oppression of this generation. The next generation will sustain the same relation toward the men who put down the rebellion that we do to the lathers of the Revolution, and it would be right, in justice and morals, to let them pay a part of this debt, which was contracted for their benefit as well as ours. There are those who think it would be a splendid thing to pay off the entire debt within twenty years, but the next generation would not thank us for that any more than the son who inherits a large fortune thanks his father for having lived a life of parsimony and self-denial.

WHOLE NO. 417. I would, therefore, relieve the present generation by turning over to the next a considerable portion of thedebt, which, in their vast increase in population and resources, will rest upon them as a trifling burden. If our popalation shall increase in the same ratio as it has in the last twenty years, we shall at the end of the centu ry, thirty years hence, nay one hundred millions of people, and oar wealth will have increased in a far greater ratio. The tide of emigration is rising higher and higher from day to day. The honest labor, intelligence, science and wealth are coming to us from every country in Europe, and our growth and propreis are already without a parallel in history, and are exciting the actouicliRient and fear of I nations. I This may be done by funding a portion i of the debt into a Ior.s bond, at the Iowrt rate of interest which will be accepted. It is the purpose of CoDgress to reduce; the rate of interest upon the body of the debt by funding into new bonds, it possible, all that part which is subject to redemption and control. Whether the tin e has arrived when this can be accomplished we no not know, but the effort will be: made. FINANCIAL AFFAIRS OF THE STATE. On the first of July, 1849. the debt of the StHtr k rpnrrtnl Vv llm Auditor, is as loiiows: Uutstanding tonds riotsurren-i dered, under "Roller bill," 81 ,728,000 00; 1 five per cent. State stocks, issued under j . jjutler bill," 84,000.000 00; 1U per cent stocks, issued under "Butler bill,'' 81 050,207 50, making a total of the bonded for- j eign debt, 88,044,207 50. To this i-hould j be added the amount of the domestic debt, l October 31, 1849 8215.530 00, making i the entire debt 88,259,737 50. On the 1st of January, I804, at theclose j of Governor YY right's administration, the domestic debt had been extinguished, and the bonded or foreign debt was 87,7 4 ,- 3il 00, showing a reduction of the State debt during Gov. Wright's administration of 8487,420 50. This amount of reduction in seven years, during a period of general prosperity and profound peace, was very f mall, but it was much better than what followed under the administrations of Governors Willard and Hammond. At the close of their administrations, January, 1801, as seen by the report ot Auditor John VY . Uodd, the amount of the debt was 810,179,207 09, having been increased during the four years 82 400.905 r9. And thus the Republican administration commenced in January, 1801, with a debt of 810,179, 207 09 as an inheritance from the Democratic party. In order to raise money to prosecute the war the State issued during the summer of 1801, two millions of war loan bonds, and during the same summer Congress levied a direct tax on the State of 8904,857 33, whieb, added to tbe war loan made an indebtedness of 82,9(1 1,S75 -33, incurred on account of tbe war. The national direct tax was assumed and settled by tbe Republican State Administration, without suffering it to be laid upon tbe people. It will be seen that the end of the fiscal year in 1802 found the State debt of 813, 084,081 42, old and now. The report of the Auditor for the year 18G9 shows the State debt, now, to be as follows: Old bonds not surrendered under "Butler bill," 8195,000; five per cent, stocks, 81,030.950 33; two and a half per cent. Ftoeks, 84 740 13; war loan bonds, 8301000 showing an nggieg-i'e of the foreign bonded debt of 82.0 10.099 10; bond to the school fund, 83,551,310 15; university bonds, 803 585, making the total debt, foreign and domestic, 85,055,59751, showing the amount of the debt paid off since the 1st of November, 1802, to be ! 87.428 183. The bond to the school fund of 83,551,310 15, the Sta'e owes to her'self, and is never to be paid, tbe obligat'on amounting to this: That Ihe Mate will, sn m i n ti ti 11 n 11 IVir tliA Kiif.r.nrt fit" I'lilli m o ll I schools, pay a sun. equal to the rate of 0 ; per cent, psr annum; but as, in tbeabsence of this arrangement the State would have tn mivp u liLo antnnnt fur llip ftiirmnrf fif common schools, the indebtedness is only j nominal, and not real. So that the whole debt, which the State is now liable to pay. amounts to only 2",104 281 43, for the discharge of which I am informed that Gov. Raker expects the funds to be in the State Treasury, within the next eighteen months, or by tbe 1st of July, 1S71. This result of Republican administration within the last nine years is highly gratifying, and gives assurance for the Republican party in the future. What 1 have stated, however, does nut include all that has been accomplished in the last nine years. The Northern l'rison debt has been paid, and the prison completed, the ho:-pital for the insane has been greatly enlarged and improved; the Soldiers' Hume, the Normal School Building, the building for the Supreme Court, and State officers, and House of Refuge, have been erected and paid for, and ? ppropriation made and paid out, or for which the money is io the Treasury, for the State University, Female Reformatory and enlargement for the Institute for the Deaf and Dumb a tan aggregate cost of 798.117 61. lf all this does oot make tbe contrast between the Republican aud Democratic administrations sufficiently striking, many other things might be referred to add nmnnn them tliA last item of Denjoeratic State financiering in investing V60M0 of'; the school fund in a gold gambling house j in New York, a part of which was couriously reported as "suspended cash,"' the officer, however, refusing to conform to ; the usual Democratic practice of giving his j note for the balance when he wen out. And as an evidence of the gsnsral pros- j neritvr. natriotism and devotion oftha peopie of Indiana, as shown by te reports made to the Adjutant General by tbe various County Auditors, it may be s&atci that the counties, citias, townships and towns paid, from money raised by selfimposed taxation for the relief of soldiers &ud sailors' families, fur bouuties aud for r - - . .. - .

