Marshall County Republican. (Plymouth, Ind.) 1856-1878, 1877-12-06
FUNDING, Erc.


The high credit oS the United States. the faithful
observance Of Its public obligations. the abundance
Of ts wealth and RESOURCES the rapid reduction Of its
debt. the great accumulation of savings among ths
people, the favorable Of foreign trade-ail
iribaie to enable the United States to borrow both
from its own people and In foreign markets on the
most favorable terms
The Secretary does not doubt that II no questions
had srsen disturbing the public credit. the six per
cent. bonds would he rapidly paid OF by the proceeds
~ the fur per cent bonds snld at par in cop or lis
cquspirpt.
The highest pnbkc credit can be secured only by
a csn-iant observance ~ every pnbiic engagement,
construed according to is letter and spirit Thus far
this course has been faithfully pursued by the
United States. Without u our ample resources and
ability TO pay are Of no avail. At time when
We are enjoying such credit, and rapidly securing
the neft oi IL by the reduction 81 the rate Of inter
.st from six four per cent. 10 would seem be a
grievous Z" raise question about the coin in
which the interest l. payable. Seifint-rest alone,
wihsut respect TO pride IN public crsst wonid lead
US IA secure great benefit wonld be- the 81, ing
nj one hirri of the intersst OF the public deif
OF the ak per cent loans about $500 600 600 ara
now reee able NJ the pleasure Of tho United States
and .f the whole debt 81 i52 600 600 are redeem
able befre a the LIST al May. 1881. BY the re
duetion of the interest from six TO four per
the public delhi new rcdeemable there would he q
saving of $i3 200 900 annually. and BY the reduo.
ton four per cent of the interest on the total
would be u saving Of SD COG. 205 80 per annI,a.
ANY measure that creates distrust or douht will ar
rest this process and by shssbng the United States
from borrowing. will compel the continued pay ment
of the high rate OF sin per cent
RESUMPTION or SPECIE PAYMENTS.
The Secretary cannot too strongly urge the firm
maintenance OF policy that will make good the
prouse cosiained IN the United States notes when
issned-a promise repeated In the to strengthen
the public credit" approved March 1s. 1863. and
made definite and effective by the resumption act
D.bouored notes less valuable than the coin they
promise though Justified by the necessity which led
"a their issue shenld be made good soon ~ nrsc
tcshie The pnhlic credit 10 Injured by failure 70
rs.isssn them Every holder who compelled nv
law TO rscsive them has been deprived cf part OF
his iust due. Now when national resourres arr
ample. when the process OF appreciation Is almost
s..nplcted when the wisdom II the erisfir Law ha~
bern sicmonstrate IL IL the dictate sol policy
and good faith continue this process Of pivpsra
tiu ~ that before the time liked by law every
with COIN To this policy In the face OF a.
sursd will greatly impair the public credit
arrest the pfocessof reducing the interest the pub
lie dsbt and cause anew the financial distress our
country has recently suffered
The Secretary ventures to cypress the opinion that
th lt currency for the people Of the United States
would I've carefully limited amount Of United States
| notes promptly redeesnabe on presentation In coin
| ard supported by ample reserves Of coin. and
| s.,,,plemru,d by system of national hanks organ
ized under general laws. free and open 10 ALL with
| power issuc circulating notes secured by United
,.-uablc on demand In United States notes r coin
such system will secure "a the people % safe cur
| r.r,cy Of equal value In oil parts OF the country
receivable Tor sll dues and essfy convertible into
/ coin Interest Thus be saved much of the
| pubic debt ~ DO conveniently maintained In
permanent circulation leaving To national banks the
proper business Ut sDeh corporations. Of pIuvi.ing
currency for tho varying changes the ebb and How
| Of trade.
The legal tender quality given 70 United statos
notes intended 10 maintain them In frced eircu-
lsfiou M . tim. when their depreciation nevifa
bie. When they rc-iceRable in ouin this quality
| NAV either be wIfbdrs san retased without affect
ing their currency In ordinary times But all
| experience ba- shown that there periods when.
under any rysfem Of paper money however careful
" guarded IL 10 impyaetcable 70 maintain actual
coin rcsicmpiios Usually contracts vili b. based
upon cuct pspey money, End II h jest thst during