The weekly herald. [volume] (Cleveland, Tenn.) 1876-1888, 1877-08-23
All the internal revenue officers Of the United
States, with q very large saving OF expense.
HE IOILL ANNUAL INDUCTION

States, with q very large saving OF expense.
The IOIlL ANNUAL REDUCTION
Made thus far in the rent paid by the United
States for buildings In public use by the Treasury
Department, is 1882, ano aa leases fall In this re-
auction will be largely increased.
Contracts for cutting the stone for several OF the
larger public buildings were founded upon the
principle OF the Government paying TO the con-
ployed in the cutting. aud fifteen per cent. added
thereto. The contract for the erection OF the
building for tie use OF tho state, War and Navy
Departments was 30 changed as TO reduce the
house at Phnadslphia aud the Custom house at
will effect a saving OF $4,000. similar changes
are 70 be made in the contracts OF cug stone for
the 81. Louis CustOm-hOuse, and extension OF the
Post-odlce and sub.Treasufy at Boston. whieh
VIII doubtless be equally favorable 10 the Gov
eminent.
A STILL MORE DANGEROUS CLASS
OF payments from the Treasury. was for old
claims pending in the Treasury Department, many
OF them founded upoa e. pgrie testimony and
been suspended or rejected, and new
rules In regard 70 such claims have
disposed at Its next session 10 revise the whole
mode OF accounting and paying these claims,
which, 10 many cases, exposes the Government to
/ have only cited these principal cases OF ad.
mlnlBtrauNe REFORM which VIII DO m8de TO extend
TO every branch OF the Government, and, no
doubt, will receive the hearty cooperation OF
Congress. The only rule In The conduct OF public
business Is that which q prudent man would
adopt in his own. The Government ought not
to be nigGardly and stiugy in public disburse-
ments; II ought 70 receive no labor or service
that IL does not fairly pay fori but a waste OF pub
lie money not only makes q premium 10 office.
holding uut QpmOTaliyng nil who ara gQgaCpQ In
IL. A close and careful readiustment Of the civil
service upon the basis OF correct business princi-
Piles will bring our National expenditures within
the amount OF such moderate taxes on whisky, to-
bAcco and beer, and a reasonably moderate duly
on imported goods as, while furnishing protection
to our own Industries. will not cripple our com
foreign competition. Ibelieye the
ADMINISTRATION IS PERFECTLY WILLING
To share with Congress In the labor Of these essen
tial reforms IN our civil service.
Much the largest reduction In the public eI-
pendituTe has been effected IN the reduction OF In
terest OH the public debt,
The great body of the public debt isnow payable
at the pleasure OF the United States az par In coin.
As this debt now bears an interest Of
six per cent, II is manifest that II
money can be borrowed at a less rate the
old bonds can be paid of, and the reduced
interest lessons 70 that extent the burden Of the
debt, Prior to the LIST OF March, my predecessor
had sold fifty millions OF four and one-half per
cent. bonds at par IN coin, the proceeds OF which
had been applied 10 the redemption OF six per
cent. bonds. Since the LIST of March there have
been sold. under the Refunding Act, t135yOOO,OOO
four and one-half per cent. bonds,and that amount
of six per cent. bonds have been paid of or are
beng paid off ana cancelled, thus saving TO the
people Of the United States ~t2,025,OOO in coin for
this year, and each year hereafter.
In May last | became satisfied that the credit Of
the Government was so advanced, and the money
market was 30 favorable, that l could sell at par
in coin bonds Of the United States bearing interest
at four per cent. per annum, and, with the sane
ton Of the President, / took the responsibility or
withdrawing from sale one hundred millions Of
four and one-half per cent. bonds, and substitute
ing four per cent. bonds. There was great doubt
among bankers and business men, here and in
Europe, Of the ability TO sell these bonds at par,
and 1 had plenty OF advice not TO undertake the
task. Germany, now one OF the great Powers
OF the world, had recently offered her four
per cent. bonds az a discount OF more than
five per cent. The Russian Government, now
under the stress Of war, was selling is
bonds at such a rate that they yielded over eight
per cent. The Portuguese Government bad issued
q three per cent. loan at about fifty per cent. dis
count. Great Britain, the highest in credit of all
the great Nations, had sold her three per cent.
consOlE at q largo discount, and now, although
they are q perpetual annuity, they are quoted at
from % TO e5 per cent. Still, with the favorable
condition OF the money market, with industries
paralyzed throughout the world, money lying idle
in great boards, with our credit untarnished, our
Nation cOnfessedly among the leading powers OF
the world, with great resources, / believed that
the public interest and public duty demanded that
the effor. TO sell these four per cent. bonds should
be made, and that 1t would be successful.
