The Hillsdale standard. [volume] (Hillsdale, Mich.) 1851-1909, 1879-08-12

position, the United States have been
advanced To par i'm coin, and some rea.
sons why these notes ought hereafter
TO be redeemed in coin at the demand
Of the holder, instead Of being, "a
formerly, irredeemable, deprecated
and dishonored. He thought the
theme most important IN the country,
however, was the revival by the Dem
ocratic party of the Southern doctrine
OF State rights, which has taken the
form of
SULLIFICATIoS OF UNITED STATES LAWS
by members OF Congress. Their chief
effort has been, the last two sessions,
to nullify the law providing for the
honest election OF Congress. The
movement has been made possible by
q UNITED South" until by violence
aud fraud, and crime that disgrace our
civilization. He then briefly reviewed
the course OF the Democratic party in
Congress. Their evident purpose is TO
elevate Provincialism above National
ism. Wade Hampton is reported to
Lave said he does not care whether
Democrats are hard money or soft
money, so that they are Democrats. -
This attitude of that party brings up
the issues before which the questions
OF money, labor, or property sink into
insignificance. He proceeded to review
the
FINANCIAL HISTORY
OF the Government, beginning at 1873
In that year our money was paper,
was worth 81 on the dollar. The
amount outstanding was larger than
ever before. The rate OF interest was
higher in 1873 than hefore or since.
The current rate may he said to have
been 10 per cent. 1t was period of
wild and reckless waste and extrava-
gance. The panic OF 1873 called
halt, paralyzed all domestic industry
and spread ruin and bankruptcy far
and wide. When Congress met in De
cember various remedies were propos-
eel for the relief of the prevailing dis
tress. The resumption act passed in
1875 was a Republican measure. Many
Democrats favored il, but party disci-
pline led every one OF them TO vote
against il. A widespread feeling pre-
vailed that resumption was impossible:
that II would not bring about better
times. During all Of 1876 and 1877 the
act was denounced The absurd notion
was put forward that il was the cause
Of hard times. The Democratic party
denounced il in its platform in 1876.
Ewing. Voorhees, and Tilden openly in
dorsed the view taken OF il by the
Democratic party. Mr.. Sherman then
quoted from reports aud speeches Of
distinguished Democrats who opposed
the action OF the Republicans on the
resumption measure, but the very an-
nouncement OF the purpose 10 resume,
with "A definite plan OF resumption, had
reviving effect. The sale of 4 per
cent. bonds was increased. This in
duced the Treasury Department TO
withdraw them and place the 4 per
cents on the market. IL was n critical
experiment, but proved a perfect suc-
cess. At the end OF 1873, before Con
gress met, We had accumulated coin
reserve of Sl3S, 600, 900. Resumption
practically came one month before the
time fixed by law. Our notes we're no
longer at a discount. Resumption
came TO all parts the country. In Cali
fornia greenbacks rose to and are now
at premium. No assistance whatever
was extended by Congress in aid OF re-
sumption. On the contrary. increased
the minimum of notes on which re-
sumption was TO be maintained, and
made the work Of the department
harder.
Referring to the appropriation of
S26, 500, 600 for arrears of pension, he
said:
Fortunately the increase OF revenue
L.. Ffxrtt. IN
dustries will. hope, enable the treas
ury TO pay every dollar appropriated
for arrears Of pensions by the 18th Of
January next, without any other in
crease Of the public debt than that
caused by the temporary application
for the fund for the redemption Of
fractional currency. Summing up the
RESULTS or RESUMPTION,
he said: Since the first Of January,
and prior 10 the first Of July. 1879, we
have paid about 1900, 100000 coin
certificates with United States notes,
and have paid Sll9, lO7, ,jOl 03 Of Unit.
ed States bonds with Uuited States
notes.
OF the enormous sum of called bonds
paid by the treasury, so far rs is known
not dollar has been demanded in
coin, and thus, by resumption, We have
paid, and are paying daily, 5-20 and
lO-iO bonds in currency. Within 100
days after resumption we sold S3i3,-
l10,2J0 Of 4 per cent. bonds, with
which 10 pay an equal nnmber of 6 per
cent. bonds, securing saving OF s6,-
S62 300 a year.
To pay of Sl9i, sec, 400 in per cent.
l0-i0 bonds Sl5I, 900, 600 per cents
we're sold within two days and offers
made for the whole Of the refunding
certificates. which were declined. The
annual saving in the interest effected
by these refunding operations since
January last is $3.50, i6S. and since
March 1, 1877, 10 the present time,
Sli, ,297, III.
Among the effects Of resumption is
the reduction Of rates of interest, in
terest on private debts being rapidly
reduced from 10 10 3 and even PER cent.
The increase Of our exports since the
panic has been without a precedent.
Improvement in internal commecre
during the past yesr has been more
rapid than during any year since 1873.
Resumption has accomplished every
object which tho Greenbackors sought
10 accomplish 10y repeal Of the resump-
tion ACT Greenbacks are no longer
deprecated currency, but may travel
the circuit of the world equal 30 the
best coin ever issued. But the policy
Of modern Greenbackers is 10 depre-
ciate IT, They would revive tho old
distinction between bondboleer aud
nOteholder. when. when 1OO-cent gold
dollar was paid 10 the bOndholder and
sO-cont irredeemable notes were the
pay OF the laborer. We would have
one money for all, and that good mon
ey. each dollar OF which will buy 100
cents worth of food and clothing. He
next reviewed the arguments Of Green
hackers Ia Maine and Ohio, answering
them: The truth is, the intelligent
commercial world, except only in the
Greenbackers, have been full 81 praise
and wonder NJ the remarkable snccees
81 the Government ofthe United States
IN the reduction of its debt and inter
est. No nation in the world, in ancient
or in modern times, has IN so short a
period 50 greatly reduced the immense
burden of debt that weighed upon rs
at the close of the war as we have. 50
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