Ashtabula telegraph. (Ashtabula, Ohio) 1874-1880, 1877-08-24

all the internal revenue officers Of the United
States, with 3 very large saving Of expense.
TIE TOTAL ANNUAL REDUCTION
Made thus far IN the rents paid by tis United
States for buildings IN public Dy The Treasury
Department, Is S5s s52 and nB leases fall in this
auction win be largely increased.
Contracts for cutting the stone for several Of the
larger public buildings were founded upon the
prIneiple Of the Government paying 10 the con-
tractors the cost Of the labor and material en-
building for the use Of the stats, war and Navy
cost over 100000. Contracts for the
supply Of cut granite for the Court
Cincinnati, have been modified in such manner ~
win effect q saving OF $3.50 900. Similar changes
are to be made in the contracts Of cut stone for
the st. Louis Custom-house, and extension OF the
Post-ofIce and Sub-Treasury al Boston, which
viii doubtless be equally favorable 70 the Gov
ernment.
STILL MORE DANGEROUS GLASS
OF payments from the Treasury was for old
claims pending in the Treasury Department many
OF them founded upon q Parte testimony and
Ses5 80 Ge ,sota s9ee me- nsT
been adopted, which win save to the Treasury
large sums Of money, and hope Congress may be
disposed ct its next session to revise the whole
mode OF accounting and paying these claims,
which, In many cases, exposes the Government 70
| 1 have only cited these principal Gases Of ad-
mInistratiye reform, which will be made 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
adopt in bis own The Government ought not
| TO be niggardly and stinRy in public oMDnrse-
that It does fairly pay for; but waste Of pub
lie money not only makes a premium to ONCE
| holding, Out demorRlizes all who are engaged In
IL. A close and careful readjustment OF the civil
service upon the basis Of correct business prinei-
pies viii bring our National expenditures within
the amount OF such moderate taxes on whisky, To-
baceo and beer, and reasonably moderate duty
on imported goods as, while furnishing prOteotlon
10 our own Industries, will not cripple our com
meree or place our industries at disadvantage u
foreign competition. IbelieEe 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 puhilc e1-
pehdIture has been effected IN the reduction Of m
terest OIL the public debt.
The great body Of the public debt is now payable
st the pleasure Of the United States at par in ootn
As this debt Eov bears an interest OF
6nlH I6 per can cent nO-ro1sa msne is,, yass the
old bonds can be paid oRs and the reduced
interest lessons to that extent the burden OF the
had sold fifty millions Of four and one-hah per
cent bonds at par IN com, the proceeds Of which
cent. bonds. Since the 1st Of March there have
been sold. under the RefundinR Act, 1S6,oOO,OOo
four and one-hah per cent. bonds, and that amount
Of ak per cent bonds have been paid on or are
being paid on ana cancelled, thus saving to the
people of the United States s2O25,OOo IN coin fer
this year. and each year hereafter.
In May last became satisfied that the credit Of
the Government was so advanced, and the money
market vas SO favorsble that could sell st par
at four per cent. per annum, and, with the sane
tion Of the President took the responsibility OF
four and one-half per cent bonds and substitute
| ing four per cent. bonds. There was great doubt
| among bankers and business men, hers and In
Europe Of the ability to sell these bonds ct par,
and had plenty OF advice not TO undertake the
task Germany, now one Of the great FoEers
per cent. bonds AZ . discount Of more than
| fve per cent The Russian Government, now
bonds at such rate that they yielded over eight
/ per cent The Portuguese Government had Issued
three per cent loan et about fifty per cent. dis
count Great Britain, the highest IN credit Of all
the great Nations, had sold her three Der cent
consols at . large discount, and now, although
from e. to IS Der cent stli, with the favorable
condition Of the money market, with industries
paralyZed throughout the world, money lying idle
| in great noards with our credit untarnished, our
Nation confessedly among the leading powers OF
| the world, with. great resources, believed tnat
the public interest and public duty demanded that
the effort to sell these four per cent bonds should
be made, and that it would be successful
THIS GREAT NATIONAL LOAN
Was opened by popular subscription in the United
States the 18th OF June, and within thirty days
sfterward $67,600,000 were taken in this country
and SO 100000 in Europe, making SIT 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 81 658, 600
The aggregate Of the saving from both classes Of
bonds since the 1st Of March, 1871 viii be 80 6s1 900
And this process of saving has just commenced
laton shall be had that VIII fnjuriOualy affect the
public credit, the entire amount Of the public
amour ting to nearly 81 100000 900, may as it be-
comes redeemable, be converted into bonds not
exceeding four per cent.
| SPECIE PAYMENTS.
| And now, fellow-cItizens, this brings mo to the
question upon which there is so much diversity Of
opinion, so many strange delusiOns, and that Ia,
the question Of specie payments. What do We
| no paper money IN circulationi # So am as
much opposed to 1t as any OF you. Is 1t that We
are to retire our greenback circulationl If so,
mean by specie payments Is simply that paper
money ought TO be made equal to coin, so that
when you receive IL, 1t will buy a. much beef,
corn or clothing as coin.
Now, the importance Of this can not be overesti-
mated. A deprecated paper money oh6ats and
robs every man-who receives it of portion of the
reward Of his labor or production, and In all
times IL mas oeen treated y statesmen Is one OF
/ are times when such money Is unavoidable, as
during war or great public calamity, but 1t has
always been the anxious care of statesmen to re-
turn again to the solid standard OF coin. There
fore it is that specie payments, or specie stand
ard, is pressed by the great body Of intelligent
/ men who study these Questions as an indispensa-
BILE prerequisite for steady business and good
| times.
I
| only differ as to the mode, or time and manner;
i but there Is 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 note should be printedi
"TH1s Is DOLLAR"
| And be made legal tender.
| regard this as 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 all countries, but their
life has been brief, and they have shared the
fate Of other popular delusiOns. Congress will
never entertain such a proposition, and, II it
| should, We know that the scheme
| would not stand moment before the
Supreme Court. That Court only maintained the
oonstitut1onality Of the legal-tender promise to
pay dollar by divided Court, and on the ground
of forced loan. to be redeemed upon the payment
Of real dollar that Is SO many grains Of silver or
gold.
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 all human ex-
perence to be the best possible standards Of value
and that paper money is simply promise to pay
such coined money, and should be made and kept
equal to coined money, BY being convertible on
NOW the question is as to the time and mode BY
| Thlch this may be brought about and on this sub
ject no man should be doRmatlo, stand without
Yielding upon q plan Of his own, but should be
willing to give and take, securing the best expe-
dent that public opinion will allow be adopted.
The purpose and obligation to bring our paper
money TO the standard of coin have been over and
ana6l uonTN No. ~