The Saline County journal. [volume] (Salina, Kan.) 1871-1893, 1878-07-18
people 1t merely gives their sums anoth.
or function and n fr<ash aefiyitY

l
err function and fresA activity 4, =. g..
When We were voting n the House TO
repeal the resumptioa ct VAL stzset said
We were destroying our credit and driving
our bonds home. / Wish NE bad destroy
ed our credit to the extent Of driving them
ali home When We passed the silver
! bill the same fiimsy Argument came frOm
abroad. The whole of it was simply iAlse-
hood Europe never sent a bond home
for which We did not 8iye them ks equiys-
lent with the ,sy0dicstss II per cent.
thrown in. A nation, whether It consume
its own productions or with them purchase
from abroad. can haye no more to spend
than il produces. We have shipped them
| in the past twolva mnntAs tw0, hundrsti
and twenty millions d our products more
than they shipped HA We p1id our debt
To them with q Large part Of II We might
have bought silks, wine, 6wciry, steel
rails, OF anything else that they bad ~
sell with it Times were hard md We
preferred to pay our debts. The bonds
Were not due. They could NOT be collect
ed; in fact, very few Of them were collect
the foreign holder to the domestic holder.
and the change was blessing. -. 80
| When in the distress Of war ne sent our
bonds to Europe and left them there b.
the million and hundred millions they
muskets and old clothing. suitable and I'M
suitable. and steel nails and silks and wines
never sent US coin They gave rs old
and jewelry, and With much that was use
| full a perfect menagerie Of trampery. and
! charged US two prices for the articles.
| That is how We came to owe them. II We
had asked them for few hundred millions
| Of gold coin We would not have got H.
We were Ike the spendthrift Who In Dor
rowing from the Jews . Thousand pounds
took eight hundred Of n In paving stones
and cotton umbrellas. Tho last thing q
true business man viii part with y his
own paper; a spendthItft IL always prod
igal Of his note.
1t is neither economical or polite to pay
our debt too fast. We must not cripple
the industry or business Of the country.
We should either suspend the sinking
fund altogether or reduce Il to . small
fraction OF percentage. While this Is
true, it Is our first duty to fund our debt
at home. There are three conditions un-
der which il Is possible for the people u
| curly. Second, fair and prompt rate OF
interest. Third, prompt couvertibiIity.
All Of these conditions are in this bin.
Let me briefly call to the attention VI
the House the vital difference between the
three bills for postal savings now before
it. The bin from the Committee Of Ways
and Means provides for the reception Of
savings In sums not less than 81, for which
a postal order Is issued. When these are
presented to the Treasurer at Washington
they are placed To the credit Of the depos-
itor in n deposit account, or may when
80 is SO presented, be placed In certtn-
cate Of deposit, or may be placed In a fifty
year per cent bond The interest on
the certificate Is SOS per cent These can
be held as bank reserves. The interest
is computed and paid with the certificate.
no provision for the surrender OF which
appears in the bin They are convertible
into the 4 per cent. bonds. The deposit
account pays 3 per cent Interest, which is
computed quarterly and added to the ac-
count. II can bs drawn On notice In sums
not to exceed $50. and when $1,000 has
been deposited the Secretary, at his own
option may place II IN 4 pei cent. bonds.
There is no provision for Issuing ten-dol-
lar bonds in that hill. .-.-- ~
The defects OF this system are that the
interest on the certificates u not paid, but
computed, and would. a. In the cass VI
the old compound interest notes, all go 10
the bankers, who would hoard them rs
the interest made 1t worth while, and the
people would get none Of It. In al trans
actions with the certificates they would
be subject to a shave by the brokera
This would still more be the case with the
per cent. bonds. And here IwOuh state
that the obvious scheme OF this bin Is TO
throw this popular loan into ffty-year 4
per cent. bond As these bonds can be
thus always bought for currency they Of
course could never rise above currency
They would In many eases inevitably fan
below Il. The people, 30 get their money
back, would be constantly In the hands Of
the brokers and subject 90 decline In
prices and shaves. s,'N 81.
deem It Indispensable that We raise this
popular loan out u the hands Of jobbens
and brokers. The most fatal objection ~
the bill from the Committee on Post Offices
and Post Roads Is that II creates Z new
bureau OF the Government. styled The
postal savings depository. It inexticably
confounds the dut1es Of the Post Once
Department and the Treasury Department
The head Of this new bureau Is more Of .
ffnancicr than q post-ohlce ftinctionary.
He Is 70 run sort OF national bank insti-
tuition, and is to be appointed by the Post
master General and have IS, 90 o year
lnsft Il Nj 8<E1sI4uS 0d0
some twenty other elefks and officials, and
n separate building for tn bureau, and
until one Is built rental Of ol5, 900 . year
would rather abolish spsne II tie bneRB
we now have than make any nBore A SIN
more fatal objectiea ID tkss The bNl leaves
il discretionary WITH ~ new bsreau
funetionary and the Posfnasfes-G General
TO retain what In their judgDest b needed
for demands. and they ars ooiy required
to account to the Treasury fcs what bal
ance they can spare once wear. 1hat n,
the surplus funds are Deposited aach
month. but tbe ssttieman1s between IL
Treasury and the Post-OAies DepsEt0ens
are annual settiemmtA. Undes that IN
deposits Of not Zen ttaa twenty Ave cents
are allowed. Interest h patd Il ; pw cent.
or rather computed, When the amount
reaches s.. and only O ms1Aiptss u o3.
No person can deposit nors than $50 .
year. OF 81 so m ~ % aay account
Withdrawals ean BE- made oaly % with
draval check from the P0stoassss -GeOer-
al. Aby deposit0f who hes 90. 10 multi
pie thereof. may hsse u piAcsd Ia fifty
year per cent b0odS. stamp reoeipts
are given for al sums under -. certifcat~s
u deposits for sums over .; may be OBJ
tanned on application % The Postmaster
General. None II those ase txaasserable.
or payable 30 any one but dapnsitr; ArV
not subject To taxation OF liable Tor dehA
The til from the Committee on the
Post Office and Post-Roads proposes 70
inaugurate several distinct knnsaceionA
First, gathering sums not les thaa tveaty-
FIVE cents. which under IS bear no in;efes:-
Interes; is competed 90 this Account shove
that sum. Second. The Issue q certificates
q deposi; In 80, IN. 50. end SEC bar
Ing interest .; 3.es per cent. tob Be oomput-
ed and paid with DE principal Thoee
nav BE- held rs bank reserves and ere
fsIndable in four pr oents. f..
Third. the conversion q N ecerunt INTO