Rensselaer Republican, Volume 12, Number 34, Rensselaer, Jasper County, 7 May 1880 — A CONTRAST. [ARTICLE]

A CONTRAST.

gannmnt On tin J7U, of Dne., 1860, James Bnchanan being then President and the Democrat* having been in power for a long term .of year*, Congress authorized an issue of 610,006,000 of one-year treasnry notes, to be disposed of at the best attainable rate*. The Democracy were not able to ran the government on the revenue, bat had to borrow money totneet current expenses. Before this, in Jane, 1860, Bachanan’s Secretary of the Treasury was borrowing money at 12 per cent, per annum. This was in a'time of profound peaoe and fonr months before Abraham Lincoln which the Democrats made a pretext for tiding to destroy the government And yet a Democratic administration was borrowing money at I per cent a month to defray the current expeuses of government. Of the treasary notes authorized to be issued, five millions were advertised to be awarded 00 the 28th of December, 1860.' The bids ranged from 12 to 36 per cent., snd as 12 per cent, was the best offer that could be obtained, the entire 65,000,000 were disposed ot at that' rate. At a later date the other 65,000,000 authorised by Congress were negotiated at about 11 per cent. • At this time (he public treasury was empty, and the foregoing facts show the condition of the public credit. On tbe Bth of February, 1861, the government still being under Democratic control, Congress authorized the issue of 626;80o,000 of United States bonds, payable in not less than ten nor more than twenty years, to bear 6 per cent, interest. The Democratic Secretary of the Treasury advertised 68,000,000 ot these to be awarded on tbe 22d of tbe same month. This money was required to meet current expenses. The bids were opened on the 22d as advertised, and the offers ranged from 75 to 96 cents. The entire 68,000,000 were placed at 90 cents. The credit of the government bad run so low under Democratic rule that it could only get 90 cents on the dollar for a 6 per cent, twenty year bond. This was betore the Republican party had ever been in power, and when the Democracy had held control of every branch of the government for a longterm of years. These are historical facts, and yet with such a financial record as this, and a still worse record of corruption and treason to answer for, tjie Democracy dare to aspire to the control of the government which they tried to destroy. With the financial negotiation above narrated contrast the magnificent funding operations which have recently taken place, in which a Republican Secretary of the Treasury has been able to fund several hundred million dollars of tbe outstanding public debt at four per cent. If the credit of a government represents tbe character and capaoity of the party administering it, this contrast furnishes a perpetual and unanswerable argument against intrusting the Democracy with power. They bankrupted the government once in a time of profound peace, and will do it again ii they get a chance.