River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1879-10-02

power and authority upon which the national
government rests.
This is the issue before which auestiors Of mon
ey, labor OF property sink into comparative insig-
nlhcance. While intend in the remainder of my
remai ks 10 conhne myself to financial questions, /
beg you &c remember that the battle tor national
authority, for the right of the United States 10 en-
force It's laws and protect its citizens every foot
OF land and water within its limits though once
won, Is in danger of b ing lost Remember that
the national debt, two thirds of the national taxes
the destruction of our commerce on the high seas
all the sacrifices which accompanied and followed
the war, were caused by the very party and the
very men who now seek to divide the ques-
tons OF political economy, that through our
divisions they may, with unchar ged principle
seize upon the governmt 1t that was defended
against their arms by millions of our countrymen.
trust to the well-known pa riotisIn of the people
Of Maine that they viii not be diverted by divisions
in our camp about money matters while our old
enemy is reviying the lost cause and sapping ana
mining the national government.
FINANCIAL.
Mr.. Sherman then proceeded TO review the finan-
cial history Of the government, beginning at 1873.
In that year our money paper, worth
about eighty-seven cents the dollar. The
amount outstanding was larger than ever before.
The rate OF interest in 1873 was higher than before
or since The current rate may be said to have
been 10 per cent. 1t period of wild and reck-
less waste and extravaganza. The panic Of 1873
called halt, paralyzed all domestic industry, and
spread ruin and bankruptcy far and WIDE When
congress met IN December various remedies were
proposed for the relief of the prevailing distress.
The resumption act passed in 1875 was Republic
an measure. Many Democrats favored it, but party
discipline led every one of them to vote against it.
was Impossible: that It would not bring better
times. During all OF 1876 and lett the act was de-
nounced. The absurd notion put forward that
it was the cause of hard times. The Democratic
party denounced it in its platform of 1876 Ewing,
Voorhees, and TIden openly Endorsed the view
taken of 1t by the Democratic party.
He then quoted from reports and speeches of
distinguished Democrats who opposed the action of
the Republicans the resumption measure, but
the very announcement of the purpose TO resume,
with a definite plan of resumption, had reviving
effect. The sale of Az per cent. bonds was in
creased. This induced the treasury department to
withdraw them, and place the per cents. on the
market. 1t a critical experiment. but proved
perfect success. At the end of 1878, before con-
gress met, had accumulated coin referve Of
$13S, 100000. Resumption practically came one
month before the date fixed by law Our notes
were no longer at discount Resumption came to
all parts of the country. In California greenbscks
rose to, and are now at, premium. No assistanc
whatever extended by congress in aid of re-
sumption. On the contrary, it increased the mimi
mum Of the notes which resumption was to be
maintained and made the work Of the department
harder.
Referring to the appropriation of s26,SOO,OOO for
ARREARS OF rAEsIoNs,
he said:
Fortunately he increase of revenue caused by
resumption and reviytng industries viii, hope,
enable the treasury to pay every dollar appropriated
TOR arrears of pensions by the 18th Of January
Lext, without any other increase OF the public
of the fund for the redemption of fractional cur
rency.
RESULTS OF RESUMPTION.
Let us now see what have been the legitimate re-
suits OF resumption.
Since the LIST of January, and prior to the 1st of
July, 1S' O. have paid about 81 000,0 900 coin
tfcates With United States notes, and have paid
$1O950l SO United States nds with United States
notes. OF tue enormous sum OF called bonds paid
by the treasury so far as is known, not dollar has
been demanded in con, and thus by resumption we
bax,a tvs
ten-fUrty fond in currency.
Prior to definite preparations for resumption, it
was impossible to sell per cent, bonds of the
United States at rar in coin. After such prepare
tons able to sell in 1877 SIS, 1850 four
per cens and in 1873 1928 6S5, 450; bat the moment
that resumption was complete, the sale Of bonds
increased with unexpected rapidify We sold in
the month of January, 1879, Sl5s5 904 100, and in
the month of February, $780, 10i, $50. In the month
OF March the sales fell to ,1o0 chiefly BY
reason OF fear that the enormous payments
required under tire refunding act during the
months of April and May would create dlstu b.
ance in the money ma ket but this fear having
been di ssirated by the LIST of April the sales
rapidly resumed, and in four days they amounted
to s73, 800, enough to cover and pay OF all out
standing iSe-twsnty bonds of the United States.
Thus, as the first fruit of resumption. within one
hundred days after it, coming we sold S343 1920
four per cent, bonds, with which to pay an equsl
amount of SIX Per cent. bonds, securing saving of
80. s62 295 a year. Nor is this all. There
were outstanding at that time $,94, 1890
five yer cent. ten-foTty bonds, reGeemable
these bonds the treasury department offered $780,.
O0O, 600 four per cent bonds at a premium of one
half of one per cent, the residue to be paid from
the proceeds of ten-dolar refunding certificates
the direct exchange Of bonds. Pending the pre-
paration of this offer, it was greatly doubted
whether the department was justified in demand
ing a premium; but as these were the last bonds
tnat could be offered within two years l then
thought premium could be secured, and would
have demanded higher rate but that the law re-
duired the refunding certificates to be exchanged
at par for lawful money, These refunding certlh-
Gates were designed to furnish an easy opportunity
for persons of limited means to invest their savings
seeks to diversity productions. 1t has steadily
pursued, as object of national Importance the
paid his attention to me- in speech in this city, in
tice. 1t led cur country In the great struggle Tor
union and nationality, which more THAI all else |
tended TO make it great and powerful. 1t has |
always taken side with the poor and feeble. 1t
emancipated a whole race, and has invested them |
with liberty and all the rights of citizenship. |
1t never robbed the ballot-box. 1t has never
deprived any class If people, for any cause, of the
elective franchise. 1t maintains the supremacy OF
the national government on all national affairs, |
while observing and protecting the rights OF the |
states 1t has tried TO secure the equality OF all
citizens before the law. 1t opposes all distinctions
among men, whether white OF black, native or nat
uraliZed II invites them all to partake OF equal |
privileges, and secures them an equal chance IN /
life. 1t has secured, f9r the nrst time IN our MS
tory the rights of a natural'z d citizen to protec-
ton against claims Of military duty to his native |
country 1t prescribes no religious test. While 1t |
respects religion for its beneficial influence upon |
civil society," Il recognizes the right of each indi
ydual to worship God according to the dictates of
his own conscience, without prejudice or inierfer-
ence II supports free common schools as the !
basis of republican ms ,ltutons. 1t has done more
than any party that ever existed to |
provide lands for the landless. 1t devised and
enacted the homestead law, and has constantly ex-
tended this policy, that all citizens native ard
naturalized may enjoy, without cost, limited por-
tons of the public land. 1t protects American
labor II is in favor of American indsutry. 1t |
development of our commerce on inland waters |
40 small sums, and were of great importance, not /
only for the convenience of all classes of our pee
ple' but to interest them in the advantages and |
Stability of the public debt. Within two days the |
whole $50 600 900 bonds were sold upon the terms
stated and offers we're made for the whole |
of the refundng certificates, which offers |
were declined, and the certificates were sold by |
postal money-order offices throue bout the United |
G+atas and we're eagerly taken in inns of one hun