TERMS OF AD V ERTIC.1.Q

TRANSIENT. One aqsar. (to Hum,) o in.eriioa vnm square, two insertioaa. -Ona square, threa inaertions ........ All aubaeqnaat insertions, prqura. yearly. Ona eororen, changeable quarterly Three-qaartera of column One-half of a cpUma One-quarter of a eolnmB.......... One-eighth of a oolnmn f 7 & It t f 12 ft Transient advertisements ahanld ia all iwi a paid for ia advasc. jv TJaleaa a particular time la mtemffAif 2 in, advertisement will b pnbliaaad aatil uerca oai ana cnarxed accordingly. , 1 . miseellanous military purposes 20,258,60,1 H of whieh has been paid, and nothing i left behind but the memory of the goo4 ueeas that were done. And it may further be sid that dnriif; these nine years the general management of our affairs in relation to education, t the Courts, to the system of taxation enl tbe general manner of eooductiag tb public business, has been vastly improved;. Especially has the common school system i i . , i- . . oeen eievaiea irom its previous unorgan ized and imperfect condition, until it i. now second to none outside of New Eng. land, and is rapidly growing better frooaTy year to year. And as an evidence of the interest which onr people take ia their -chouls, the State disbursed lastyear for school purposes the sum of l,4 " and now has larger school fundi other State in the Union. Before leaving the subject of nances, it may not be improper! a question which is looming upfiua , which there are som,pjwino'?"i. i There is no reason to b "" will be urjinl to autiie-',t aiocks, liit-h, by the trt or ihe agreement wiib";U.J' ..... Siate in 1SM, wtre to b- pt". f Utp reve nues ot the a That arrangement was proposed by t creoitors of the State, and was, at-tBft , tin e, detti.td a very advantageous one to tlt in . and doubtless would have proved to t be such if tbey had complied with the terms of their agieetnent. Inconsequence of the transfer to them of the Wabash & Kri Canal and of some 800,000 acres of land, they agreed to complete the canal from Terre Haute to Evansville, maintain it in good navigable condition, and to look to it exclusively for the payment of the interns! upon and the final redemp tion of one half of all their bonds, which were to be surrendered and new stocks is sued therefor, in conformity to the r rangement. ; 3 Had their contract been carried out in good fail Ii , by the completion of the canal, and placing it in good navigable condition from tbe Ohio river H the lakes, it would now be worth six times the amount of their debt, and next to the New York & Eiie Canal would be the most valoablo work of the kind in the United States. But the canal, from Terre Haute to Evans ville, was constructed so imperfectly that were never able to get, as 1 am informed. but two boats through it, and was almost immediately abandoned, and the construction was only so far completed as to enable them to say that they had complied with their contract, and thus claim tho conveyance to t h e m fcf -j h. ) ji sds, in which they succeeded. I,,r" placed upon the cao-fr," so far as the State"? - law and equity, a 4 upon the peoplo-ofrilje whatever, for its assumption.'"' jegisiatuie ot luuiana bv any means l

