The New York herald., 1878-09-29

many OF that class who are still struggling may stii
have 10 60 down, and no .nat money" can help them.
But new men Will step into their places. such
periods mean the survival OF The attest. Neither
must all oil the laboring men who have been thrown
out OF work by the crisis expect that revival OF
business viii IN all cases give them prompt
at the same wages Many OF them viii have 10
change their occupation and those VINO use their op
portunt.s that respect most reseuely viii be all
gradually opening fruitful aeId Tor those branches
OF productive industry and corresponding trade which
supply actual wants AS Old STOCKS are exhausted
they must be replaced. The pressure oi the times
has taught us TO produce many articles, formerly
quality as to introduce them successfully largely
inio foreign composition. Our abundant crops lind
,udc OF circumstances concur TO give 10 most
every branch OF business q natural and healthy
OF production have taken place, there is no doubt
tns' @ increased and varied wants w render possos
larger number OF men than before.
REQUISITES FOR SUCCESS
To furnish that sound foundation, without which
business can have no healthy development, three
things are OF the first necessity "A good national
aud Individual credit based upon national and mai.
viduai honesty; second sound currency OF real aud
stable value, ana tb,rd, sale and reliable banking
system.
First--As to credit, our national credit rests upon
faithful discharge OF our national obligations and
shall show that In great measure tho individual
thing II has become the fashion OF many poll
ticians and public agtaors TO cry out against tho
bondhoders. and thus 20 excite against tho
bond which Is embo drlento or national iaith The
bondholders represented as Set OF ''boated" in
dvduas residing down East or In foreign countries,
who bought their bonds ut tnrty-dve or forty cents
the dollar and now demand 100 cents and
high interest IN gold. Thus The bondnoider is pic
tured sort OF criminal bIoodsncker who. with
coldbooGed cruelty, iatteps upon the suierings OF
downrodden people. Now, supposipg our national
bonds were still IN the han is OF those who originally
bought them. can you iaii to romsmber that whom
Donds were sold ut iOry cents on the dollar anu the
Quantity so solo was not large the s Of tho nation
Republic seemed to DO in the agonies OF death;
that II appeared uncertain whether the bond
bought al ioriy cents on Monday would be
worth Ten or one cent on saturday, and
that the purchaser Of the bond riskcd his
money tor the country just rs much AS the SOL
uier risAed his blood? bid the American govern
ment not ask him to take that bond, At almost any
PRICE when the Republic was in extrsmites? And
now, when he has Helped by taking II and giving
ms money al the risk OF losing II all are we. now
that everything mas gone we against the predictions
aud expectations OF many, arc We, a. " highminded
people, 10 turn around upon him who heped Us IN
tho hour OF supreme distress and tell him. "You arc
a blOodsucker and u scoundreiY" have known
INDIVIDUALS who, whom you had helped Them with
loan, would tcel aud act ash they owed you not the
sons aud contemptibe feowa Would It bo
honorable tor tue great American people 10 put
hate tho bonanolders, Tor they len. money!" But
now, suppose such u cry DC taken up bv the Amer
ican people and acted upon VI refusal to pay That
which owe by direct or indirect rcrudlation or
the whole or part OF the deb, contracted in the
hour OF need, have you considered what help
We may expect In such hour of
need and danger should come upon agsinS
must confess, even II he bondhodors of to-day still
were the same men who during the civil war bought
the ponds at price, should consider the oulcry
against them utterly dishonorabe and disgusting,
AS we'll as FOOLISH; as nationaI Disgrace as well us
national danger; runous 10 our good Damo as well as
10 our true interests But who are To-day the
"bloated" holders of our national bonds? It's
toriOus that only ipLite tessmal part 1t any OF
national bonds are still IN the hands OF the orig
nal purchasers. Tho original purchasers have long
ago realized on them and tnose who hold tac bonds
now have almost all bought them 1T high ngures
large majority OF cases. probably ~ their value.
