Juniata sentinel and Republican. [volume] (Mifflintown, Juniata County, Pa.) 1873-1955, 1878-10-09

A SCUM. rsr,' 'FNAScHR,s RS VIEWS i
Some Democratic Campaign Facts Keinted
by Statements from Party Acquainted
. with the subject-Read and Reflect. ~


early part of 1856 were so great that the Secre-
tary was compelled 10 avail himself OF all
means under his control 10 meet the en1rmous
requirements OF the War and Navy Depart
ments and, authorised he was TO sell these
notes, or 20 use them in payment OF debts due
| by the government, he did direct that some OF
| them should ny sent TO the army paymasters
and TO the Assistant Treasurer In San Fran
cisco. with Instructions, however, that they
should be paid only to such soldiers and other
creditors might be willing TO receive them.
| They were not used nor intended 10 be used as
money, but as securities, which the creditors
| might receive or decline TO receive at their own
good pleasure. According 10 my present recol-
| lection, all of the notes which which were used
for the pa yrnent OF soldiers were so used while
Mr.. Chase was at the head OF the Treasury De-
partment; and I speak advisedly (fof was In
daily communication with him) when / say
that 1t was not his Intention or expectation that
| they should be even temporarily circulating
| medium. He was hard pressed for money. and he
was also anxious that the soldiers should save
as much as was possible of their hard-earned
wages; and he thought, as these notes bore a
high rate OF interest, and were convertible at
maturity into $40 six per cent. gold bonds, that
| they would be gladly received and held as an in
vestment. The experiment was not a success,
and IL was soon discontinued. OF the $50, 200, :
0O0T 3-10th notes outstanding in October, 1885, at
least sI00.O0o, coo had been offered and sold by
popular subscription, were the first issues OF
| s. 20 bonds. The bonds and other securities is
sued during the war were issued 10 provide
means to prosecute the war, when. as the result
was by many regarded doubtful. subscriptions
| to the loans were considered patriotic; those
issued after the close Of the war were sued
| 10 provide means for paying OFF the soldiers
| and closing up the expenses of the war.
| And IL is worthy of remark that il was moi
| until long after the war had been brought 10 a
successful conclusion, and the solyency OF the
government had been assured. that the holders
| of securities, which had been freely offered 10
| every man in the United States, became the on
| Jects of denunciation; and Ills also worthy OF
| remark that tine deuunciaton of the bondholders
almost invariably comes from those whose pru-
dence-io use no stronger term-preventel them
| not only from subscribing TO the loans when the
| Union was in peril, but also 10 the subsequent
| ones, upon the success OF which depended the
ability of the government TO pay the gallant
| men by whose valor il had been preserved. The
reason for raising money by a sale of s-iOths,
instead of bonds having a longer time to run,
and bearing a lower rate of interest. was gwen
/
! following language:
NO TINE TO TRY EXPERIMENTS
| 'sThe greatness of the emergency gave the
| Secretary no time 10 try experiments for bor-
rowing on a new security of long time and
! lower interest, and removed from his mind all
doubts and hesitation in regard TO The course 20
be pursued. L; was estimated that at least s7Oo :
eoo Oos shonld be raised in addition 70 the reve-
1
tions already drawn. and those that must soon
follow-prepar aiory TO the disbandment OF the
great Union army-and of other demands upon
| the Treasury. The anxious inquiries then were
| by what means can this large amount of money
| be raised and not what will be the cost OF rails
