No. 1 Xnioi*mation loi* tin* l^ooplo. s ral GROWTH OF THE NATION UNDER REPUBLICAN RULE. The Republican party, as a political organ¬ ization, dates its history from 1850. It came into power March 4, 1861, and from that time to the present, it has been responsible for the administration of national affairs. Has it been faithful to its trust ? This ques¬ tion has been passed upon by the people three times since 1SG1. First, in 1804, in Mr. Lincoln’s re-election ; second, in 1808, at ihe election of General Grant; third, in 1872, when the people returned the present incumbent by the largest popular majority ever given to a President. Thus it would appear that up to 1872, at least, the people had an abiding faith in Republicanism, and bv their votes proclaimed to the world that the party had been faithful to its trust, lias it dene anything since the last popular en¬ dorsement, to forfeit the confidence and good will of the American people ? It has not, for the record shows its services have been as faithfully performed since 1872, as they were before. If it lias made mistakes, it has v T>cer quick to correct them—and in this it has shown a desire to conform to the wishes of a nation that has entrusted it with power for llie past fourteen years. This prompt re¬ flection of the popular will has been a lead¬ ing trait in the character of Republicanism. All its public measures have been based upon public wants, and to discover these wants, and to administer to them, have been the chief aim and object of the party. As we are on the eve of a political cam¬ paign whose issues are to have a direct bear¬ ing on the Presidential campaign of 1870, it is well to briefly review the past history of the Republican party, and to again ask the ques¬ tion, “ has it been faithful to its trust ?” A nation without credit at home, and abroad, its treasury nearly bankrupt, its cur¬ rency insecure, its navy scattered, its army small and demoralized, its authority repudi¬ ated and defied in eleven States, its Southern forts and arsenals in the hands of insurgents, a powerful political party which had been instrumental in bringing about this disas¬ trous state of affairs—holding suflieient in¬ fluence to prevent unity of action, was a fair picture of the condition of the trust when Republicans came into power. Democracy bad abandoned all hopes of i saving the Union, had announced its wil-! lingness to see its bonds severed, had pro¬ claimed its determination to make no efforts to stay the tide that was sweeping the na¬ tion to certain destruction, when the loyal people called the Republican party into power and gave into its hands a trust which Democracy was about to betray. Therefore, to the Republican party to its , wisdom and fidelity, its patriotism and cour¬ age, the people owe the existence of the Union. If it had no other claim on the gratitude of the nation than this one of ! preserving its nationality, it should outweigh all the claims of Democracy, and entitle it to the confidence and support of every loyal I American citizen. But it has other claims. It has not onlv organized the means for saving the nation, fin the face of the greatest rebellion of mod¬ ern times, but it has, by the operation of wise laws and a liberal policy, developed a | growth of material prosperity rarely equalled I in the history of nations. To fully comprehend the advancement | made during a single decade of Republican : ascendency, let us briefly compare the eon- [ dition of the country in 1800, with its < m- dition in 1870, as shown by the 0th census : In 1800 the population of the United States wtfs, according to the census, 31,183,744. Including Territories, 31,443,321. According to the census of 1870, the population wai 38,115,041. Including Territories, 38,55>s,- 371. The following table shows the popula¬ tion of each division, and the gain a Len years : Eastern ... Middle. Western... Southern... Pacific. Territories POPULATION. 1870. GAIN. 3,135,283 8,258,250 9,091,879 10,259,010 439,310 259,577 Total. 31,443,321 3,487,024 352,041 10,158,729 ' 1,900,479 12,900,930 3,875,051 10,808,397 549.381 093,001 442,730 254,345 183,153 38,558,371 ' 7,115,050 Despite the unfavorable causes which re¬ tarded the natural growth of the nation, the close of the first decade of the Republican administration found the nation with a sub¬ stantial increase of over seven millions. Th * increase up to the present time, may safely be assumed to reach not less than 11,500,000, making tlie present population about 42,000,- 000 . INCREASE IN PRODUCTS OF MANUFACTURES. The substantial growth in the products of manufactures from 1800 to 1S70, illustrate the industrial prosperity of the nation. It is.safe to assume that the increase of products of manufactures to June 30, 1874, would be up¬ ward of $3,000,000,000. The following table shows the increase from 1800 to 1870 : 2 W STATES. PRODUCTS OF MANUFACTURES. INCREASE. 