New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1876-09-22

reductions in consequence Of the yent OF the public
debt but the Ordinary expenses % tle Government
have amounted to between SS0O00O0 and $9,00O,000
"wIsE ECONOMY"
When we come TO his third measure which he calls
wise finance" have undertaken to folio HIM through
for the purpose of asceranng what rs proposes and
what are to be the results of his various propositions He
says that we owe or did at the time his letter was
written between 100000 900 and COO bear
InS interest az Sx DEF ee anu sSs 'pg cg q en-
the average of which interest Is 5.5S per cent,
and that there should be reduction in The rate OF In
terest by securing new oau The extent Of one per
cent, which he says would be S77OOOOOO year, ana
This sum of money lie says, put out at interest in the
Government in % years, without resort TO any addi
six per cents and seven hundred millions of i've per
cents made an aggregate OF seventeen hundred millions
y reduction then Of interest by per cent the
reduction would be seventeen millions year. In his
letter he is reported as claiming $7OOOOG0 Thought
likely that q mistake, but when he said the
debt by these means would be paid in % years.
and 1 found that In 2S years the reduction
Iconcuded was in error IN that respect Tho Demo
cratic Convention at ST. Louis made another mistake
They said that the Government had collected in taxes in
the nst IL years 10 times the amount Of tho United
States notes acknowledgements which then amounted to
$37O0O0O00 or $4,S10,000,0O0 in all whereas, ms
matter Of fact in during these ii years the Gov
eminent collected few millions loss than So COO
showing error the part OF the convention OF only
$9O0,O00OO0 [Applause.l Whom Mr. Ttden came TO
review The doings of the convention he inpr9ve 60
100000. showing that he was in error only about
$6OO,000000
MIR President and Ladies and Gentlemen, have seen
in the newspapers grave accusations against Mr.
Iildeu in following mis- mathematical calculations
iLaughter.] have seen several explanations, some 0t
them semi-ofcial, and the last one, suppose official
Now have this to submit 10 you, Sir and To our ReuO
for VIXEN You consider how grave the mistakes which
have pointed ont is 1t not unreasonable to suppose
that in the particulars TO when have last referred they
were merely mathematical crrorsf lApplanse and
Iaugllterl You would suppose from ON MT Td had
only not been adopted by the Government but as
matter OF fact no one had ever before tnonnt OF so WISE
that IN 1869 President Grant recommended substan
tally this very measure TO CONGRESS anu u was n1orseu
by the secretary OF the Treasury In the following sum
nier of $40 the Republican Congress passed what has
been called tho Funding act by which tae secretary q te
bonds and redeem $J00OOOOOO OF per cent ponds
on gst. nding and that has been DONE Applause MT
Tilden may very likely have heard word of that
lLaugbtor.l IL has been actually accomplished; an9
States by that operation, which, to use his own
language, was wise financial measure, Tor
So% n 1879 sos seySn TO the country
plause Further than that, the same bill proposed that
OF 4i9 per cent bonds and with the proceeds redeem
S}00OJG.000 Of per cent bonds outstanding ana Ihe
otiated this $500 900 OCO saving Si5OOOOO S9,5OO
$50 year to the Treasury OF the United States, ap
Iaughter) Well, you must excuse him for these very
right denquencies which our friends OF the newspapers
are disposed TO charge upon him. lLaugnterI ,
Well further by the bill, tEe secretary OF the
Treasury was authorized - issue sufficient quantity OF
deem an the outstanding per cent bonds aud a TOO
wiz he done lApplause.l In 1850, wien the Demo ,
years when tile public debt loss than SlOO.OOOOOo.
Democratic Secretary OF the Treasury sod per cents
Democrats from 1S65or from the 22d day OF February
1856 when MI Johnson made his unfortunate ana Hi
OF March 1863 substantially had the EIecutye Depart
ment OF this Government in &r bands inc per cent
ssI 10 $50 in the 800. ard tAe credit and
Treasury OF the United States Were IA thar condition
- EpaDt tunE Presidency
states Now, then. what has been done IN aeo1 sc
With FIR Tdens suggestIOue under the bead OF
wise fnancei We have not only carried mp tha per
cent bonds to par In gold, Ont nave also ceo Up ,nS
per cent bonds to par in gnid, then the 4i2 per
cent bonds TO par in gold appiHusel-acoompiish-
ing facts bard facts. (AppauSe ana here, IN M
n a c0ntinent-appeal to merchants and nhaucleTs
whether CT not the statement be true that u - mch
caster when our 4a per bonds command premium
in the markets of London and EewIork, 10 scu per
cent bonds than In 1869, when our per cent bonds
ws9 TSh s Sh S Of wise h@nee %hc Mr Tden hes
thrusi upon the country II 1t were new thnS mas
adopted aud made successful, aud do not now what
there could be in the way OF wise finance wcn "a gooa
cntion OF the country u unhaPpY no were be elected
President He says AGAIN that nc Is ior Specie pa nst
aud nthpaes that nothing IN thai direction mas Deem
done Consider. know very well that we have MOI
yet attained but hayS made deS sO WSeb rS we
were 10 prepare To- pay specie Tor Tue ne
and n0tss Of the that tbe RernbcSn parity
win take no step backward IN that particular lap
Uia
Hose, who think that the Republicans have not done
f5eir duty-have not forwarded with sufficient iapdy
snS has been Accomplished Il they are prepared
70 transfer the business Of prosecuting tins undwknS
10 q suocessful determination 70 men who nave never
Gons ANYTHING toward resumption OF specie payments
o in Congress have on occasion shown any disposi
Gh r IS any saws mat he liking day when we shall
snme specie payments is sh am. He has no night 70
tng The dat contains authority 20 the Secretary OF the
Treasury TO Introduce measures and take steps ~ whch
he will 30 enabled to do that which the act cCnenphtes
sbaIl be done and the Republican party VIII take no
siep backward IN that particular In 1869, INC uuited
bsrsyyere worth In coin about II ~ cents on the
cellar To-day suppose, they are worth "a or within
noiss OF the United States have bcen advanced more
than 20 per cent in yalue Is not something that inc
credit of the country has been estabsnedf TWO things
geTe NECESSARY You could not enable country largely
IN debt having s3Go0O0,000 OF outstanding demand
iGraans which might he presented, by any ichis 10
nav these even with considerable gold IA the IfcsnIy'
until lis credit was established Aud tneieiofS ', wa AZ
establish In the first place the creult ui TIE hehl
because the EFFICIENCY might arise whn VIZ ign, Law 10
in regard TO the resumption OF specie payments. anu
credit has been ISL ~ 81 .ls SI
me world than the bonds Of any other country Oh inc
face Of the earth The French peT cent loa ~ SGIe
IS or perhaps 81 cents on the dollar Whlle lhg 2 yer
cent bonds OF the United states nave hot gse so ahV
in esablghing the credit OF the country Ia ADVANCING
the value Of greenbacks We have made TOT
nd ts extension of our industries, II we stand fast
anu s ys are we shall resume or the Ist OF January,
Isza without any interruption Of business and WthouI
di.h,rbance TO any industry whatever
HANGER TO NATIONAL CREDIT FROM THE DEMO
Gratis.
But. gentlemen and business mcnfor there are Dusi
ness men who Democrats aud VINO are concerheu IL
n fortunes OF this countrynOthng be palmer than
this that II Mr. TIdsn should be elected, Congress
comuoaed as Democratic Congress must be composed
win an immense majority OF It's members from the south
eyn States no business man for two years can know
o lh,t xruI hammer lie cannot tell whether The
taIifS Is 10 he revised and the whole policy OF tht