Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1879-06-05
Mterest-bear.ng dejt, otL 81, $3.50.

sGi9o'!3o a 6pcr cent. s3i'?ei'Gi9o @,
2J0.WU,OO0 " ~ " II go, 0p0u0
6JG,0j- 400 g " 2d,24l, BIS 10
l4,W0,uoD , 490,O00 90
$l,9d1ilI.7G0 sD,s2g, 80 80
The above official figures show that the
total interest bearing debt of the Govern
mcn has been reduced from oct 81, 1863.
to June |. lS79 to the amount of $40. d.
7l9; that the average rate of interest has
been yedUced from 63 pc. cent. to As per
cent; and that the payment of interest has
been redaced by SOL .56i, 1870. 10 per annum.
And even the above fails to show the full
measure of actual reduction, as in the pro-
cess of refunding there are now no less than
S364 .j02 $50 called bonds of the } and per
cents that mature prior to the 9th of July
next, a large proportion of which necessarily
appear in the June statement. although part
of the per cents included therein have been
issued to redeem them. and in the August
statement they will disappear, making fur
ther large decrease in the bonded debt and in
the apparent annual interest charge.
SO mu ch for the interest bearing debt and
the remarkable success that has attended the
resumption and retunding policy of the re-
publican party. But that does not show all
that has been accomplished, for the net re-
duction of the total bonded and non-interest
bearing debt has been far greater. The
Treasury records show that the total debt
reached its highest point in August 1868,
when it was 81. 7jG i3l 81 49, The total
debt less cash in the Treasury June |. 1879,
by the official statement was 81 ,027. ls2, 46S.
10, showing "A net reduction of S129. 240. l03.-
"a which will also be further reduced by the
cancellation of bonds during June and July.
The strength of this financial record could
not be more consciously concededthan by the
weak and ridiculous manner in which the So
called Grecnback Convention has cvaded any
direct attack upon it, The attempt to play
upon the words ''coin interest because under
republican management of the finances every
mans dollar has become equal with coin.
while insinuating the palpable talsehood that
the aggregate interest has beer increased. is
too silly to deceive any person with intclli-
gence enough to read, and too dishonest to he
tolerated by any right-minded man.
The shameful and stupid effort to falsifv an
actual reduction of more than one-tnird of
the amount of annual interest on the public
debt is the leading feature of the platform,
and it show, conclusiycly that resumption ha,
swept away all the foundations of the green
back movement and thar il no longer means
ANYTHING but an effort of sOrcheads and dem
agogucs to make themselves conspicuous at
the expense of the common-sense of the peo-
pie,
The honest. sober-minded voters of this
State need only to read the report of
the proceedings of the Yelling and hustlng
crowd at Portland Yesterday. to judge how far
such am asscmblage is fitted to secure wise
administration of public affairs. If there ap-
peared any person who has earned the right
to claim the public confidence of the people
of Maine. or if any words of wisdom were
uttered the fact fails to appear. 1t does APP
pear, however. that while there was but slight
attendance from many counties. the managers
succeeded in packing the hall with noisy
and disorderly crowd of nominal delegates
and that the Democratic State Committee
were in close communion with the few dema-
gogues who hope to obtain favor by decoying
republican greenbackers into the democratic
camp. The pretense of refusal to coalesce is
entirely too thin. when it is well known that
grccnbackism in this State means democracy
and that the Bourbon leaders have long since
turned their whole attention to running the
grccnback machine in their own interest.
The nomination of Joseph l.. Smith. on a
platform of humbug was eminently fitting.
There is not man in Maine who has more
thorough contempt for the financial doctrines
of the grcenbackers than he, and there could
hardly he found man who more fully repre-
sents all they so GENEROUSLY dcnounce. A
wealthy captallSt, Il banker, Il DOnu-no1ucr.
and usurcr, his appearance on the greenback
platform is simply grotesque; and to all who
know him it means simply political ambition
and Il desire to crafty spite against the re-
publican party.
We are glad he has been chosen to act as the
fgure-head of the greenbaek- democratic cam
paign, for his position represents admirably
the amount Of sincerity to be found in the
''movcment." Such delusion as that of last
wear will run for time, but there is IL great
reserve fund of common sense among the
people, and before the coming campaign is
over the Smiths and Ladds and Pickards and
Charles Z. Browns who are playing a demo-
cratic game for their own purposes will learn
that they cannot easily humbug voters a
second time.
Now that these demagogues have again
shown their hands, let all who believe in
maintaining the national honor in reducing our
debt and the burden of interest, and gi, wing
impulse to the era of prosperity which has
already dawncd with our return to Il sound
financial basis, 90 to work with will in or
ganizing for a rousing republican victory in
September.