1860 1870. Kstern States. "liddle States. Western States. Southern States. Pacific States. Total . $468,599,287 796.926.290 346.675.290 193,462,521 71,229,989 $1,009,116,772 1,783,813,923 1,072.933,358 253.618,436 89,342,482 $540,517,485 986,887,633 726,258,068 60,155,915 18,112,493 $1,876,893,377 $4,208,824,971 $2,331,931,594 V GROWTH IN TRUE WEALTH. The increase of the true wealth of the na‘ tion for the same time, will better illustrat e the character of the Government which, in a large measure, has been instrumental in bringing it about. This increase shows the wonderful growth of the nation under a single decade of Republican rule, and dis- poses of the charge so often made by Democ¬ racy, that Republicanism has impoverished the country. No better evidence can be found of the fallacy of this assumption than that contained in the impartial returns of the ninth census. From this we tabulate the following : STATES. TRUE WEALTH. INCREASE. 1860. 1870. Eastern. Middle. Western. Southern. Pacific.. Territories. Total. . $1,863,848,765 4,150,920,784 3,966,735,753 5,868,209,219 236,805,250 73,096,297 $4,039,875,247 12,181,738,740 9,536,453,603 3,343,007,589 721,459,961 245,983,367 $2,176,026,482 8,030,817,956 5,569,717,850 2,525,201,630*^' ‘ 484,654,711 172,887,070 $16,159,616,068 $30,068,518,507 $13,908,902,439 * Decrease. Value of slaves included in 1860. It will be seen from the above, that the true wealth of every section, with the excep¬ tion of the Southern, lias increased in a marvelous degree—the total increase being nearly $14,000,000,000. The loss of slave property, the value of which was included in the census of 1860, partially accounts for the apparent decrease of the true wealth of the Southern States. To this should be added the general depreciation of real estate which has taken place in every Southern State with the exception of Kentucky and Tennessee. ASSESSED VALUATION OF REAL ESTATE. The following table shows the decrease in the assessed valuation of real estate in the the Southern States, from 1860 to 1870 : SOUTHERN STATES. ASSESSED VALUATION OF REAL ESTATE. DECREASE IN REAL . ESTATE. 1860. 1870. .^Virginia. North Carolina. South Carolina. Georgia. Florida. Alabama. Mississippi. Louisiana... Kentucky. Tennessee. Arkansas. Texas. m Total. $417,952,228 116,366,573 129,772,684 179,801,441 21,722,810 155,034,089 157,836,737 280,704,988 277,925.054 219,991,180 63,254,740 112,476,013 $279,116,017 83.322,012 119,494,675 143,948,216 20,197,691 117,223,043 118,278,460 191,343,376 311,479,694 223,035,375 63,102,304 97,186,568 $138,836,211 33,044,561 10,278,009 35,853,225 1,525,119 37,811,046 39,558,277 89,361,612 33,554,640f 3,044,195f 152,436 15,289,445 $2,132,838,537 $1,767,727,431 $365,111,106 * West Virginia not included in 1870. f Increase. The great falling off in the assessed valua¬ tion of real estate in the Southern States as indicated in the table given, is due, not so much to the destruction which attended the war, as it is to the bitter political prejudices held since its close by the property-owners of the South against Northern capitalists, especially those who favor the Republican party. These prejudices have been so marked, that Northern men, with money to invest, have sought other and safer channels for their investments. Had the South laid aside its politioal hatred to the Republican party, and extended a cordial welcome to Northern men; skill, industry and wealth would have poured into its States, and ere this, restored to it the prosperity which it lost by the rebellion. Numerically, Republican¬ ism has been stronger in certain Southern States than Democracy, but the latter has controlled the property and moneyed inter¬ est, and thus checked tfie growth which would otherwise have followed the ascend¬ ancy of Republicanism. No political party, however pure, can of itself restore prosperity to a people who combine the money power against it. A cordial relation must exist between the party in power and the busi¬ ness elements with which it has to deal, be¬ fore true prosperity can be attained, and if the South had long since recognized this truth, to-day her real estate would have shown as large an increase in value as that of other sections. In order to show the increase in the as¬ sessed valuation of real estate in those States where the Republican party has had the active sympathy of business men and property owners, we present the following table, collated from the last census : EASTERN STATES. Maine. New Hampshire. Vermont. Massachusetts. Rhode Island. Connecticut. Total.. MIDDLE STATES. New York. New Jersey. Pennsylvania. Delaware.. Maryland. . Total. WESTERN STATES. Ohio. Michigan. Indiana... Illinois. Wisconsin. Minnesota. Iowa. Missouri. Kansas. Nebraska. Total. PACIFIC STATES. California. Oregon . *Nevada. Total. Grand total Assessed Valuation of Real Estate. INCREASE. 