ing it, How can the soldiers be paid and The
| army disbanded that the extraordinary ex-
| penses of the War Department may be stopped,
/ and not what rate OF interest shall be paid for
| ncney. These were the inquiries pressed upon
| the Secretary. He answered them by calling
10 his aid the welI-tried agent VINO had been en-
| pIoyed by his Immediate predecessors, and by
| offering the 3-i0th notes.-the most popular
| loan ever offered TO the peopie-in every city
and village, and by securing the advocacy OF
| the press throughout the length and breadth oi
| the land. -
The 3-l0ths were made payable. interest and
principal, 10 lawful money legai- tenfer notes.,
out liiey were NOT 'e'iisei'ts "'
| some nave assei'ou' anu ho'o'S so 0'"s'ueieO
| lnem uhth teh seais 'itei "heS ia" "ee" u"
| urea. ih oot""e4, Ao''' Nie i"iio"t"s S""''
| tihe heooiiS"''oi'-'i' P~' '''s'' VI i'A
| which is denounced as n contraction of TN,
| Icufrene! "ei0 oU
COMPOUND ii''e'es' "'Oe'' u"e i'o'
ans iSo>' Si'''0i-' IL
D per cent treasury ho'es' "ue De
cehoer l. io''' "-'So'"
| S-io Treasury ao'es' u'e III i0N'
ana ie'S' CO. ""'oO
IN "dui'i"n I" 'iiese 1ieie "eie "eo'S uuS non
Inc governments III 'iie ioiin Vi ie'npoiaiS o''n
on ten days houee' ana icerlihca'es oi Inoeo'eu
| ness 10 ihe amount "' ei''.o '.oVo'ooo me com
pound no'es e'' reg 'enuei '' ''.el
| lace ihey "eie P'''u o'' "iu ioi i'" 'o'"i
| cifculated Hs currency ou' INC az ~".''
| they bore soon caused tleth 10 De lahen o,
thoSe VINO i'''i money W a"u " oe
as securities Neiiner 'ile n'e per cent nor ''
$40 notes. AZ nave sf'iu' were /" ies@
nor did they' except as oeiors s'ato' answer iii'
purposes oil money
| THE BAsELEss FABRIc OF A DIsEAN.
The fact that all Of them were paid, or funded
at or before maturity, without any complaint
of contraction, proves conclusiveIy that what
| ever purposes they may have suhserved in 1ss-
and the early part OF 1856, they were so held
| long before they were retired, that their pay
ment or conversion into bonds in no manner
| affected the money market II, as Is contended,
| the pa yment or funding of these notes was con-
! traction, how happened IL that the contraction
| was not felt or complained OF while the process
was going on? How happened IL that the tide
| of speculation continued TO sweep on, that
prices continued 10 advance, and extravagance
| 10 grow more and more wanton, until the crash
of 1873 awakened the country TO a realization OF
| the fact that what was supposed 10 be pros
perity was simply "the baseless faoric' OF a
dream. There never was any contraction o'
The currency until after the crisis had been
reached. and whatever reduction has taken
place since has been the result OF business de-
preston There is even now more money
(go!d, silver, ereenbacks and bank notes. in
| the vaults of the banks, in the United States
Treasury and IN circulation, thsh there was al
tne close Oh lne war, OF at 'ne emu ci lo,O' Inc
temporary ioans vi .iie government "eie paul
OF converter i"to NV. nv ny
ina'uieu' "i.nOu' pi'1uooe ~ "D' ''' "''"
'ie ies - "a-
ana no iohser neeueu ai.ei 'ne war was o'ei,
might aiso naNe "een s'a"uaiiy ie'iieu "i'"o"'
iinaneiai Nouo'o, 'hu "i'''ou' "'' o"' "
reai NflueS- II ''is hau ~ oeei uo'e, 'ne .ou"'''
"ouid nave lons 'ihoe oeeh oi' u'e iuii TUG o'
prosperity Property mish' nave iost SOME
thing oi the artinciai Vaiue WHICH hs' oeen
given TO IT, oy peins ineasufeo oy isise s'ss"o-
ard. but the damage IL any, wouid nave oeeh
triing, for the close OF The war found the people
freer from debt than they had been for quarter
of century. Nor was their contraction by the
Withdrawal OF some s4i, 600, 900 of greenoacks
in 1866 and 1856, of which much complaint
has been made TOR This withdrawal was coun-
100000 49, t,,,aa,..l ,ssu.c NJ hanE po,ax