New-York tribune., 1877-08-18


cripple commerce or nlaco our indnsine5 M i
vantage ia foreign competiil"n DeiicNe tn' H.
traton Ia perfectly willing to share with Congress III 'o
labor of these essential reforms In our C'i sef'cs'
TnE GREAT FOUR PER CENT LOAN
Much the larg st reduction III the pubic eNpehui'r'
has been effected in the reduction OF interest on th pup
lie debt The great body OF the public debt Is now pay
able at the pleasure United States at par IN CON-
As this debt now bears interest OF ak per cent +" -
manifest that II money can oc borrowed at icS i'
the old bonds can he paid Off and the reduced n'ef' %
sens to that extent the burden OF tie dept' r''' '
Isl OF March. predecessor had scldh h'ty h""" VI -
and half per cent bonds at par III COM Tue p'ocoo"
of which had been applied 10 the rcdcmpn11in on o,
SIX per cent bonds since t1e 11s',,,Jinr Act
there pave 0eeh so,di ,c u bolt peT cent bonds.
and that amount OF siX per cent 1"i''s "i,oncS fhns
s,inS IN the ncopIc OF The United States 92V2oOV ID
coin Or this wear. and each year hei 10 80 VS.
became satisfied that the credit OF the GoVerunrn. h
SO ADVANCED and the market WAS 50 ia'9%rae"; %
that could sell at par in com oohls oi u mi
bearing interest at four per eeGt ~ pI % i,ns
with the Of the President TOOK i,e
bility Of Withdrawing from sue one hnnate ionr
foui aud one-hal per cent DOds' ahn ~, MRS
per cent bonds. There great DOUBT am"hs ,h
ability 10 sell these bonds at par, AMI had piehD
OF advice 10 undertake toe task Ieilbah! ',,
one OF the great powers OF the vera, haa iep,! rec @
offered her four per bonds at discount oi hIoo
than five per cent. Tie Russian Cover Z, ,nh a
under stress OF war, was srune us bon"s az irn
rate that bcy Welded eight ler cent Ihe loi "a
gucse Government had issued three cr ctit % ;t h ~
Dr. IN c ii'5 f mi an te T nations had sold her ture per
ccn cousOs at large discount; and now ain1uE" ~ f v1
ar. uer.c;ual annuity ihey are daily quoie ~ nun
mnc y-four 20 nincty-fye per cent sur WIN lanor
abe condition of the money inAIkei WIN VIM III m rrat
alyz.d throughout the world. money lying "ue III Fa'a'
n arte with Our credit untaln,,hed, cur hi'ph coi-
fesscdiy among the leading powers Of the world WIN
rre1f res ,1lcCs believed that the public interest
and pubic duty demanded th1t Ine onotS VA tbat ~
tDese four per cent bonds should be made. au inal ~
would be succ ssiul. Iais great nalioLaI iNau ""s
cpeued b. poIuiar subscription III Inc CAlled adLcs u
the l6 Of June, and within thirty daYs atINl1d Nod
e;7 600 90 were taken in this country aud Sl02oOoVo
In Europe M King S77.500,OOO sold rms slih; Nhfh
paid and applied 10 TIE purchase OF sA ci o.,' It
vii make IN annual saving to the people oi tAe Ilcu
states oi S155GOo0. The aggregate OF lle safs @ Mn %
both classes bonds since tue hrst GI aleu' 10 - .. Nm @
la iust commenced, We may cNhlen,IIM NJ nVpf .iit
afIcf Inc public credit. the entire amount OF lhe PNDc
yI bearing nictcei a. o6C 9yGl 6a do g as # cons re
deeuIabie be into Donds not exceeding iour
per cent ,,.,. ,..,,.,-r.
And now relowclizens This brings me 10 the question
uuon which there is much diversity Of opmloh' so
many strange delusions and 'ha is the question OF st
Gle payments What do mean by tins pnra'ei Is II
that We are to have paper money III circulallon'
so am rs nuc! opp scd 10 as any OF YOU Is u '
We are o retire our grccnback circuationi H. so am
o,,sel 70 81 and have often said. What mean by
scce n,Incus simply that paper money 0ngnt 10 Ds
ro o c,ral to coin so that when you receive IL u VI"
hwy "a much beet. corn clothing as com. Now tle
importance OF ANS canaol De Owe oYties,h''Vi' . ar @
e,,rst of potion of the reward Of MS labor or
-.,,cto,, ana mn All times. has been treated by
,r.yas one Of th- greatest evils tnat can hehl
,rn id. There are when such ~ 'ncy lS uhAFol-
t5 s dlr1Ie war or great public calamity, but IL has
ay5ye been th- aIzi,us care OF slatesm to retu'n
Yslin 90 tAe Solid stand rc "i com lhe'c"i' u A. tLt
slaeic payments. Or spece stnd1ri D. rts'te ny i.e
,ro- bod, 90 intelligent ncn "lo study the 90 questions
as az ind 5peus1o.e luisi'c ,"f sle',E '',iuc. sui
ana good uMts. NJ" most oi YOU wiz "s,re
I'D ali tla. and Will only differ as to ne
mode or ume ana h'.hcti nu lh'e lh'ie g., i' a,,S
iarge class Oi lcoll who rtfc in"t lalF can N anu
oreft o. be made INTO lDoney Wl'sOnt any promise e."