1860. 1870. $ 86,717,716 59,638,346 65,639,973 475,413,165 83,778,204 191,478,842 $ 134,580,157 85,231,288 80,993,100 901,037,841 132,876,581 204,110,509 / $47,862,441 25,592,942 15,353,127 425,624,676 49,098,377 12,631,667 $962,666,246 $1,538,829,476 $576,163,230 $1,069,658,080 151,161,942 561,192,980 26,273,803 65,341,438 $1,532,720,907 448,832,127 1,071,680,934 48,744,783 286,910,332 $463,062,827 297,670,185 510,487,954 22,470,980 221,568,894 $1,873,628,243 $3,388,889,083 $1,515,260,840 $687,518,121 123,605,084 291,829,992 287,219,940 148,238,766 25,291,771 149,433,423 153,450,577 16,088,602 5,732,145 $707,846,836 224,663,667 460,120,974 348,433,906 252,322,107 62,079,587 226,610,638 418,527,535 65,499,365 38,365,999 $20,328,715 101,058,583 168,290,982 61,213,966 104,083,341 36,787,816 77,177,215 265,076,958 49,410,763 32,633,854 $1,888,408,421 $2,804,470,614 $916,062,193 $66,906,631 6,279,602 $176,527,160 17,674,202 $109,620,529 11,394,600 $73,186,233 1 $194,201,362 | $121,015,129 $4,797,889,143 $7,926,390,535 $3,128,501,392 4 The table given indicates an aggregate in¬ crease in the assessed valuation of real estate in the Eastern, Middle, Western and Pacific States, during the first decade of Republican rule, of $3,128,501,392, while the Southern States, during the same period, show a de¬ crease in the assessed valuation of real es¬ tate, amounting to $365,111,106. The question may be asked, why has not the Republican party advanced the material in¬ terests of those States in the South where it has had control ? The answer is, because it has met the organized opposition of the in¬ telligent, wealthy and business elements of those States. Its control has been the con¬ trol of a majority, cut olf by deep-rooted prejudice from the sympathy and support of an influential minority. Thus, insurmount¬ able obstacles have been placed in its way. Its efforts to build up have been met by counter efforts to tear down, and this cQnflict carried on through a series of years, has borne its natural results, the paralyzation of industry and the stoppage of growth. At the North, active party opposition against a State administration ceases when the ballot announces the people’s choice. At the South the opposition of Democracy is intensified by the elevation of Republican officials. The choice of the people is disregarded, the mi¬ nority refuse to cheerfully submit to the decree of the ballot box, and thus the ad¬ ministration of government lacks that co¬ operation of effort on the part of all classes essential to a complete development of State interests. We have alread}^ rhown the material pros¬ perity which the Union has developed. This far outweighs the money expenditures made necessary by four years of war. The com¬ pensation for the bloodshed cannot be found ' in dollars and cento. The elevation of the * human race, the extinction of human bond¬ age, the erection of free States throughout the world, and the future preservation of hundreds of thousands of lives which would be sacrificed in the defence of separate na¬ tionalities—are among the legitimate fruits which will spring up from the graves of the Union defenders. The value of the work being conceded, let I us look at the means made necessary to ac- [ complisli it ; the revenues and expenditures l of the nation during its struggle for exist- ; ence. A careful estimate, made in 1872, of the I expenses incurred for the fiscal year ending | June 30, 1871, showed that the expenditures I growing out of the war—such as pensions, interest, premiums, claims, collection of the I internal revenue, additienal cost of army and I navy, payments for illegal captures, suppres- I sion of disturbances in the Southern States— amounted to $214,'642,081.03. This amount, deducted from the total expenditures of the I Nation, $292,177,188.25, left $77,535,107.22 as the ordinary expenses of the Government ■ lor 1871 on a peace basis. Reduced to ■ gold basis—the average price of gold during [1871 being 112.3—it was $69,042,838.13. The expenditures of the Nation for the year ended June 30, 1860, were $61,402,40S.64. The