Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1876-11-23
NO. 27S.

what you are in danger of if they get the power +.
lCheers.) The public credit will deteriorate, and
in no European country win they take four and a
half per cent. bonds in exchange for sizes. That
Is one phase of the financial question which needs
to be considered. Wen, now, upon this question
OF sound currency recur again TO the deciar-
alton OF the democratic convention, reform is
necessary to the establishment of a sound cur-
rency." Reform howi What will you do, gen
tlemen, if you get into powerf Is the currency
sound or unsound, answer me thati II is un-
sound in that we have unredecmable currency
afost. What do they say about thsti Not
word They say reform is necessary to the
establishment of a sound currency; and we know
republicans are non-committal on that question.
lhe republican party in that same act said that
they would go TO specie payments at the earliest
practical mon ent, and in 1874 this same party
passed an act stating that they would resume
specie payments in 1879, absolutely. (Cheers.)
WHAT DO THE DEMOCRATS SAY ABOUT ITi
What do democrats say about thatl They talk
about specie payments and sound currency and
resumption, but tell you there is only one way
under heaven by which that end can be attained,
and that is the method l have already stated to
you. Why, they had that question up in the last
Congress. MIR. Tilden-I thought would not
mention his name, but will-Qsughter)-I don't
mean to say nything out of dsrespect to him at
all; l would not make this a personal canvass;
our strength is in principle, in the justice Of the
cause. (Applause.) We are right, and no matter
who comes IN, the right will stand. (Applause.)
III the party which established the principles pre-
walls, then, without regard to who is President,
whether he be Mr. Hayes or Mr.. Somebody else,
the principles are safe and the policy is safe.
(Cheers) After Mr.. Tilden and Mr.. Hendricks
were nominated for the Presidency, and this
proclamation had gone out that reform was
necessary" In order to establish q sound currency,
the first thing they induced their friends in Con-
gress to do was to pass act repeating the pledge
OF the United States to resume specie payments
IN 1879. And now what do yon see "a Voice
"How are you going to do itP'1 If my friend
will be little patient will show him directly;
have not got quite along to that (Voices-"Go
on.") We have said we will do it. | know how
we will do it; know how II will be made easy
to do 1t, If this party trinmphs as know it will
loud applause AS II was decreed from the
foundation of the earth that it would. (Renewed
applause and langhter.) But you will find that
business will revive everywhere; II 10 reyiving
now and will revive still more. The balance Of
trade Is with you now as it has not been before
for many years. Everything is setting in our
favor, whether human or divine and with con-
hdence restored and assured my skeptical friend
below there will wake up some morning this side
Of 1879 and find that we are already at specie pay
ments. CHEERS and laughter.) Specie payments
II Is question simply of maintaining resumption.
We can resume any day; it is simply . question
OF maintaining resumption; and the elements TO
enable us to accomplish that are all in motion and
all on our side. (Cres of Good" and cheers)
Ahu tuis winch IN the early part OF next
week we are to register, will enable US to accom-
plish 1t. (Applause) If any man doubts these
assurances will make them good to him or will
never see him again. (Laug ghter.) will never
be prophet again. Continued merriment) We
intend to resume by 1879. (Applause.) That 10
our faith and our pledge. And since 1861 upon
these great questions of national credit and ns-
tiona faith this party has not failed. They might
have belied their record in 1874, am sorry to
say, but they did not do it. The President Of the
lfAd .k.AlA e. "a
which make him great in any exigency-( The
speaker was here interrupted by three rousing
cheers for Gen. Grant)-he was great in the Cabi-
net as he was in the field, and when there was an
attempt to modify the act of resumption, that
brave man said "No, it shall not be-" loud ap-
plause). That leaves the record of the republican
party on the right side; that leaves US pledged to
the execution of this act in 1879; and say here
to-day in the face of these men who make finance
the business OF their lives, who understand its
probabilities and its chances, that everything
fsvors the resumption Of specie payments in 1879.
provided this party in power succeeds, and pro-
vded 1t does its whole duty, as l do not doubt it
will.
CREDIT OF THE GOVERNMENT.
Something has been said, some question has
been raised in the City of New York Is TO the
comparative credit of the government in 1861 and
1906. 1t is alleged that the credit of the gov
ernment in 1861 was very nearly what it was in
1876 That may be accurate, will read from
an able speech-an extremely able speech-and
one so specous, that on its face ii looks if il
were sound. Speaking of the credit of the gov
ernment, which he said had been assailed in 1865,
he says:
"1et, in 1860, under a democratic administra-
tion, the government placed its five per cent.
bonds, with ten years to run, at thirty one hum
dredths Of one per cent. above par
That is the proposition. Now, bear In mind
that the governmen Mt of the United States in 1860,
as bad as have represented it to be about that
time, was able to place loan Of five per cent.
bonds at six or six and half per cent. do not
question the entire integrity Of the honorable gen.
tleman who made the speech; do not believe
that he intended to misrepresent; but will show
him how very much mistaken he was. In June,
1860, the Congress of the United States authorised
a loan of $2l 900, 900, payable in ten years. In
September the Secretary of the Treasury offered
$4,000 600 OF that loan to the public, and il was
paid oil at the average rate of onetenth of one per
cent. above par. Mark you, ten millions Of that
twenty -one millions were paid for in that way.
The bidders put up collaterals; seven millions of
that loan were taken up by the biGders; the bal
ance OF it was not taken up, but they allowed the
collaterals to be forfeited. From Septem down
to the time they were taken up in November, an
election had taken place in this country. They
backed out from that losn they forfeited the three
millions, they forfeited the collatersls, and you
will see, therefore. that the credit of the country
was not exactly perfect But what became of the
balance OF the loan The government was in
ment could not pay its debts it 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 op-
portunity to loan the balance of it. The balance
of it was never put upon the MARKET and from
that time down to the time that the democrats
went out of power it was impossibility to put it
upon the market either in this country or abroad.
SO much, therefore. for the statement Of the gen.
tleman to whom refer He is inaccurate; he
does not tell you that portion of that loan was
taken at that, and that portion of it declared
to be taken even at u forfeiture of one per cent,
and that the balance OF it was found to be impos-
sible TO put upon the market, such was the condi-
ton of our credit at the time. The next proposi-
ton of the gentleman is, that in February, 1861,
the government authorized loan Of some S2o,-
600 000 payable in twenty years, and that is not
yet due. lie tells you that SS,OO0,OO0 Of that loan
was put upon the market-f desire 70 be accurate
in this--at prices ranging from vi to W, 90 that
he says the government was able to borrow at 6's
per cent. Well, my friends, the fact turns out to
be that the government discounted that " 900 900
at OK per cent Mark you the loan was VS. ,0O0,-
600. and what became of the balancei We are
speaking of the credit Of the government; it has
capacity to borrow money, and here was the ex-
gency. They wanted 81, 600 900. They bor-
rowed SS,00o0o0 at OK per cent. discount; that is
what they say. They then offered the balance on
the market, and along in the fore part Of the next