Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1878-10-17

4
principle and interest n gold; interest paw
able semi-annually at 6 per cent. 1t was mons
taxable, and the nation owed very little But
MI Buchanan could not get bid for them.
The treasury made application and secured
acts of several legislatures of northern Re
publican states indorsing these bonds. and
becoming security OF the United States. Ohio
was one of the states so endorsing; and then
the bonds were sold for IS cents on the dol
lar. To>day Mr.. Sherman, the most enlight>
ened and successful secretary the treasury has
known for generations, finds no trouble to
sell his bonds at par in gold, and they only
bear per cent. interest. How stands the
Democratic party under the full light of this
comparison.
This plain statement of the facts
OF history wac deried by the Cincin-
natl Enquirer, whereupon Gen. Gros-
venor wrote to Secretary Sherman.
stating what he had said, and ask
ing for the facts as recorded in the
department. To this communication
the secretary replied as follows:
TREASURY DEPARTMENT.,
OFFICE or TIE SECRETARY,
WASHINGTON. ID. c., September 25.S
The Hon Q. II. Grosseaor, Washington, ID. G. !.
SIR am in receipt of letter of this date
asking Tor statement of the loan made nv
the United States in the fall of 1850 and win.
ter OF 1861, describing the bonds. the amonp.
sold and the sum per cent. the government
realized" In reply thereto have to inform
you that under the act of December II 1890
az Stats 1917, treasury notes were issued
redemable ut the expiration of one year from
date, bearing interest as follows.
Seventy thousand two hundred dollars nj q
per cent, $4,000 at per cent, $266, 900 at
iot per cent, $4,000 at per cent, $4,000
at vt per cent, S62S,000 at lOa per cent.
s24,ooO at 8 per cent, 100000 at Oh Der
cent, S24, 900 at per cent, 100000 at
- per cent, Sl,S67,o00 at 104 per cent.
Soo,ooo at per cent, $4,000 at 81 per
cent, 81, 4s2,7o az II per cent, $4,000 az
$4,000 at IL pei eent.-making a total IF
$l0,0l0,9oO. "' -
Additional offers were received rano;no
from 10 to sc per cent. which were refused
Under the act of February s, 1861 tI2 Stats
i2el authorizing loan of 1875, 00O, 900 bonds
Oh the united States bearing 8 per cent. in
terest, having twenty years to run, were dis.
posed OF to the amount of Sis. 4I5. 900. at An
aggregate discount of $2,Oi9. 776 TO- or an
average rate of $3.50 per 500. So low had
the credit OF the government fallen that the
secretary OF the treasury in January. 1851.
suggested to Congress as a financial resource
that the several states be asked AZ security
Tor the repayment of any money the govern.
ment might find it necessary to borrow 10
pledge the deposits received by them from
the government under the act for the distri.
button OF the surplus revenues in 1895. the
secretary believing that loan contracted on
sucn basis of security, superading to the
plighted faith of the United States that of the
individual states, could hardly fail to be ac.
ceptable to capitalists.
Very respectfully,
JoHN SHERMAN, Sec'y.
This is pnssing the matter much
stronger than Grosvenor did, and it
IS the record of the department.. 1t
is respectfully submitted that with
such record before them of finan.
oial management during time of
peace, the Democrats should refrain
from criticising the Republican Fl.
nancial policy. The truth is that
the financial administration of the
Republican party viii! compare more
than fayorably with any that has
preceded it Stree the government
was formed, and no one familiar
with the history of the government
VIII sincerely question Milwau-
kee WiSc0u ei,,