population of the United States January 1, 1860, was 31,030,750. The population January 1, 1871, w r as 38,911,616. This would make the expenditures per capita in 1860, $1.98, and in 1871, $1.77. If we ac¬ cept the result of this calculation as a fair average of the ordinary expenses of admin¬ istration, or those which exclude the extraor¬ dinary expenditures growing out of,and justly chargeable to the rebellion, we shall have for the fourteen years prior to June 30, 1S74, $966,599,733.82 ordinary expenses, instead of $6,465,897,922.84, the actual amount re¬ quired for those extraordinary expenditures growing out of the war. The difference be¬ tween the two items, represents the financial sacrifice made by the nation to defend the Union, and to resist the fatal doctrine of State Rights as preached by Calhoun, fought for by the Southern Confederacy, and prac¬ tically maintained b} r the Democratic party of to-day. The following table shows the net revenue of the Government from 1789 to 1860, and from I860 to 1874 ; also, the net expenditures of the Government during the same periods : NET REVENUE OF THE GOVERNMENT, INCLUDING PREMIUMS AND INTEREST RECEIVED. From March 4, 1789, to June 30, 1860. $1,806,354,650.53 From June 30, 1860, to June 30, 1874. 4,437,187,765.12 Total. $6,243,542,415.65 NET EXPENDITURES, INCLUDING PAYMENTS FOR PREMIUMS AND INTEREST. From March 4. 1789, to June 30, I860. $1,731,734,673.72 From June 30, 1860, to June 30, 1874. 6 ,465,897,922.84 Total. $8,197,632,596.56 ITEMS OF EXPENDITURE. From March 4, 1789, to June 30, 1860. War. $552,534,462.79 Navy. 347,733,003.83 Indians. 84,091,969.79 Pensions. 79,713,465.20 Miscellaneous*. 465,237,077.08 Premiums. 5,834,626.94 Interest. 196,590,068.09 Net expenditures. 1,731,734,673.72 From June War. Navy. Indians. Pensions. Miscellaneous Premiums. Interest. 30, 1860, to June 30, 1874. . $3,534,163,574.37 . 63,626,987.74 . 67,657.496.77 s . 62,814,830.28 . 672,854,238.57 . 59,738,167.73 . 1,305,042,627.38 Net expenditures. 6,465,897,922.84 Net expenditures, from March 4, 1789, to June 30, 1874. $8,197J632^596.56 ♦Includes Civil Service, Foreign Relations, Light¬ house and Public Buildings expenditures, and the cost of collecting the Internal reven s es. 5 The tables submitted show, at a glance, the extraordinary expenditures directly due to the rebellion. The work required of the army and the magnitude of military opera¬ tions, can only be realized by a comparison of the expenditures. The army expendi¬ tures for the years 1862. ’63, ’64, and 1865, amounted to $2,713,569,422.83, or nearly live times as much as the entire army ex¬ penses of the Government from 1789 to 1860, a period of seventy-one years. The army expenditures of a single year, 1865—the close of the war—were $1,030,690,400.06, or within a fraction of $3,000,000 for every day in the year. The nation has been required to j>ay for the item of interest alone during the past fourteen years, $1,305,042,627.38, as against $196,590,068.09, the amount paid from 1789, to 1860, or more than six and a half times as much as the entire amount of interest paid by the Government for seventy-one years. The pension payments, also directly charge¬ able to the rebellion, show that $262,814,- 830.28 have been paid out, or more than three times the entire pension payments of the Government for the seventy-one years prior to 1860. If the expenditures shown are without parallel in our history, so the means em¬ ployed, the honesty and energy displayed, the statesmanship which created the systems necessary to carry the Government through the most active period of its existence, must be regarded as without parallel in the his¬ tory of nations. If a party is to be judged by the weight of its responsibilities, then the Republican party in its administration of public affairs cannot fail to invoke the favorable judgment of impartial minds. The magnitude of its labors can only be measured by their price¬ less results, and these will grow in value as generation follows generation. The wisdom and sagacity which developed the internal revenue system, and our present currency system, should entitle the Re¬ publican party to the gratitude of the country. The first made possible the im¬ mense revenues necessary to prosecute the war to a successful issue. The latter made the payment of the taxes uniform through¬ out the country, provided a safe currency of equal value in all the States, protected in¬ dustry, by removing its earnings from the possibility of loss through State bank fail¬ ures, and commanded the active support of the moneyed interests of the States by mak¬ ing the