Marshall County Republican. (Plymouth, Ind.) 1856-1878, 1878-09-26

paper; by acting on tho principle that the only hon
est way to get rid Of our debts Is by paying them.
aud that become prosperous only by prodnc-
ing things that arc useful and by speucipg less
than We earn These may look like very old. fash
ern financial jusgers may try to have you believe
these doctrines are now just As good as they were
Thousand years ana they point the only way out
OF our difficulties; there IL no other.
To the honor OF the American people DO il said, a
very large majority OF them have been acting upon
the principles for the last i've years. an, they
al the better for it. IL is true good deal of
wild talk has been INDUCED III about all sorts of
Methods TO manufacture money out Of nothing
and 10 Distribute it keep yboGy's pocket
full of cash, thereby putting all at case. But al
though that wild talk has beiogged and
impeded needful legislation yet the people. on Tho
whole, have been s.ca,iiiy ut work producing
ful things and practicing economy; and while the
results oil that activity have not yet beeu felt in al
the walks OF human industry and all classes or
society yet venture to that curing the last v
years the American people have created moro rca,
substantial wealth than during the five years of
wild sche'ing. eamhling and speculation which pre-
cesied the crash of 1873 venture further IN say
and think it is felt all over the couniry-ihat bust
activity is slowly but surely quckening again,
and that the American people now stand upon the
threshold of period of prosperity and that we
shall reap ABUNDANT harvest of it, unless throw
away orr opportunities by mischlevous interned-
ding with tue natural development OF things.
i hat revival of business anu prosperity will In
deed not consist in putting upon their legs again old
exploded speculations In restoring To their wealth
again business who broke down by verturing
into operations largely beyond their means. and
sprea ing their capital all creation. To be sure
many that class who ill tiuagiing still
have to go down, and no hat money Can help them.
But will step into their places Such
periods mean the survival of the fittest. Neither
must all the lahoring men who have been thrown out
of work by the crisis expect that revival of bust
Will in all cases give them prompt employment
again in the same line of work at the same wages.
Many OF them viii have to change their occupation
and those who their opportu in that respect
resUlutcy will be all Tho better for it, Reviying
prosperity will consist in gradually opening fruitful
field for those branches of productive industry
corresponding traie which supply actual wants As
oil stocks are exhausted they must be replaced. he
of the times has taught TO produce many
articles, formerly bought abroad chtaply and III
such excellent quality toin.ioduce them SUCCESS
fully and largely into foreign competition Our
abundant crops lind ready market and good prices.
multitude of circumstances concur To give 10 almost
every branch of business ura and healthy
encouragement; and whatever changes in the
uethods Of production have taken place, there is
doubt thai Increased and varied wants will soon
render possible aud profitable the employment of
he same. and even larger number of men than be-
FORE Those will reap fruit of the revival first
and most abundantly who go about their bu siness
with the most slgeDt industry and circuinspectou
striving to rise slowly and surely aud Keeping their
expenses prudently within their earnings. Thus
may hope. 1 canddly believe to see the American
people within a comparatively short period again
gage in general and fruitful activity. and in the
iOyment Ut largely increased wealth. but so distri-
buted supersede the distress of the last i've
years with high degree of general well-beng. This
think Is within cur reach. provided always, we put
and keep the business OF the country sound aud
safe basis and do not spoil chances by indnlging
in foolish scneMes.
TO furnish that sound foundation without which
business can have no healthy development snd the
prosperity of the people will always stand upon a
volcano. ready to explode at any time three Things
arc OF the first necessity: good national and in
diviJual credit based upon national and individual
honesty; second, a sound currency. CT real and
stable value; and. third safe and reliaGle banking
system rs tue depository OF business funds and tho
machinery of business exchanges.
In discussing these subjects, shall run against
some popular cries. industriously used by dema
fraught with mischief and disaster as well as dis
grace. / shall sp,ak Of them without reserve for
at a moment when from a period of distress have
at last chance to emerge upon solic grounds again.
and that chance seems In danger of being thrown
away by of dishonesty foolishness IL time
to call things by their right names.
First 10 credit-Our national credit rests upon
faithful discharge of our national obligations, and
shall show that III great measure the individual cfed
1t aud the interest Ut most Of rest upon the same
thug. 1t has become the fashion of many politicians
and public asitators to cry out against the bond
n"ldcrs and thus to excite prejudice against the
bond which Is embodiment of national faith.
Tho bOndnOlders represented a OF ''boated"
individuals residlng down East OF ia foreign coun-
tries. Who bought their bonds at thirty forty
cents the collar anu now demand hundred
cents and high interest in gold. Thus the bon,l-
holder pictured "a of criminal bloodsuck err
who with cold-bisoded cruelty fattens upon
ferinss of down-tr0dden people. Now. surprising
national bonds still in the hands of
who OH finally bought them, you fail 10 remem
bor when bonds were sold forty cents
dol,ar-and the quantity sold not largc-the
life of the IA ion threatened by uonsTous re-
teIIion that the republic seemed to he in the
a,ones of death, that it appeared uncertain whether
the bond bought at forty cents on Monday would be
worth ten cent Saturday. ami that the pur-
chaser oil the bond risked bis money the country
Just uch as the soldier rsked his bood! Did the
American government not ask him 10 lake that bond
at almost any price when the republic was in ex-
tremitiesl And now when he has helped by taking
it and given his money at the risk OF losing il all
nos ey0 we'll iusf
the predictions and expectations Of MANY are we
u hgl-m minded people to turn around upon him who
helped us in the hour supreme distress. and tell
him, You are boodsucker and a scoundrell
have know individuals who. when you had helped
them with loan. would iee and act as if they owed
YOU not the money. but grudee. You would de-
spisc such persons mean and contemplate fellows
Would IL DO mOrs honorable for the great Americans
people to put themselves upon the same level by
ing Let us halo the bondholders, tor they lent
money!
But Who are to-day the 'bloated" holders of our
infinlessima part If any, of our national bonds
still In the hands of the original purchasers The
original purchasers have long realized them.
and those who hold the bonds now haze almost ali
bought them at high figures. and in large majority
of cases probably at their par value. And who
these hOders 1t Is estimated that ut time about
thousand millions Of bonds held abroad
1t Is stated by the Secretary of the Treasury, who
has the bes means of ascertainng the fact that at
present the amount of bonds held in foreign
tries in less than TWO hundred and fifty millions. prob
ably not over tw9 hundred. The rest OF those for
ineriy held abroad have either been paid OF
over TO this country 30 that we find between eighty
Ave and ninety per cent OF bonded indebtedness
held by own citizens. And is it true that these
bonds in the hands Of set of 'boafed" indi.
viduas down Eastl Every business man knows
better than that Nearly $50 900 900 CT four-per-
cent. bonds have within two years. been sold
They scattered ali the country, especially
the West. and who them2 Mostly small peo-
pie. who consider the government funds better
depository for their savings than the savings banks
and who thus Invested in small amounts. from fifty
dollars upward You honest farmer iabor!ng
man, who invested your little surplus in govern
ment security, are you aware that you have sunk
down to the level OF the boated blood who
fattened upon the sweat Of the peoplel But more
than that. very large quantity of four aud-one-
half i've and six per cent bonds held BY banks
by insurance companies trust ornpa-
MES, savings institutions, aud in trust
Tor widows and orphans. Thus they form all
important part upon which these institutions are
based They among their most reliable and
most available assets. Probably most OF us do not
own United States bond in the world But every
OF who holds policy in life insurance CON-