Juniata sentinel and Republican. [volume] (Mifflintown, Juniata County, Pa.) 1873-1955, 1878-10-02
AYES ON THE FINANCES.
uoNESr SPEECH AT THE ST.
- PAUL FAIR GROUNDS.
rrp.YMENT OF THE WAR DEBT.


-.rs.1vF IMPROVEMENT IN THE MONETARY
--.,r,oy OF THE GOVERNMENT - oNE-
-,-grH OF THE PrBLIc OBLIGATIONS CAN
Urn N THIRTEEN YEARS.
.,.,,t Tzves' speech at st. Paul, Minn., sept-5.
r-.-oyr CITIZENS OF MINNESOTA: wish to
ny sincere acknowledgements to the Gov
D n Minnesota, Governor Pilisbury: to the
- s.. Paul. Mayor Dawson; to the Presi-
-. oi ,he Minnesota State Agricultural So
- Mr.. George French, and to those asso-
"a with them. and TO the people of this
-, ,rborn they represent, for their kind and
-,-,,s welcome. / know very well that
/. --..;,.- which can do or say will be fitting
-,,,ps.e return for your kindnass, but hon.
- desire to say something touching the
--...-i,l interest IS of the country which
Ill tend al least TO encourage
- who need encouragement, and
=, -ive increased hope to those who are already
.,,stul. The most interesting questions in
-r,iie affairs which now engage the attention
= the people OF the United States, are those
.sf-b relate to the financial condition Of the
.,rprry. Since the financial panic and col
i've wears AED lf4A1l anu lADtpi bISl-
,ss. cspacity have found it hard TO get profit
,,rs employment. We have had what is com
-,rly and properly known as hard times. In
.,-b t.rnes men naturally ask what canbe dones
V,w lnrr i this stsgnation of business to last,
,-e there any facts which indicate an early re =
,r-p 70 better timesl l wish 10 ask your at
,sr-ion for few minutes, while present some
ss-s and figures which show progressive i'm
r-7rptaeut in the financial condition of the
general Government. 1t viii be for YOU to con-
.sler whst inferences may be fairly drawn as to
their hearing on the question Of a revival of
bu,iress prosperity throughout the country.
PRESENT STATE OF THE PUBLIC DEBT.
Tie financial condition Of the Government of
.bs United States Is shown bv IT'S debt. its re-
cf;p.s and expenditures, the currency, and the
SAFE oi trade with foreign countries. Let Us
, consider the present state of the public debt.
Tie ascer;ainei debt reached its highest point
soon after the close OF the war. in August,
1865. aud amounted to 2,s5s .6S9 ,571.4S. In
addition TO this it was estimated that there
urrs enough unadjusted claims against tine
Government Of unquestioued validity to swell
tie total debt to SS,000.OoO. 900. How to deal
vi:h this great burden was Que of the gravest
taes-ions which pressed for decision as a result
G. the war Il viii be rem eInbered that in i'm
por,aut speeches and in the public press the
orinion was confidently declare d that the deb,
could never be paid; that great nations never
did yav their war debts; that our debt would
be ike that Of England. permanent and Il bur
den upon ourselves and our posterity for all
81.
ton There were those also who thought Na-
tonal debt was = National blessing. Fortu-
ua,ely, however. the eminent gentleman at the
head of the Treasury, Mr.. Hugh McC ulloch,
did not hold these views. He believed and the
people believed that the debt was not a bless
ing, but burden, and that it ought TO be paid
aud could be honestly paid. The policy
adopted wss to reduce the debt, and thereby
strengthen the public credit. 50 as to refund
he irUt at lower rate Of interest. Aud now
give you the results. The debt has been re-
dursd until now it is only g, ,035. $50. .324 S..
This Is q reduction, as compared with the ascer-
tanned debt thirteen years ago, OF S722, l09, ,246-
=. More than one-fourth of the debt has
n-cn ;aid on in thirteen years. II We compare
fhe present debt with the actual debt thirteen
wars ago, placing the actual debt at
S5,0O0,0o0,000, the reduction amounts to
about 81 600 000. 900, or one-third Of the total
t-tt. Thus IT has been demonstrated that the
United States can and will pay the National
dyai.
REMOVING AN OFFENSIVE BURDEN.
Encouraging as these facts are, they do not
fliiy show the progress made IN relieving the
country from the burden OF its war debt. All
vino have 70 borrow money 10 carry debts know
The Importance of the question of interest. The
total amount of interrst-bearing debt at. the
time is reached its highest point, the 3lst of
August, lS65. was as follows:
Pour Ier cent Lon,iS-....----..--s 6ls. 10. gs
Five per ceur- bvnds-.--..-..--. e6e. I.5. -. 50
IeE eonI. bnuds---.-------.-. l.oei. 7l2-27s zS
Compound interest notes per ceut. 2i.. ue4 loo. 90
Total bearing debt-.. ., 5sl. $50. gi. &c
TIE ;orL annual interest charge
amounted edro.-.----..-.-..-.-... 10. I5o. 81, CO. a
This WAS an oppressive burden. Fer interest
alone, We were paving more than double the
t1ts, current expenses Of the Government in
zag yrar Of peace prior to the war Of the Union.
With such a burden for interest i. is not strange
Hat many believe that the debt could never be
.l-t- But as we have seen a better opinion
F--yaiIed. These who believe that by strength
euinE the National credit the rates OF interest
might be reduced. were sustained bv the public
Judgment. The ability and the purpose to
pay the debt, according TO lis letter and spirit.
crssiui management of the debt depended on
tte rates of interest to be paid; that reduction
90 per cent. the whole interest-beaTing
ce0t would be yearly saving. in interest. of
over $50 0o0, 900; that reduction of2 per cent,
in ne rate of interest. would save To the com
~ over $40 coo. .O00. which is the interest at
ner crut.on s. .000, 900 900. The policy of re-
Ggc'n- the debt and thereby strengthening
Tie public credit having been adopted. let us
observe the result ia the present condition
oi the public debt with respect TO in
ie-eSt. The total iHteTest-bearing debt August
!, lsfS was as follows;
Three Per cent. navy pension fund. s!4. Goo oco
fulr per cent. bonds H. eoo tpt
your anda a-half per c-nts.---..---.-. 40 COO 900
flNe per cents 4oa. TOO b'o
~ Ier cents @"'''l--''
Total present interest bearing debt sO9 80
lie n!erest which amounts To $50 ISL coz. % per
ai'lum.
!; thus appears that in thirteen years the in
tereSr-hearing debt has been reduced from s.
So so 206 90 10 81 ,sJ9. .S.7 800, a gain ia the
amount ui the iuterest-bearing debt OF SOL,
-, ,5S4 90. The reduction of the annual III
irrrsI charges Is So, ,796, ,600.34, or more than
iiiy per cent. OF what We now pay. If the re-
lIctiUn OF annual interest were placed III
siaa aiug fund al four per cent. interest II would
lav 0,i the whole debt in less than twenty-five
Years.
ANOTHER GRATIFYING PACT
There has been another gratifying ard i'm
port4Rt Improvement in the State Of the pub
l-f debt. / few years ago our bonds were
largely owned in foreign countries IL Is es-
tmatri THAI in 1871 from 500 900, ,OJD to