security of those interests dependent upon the integrity and credit of the nation. The present system'of internal revenue was created to meet the wants growing out of an emergency. Through its operation those wants were supplied promptly, regu¬ larly, and without shock or injury to the bus¬ iness of the country. So efficiently was the system organized, so equalized were the taxes, levied under it, so cheerfully were they responded to by a loyal people, that the future historian, when lie looks for the evi¬ dence of those burdens which oppress a peo¬ ple during the prosecution of a great war, will fail to discover that the payment of these countless millions was reganlod as oppres¬ sive, or checked for a moment the growth of a nation’s prosperity. To show the amount collected under the internal revenue system, and by direct tax, since 1861 to 1874, we submit the following : Year. Internal Reve¬ nue. 1862. 1863. $37,640,787.95 109,741,134.10 209,464,215.25 309,226,813.42 266,027,537.43 191,087,589.41 158,356.460.86 184,899,756.49 143,098,153.63 130,642,177.72 113.729,314.14 102,409,784.90 1864 . 1865 . 1866. 1867. 1868. 1869. 1870. 1871. 1872. 1873. 1874.... Total. 1,956,323,725.30 Direct tax. $1,795, 1,485, 475. 1 , 200 , 1,974, 4,200, 1,788, 765, 2.29, 580, 331.73 103.61 648.96 573.03 754.12 233.70 145.85 685.61 102.88 355.37 *315,254.51 14,810,189.37 Since July, 1866, internal revenue taxes have been gradually reduced until the amount of taxes repealed now reaches an aggregate of two hundred million dollars per annum, a reduction of two-thirds of the internal revenue tax of 1866. 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 : Customs Revenue. $39,5S2,125.64 49,056,397.62 69,059,642.40 102,316,152.99 84,928,260.60 179,046,651.58 176,417,810.S8 164,464,599.56 180,048,426.63 194,538,374.44 206.270,40S.05 216,370,286.77 188,089,522.70 163,103,833.69 $2,013,292,493.55 During the war period, from June 30, 1861, to June 30, 1865, the net expenditures of the Government fur exceeded the net ordi¬ nary revenue. The following table will show the ordinary receipts and expenditures for the five years named : Year. Receipts. Expenditures. 1861... 1862.... 1863.. . 1864.. .. 1865.. .. $41,476,299.49 51,919,261.09 112,094,945.51 243,412,971.20 3-22,031,158.19 $62,616,055.78 456,379,896.81 694,004,575.56 811,283,679.14 1,217,704,199.28 Total.. $770,934,635.48 $3,241,988,406.57 To the above receipts should be added $33,561,924.24 received as premiums, and to the expenditures should be added $176,034,- 714.75 paid for interest, and $1,717,900.11 paid as premiums, making the total net re¬ ceipts for the five years named $804,496,- 559.72, and the total net expenditures for the same time, $3,419,741,021.43, or more than four times the amount of the receipts. It will thus be seen that the expenditures exceeded the receipts during the five years of war, $2,615,214,461.71. To meet this excess, the nation was forced to look outside of its ordinary revenues, and the amount needed was provided by its loans and Treasury notes. These loans make up the bulk Pf our present National debt. The following shows the yearly payment for in¬ terest from 1861 to 1874 : YEAR. 1861... 1862.., 1863.. . 1864.. . 1865.. . 1866.. 1867.. . 1868.. 1869.. 1870.. 1871.. 1872.. 1873.. 1874. INTEREST. Total. $4,034,157.30 13,190,344.84 24,729,700.62 53,685,421.69 77.395,090.30 133,067,624.91 143,781,591.91 140,424,045.71 130,694,242.80 129,235,498.00 125.576,565.93 117,357,839.72 104,750,688.44 107,119,815.21 $1,305,042,627.38 RECEIPTS FROM ALL SOURCES FROM JUNE 30, 1861, to june 30, 1874, inclusive. Customs . Internal Revenue. Direct Tax. Public Lands. Miscellaneous_ Premiums . Total. £2,013,292,493.55 1,956,323,725.30 14,810,189.37 23,022,636.56 237,108,498.25 192,590,748.36 $4,437,148,291.39 OFFICIAL INTEGRITY, REDUCTION OF DEBT, &C. Yet, with these immense receipts and ex penditures, made necessary by the suppres * Rais, nces due in 1871. collected in 1872, and 1873, 'Treasury in the latter sion of the Demociatic slaveholders’ rebel¬ lion, the records show a degree of official integrity without a parallel in the history of governments. A very careful calculation of losses sus¬ tained was embodied in an official letter from the Secretary of the Treasury, in 1872. As equal honesty has been practiced in all the departments since the date of this letter, it may be safely taken as a basis for present cal¬ culations. According to this letter, the per cent, of losses to the Government in the col¬ lection of internal revenue since March 3, 1869, was less than one-fiftieth of one per cent, of the amount collected, or less than two dollars in ten thousand. In the collection of the customs for the same time the loss was $28,000, out of $553,- 000,000, or the one-liundretli 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 eiglity-sixtli part of one per cent. — equiva¬ lent to five dollars and tliree-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. 