The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1876-11-06

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by the bidders; the balance was mot taken
up, but they allowed the collaterals 10 be
forfeited. .- ...
From September down to the time they
were taken up in November, an election
had taken place in this country. They
backed out from that loan; they for.
feited the three millions; they for
ieited the collaterals, and you will see,
therefore, that the credit Of the country
was not exactly perfect. But what be-
came OF the balance Of the loan? The
Government was in debt; tho finances
were run behind; the Government could
not pay It's debts; II could not pay its
current liabilities. They were anxious to
have the whole OF it loaned, and why
didn't they? Simply because they could
not. They never got an opportunity 70
loan the balance OF II. The balance Of it
was never put upon the market, and from
that time down 10 the time that the DEM
ocrats went out Of power, 1t was an i'm
possibility to put it upon the market,
either in this country or abroad.
So much, therefore, for the statement Of
the gentleman to whom refer. He IL
incorrect. He does not tell you that a
portion Of that loan was taken at that,
and that portion OF 1t was declared to
be taken even at forfeiture OF one per
cent, and that the balance Of II was found
to be impossible to pat upon the market,
such was the condition Of our credit at
the time.
The next proposition Of the gentleman
is that in February, 1861, the Govern
ment authorized loan Of some S25, ,000,-
900, payable in twenty years, and that is
not yet due. He tells you that S8,000,0 900
OF the loan was put upon the market. /
mean to be accurate in this-at prices
ranging from 9l3 to 96. So that he says
the Government was able to borrow at O.
per cent. Well, my friends, the fact
turns out 10 be that the Government dis.
counted that ss,00o,OO0 at 81 per cent.
Mark you, that loan was S25,000, 900.
And what became OF the balance. We are
speaking Of the credit Of the Government.
Ii has capacity to borrow money, and
here was the exigency. They wanted
S25,0O0,000. They borrowed Ss,0Oo,000
at 81 per cent discount. That is what
they pay. They then offered the balance
on the market, and along in the iorepart
OF the next year the whole Of that
S25, 900, 900 wasion the market and is now
portion Of the debt OF the Government,
payable in 1881. Well, the Government
realized for that SO ITO per cent, and
that is all.
The pertinency Of what am saying is
this: That Attorney General Taft, in
some remaeks he made in the city Of New
York, said, in a general way, that the
borrowing power OF the Government in
1861, was 12 per cent. You will see that
what it loaned in 1861 went at SO 1-10
per cent, SO that you will perceive that
so far as comparison Of the credit is
concerned, there is most remarkable
disparity between the two. In 1861 1t
was so 1-10 per cent, and the same secu.
rites are selling at LOG per cent in gold
to-day. (Cheers.) As you will have
seen, these very bonds, which were put
upon the market at SO 1-10 in gold, were
on the I'd Of this month OF November
worth in the market 106 dollars and some
cents in gold, showing difference be-
tween the credit of 1861 and that Of 1875
of II per cent in gold. (Applause.) l
advise my honorable friend, when he un-
dertakes to talk finance, and to make
comparisons in the credito Of the Govern
ment between now and then, that he ex-
anime the whole record that speaks so
proudly and candidly as to cover the
whole case. When he speaks Of putting
out loan, he should tell you the result
Of that loan; and when he talks 10 you
about difFereace in credit he should
know accurately its standing.
Now, my friends, in this brief and des.
ultory way have called your attention
to one of the great, leading, fundamental
questions which lie at the bottom Of the
great issue now pending before the Amer
lean people. Every man who has an in
terest in the public credit can see on
which side safety lies. On one side, II
you adopt the policy that is definite, clear,
concise and certain, the end will be reach
ed, the consummation may be expected.
On the other hand, all is uncertainty,
hesitation and doubt. Therefore, on this
great fundamental question solid men,
financial men Of Wall street, Of New
York and elsewhere, and laboriug men
who would have your wages measured
by an honest standard, make no mistake
for whom you vote on Tuesday next.
Applause.