one time about 81 900 OoO 900 OF our bonas wero ned
1t is stated by the Secretary OF the Treasury
who has the best means OF ascertsintng tho iac mat
present the amount ol bonds held in loreign couE
tries is less tnan $3.50, 00O COO, probably not over
$780, 00O Tho rest OF those formerly hcid abroad
have either been paid on or come over 10
this country, SO that we fnd between eight iy-Gve
aud ninety per cent OF our bonded indebtedness
held by our own citizens ard Is II true that Insse
ponds are ia the nauas OF set OF 'bloaIod" Inavi-
duals down East? Every business man knows better
tnun that Nearly $780, 600 600 OF iour per
have within Two years bean sold They scattered
ai over the country, especially the West, and who
owns them9 Mostly small people, who consider tho
government lunds u better depository ior their saw
ings than the savings banks aud who mus invested
in small amounts, from $50 upward. You, honest
little surplus government security,
are you that you havo sunk down
to the level Of the ''boated bOndnoders' who have
ia,tcned upon the sweat OF the pcoples Bu. more
than that: very large number OF iOur aud hall,
five and six per cent bonds are held Dy banks by IN
companies, trust comp nies savings institu
tons, ana IN trust tor widows and orphaEa Thus
they form AN important part upon which these inst-
tuii0ns arc based. They are among their most roll
able ana available assets. Probably most OF us do
not United states bond IN the world, but every
one OF us holds policy In lie insurance COM
pany, or whose or furniture insured aganat
hre, wko has deposit IN bank or savings insu-
tutiou or who has a national bank note in his
pocket is as much Interested in tho value OF our
national bonds, aud, IN certain sense, us much u
bondnode as tne owner Of bond hmseif tor II the
value OF the bonds is attacked and impaired the
cuty Tor your investment goes, TO that extent, by
the board. Bondhoders! are you aware OF The dis
grace oil your "Dloated" crImInAiityt Do you
now VINO the great, dreadful, blo0d-sucking bond
holder isY 1t Is the American pcopIel And you
car not attack impair the vnue OF the bond WITH
out not only disgracing and running the good name
credit Of the country the world over, but with
out undermining the very fou dation OF tue most
important sdt INSTITUTION In the couDy, IL which,
In some way or another the interests OF all OF
you involved, so tuat disturb that credit system
and you may loug wait for that revival OF prosperity
whica mucn need and which is now within our
reach, tor you have taken away Of It's most
tiai CONDITIONS
PAYMENT OF THE NATIONAL DEBT.
To pay \ dept Is not pleasant tning out IT 10 q
necessary anu also profitable thing. We nave shown
ling TO pay In 1865 the total Oi our interestbear
Ing deot was $2,ssl, $50, zs4 &C. In 1873
ol noariy 5000. O0o 200, or oue.fourth of IL. II
has been said that wo have paid OIL our
debt more rapidly man was necessary and
doubt that this excess OF zeal In dischargng our
national obligations has had powerful effect IN
strengthening our credit, and u is ewing TO the
OF our credit that the government has
been able to reduce our annual interest IN a lar
greater ratio than reduced the deb by undinx our
per bonds into securities bearing interest at
live, four hall and tour per cent. In 1865 our
annual interest charge $l50,g77 oy7 ST. In 1873
interest arge Is sg4, 554 s7J Thus have got
rd o about two-hfths OF tue annual interest," In The
period OF thirteen years in sti greater ratio,
the dsbt anu interest has been reduced IN proper
tion to population Thirteen years ago our debt
SIS rs per capita. To-day u Is SAL 81 per capita.
Thirteen years ago the ia was 81 ~ per capita
Ii is now II ~ per capita. Aud VI our credit ro-
mans iutact the funding process will 30 on rapidly
and snail be rid Of further tens OF millions
Of annual burden. Disturb that credit
by any act or attempt weakening the con-
ndcnce OF the world at nome aud
abroad In ability to pay In honest purpose,
ana the fuuding process Will cease ana with II the
benencent results flowing from II. Thus you In
this, In other things II 10 not only most honorable
but II pays best TO be honest. The most expensive
thing do Is to attempt to get RID oil
oultgatious without honestly dlscuarging them. Tnc
next expensive thing IL to quIUDIo about them.
q A anif IA