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 ex¬ penditures, 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 re¬ duced 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 re¬ duction of the public debt, and this descend¬ ing 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. We have endeavored to show, by the state¬ ments submitted, the magnitude of the finan¬ cial operations of the Government during fourteen years of Republican rule. They may safely be held up, as being without a par¬ allel in our history, if not in the history of nations. To carry on these operations through a long series of years, without in¬ fringing upon the constitutional rights of a single citizen, or without oppressing the in¬ dustrial interests of the country, has re- >ic4vq i and legislative talent, and tlve highest order of executive integrity. It should he borne in mind that these heavy financial responsi¬ bilities 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. With these figures before us, with a clear remembrance of those terrible years of sac¬ rifice and suffering, when the hopes of the nation centered in the courage and patriot¬ ism of the Republican party, with at least $150,000,000 of yearly expenditures to re¬ mind 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 con¬ tinue 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 recog¬ nized 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 ope¬ rations of the Government during the four¬ teen 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 inter¬ est on our bonds would have become exor¬ bitantly high, the credit of States and indi¬ viduals would have been destroyed, and be¬ fore 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 in¬ debted for the success of its financial opera¬ tions. 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. Under the old State banking system, every financial disturbance entailed heavy losses on holders of bills, while panics like those of 1837 and 1857 wrecked hundreds of banks and entailed hardships upon thousands of individuals holding their notes. Under the present national system, these losses, which generally fell upon the workingmen, are im¬ possible. A bank may be badly managed; it may fail ; yet, its notes, being secured by a deposit of United States bonds, are as valu¬ able as the notes pf the best managed bank in the country. They continue to circulate, or if the holder desires it, they may be re¬ deemed by the United States. Thus the cir¬ 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 organi¬ zation of the system. All that is now needed to make the national currency system as perfect as any ever devised by human tvis- dom, 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 re¬ sumption of specie payments will be soon brought about without shock or detriment to business interests. 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 1802 (State bank system), and in 1874 : BANK CIRCULATION.* Circulation per Capita. Ratio of Circulation to Wealth. Ratio of Circulation to Bank Capital. 1862 . 1874 . 1862 . 1874 . Per Ct. 1862. Per Ct. 1874. Per Ct. 1862. Per Ct. 1874. Eastern States. $ 05 , 516,155 82 , 372,091 71 , 098,408 19 , 084,504 $ 109 , 705,018 123 , 052,872 30 , 895,704 77 , 174,850 1 , 962,708 $ 20.90 9.97 0.17 2.49 $ 31.45 12.66 2.81 6.86 2.00 3.5 2.0 1.1 0.6 2.7 1.0 0.7 0.9 0.1 51.7 53.1 66.3 125.4 67.4 64.2 79.5 80.8 79.3 Middle States . Southern States. Western States_ Pacific States and Territories. Total of States and Territories. $ 238 , 671,210 $ 348 , 791,152 $ 7.59 $ 9.04 1.5 1.1 58.9 69.9 •National bank notes, June 30. 1875. (fe« 1 . 8 G 0 . 