The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1877-12-20
A HAYES IDEA EXPLODED.

Mr.. Hayes in his message, and Sher'
man in his report, endeavor to hoodwink
the people on the ground that if silver is
remonetized, the public debt cannot be
funded at lower rate of interest, and
we shall lose twenty millions Of dollars a
year This was put forward in very
plausible shape, but Senator Thurman
last week tore it to pieces by showing its
utter fallacy. In the first place he point
ed out that the votes in the House and
Senate indicating the passage of the sIl-
yer bill by a two.thirds vote, had no ap-
preCiable effect on the price Of gold or
government securities. He then paid
bis respects to Mr.. Hayes's idea that we
would lose twenty millions year by
failure to fund the debt. We quote;
We have in the report of the Secretary
of the Treasury, copied by the President,
this most extraordinary statement, in Ell
feet, that if we remonetize silver, the
public debt cannot be refunded at low
er rate of interest, and we shall lose $40
100000 or by saying that we cannot re-
fund the 500 100000 bonds, which carry
now S2l, 100000 of interest year. How
is that thing made upP First, six per
cents at per cent; and therefore, count
ing the difference between 4 per cent
and 6 per cent the Government will lose
$14OOO00 a year that it might save, In
the next place, we cannot refund the
five per cents at per cent; and counting
the difference between 4 and D, that
makes a difference of 81 100000, and ad
ding the $7000,000. and the l4,000 600
together makes $2l,000,000 which we
might save if we refunded al 4 per cent;
but which we shall lose if we remonetize
silver; and that in the face of the plain
fact that you issued and put on the mar
ket, where they we're bought, 100000
900 of per cents when silver was Il full
legal tender, and that in the face Of the
fact which every man knows, that If you
we're to pass the silver bill to day, you
could refund every dollar Of the public
indebtedness at Al per cent; go that the
difference, instead of being between 4
per cent and per cent, is between 4 and
Al per cent, even if you were to admit
that you could not refund the public
debt at per cent, for no man in his SEN
ses denies that you can refund every dol
lar oft at A per cent.
Then, instead of there being this sa-
wing of interest Of $21,000,000 year
which the Secretary Of the Treasury and
the President assert can be done if we
do not pass the silver bill, defy any
man, any arithmetiCisn to make saving
of more than between 5 and 100000 a
year-a mere bagatelle in comparison to
the benefit to this country which owes
ten thousand million dollars Of debt, Fed
eral, state, municipal, corporate and in
dividual, by the reconciliation Of silver.
And yet that thing goes out to this coun 4
try, that the country is to save $2l, 900
600 a year by continuing the demoneti
zation of silver, and making gold the
only standard, and making better bar
gain with the purchasers of the bonds Of
the United States. Sir, there never was
a greater fallacy in the wide world, in
my Judgment.
Senator Williams of Pa, also made a
good point in the Senate on those who
talk of reputation in connection with
the reconciliation Of silver He held
up in his hand government bond issued
under the funding law Of 1870-the same
class Of bonds which are bought and sold
daily in the money markets of the world
and read from it that "this bond is re.
deemable at the pleasure of the United
States, after the first day of July, 1907
IN COIN, of standard value of the Uni
ted States on said July IA, 1870, with in.
terest IN COIN from the date thereof"
And yet some have the cons1mmate
assurance to talk ofrepudiatjOnl t.