The Emporia news. [volume] (Emporia, Kan.) 1859-1881, 1877-08-31

field, Ohio, Aug. 18th, relating tc
the financial policy Of the admins.
tration. The latter part of his speech
treating of the labor question and
strikes, we will print at snotheE
time:
Much the largest reduction I'm the pub.
lie expenditure has been effected in tn G
reduction OF interest on the public debt
The great body Of the public debt II
now pay able at the pleasure Of the United
States At par In coin. As this debt now
bears an interest Of 3 per cent, IL ~ man
Hest that IL money can be borrowed at q
less rate the old bonds can be paid OF, and
the reduced interest lessons TO that extent
the burden OF the debt. Prior to the Lat
Of March my predecessor had sold $780,.
O00. coo OF AZ per cent bonds at par In
coin, the proceeds OF which had been APP
piled 70 the redemption Of per cent.
bonds. Since the LIST Of March there have
been cold, under the rebuilding act, S185,
100000 AZ per cent bond {, aud that
amount Of o per cent. bonds have been
paid on and cancelled, thus saving to the
people Of the United States o2.O25 GOO IN
coin for thls year and each year hereaftef.
In May last became satisfied that the
credit OF the government was so advanc
ed, and the money market was 20 favor
able, that could sell at par In coin bonds
OF the United States bearing interest st
per cent. per annum, and, with the sane
ton OF the President, 1 took the response
~ OF Withdrawing from sale one hundred
millions Of ~ per cent. bonds and sub
stituting 4 per cent. bonds There was
great doubt among bankers and business
men here and In Europe OF the ability to
sell these bonds a. par, snd had plenty
OF advice not 70 undertake the task. Ger
many, now one OF the great powers OF the
world, had recently offered her per cent.
bonds ut . discount OF more than per
cent. The Russian government. now un-
der the stress OF war, was selling It's bonds
At such rate that they yielded over 8 per
cent. The Portuguese government had
issued . per cent. loan at about 30 per
cent. discount. Great Bri tain, the high
est In credit Of all the great nations, had
sold her per cent consols ut large dis
count. and nows although they are q per-
petual annuity. they are daily quoted Al
VOrable condition OF the money market,
with industries paralyzed throughout the
world, money lying idle in great boards,
with our credit untarnished, our nation
0onfessedIy among the leading powers OF
the world, with great resources, believe
that the pablic interest and public duty
demanded that the effort to sell these pei
cent bonds should be made, and that II
would be sucs essful.
THIS GREAT NATIONAL LOAN
was opened by popular subscription II
the United StateA on the 10Th OF June, and
within thirty days Afterward $67, CSC, OOl
were taken In this country, and $40, 200 .00l
In Europe, making 100000 sold. This
sum. when paid and applied TO the pur-
chase of . per cent. bonds, will make m
annual saving to the people OF the United
States or 81 ,656 ,OO0. The aggregate OF the
saving from both classes OF bonds since
the LIST OF March, 1877, will be $685., OOt
a wear In Cofn.
And this process OF saving has JUS
commenced. We may confidently hops
that, II no adverse legislation shalt b,
had that injuriOusly affect the public
credit, the entire amount OF the public
debt bearing Interest 1t over per cent
now amounting to nearly S1,70O, OO0, 900
may, a. 1t becomes redeemable, be con
VertSd into bonds not exceeding per cent
SPECIE PAYMENTS.
And. now, felIow-cItIzens, this bring
me 20 the question upon which there Is 81
much diversity OF opinion, SO many
strange delusions, and that Is, the cues
tion OF specie payments. What do we
mean by this phrasef Is IL that we art
20 have no paper money in circulation
II 30 am As much opposed % it as any o.
you. IL It that we are 20 retro our green.
back circulation? II so am opposed Il
IL, and have often 80 said. What NEAR
by specie payments is amply that paper
money ought TO be made equal to coin, SO
that when you receive II, IL will buy III
much beef, corn or clothing rs coin.
Now, the Importance OF this cannot be
over-estimated. A deprecated paper
money cheats and robs every man who
receives 1t Of portion OF the reward OF his
has been treated by statesmen as one OF
the greatest evils that can befall people.
There are times when such money is un-
avoIdabie, as during war or great public
calamity btt u haa always been the anx-
1ous care OF statesmen to return again "a
the soiId standard OF coin. Therefore it
IL that specie paymsnts, or specie stand
ard, IL pressed by the great body OF INTEL
lIgont men who study these questions. as
An Indispensable prerequisite tor steady
bu sinesB and good times.
Now, most OF you Will agree to all this
and will only differ rs 10 the mode. oil
time and manner; but there is a large
class OF people who believe that paper
can De, aud ought 20 be, made Into money
without any promise or hope OF redemp
''THIs Is DOLLAR"
and be made legal tender.
regard this a. q mild form OF lunacy
and have no disposition to debate with
men who indulge In such delusIons. They
have prevailed 70 some extent at different
times In all countries; but their life ha,
been brief, and they have ever shared thG
fate Of other popular delusions. Congress
VIII never entertain such . proposition
ands II it should, we know that thG
seheme would not stand moment before
the supreme Court. That Court oniS
maintained the cOnstitutionaIIty OF thu
legai-tender promise to pay q dollar by 6
divided Court, and on the ground that n
SgAs issued during the war, as In the ma
ture OF . forced loan, TO be redeemed upoI
tue payment OF . real dollar-that Is, 81
InAny grains OF silver or gold.
i, therefore, dismiss such Wild theories
and ap0Akl0nly 90 those who are WtllIDe
20 assume, as an axiom on this subject
thai gold ana silver, or coined money
have been proved by all human experience
10 be the best possible standards or value
aud that paper money 10 simply . promtsC
GO pay such coined money, and should bt
made and kept equal to coined money by
beng convertible on demand.
Now. the question IL AS TO the time and
mode By which this may be brought
about, and on this subject no man should
DE dogmAtie, or stand, without yielding
upon . plan Of has own, but should be-
willing to give and take, securing the Sesi
expedieut that public opinion will allow
90 be adopted. The purpose and oblIga-
tion to bring our paper money to tbs
standard OF coin have been over and oVel
again announced by acts cf Congress anC
by the platforms OF the great political par.
ties OF the country. = = Is r
IN RESOLUTIONS AND PROMISES
would bring about speoie payments, W,
would have been there long ago; but -Iht
diversity OF opinion IS to the mode now
twelve Yeara alter the close OF the war
sta lsaeee cur paper money at discount
OF 0peg cent. Until this Is removed there
will be no new enterprises involving great
sums, NO active industries, but money
will lie Idle and watch aud wait the
changes that msy be made before We reach
the specie standard.
In 1869 Congress pledged the public
faith that the United States would pay
gold or silver dollars for United State.
notes. Again. In January, 1876, aFtel
more than . years debate, Congress de
clared that by the LIST Of January, 1879
the United STATES would pay Its notes II
cola. hA
The Secretary of the Treasury Is ex
pressly required to prepare for. and main
tain, the redemption OF all United States
notes presented al the Treasury on and
after that date, and for that purpose he Il
authorised 20 use all the surplus revenue
aud 10 sell bonds OF the United Stare.
bearing 4, * and per cent. interest a
par In coin. II Is this law, called the Re
sumption Act now 30 much discussed IN
the pap0Ra, that impose upon che Office
hold, most dl4cult and important duties
and without replying 70 any attacks made
uDOu. me. 4 am anRf0ua IN convav 20 wor