008 : ol 8 It will be admitted that our currency is safe not only in times of business prosperity, but in tlie midst of financial panics. Founded upon the credit of the Government, nothing but the loss of public credit could affect ma¬ terially the value of our currency. To main¬ tain this credit, to strengthen it at home and abroad, has been the object of the Re¬ publican party. Under its wise management our national credit has steadily improved. Our securities are sought for as among the best and safest in the world, and if the party whose administration has brought about so favorable a result is continued in power, we may confidently look forward to the refund¬ ing of our national debt at a low rate of in¬ terest, thus in this single item saving annu¬ ally millions of dollars to the Government. We appeal to true citizens everywhere, to all who desire to maintain the credit of the nation, to all who appreciate a good currency, that is gradually approaching a gold basis, to all who are in any way interested in maintaining public faith, to lay aside petty prejudices and local issues, and earnestly support the party that has rendered noble service to the Republic. Its overthrow means the loss of public credit, the paralyzation of business enterprise, the depreciation of na¬ tional securities, and eventually a repudia¬ tion of national obligations. A SUMMARY OF ACHIEVEMENTS. To do justice to a review of Republican achievements would fill a volume. A brief summary will be a fitting conclusion to the statements already made. During the period of Republican ascend¬ ency, 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 11,500,000. We have seen an in¬ crease of the products of manufactures dur¬ ing the same time of $2,231,931,594, with a probable increase, up to this time, of over $3,000,000,000. We have seen an increase in the true wealth of the Northern States, up to 1870, $13,908,902,439, which to-day may be estimated at $20,000,000,000. We have seen the assessed valuation of real es¬ tate 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 Gov- mg encouragement ernment successfully conducting financial operations of great magnitude, and improv¬ ing 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, safe, sound ( and effective, and destined to become, at no distant day, the most perfect currency system ever devised by man. Yet these items of growth and^improvements, are but a few of the many that could be pre¬ sented if time permitted. The homestead acts ; the building of the Pacific railroad; the 13tli, 14th, and 15th amendments, and the legislation necessary to enforce their provisions ; the reeonstruc tion of the Southern States the settlement of the Alabama Claims, and the vexed San Juan boundary ; establishment of life-sav- stations ; protection to immigrants ; of labor ; advancement of science and education; and above all, the crowning work of the century—the abolition of human slavery—are items in the long list of Republican triumphs, which will.insure the gratitude of posterity, and ever command the admiration of the world. This is the party now in jeopardy — the party whose existence is so interwoven with the life of the nation, that to destroy the one is to permanently injure the-other. Is a party record, so glorious and praise- j worthy, to be destroyed by the ' breath of I slander, or blotted out from the hearts of a grateful people, l»y the efforts of partizan malice ? Is a party that has given such transcendent evidence of its ability to gov¬ ern wisely, and justly, and honestly, the af¬ fairs of a great nation, to be laid aside, just as the fruits of its noble labors are ripening to the touch ? No ! We speak for the Ameri¬ can people, who are not ungrateful, who still bear in remembrance the services of the past, who are yet unwilling to trust a country saved by loyal blood and treasure in the hands of those who encouraged its destruc¬ tion—when we say that despite the efforts of Democracy, and the schemes of bad men, the Republican party will still be supported by the loyal element of the country as the only party that has been faithful to its trust, and that is able to protect the nation’s honor, while advancing the nation’s prosperity. Committees and individuals in ordering Political Pamphlets, will please designate the papers required by the number on the left-hand corner of the title page. Address “ Union Republican Congressional Exec - utive Committee, Washington, I). C. ,” and indicate whether packages shall be sent by mail or express. TPEEE REPUBLIC: Al. JPolitical Science Monthly Magazine. The fifth volume of The Republic, (commenced in July 1875,) is printed from a new and handsome type, on fine paper. Other important improvements have been introduced in the variety, arrangement, and make-up of the magazine. Under an enlarged corps of able writers a broader field of political review and discussion of national questions has been adopted ; and it is believed that the new volume will be a decided improvement in every way upon its predecessors. TERMS.— The Republic is a magazine of sixty-four pages, published monthly, at $2 a year, or six copies for $10. The postage, in all cases, will be paid by the publishers. 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