Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1879-10-16

easure, and borrow money for that purpose. You
until you can apply the borrowed money to the pay
ment of the first note.
This is precisely the condition the United States
was IN when borrowing money to ray outstanding
bonds. The debt statement of July LIST ;hows as
part of the public debt the whole Of the en-forty
ponds ana also the whole of the bonds issued for
Their payment, but also shows the money in the
treasury to pay them. IL the next debt statement
the ten-forties viii disappear, such unpaid
wlu appear among the debt bearing no interest.
The cash IN the treasury Will also decrease accord
ingly. thought the notice required BY the law
WAS entirely too long, and in my annual epoat to
congress, Democratic IN both branches, earnestly
urged shorts ming of the period thirty days or
les, IN order to this double interest, but the
recommendation was declined or ignored If any
ono is TO be held responsible for the double interest
ii should be congress. In justice to the depart
rlent, it is but fair TO state that all the loans
negotiated for the last two years have been more
favorable terms than any loans ever made by thu
United States. They were generally made by
popular subscriptions by the people directly. The
saving from the amount allowed for the expense of
negotiating the loan is over 81, 600, and the
premium exacted on Al and per cent bonds
amounts 70 81, 496,9ts.2s. can say without fear of
contradiction, that no nation ever negotisted its
loans at less cost or on as favorable terms. The
sales OF tho famous per cent. OILS OF England,
when made, were on far less advantageous terms
than the United States WAS able to secure after
accomplishing resumption.
The resumption of specie payments has had the
same BENEFICIAL effect upon the business of private
citizens. The reduction of interest on the public
debt has made it possible to reduce the rate on an
debts, whether state, corporation or private
Nothing is more certain than that irredeemable
money necessarily leads 10 the increase of the rate
Of interest The first effect of its issue is to reduce
the rate OF interest and to advance prices II not
redeemable in coin ii depreciates in value and
more OF II IL necessary to conduct business. 1t
causes oyer trading and speculation, not only as
10 prices OF commodities but as TO its own value
This is soon shown in the advance of the rate of
interest, and what is called scarcity Of money.
Inis general rule is stated by such old writer's
Adam smith aud Thomas Tooke and is fully veri.
ned by the rate of interest before the panic and
since ,s resumption. Private delts now being
rspidy reduced from 10 to and even to per cent.
OPPONENTS TO RrsuMPrro
Now let US examine the specific complaints of
our fellow citizens who Lsye heretofore been op-
posed to resnml ton and 70 the entire financial
policy of the Republican party.
OF what do they complain?
| Fret, they said resumption would contract the
currency that We would have nothing but coin in
circulation. This have shown to be entirely de-
iusNe. Inc resumption act provided for no con-
traction OF the currency, but United States notes
were to be retired only greater amount of bank
notes were issued. The only contraction that has
occurred since the passage Of the resumption act
mas peen by the voluntary withdrawal by national
banks OF portion OF their circulation when they
found i could not pr fitably be employed in busi-
ness. Every act done under tn resumption act
tended TO increase rather than diminish circula-
ton and now that all this q. culation is at par
with gold, the coin itself becomes an important
factor in the volums of circulation and swells the
amount that is available for the transaction of
business.
The amount of coin and currency in circulation
the lst instant was follows:
United States notes s34s esI o1e
rraclohat currency. 15,S42,6g5
Dertlneates ACKNOWLEDGEMENTS. l7,SS0,6sD
Danh hO'es..-...,-.... 329 69l, 697
~. -
iotai: SJI0 095, 96S
Oolp, estlmated.. $500 443 94T
showing an aggregate of s., O42, 5s96i5, or s2I IL
per inbabitant
he aroounf nf national -.
increased since the LIST of January in the sum Of
s9,99oU 25, so that the result OF resumption has
been to increase instead of diminish the actual cir
Again, they demanded that the bonds should be
paid in greenbaeks. There was a apestion unon
wnien honest men fairly differed, whether the ive-
twenty bonds were not properly payable in United
States notes. They insisted that this should he
done, though the payment OF the bonds in green
packs would have increased their issue, IN viola.
ton OF the limit of si0O0O0,0O0 prescribed
by the loan laws, and would thus have KENT
United States notes in perpetual dishonor and
depreciation; but now they have been SO paid by
resumpt on. All the five-twenty and ten-forty
bonds redeemed this year, amounting TO 1857 67s-
300, have been paid in ereenbacks, and the inter.
est on al the bonds is paid in greenbacks, and all
this is done without raising any question of good
faith with the public creditors
They also demanded that the customs duties
should be paid in greeDbacks This il now daily
done, without question, the result of re-
sumption
We receive United States notes for all purposas
a rIOa
and ON all demands. Resumption has enabled ms
to do this 1t has accomplished every object which
tn Greenb ackers sought to mplish by the re-
peal OF the resumption act. Should they not be
content? What more do they wante Are not we
who have brought about these results better en-
titled to tie name Of Greenbackers than thew who
woulo forever Keep the greenbaek a dishopore6
ana irrede' mable note? We presided over the
birth OF the greenbatks, and guar ded them IN the
cradle. The Democratic leaders denounced them
as fraud, WI the mark of Cain on their brow, as
a 1,,-4
We have crowned them with honor. They are no
longer deprecated, but may travel the circuit of
the world, equal to the best coin ever issued from
the mint.
GREESBAcK POLICY IN MAINE.
The policy OF the moeern g 'eeubaeker is 10 ia
preciate the greenback, to destroy ITS purchasing
power, to make it depend not upon the ntrinsie
yalue OF the coin into which 1t can be converted.
but upon some imaginary value given to it by law.
The people of Maine will have to choose between
those Greenback rs who strictly preserve the na
tiona faith, seek to maintain the greenbsck at mar
with coin, ana those who, with utter disregard of
the publc falth, wish to restore the old state of
affairs, when the greenback could only be passed
at discount, and could neither be received for
customs duties be paid up IN the publio dabt
They would revive the old distinction betxeen tbe
bondholder and the notehoiler, when a 10 lcent
gold dollar was paid to the bond lolier and an So.
cenl irredeemaole note was tn pay of the laborer
We would have one money for all, and that good
money each dollar of which will buy 100 csnfs,
worth of food and clothing.
One would suppose, fellow citizens, that our
Greenback friends, after all their prophecies had
been proven to be false alarms, after we had se.
cured and enjoyed for brief period the blessings
or sound currency redeemable in coin would he
content to let well enough alone but dropping the
resumption act, they come to the front with new
set OF dogmas, and invite OH them contest with
the Republican party. van
He next reviewed the
ARGUMENTS OF GREENBAcKERs
in Maine and Ohio, answering them:
The truth is, the inteIligelt commercial world
except only the Greenbackers, has been full of
Al 10
government OF the United States In the reduction
of its debt and interest. No nation in the world
In ancient or modern times has In SO short 4
period so greatly reduced such an immense burden
OF debt as weighed upon us at the close of the war
as We have, so t1at now the tax on whisky ana to.
bacco VIII more than pay the entire interes on tho
public debt. '-0
on THE SILVER QUESTION
he said: We have tried the experiment OF coming
silver dollars since it was authorized in 1873 and
have coined s31,s8l goo. Every effort has been