The Saline County journal. [volume] (Salina, Kan.) 1871-1893, 1878-07-18

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favor more than SID, OOO, 600 Of our bonds
came home, besides q large, amount Of
State. municipal, and corporation bonds.
There was over $500, 0O0, 900 Of United
States bonds abroad ut that time. There
Is less than four hundred millions of the
United States debt abroad now, fsome say
little over three) Provide for this loan
and our people at home will IN one year
hold nearly the entire debt Of our country.
Most Of Il is in Sand per cent. bonds.
We can thus be relieved Of an annual drain
Of upwards of thirty millions of coin. Ex-
change may not always be in our favor,
and this once accomplished the vedng
questions as to the relative value Of our
currency and coin disappear.
But, saw some, why call IN this and
per cent lum and G(fer the people S.65
per cents? The newspapers that have op-
posed the bill which 1 present have not
been slow to hold this apparent discrimi.
nation against the poor up to public gaze.
This real hostility arose from another
cause, but they made haste thus to avail
themselves Of the power Of plausible but
false argument. .a ,--T.r --. .
Let US examine it. These small bonds
arc intercOnvertible at moment, with In
terest to date. We propose to pay inter.
est on q demand account The interoOa-
vertible feature / do not hesitate to pro-
n0unce to be worth less than per cent.
Just at present this feature as . market
able article Is II per cent. Why? ask
ed the representatives Of insurance COM
panies Tor many VI the most responsible
Of them) whether they would have . per
cent long time b0nd or a SOS intercOn-
vertible. They told me the 3.65 per cent. |,
and the most Intelligent Of them said they
would prefer 3.65 intercOnvertible to s
per cent. bond. The SOS being cOnverd-
Bile ct all times, without brokerage or sha-
wing, would be an inducement Of itself for
the people to invest their money In pref
erence tO per cent. bonds. Those hav-
ing money, any part Of which, or all, who
might be called upon At any time, would
prefer bond Of this description, not only
because it Is worth its face value and &C.
crued interest but because 1t would give
credit and security to the holder, and to
the business man, who finds 1t necessary
to keep on hand . reserve bearing NO in
terest, while the SOS convertible bonds
would add materially to his daily income.
ALI business men, all business insttu-
tons, exposed to unknown and uncertain
demands, are compelled to keep . certain
amount Of idle cash. They may put three
fourths Of it at or 5 per cent. and hold
the rest, but IL the days receipts were
sufficient for the day or hours RESPONSE
bilities all could be invested at the lower
rates and still be more profitable. Let me
add that 1t would make their business bet
ter and safer. "A o.
But some Of you may say where Is the
from the most authenticated data We can
get. but little more than eight hundred and
fifty millions OF coin, bank paper, and le-
gal-tender notes In the country. A part
Of that is locked up in the Treasury. while
banks and other Institutions that deal in
money have large amounts hidden away,
leaving less than One-half ahOat among
the people and tho active business Of the
country. To-day the banks Of which we
have reports hold nearly twenty-five hun
dred millions OF deposits. I would not
feel safe in giving the figures as to tho
amounts deposited and that could DO claim
ed from insurance companies and kindred
institutions. It might reach five hundred
millions more. How could that be re-
deemed fnOm eight hundred millions?
Again, We have immense sums invested In
railroads, canals, mills, warehouses,
Lighthouses, and public buildings erect
ed with bonds; all Of these had to receive
the money expended on them; all have
notes, bonds, or other obligations with
interest maturing. How could the expen-
diture OF eight hundred millions do all this?
Our fallacy consists In confOunding real
value with standards OF value. The real
value Is in our wheat, com, rye, cotton,
stock lands, houses, cities, railroads. ca
mails, mills, warehouses, &C., In real wealth
created In things We need and use. These
and labor are real wealth. The eight
hundred Millions are but the bushel, dish,
and yard stick that measure them, with
out real, intrinsic value. This was the
reason why France, after she had paid
Germany the eleven hundred millions Of
dollars, had more coin and money than
when she began paying, and that will be
the reason why, when we have funded our
seventeen hundred millions Of interest
bearing debt in the savings Of the people,
the people and the Government will be
stronger and better able for every enter
prise designed for tho elevation and com.
fort Of our race.
But, sir, in presenting this measure to
the House and to the country, come to
you with an argument, about which states.
men should never be Indifferent, an inter-
est cOncerinG which public men should
never be insensiblo. The hbOrer Is the
unit OF all our values. Wherein lies the
secf Of his prosperity and safety2 He
works hard enough; no wOrkingmen In
any country work harder than the work
ingmen Of America. II the State is to
prosper, ne must prosper. II the State L.
to be free and independent, he must be In.
dependent. You cannot dwarf the fruits
Of his labor without making scab on the
body polite. You cannot impoverish him
without starving the nation. He must
have the conditions that viii insure steady
growth in prosperity. How can We best
advance them?
Thrift lies at the foundation OF prosper
ity Of the individual and the State. To
save and to have are inseparnble. 1t is
not my intention to pronounce a homily
on economy. do not hesitate to say.
however, that the element Of thrift Is enc
that needs To be encouraged. Too many
Of our people live from hand to mouth; to-
day spending al they make; tomorrow
helpless. and too often beegars. The IA
Dor riOts Of last summer derived their
greatest bitterness and power from the
fact that the sufferers had exhibited lack
Of thrift No laborcr can be independent
who b MT thrifty You may Ask then
al, and they will tell you that they could
save nothing. and that Il took the hardest
grinding TO stretch their wages to cover .
living. They are indignant at the idea
that they could save anything, and you
may go or, ana up through all grades Of
society until you reach the richest Of the
Rothschilds. who has the hardest kind OF
work to make both ends meet. All this IL
true. and il is equally true that only those
who spend less than they make can ever
be independent ever be masters OF
the Garth. The speadthfifts are servants,
and helpless: the thrifty In easy circum-
stances are masters.
How shah we encourage this quality.
The bill before us o6ers the highest In
ducement. 1t gives the first grand ele.
ment. perfect security. The oad apple