Clearfield Republican. [volume] (Clearfield, Pa.) 1851-1937, 1875-10-06

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We pay higher rate Of interest on
our public debt than any solvent ma.
ton on earth. We owe every people
with whom we trade. There is glut
in the production of every article we
manufacture. Supply exceeds demand
wherever we turn. The cost of our
State government is more than double
what it Was in 1860, and that OF the
general government more than three
fold. Retrcnchment and economy are
found nowhere; oxtravagancc pervades
every department of public life. Is this
the road 10 prosperity ? Where arc
evidences Of our ability TO pay our
notes? Where are the signs Of prepa-
ration for resumptionY The teachings
Of the Democracy give no uncertain
sound upon the subject Of financial
management. Their doctrines are,
"Save your money to pay your debts"
DThe true money Of q republic is hard
money" As the man who cannot pay
his debts is compelled to circumscribe
his operations, to retrench his expenses
and to practice economy, so the gov
ernment that is unable to pay its notes
on demand should lessen its expenses,
reduce mot incrcasc) salaries, lower
the rate of interest il pays, decrease
the sum it pays interest upon when
ever possible, dismiss its useless officials
and husband its resources by the excr-
else of rigid saving. When, by follow
ing such an old fashioned path, the
ability to pay shall have come and it's
promises do not bear a falsehood on
their face, then resumption Is no long
or a farce and statutes for resumption
are no longer a sham. We believe in
paying our debt in gold when we shall
have recovered from the exhaustion
consequent upon a fearful civil war and
from the extravaganza that has fol
lowed In its wake. We believe in
saving our money to surely accomplish
that result. We donot believe in bank.
rupting the people to try the fanciful
experiment of specie payment without
preparation.
Economy in administration means
the pruning knife TO every useless OK
pensc. One of the largest items oi
this kind is the bonus VIC pay the
national banks for the privilege We
give them to issue their notes. Oui
proposition Is substitution of lcga
tender notes for the national bank cur
rency. BY this process we extinguisl
nearly 400 millions of our interes,
bearing debt and save annually to tb,
people nearly twenty millions in gold
which now goes 10 swell the profits o.
the national banks. We are already
the guarantols for these notes, and arr
ultimately liable for their redemption
IL Is the exchange of our liability a'
guarantor for that Of payer. Itis th'
redemption of an interest bearing loar
with q non-interest bearing debt. qTh'
saving of twenty Millions in gold an
nually, with the proper reduction o
other expenses, prepares the way tc
resumption at once. This is not in
fation. 1t is simply substitution
What answer can there be TO thil
proposition ? Is II that the legal ten
ders are unconstional9 But we al
ready have them, they are fixed upoI
us by the party in power and Il j
impossible TO retire them without ute
ruin to the business man. Is moi
the harm that may como from thci
issues far more than compensated b,
the saving we make 2 Is the objection
made that the national bank currenc,
is tho avenue to specie payments b,
the gradual retiring Of the legal ten
der2 But ms we retire legal tender
We must either issue bank notes Il
thcir room through tree banking o
contract the currency nearly one hall
The latter would be destructive; th
former adds six dollars OF interest ar
nually TO our expenses for every $50
Of notes we issue, and when we sha
have retired all the legal tenders, an
maintained the volume Of the currenc,
Mt Its present amount, instead Of pay
ing twenty millions in gold annually
il will be forty millions, This woul
be a saving with vengeance. Sui
stitutioL docs not add 10 onr liabilit
or bring rcproech upon our ability I
pay. II every national bank In th
country were to go into liquidation L
morrow we could be called upon 10 n
deem their paper, and we would do 81
not in gold but In legal tenders; th
former would bc impossible, the latte
compulsory. The national banks cal
not resume until the people throug
their government are ready. III
government can never bc ready will
out economy, Where can We begin
economisc 80 justly or 80 beneficial
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