National Republican. (Washington City (D.C.)) 1872-1888, 1877-06-16
TIE NEW FINANCIAL ISSUES.

Whatever may he the sentiments of
President HAYES in regard TO the renOne-
tiZntiOn OF silver and other measures of
finance which now engage public attention,
we are confident that he has never author
lied any statement Of his views upon these
topics To be given to tho public. These sub
iccts are so important that when he thinks
proper 10 express his opinions upon them to
the people he will doubtless do il in his
own language, and in such form as to leave
no doubt rs 10 its authenticity. From his
record in the past we may safely infer
that he will never favor any financial meas
ures except such rs will protect the credit of
the nation and the hest interests Of the peo-
pie Meanwhile the public will, Of course
properly look only 10 the official action of
the Secretary Of the Treasury Tor practical
| illustrations of what the policy of the Adj
ministration Is.
The business interests OF the country con-
tinue to be 70 depressed that new financial
issues are beginning 10 engage the earnest
attention of all Classes Of citizens, for all
are suffering 10 greater or less degree.
While the financial condition of the Gov
eminent is 50 satisfactory, aud while the
public debt is being reduced with wonder
lul rapidity, the condition of the people is
continually growing worse. Reconciliation
| and civil service reform have brought peace
and political quiet, hut industry lancuishes
and the business Of the nation is PROSTATE
While the people are proud OF the high
credit which our Republic has secured by
her pronptncss in meeting her obligations
they are nevertheless beginning to inquire
whether this rapid payment OF the public
debt does not impose greater burdens upon
them than they ought to he called upon Il
bear now.
We hold, therefore, that as soon as il car
possibly be done the policy Of the Govern
ment in regard to the payment of the pub
, lie debt ought to be changed and no further
payments made on it until the condition o
the country has become more prosperous
The payment OF the public debt is matte
in regard TO which there need lie no haste
The public creditors do not ask for pay
nent; on the contrary they are anxious u
! continue their investments in the securities
OF the nation, and value those bonds mos
which have the longest period to run. Til,
public credit is now ~ well established
that such change of policy would not af
feet il uniavomhly, while the relief which
, could thereby be given to the people Wy re
leving them from taxation would he i'm
menSe. Such u measure heartily adopted
in connection with n liberal system Of pub
lie improvements for the development 0
the resources OF the nation would at ono,
wonderfully revive the depressed bushes
OF the country.
Another measure OF equal importance |,
, the adoption Of plan by which the public
securities could be popularized by alordinl
the people an opportunity to invest thci
savings in Government securities bearing ;
low rate OF interest. This they woult
gladly do Oh account oil the safety whicl
r the Government securities would aflon
them. During the last ten years the labor
T ing people Of the Uuited States have los
5 many millions OF dollars by broken saving,
banks which they might have saved hnc
proper facilities been afforded them io
lending their money 10 the Government
These bonds ought, Of course, to he OF small
denominations, and the rules regarding the
issuing Of them ought to be plain and simple
We are glad that Secretary SHERMAN has
inaugurted this policy, and we hope III
Twill carry it still further than proposed