The comet. [volume] (Jackson, Miss.) 1877-1882, 1879-08-09

49,, co,ld be driven to. change Oh
nions t.a,,on will demonstrate that FUR
~ verv large reduction can be made, 10
tne rel;ef of taxpayers and the purincatioh
Of the public service ali. .or hov.
inc successfully funded $S47, 200, 600 OF the
while debt into five, four and a-half, anu
four per cent, bonds since March Atm, 1870;
reducing the interest paid by the Govern
ment about $40, 100000 year IL ap>
nears however, by the finance report tnaI
the interest on the public debt paid IN lon
was Se7. "a, 900, and last year SlO2, 600, ooo'
and this year $105, 100000. In other
,yords in 1873 and 1879 over thirteen
n,illions more OF interest on the debt
hos been paid than when Mr.. Sherman took
charge OF the funding operation. Ihat
large sum Is what the operation cost IL IN
made up of bonuses in the shape OF douDle
interest. and of commissions paid 10 tne
syndicate. Meantime Mr.. Sherman mas III,
creased the principal Of the bonded aeot
+gG OOO 600 1t will take the savings OF
interest by refunding for eight or ten years
~ nav off this increased bonded debt, ana
the bonuses and double interest, and get
even Oh the entire operation. why nave
American capitalists bought the four per
cant bonds? It is because they are pracu-
cally six and a half per cent bonds, oeln9
oxempt from about two and a-halt per
cent of taxes which other property pays,
and because the industries of the country
have been so broken down that capital mad
better get six and a-half per cent, assured
hv the Government, than risk an investment
in almost any industrial pursuit 1t Is
Great achievement to have industries perish
for want of money, in order that 1t may 90
INTO nntaxed Government bonds! l al
NIT the desirability of having our debt al
home 40 far as prosperous business leaves
a sprnlus for investment; but the readiness
With which hundreds of millions OF money,
heretofore employed in industrial pursuits,
hos been turned into these bonds, Is only a
svmnton of the industrial congestion which
has drawn the life blood of business from
tbe extremities to the heart, and refuses to
lend If back to give life and strength to the
nodv Sunpose Mithoff and Whitley here
in lancaster. should close theil shops and
turn ont of employment several hundfeo
s"an and invest their capital in untax~
able bonds. Would you feel that 10
be an evidence of public prosperity
Would you throw up your hats loa
MIR, Sherman anu LID AuLuinS
Yet that is Just what has been d .M
all over. the United States. Silent Mills;
fireess furnaces, scanty wages, wan
of work, swarms of tramps, all attest .he
success of Mr.. Sherman in so SHRINKING
and diminishing the business OF the country
the wages of working men, and the pfollt'
of capitalists engaged in productive nous
try, that money accommodating IN horae'
and fearful of all other investments, was
aaoer to take the six and hall per cent OF
interest and exemption offered by the Gov
eminent. rather than embark on the deac
sea of industry, venture to say that th'
neoule of the United States have lost III ag
1repate wealth in the past five years thfou8l
fhe prostration of industries, brought aoou
by the Republican finance policy, three o
f1ur hundred times more than the nomlha
annual saving of interest which MI Sner
man will accomplish by his boosted funding
Furthermore, fellow-citizens, / assert
and am able to prove, that, after all o
the fortv-three hundred millions OF take
maid by the people since 1866, after th
nominal reduction of the public debt, nv
hnndred and twenty eight millions, ant
after the refundiug so far accomplished, TN
emilio debt of the United States to-day Is
FAR greater effective burden on the peopl
tban il was before the first dollar of 1t wa
mid, Measure it by the things which hay
10 be sold to pay it-by pork, corn, wheat
beef horses, labor 1t takes fifty per cent
more of labor, or land, or products to pa
the interest to day than it took five year
AGO. How is the country benefited by
nominal reduction of ten millions OF lntel
ASH when the reduction has been accom-
nlished only by adding fifty per cent, to tn
amount of labor or property which II take
to pay It'll
GOLD PRICES FOR LABOR AND PRODUCTS
PAY INITIATION DEBTS AND TAXES
The next great achievement of the Re
rnhlicen marty has been the accomplish
ment of gold resumption. Do you recolleci
nv friends. what Mr.. Sherman promise
vGu year ago here on Wheeling street d
5 The result of resumptionf That gold woui
, flow out in circulation, and that we woul
r have a fuller volume Of money actual
+ current, and consequently general rest(
: ration Of prosperity? Well, we have ha
t gold resum ption far over six months pas
& Ne have had, moreover, for three yea
t mast two unparalleled favorable coincidence
. Enormous crops at home and a grei
b foreign demand for our surplus. The IL
l. publican party did not give u6 these Nv
O blessings, A kind Providence iookin
e in pity on the industrial distress intilcte
= bv the ingenuity of theorist and usurer
= relieved its asperity by bounteous hafVes
= at home and eager markets abroad ID
for our self-inhicted troubles these gree
Il crops would have flushed our country VII
- exhuberant prosperity. But IN spite
al these good provldences, Ill contradiction
d all the pledges of gold resumptlonlst
rs which led the people to patient but lonI
re ing endurance of their trials, the promise
ic prosperity has not come. The paper do
II lar is equal to the gold dollar, but the go
ut dollar is ingeniously kept boarded IN u
III Treasury. The money actually current
a no greater now, if as great, as It was one
ic two years ago. Every little debt you on
st still uettles you. Every large debt st
Ie threatens yon with the loss of your HON
it your farm, your factory, or your stor
81 Every tax YOU pay calls for more labor
Is product than before. Wages do not
Of crease, laborers still hunt for employe
be instead of employers seeking laborers, a.
Us it is OF last becoming apparent that
condition of things last year and the yt
cd under established good prices of labor
ce property ,,.,
ch Fe!low-citizens, when the Republic
nd party started to lead the people by CT
ott traction to the promised land Of specie p
la meuts it never talked about gold prices 0
.he gold resumption, but only Of specie p
ng ments,r which meant resumption IN sil
let and gold each equally the dollar, the III
OF the full legal tender. Contraction OF
he rency and shrinkage Of values were
N thought by anybody to be intended by
ds sLealthy manlpulators Of our currency
III; bring prices below the bi-metallic ie,
q But The demonstration Of silver in q
nt many and the United States, and the I'M
MS steps of demonstration by the States OF
he Latin Union, practically destroyed
III chef part of the silver half OF the cnrrel
mr. Of the great nations, and caused such
rty creased demand for the gold half that
ich purchasing power Of gold rose betw
" isTi and December, 1918, a little oYei
,en per cent, Throughout the commercial wo
] ~ "a