orougm to asmme tne payment or ioi; :.-?

deht; it would be a monstrous f aud upon ,. 1 the people of the State. Not only did. they fail to comply with their contract in, .'.. the completion of the canal, but, in con ' ; sequence of it, all tbe rest of the work. i vrLith Lad been befcre constructed at a 'r '

very great expense, has to a great extent been abandoned and lost fo the people of ', the State, by which they have sustained i - very great injury. A more uufortunate and short sighted breach of faith was ' '' never committed than that by which the , . people of Indiana lost the full benefit of -

that great wrk and the holders of the canal stock lost their security. To ho ssumpion of his deb the adminieraion of Governor Baker and he Republican paity will he inflexibly opposed. TIIF. DEMOCRACY OF INDIANA. What is there in tho history of th Democratic party in Indiana that presents any inducements to put the administration of the State Government into its hands? Certainly not because of it war record,. fur ,l'a akkiK " '? forget, and heguing us to let bygones bo bygones. Its history during the war is too painful, and too tresh in your met eo.UJ.ro ,l,e, R,ory ,0 be olJ to, ra,hcr' lf Pible, draw . ion uver me cu ruu icies m was false to the State, to l' ! liberty in the hour of thellc ! Certainly uot because of its record idtdA" j State before the war, for it is not too much lo say that, for hltecu years before lob I, Indiana was in many re.pects the worst governed Mate in the Union. The swamp land by the General Go

Wright said would fund vcr 81,000,0" he could do, stolen fill a disgraceful page Tti"or' n T) attf OiTT" the inciease of the debt, the total want of policy, and the reckless manner of conducting the public business, the appropriation of the school funds to patch out blundering administrations, to say noth-" . ii.g of dctulcdiiwu, all contribute to darken" the pictoW-'' ;"'"''-'''' - - " and so far ffC : I .' hope that the4 j it it were plae '

npon its pa.-t I , .; :. tics in ''Mirftffti- -p-j-y i - n il conduct of the affairs in Democratic eonn lies generally partakes of the former tin perlrc ions of that party in the aimiaistration of State affairs; and tfiet the average county tar.es in Democratic counties hiither than io Kepabl-can eoonHoa. There bring nothing then ia the history f,f the Democratic party iu Indians whieh pfpsmtp the slightest principle of itrt" merit in the conduct of Ste atir, Snt her the reverse, consider for a moment whether there is anything in what that party proposes to dqjhat should induce, ' the ptM.ple to plac - - - -i -..- , if i4irrrur, i'iui' iu ihe cu1uci d t1"., wr..r-4 iti t ftdminal ivt.t nt the S'a'eoftica, e:3? I :iot tioeemM .. - 1 economical, prudent a n d-la -a STitt , T f" n a vipilmit watch to protect the honor mdtn--teicst of the Slate? Do I bey ut.dirako to-show.

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