Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1878-10-02

1t may be said that the House of
Representatives has passed proposed
amendment 10 the Constitution, offered
by NJ. Conger, republican member
from Michigan, to prohibit the pay
ment of such claims. The passage Of
this resolution by the unanimous vote
Of the republicans and a majority of
the democrats is by no means settle-
nent OF the question. The democrats
who voted for it, in most cases, regard
ed it as u political necessity to do so,
and would, in case of its passage
through Congress, rely with confidence
and certainly upon the failure to Sc
cure the concurrence of the necessary
three-fourths of the States.
1.-THE door for these claims is once
opened we shall live to see the loyal
people Of this country heavily taxed to
pay the losses incurred by rebels en-
gagged in an effort, by force OF arms,
to destroy the Government. And you
may rest assured that the door will be
opened if the Southern Bourbon demo-
cracy shall ever regain the power in
the Government which they held be.
fore the war and Which enabled them
then, as it would again, to dictate
terms to their Northern allies.
The republican party points with JUS
tifable satisfaction to its record upon
ouestionsof currency and fnanc In ans
Werto the clamor Of or opponents about
these questions, we appeal with conf
dence to an honest a1d intelligent peo
pie, and simply ask for comparison
of our financial situation of to-day with
that of ten years ago The record is
one in which not ony every republl-
can, but every citizer as well, should
feel just pride. Tie burden of our
national debt has been steadily de-
creased. The aggregate of reduction
since Marchf, 1869, has reached the
sum of $3.50, $50, ,735 Is, whereby
there is an annual saving of S3l ,2O8,
542.50 in interest. The aggregate Of
reduction since March t, 1866, ex-
coeds the enOmous sum Of 672, 900,
OOO-about ne third of the present
debt-and sjcures an annual reduc-
ton of intest of more than S48, 900,
600.
Our national credit, always the unerr,
ing test OF th. wisdom and soundness
of our national policy, has steadily and
rapidly improved, until oday, for the
first time il our history, we are able
to borrow money, at home or abroad,
at 4 per cet, interest; and the process
of converting our 6 per cent. bonds IN
to 4 per cehs is progressing satisfact-
ority Th' sales Of 4 per cent bonds
for sixty dys past have averaged over
100000 pr day. In spite of demo
dratic oppoition, we have adhered to
the policy of simple honesty--the
policy of heping sacredly the nations
pledges; tie policy of treating the
greenback Is promise to pay-an
obligation, debt, to be paid, not in
another promise. but in dollars, as
plainly expnssed on the face of the
paper; and, " this alone, the money
Of the peo,le-tbe greenback-has
been brougtt substantially to par with
gold. To SOW you our natioua Gre
dit has been preserved and improved
it is only necessary to state what the
record shows to be true, that since the
encomjng ofthe present administration,
the Government has sold at par $780,
100000 Of q per cent, and over
Sl29,000.OO( Of per cent. bon ds
largly to our own citizens. If this is
not enough, ht me call your attention
to the further most significant and
gratifying tat that the premium on
gold coin, which was 345 per cent
March 4, 1855, and which was 81 :
per cent. on March 4, 1869, is now
only J of ler cent. I know we'll
that these renlts have not been reach
ed without sme shrinkage in values
and consequent loss aud suffering;
hut these were inevitable, and happily
the worst is Uer. We are back again
to assolid bas $; We shall shortly re-
sumo specie payments, thus releasing
the specie in Treasury, and then, with
a circulating medium amounting to
over 5000, 100000 "that are dollars"
each and every one Of which is worth
precisely 100 cents, we shall resume,
our upward career Of prosperity.
The road to spcie values has not been,
in all respects, a pleasant one to travel.
We. have been compelled to come down
from very highhorses; we have ceased
to ride upon tie wave of speculation
and to revel In the excl tement which
came. with the war and remained for
time after 1t was over, caused by
superintendent currency of uncer-
tain and shifting value-an excitement
which was unnatural and necessarily
short-lived. When prices are meas
ured by fntuating currency of
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