lolc of rcdeur;on; tat n,lc Should ne piHl''o
regard this as ild form Of iu"acF. and haN" no as
position TO deba. Mil mtn No" iadl-e lh su,u uel,
s,ons. Iney haFc ileta y, Nei. a. 49, , ,,i
tbr have ever shec a. fate OF other POM r '-iens
Goa .Tc-s will never ,IeiiAn suci q PD mon. ana u
"A should know tAat the schtmc Nou.d hni SUE.
a nomcrt before the Suweme Court. 1h4i Conr
~,l, T1artaued tie conSri, a. .9n2ty ~ he legal
t,3e rrfsc to pay dollar by divided Cont, aud on
,t re al a forced loan To be redeemed upon the pay
nrnt 81 a real dollar; tiai is 80 l-4y gi.1s o SILVER or
Ol' 10 ,"er 40 ~. 'H 49,, . ri, .l 49,, r..
r,ep u,yyf all human experience 80 br The best pos
sn.g =, 90 ,s, ., c,inei money, ana s,.oi.ld 10. made
and KEEP, equal 9" ccLcl h"t!''3 'ok coi'ei'0'e on
DATE or ResUMPuoN.
Now the quost'on TO tAe iime and mode by which
,.,s may le brought about and on tfs subject nO mdn
ssonId I've dorinauc. or stand without yielding
Ian of hi. OWL but -noad be willing TO ave ana take,
securing ne best czpc nj hat public opinion will allow
q, he adopted Tnc purpose aud Obligation TO bring our
aper money TO standard OF coin have en- over am
over a-in aunouno-I bg acts OF Congress and by the
J,.foros Of tue great political parties OF lie country.
II resolutions and promises would hrins about specie
n,,vpe,,ts We worl have been there long ago. but The
diversity Of opinion 90 The mod ncw-twelTc years
after tie close OF Jht NaiSil eilf. or .pt i"hy
at disc0.u; ui rf pcr ccu Iali h> i~itianfed There
vii erpIsea invo vns great sans. no active
odusrio 1n. mono; viii e idle. and atcaad Talt thc
changes inst " be made before we ltacA tle Sttcc
STANDARD Iu 1869 Congress llel2ed tic pnpic fatl
Sat tAc United ates would ay gold or silver dollars
tor Unite! ssits noes, 4si, - l'. ,,.S = gily &
moro lhan ycai g''@te' I9lffa ,.'civd ~ ", ne
/ poits in com. Tic scHrtaIy 81 the ItlsGiy Is eN-
r.ssy required 10 prepare toT ana maintain tDr re,
! al rue TnaasIiy ON and a.ct ihai dat; AID
l'r tld pnsl"st n' o.. ~ ii ,i ~ f'li5s l,,te &
nrng four. and onc-af AID five per CEN rtercs;
At par in con Il i. mi. law. called ihc Resumption
! 'ron th6 ofrc ] hold most dir AIT and imi I-ant
6ities: and without replying % uay attacks made upou
! me-. avn anxious 30 CONVEY 90 sou personally wI.i
have done must do IN obedience 90 Tie poyaios OF
grr o. rct ana policy 81 "a 4v eht. tlc machinery
Of tne law could easily be carecd ny 'onsfess Ihat
der tAs law VA bc Ins parp2se 70 show yoa, and
shall No. hesitate 10 loni o" tnc. aeireis ~ l'g la| -
mode. of resuiap tou-etheT d diminish the amount O1
ncis 20 De redeemed, which is commonly called con-
traction 90! lic cui'''f "i ~ cav p VNiii
in .a Treasury 10 cu.Oe tic secretary 10 Dii1au To-
Mo- soorre is nO Gt lbc1y 10 sei bonds Of tuC United
,t.te fo. Uniicd oDtcs nues Gu mas sell taein for
,nctdy Yr0nlascl selling bonds - thc people,
ne. Bonds are if drnaDd. .,nd realy be- sold az par
u coin ana htl easier at par or i,fHln ID Lnucd
.f.t.s ,o,cs rnc process 90 selling Tor bIit,c S.dcs
r,, - need uol "a, fr before laCt JAat they
renewable for bond- would bfing them up 10 par !n
coin. and that is sl'e,ie payments
AsI)J.T OF CONTRACTION.
nt ,he reason OF the refasl Of Congress 70 grant this
authority often asked 70, ia n would coutrac.
the currency ANA ,as fear OF contraction hss titus fer
preysued Congress from granting the easiest planest