The Somerset herald. [volume] (Somerset, Pa.) 1870-1936, 1878-09-04
Crying FOR TaE noox.

II ne take the various demands
and suggested remedies contained il
the platforms Of the Mosaic party
that calls itself the National-Green
back Labor party, and present then
together, We shall have the most re
markable hotch-potch. The leader.
bitterly complain that they are called
lGnatics by the ~irrevereDt; yet if la
macy consists 10 irrational demand!
and incoherent conversation, as mucI
as in violent and unnatural action
these gentlemen have very little reas
on to complain. 1t is certain tha.
were some Of their demands to b,
conceded, it would render impossi
bic the concession of others, ant
were it possible to give them exactly
oil that they demanded, society coult
not cohere a single hour. Wher
children cry tor the moon, older PEG
pie smile, aad turn it of with some
clever excuee. The child is expected
to ask for forbidden things. Mer
have no right to carry their childish
ness into the practical affairs Of life
1t becomes them, as it did the apos
ties, TO put away childish things.
The Government is nov borrow
ing rather more than a million a daJ
at four per cent. II is borrowing
money not to defray current expens
es, but really TO reduce those expens
es-that is TO say, it is calling in it;
s~ix-per-cent. obligations and paying
them with money borrowed at -four
per cent. 1t thus saves 33a per cent
on q fixed amount Of interest charge
aad this saving is a direct saving tc
the people. The gain mp TO this time
is said TO be about eleven millions
per annum. The question is whether
or not this is e good thing to do
Addressed to an honorable bushes;
man, the answer would be, Certain.
ly; it is q very wise policy" Blu
addressed to another class of men
the answer would be, "No; it is moi
q good thing to do. The men whC
lent the government money are Shy.
locks, and ought TO be screwed down
to nothing" This class demand,
that the creditors Of the government
shall be compelled TO take due-bill.
for the cash they supplied-and due
bills, too, that are expressly cut of
from ever becoming due. An indi
yidual could not borrow a dollar ia.
der such o stipulation. lie would
simply say, al viii give you my due
bill for $l00, but / viii never redeem
it." OF course ho could not borrow
after such notice. Bat suppose
Legislature should enact that q due
bill Of an individual shonld be absolute
money in satisfaction Of bis debts.
what would these currency reformeE:
have 10 say about that?
The new party demands that all
the outstanding bonds Of the govern.
ment should be subject TO State and
national taxation. But it also de.
mands that money shall be procura-
bic at low rates of use. Three per
cent. has been named as & sufficient
interest for money. Bat were the
bonds made taxable, how much
could tho United States government
borrow at three per cent? How
much at four per cent? How much
at six per cent? 1t could probably
not borrow q million q month at the
rate. There are so many
ways to invest money on short time
at better rates, and beyond the ken
Of assessor, that the poorest Of the
poor would be richer than the nation
Nobody would lend it money,
because there would be no profit In
lending. It's credit would depend
upon the caprice of IS many munich
palities as there might be in the
United States, which IS simply to say
that its credit would be taxed cut Of
existence at home.
Now, the effect OF taxing securities
is always to raise the rate Of inter
est. For the borrower must pay the
taxes after ell. And if the govern
meat fnds itself compelled to borrow
money, il q pey the price better
than al individual. II it must pay
per cent then the rate will ad-
vance to that figure, and these gentle
who complain that they eanrot
borrow enough as it is, would have
10 pay rather more than eight per
cent. for whatever sums they might
borrow. The Secretary Of the Treas
lry is doing more to reduce the rate
Of interest than all these gentlemen
ian do in q hundred years. In this
way be borrcws a million a day ct
per cent, while if these gentle
men had their way he would have to
pay seven or eight per cent. for the
accommodation. The people
choose between them.-PhilG.
North lmericdn.