The daily gazette., 1877-08-21
POLICY.
- - ssst
bpOrtant SPEECH BY Secretary Shtr-
| man in 0.iO. ao7-1.'noo
MANsFIsLp, Ohio Aug II.

Ill un Al S-AS
MANSFIELD, Ohio Aug. II,
a-pe aud enthusiastic meeting was
ms evening by the citizens, to lis
their fellow townsman, Hon. John
I,nn Secretary of the Treasury, dis
en- The issues OF the day. He was
IN welcomed by the audience
LATE SYNDICATE oPERAfIoNs.
great body Of the public debt is now
h At the pleasure Of the United
a, mar in coin. As this debt now
an interest of six per cent. it is
|tsl that if money can be borrowed
ID rate the old bonds can be paid
N the reduced interest lessons 10
,tent the burden of the debit
to the 1st of March my predecessor
bid fifty millions four and a half per
bonds at par in coin, the proceeds of
had been applied TO the redemp-
n six per cent bonds. Since the lst
sreh there have been sold, under the
bding act, $l35, 100000 four and one
|e. cent bonds, and that amount of six
mt bonds have been pad off or are
paid off and cancelled, thus saving
"a people of the United States $2,O25
\ com for this year and each year
fler.
. Nav last became satisfied that the
Of the government was 50 advanced
II he money market so favorable that
t.. ID sell at par in coin bonds of the
ID States bearing interest at four per
. Der annum. and, with the sanction
Presid mt, | took the responsibili-
hdrawing from sale $780, 900, ,000 OF
i bud a half per cent bonds, and sub
ng four per cent bonds.
T. .hNG THE NEW FOUR PER CENTS.
ere was great doubt among bankers
I business men, here ana in Europe of
.bity to sell these bonds at par, and
plenty of advice not TO undertake
eSk. Germany, now one of the great
rs Of the world, had recently offer
+ b four per cent bonds at a discount
Pre- than five per cent. The Russian
lnment, now under he stress of war
ellng its bonds at such a rate that
yielded over eight per cent. The
||bguese government had issued a three
ent loan at about fiftv per cent dis .
Great Britain the highest in credit
the great nations, had sold her
. per cent consols at a large discount
bow, although they are a perpetual
ily, they are daily quoted at from
-four to ninety-fve per cent. Still,
The favorable condition of the money
et'with industries paralyzed through
Pc world, money lying idle in great
'1S, with our credit uutarnished, our
Rn confessedly among the leading
eTs of the world, with great resour-
believed that the public interest
public duty demanded that the effort
these four per cent bonds should
ade' and that it would be successful.
great national loan was opened by
lar subscription in the United States
|fpe 10th of June, and within thirty
ailerward $67,600,000 were taken
\ Fs country and $i0,200,000 in Eu-
making t77, 800, 900 sold. This sum
PAID and applied to the purchase of
FL cent bonds will make an annual
70 the people ofthe United States
soo0' 100. The aggregate of the saw
rom both classes of bonds since the
March, 1877, will he $3,5sl,00 a
III coin And this process ofsaving
uSt commenced. We NAV conf
nope that, if no adverse legisla-
Z. t.sll , be had that will injuriously
'De pubic credit, the entire amount
pubic debt bearing interest at
loeI per cent, now amounting to
~ 'oo'oOO,OOO, may as it becomes
naole' be converted into bonds not
p'hs iour per cent.
At "srEcIE PAYMENTS MEANS"
,ho no", fellow citizens, this brings
oh she question upon which there is
~ ~, u,lVetSlly Of opinion, so many
E e;a aeiuslohs,ani that is the question
|S nhpas,a payments, What 60 you mean
phraSe' Is it that we e to have
=, money In circulation? If So,
."ch opposed ts it as any of you.
lay we are to retire our greenback
.loIr II so, | am opposed to it
'o olleh so said. What | mean by
payments is simply that paper
U"SnI 10 be male equal to coin,
%heli you receive il it will buy
Deci' corn or clothing as coin.
Importance Of this cannot be
mated A deprecated paper money
nu loos every man who receives
poilioh ofthe reward of his labor
q o.,,Ioh, uuelIoh, and, in all times, it has
s e"'ea by statesmen as one of the
s,o q',is ,is liiaI can betall a people,
Sl e 'llhes when such moneyis un-
'i as curing war or great public
y, ou' IL has always been the
uaIe oi statesmen to return again
w onu standard OF coin. Therefore
specie payments, or a specie
e,,, ls Pressed by the great body of
Ut mel who study these ques-
M ali Indispensable prequlsite for
''i'less and good times.
most @ OF you will agree to this,
1hly differ as to the rhode, or
~ manner. but there is a large
people p' who believe that paper eau
o,.ght to be, made into money
q, lS promise of hope of redenp-
ill.,, a. note should be printed, "rhis
'"r' and be made "a legal tender.
aA MONEY TO REPRESENT COIN.
sno a,u thIs as mild form of lunacy,
rho no disposition to debate with
brav indulge in such delusions, They
IN 1,ieu "ii To some extent at different
bri.f S'i countries, but their life has
o,h el' aud they have ever shared the
bevar v.aer popular deiusions. Congress
if iGt !, entertain such a proposition,
IL Should, we know that the