THIS GREAT NATIONAL LOAN
Was opened by popular subscription in the United
States on the 16th Of June, and within thirty days
a%fterward SCI, 100000 we're taken in this country
aud $40, 200, 900 in Europe, making S7 100000 sold.
This sum, when paid and applied to the payment
OF six per cent. bonds, will make an annual saving
to the people of the United States Of $1,656, 900.
The aggregate Of the saving from both Glasses Of
bonds since the 1st OF March, 1877, Will be $~3,6Sl,OOO
q year in coin.
And this process of saving has just commenced.
We may confidently hope that, II no adverse legis-
latiOn shallbe had that Will injuriously affect the
public credit, the entire amount OF the public
debt bearing interest at over four per cent, now
amounting to nearly Si,TO0, 100000, may. as 1t be-
comes redeemable, be con veTted into bonds not
exceeding four per cent.
SPECIE NJ
And now, fellow-cltizens, this brings me to the
question upon which there is so much diversity OF
opinion, so many strange d~elusiOns, and that is,
the question Of specie payments. What do we
mean by this phrasei Is 1t that we are to have
no paper money IN circulation II so, l am as
much opposed to 1t as any of you. Is 1T that We
are to retire our greenback circulation II so, l
am opposed to 1t, and have often so said. What I
mean ny specie payments ts simply that paper
money ought TO be made equal to coin, so that
when you receive 1t, 1t will buy as much beef,
corn or clothing as coin.
Now, the Importance of this can not be overestl-
mated. 4 deprecated paper money cheats ana
robs every man who receives It OF O portion OF the
reward Of his labor or production, ana In oil
times 10 has been treated by statesmen as one Of
the greatest evils that can befall O people. There
are times when such money is unavoidable, as
during war or O great public calamity, but II has
always been the anxious care Of statesmen to re-
turn again TO the solid standard OF coin. There
fore IL Is that specie payments, or q specie stand
ard, is pressed by the great body OF intelligent
men who study these questions, as an lndispensa-
BILE prerequisite for steady business and good
tlmes
Now, most of you will agree to all this, and will
only differ as to the mode, or time and manner;
but there ia a large class Of people who believe
that paper can be, and ought to be, made into
money without any promise Of hope Of redemption;
that o note should be printed:
THIS IS A DOLLAR"
And be made a legal tender.
l regard this as a mild form OF lunacy, and have
no disposition to debate with men who indulge IN
such delusions. They have prevailed to some ex-
tent at different times in oil countries, but their
lie has been brief, and they have ever shared tho
fate Of other popular delusions. Congress will
never emf - tain such a proposition, and, IL IT
should, 10 know that the scheme
Supreme Court. That Court only maintained the
constitutlonality OF the legal-tender promise TO
pay q dollar by q divided Court, and on the ground
that It was issued during the war, as In the nature
OF O forced loan, TO be redeemed upon the payment
OF q real dollar; that is, 30 many grains OF silver or
gold.
/ therefore dlsmiss such wild theories, and speak
only TO those who are willing TO assume, as an
axiom on this subject, that gold and silver, or
COINED money, have been proven by oil human eX-
perience to be the best possible standards OF value
and that paper money is simply q promise 20 pay
such coined money, and should be made and kept
equal to coined money, by being convertible on
demand.
Now the question is as to the time and mode by
which this may be brought about, and on this sub
jeot no man should be dORmatic, or stand without
yielding upon a plan Of his own, but should be
willing to give and take, securing tho best expe'
dent that public opinion will allow TO be adopted.
The purpose and obligation to bring our paper
49, - M tonhaFA NJ min hnUA hAon over Hn0