Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1879-10-16

viii have two notes outstandiny at the same fine
until you can apply the borrowed money IN tbe nav
ment of the first note.
This is precisely the conditien tine United States
was IN when borrowing money to gay outstanding
bonds; the debt statement of July LIST shows as
part of the public debt the whole of tn ten-fotv
bonds, and also ths whole of the bonds issued for
their payment, but also shows the money in the
treasury to pay them. In the next debt statement
the ten-tortes VIII disappear, such IS are unpaid
Will sppear among the debt bearing no interest,
The cash III the treasury will also decrease accord
lngly. thought the notice required by the law
was entirely TOO long, and in my annual repeat TO
congress, Democratic in both branches, earnestly
urged shortening of the period TO thirty DAYS or
less IN order TO save this double interest but the
recommendation was declined or ignored. If any
is to be held onsble for the double interest
it should be congress. In justice to the depart
ment, it is but fair to state that al the loan
negotiated for the last tSo years have been on more
favorable terms than any loans ever made by tn >
United States. They were generally made By
popular subscriptions by the people directly. The
saNins tcom the amount allowed for the expense OF
negotiating the loan is over 81, 100000, and the
premium exacted Az and 4 per cent bonds
amounts to s, 496 9tS25 can saw without fear of
contradiction that no nation ever negotiated IFS
loans at less cost or on favorable terms The
sales of the famous per cent con ols 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 priyate
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 to the increase of the rate
OF interest. The first effect of its issue is to reduce
the rate of interest and to advance prices If NOT
redeemable in coin it depreciates in value and
more OF 1t Is necessary to conduct business. 1t
causes over trading and speculation, not only as
TO prices OF commodities, but to its own value.
Ihls is soon shown in the advance of the rate of
interest, and what is called scarcity of money
This general rule is stated by such old writers as
Adam Smith and Thomas TOoka apd iS ff11u uari
fed by the rate of interest before the panic and
since resumption. Private debts are now being
rapidly reduced from 10 to and even to per cent.
OPPONENTS To RRsUMPT1o
Now let us examine the specific complaints of
our fellow citizens who have heretofore been OPP
posed to resurnI ton and to the entire financial
policy of the Republican party
OF what do they complain?
First, they said resumption would contract the
currency that we would have nothing but coin in
circulation. This / have shown to be entirely de-
lusive. The resumption act provided for no con-
traction OF the currency, but United States notes
were to be retired ONLY greater am ount of bank
notes were issued. The only contraction that has
occurred since the passage of the resumption act
has been by the voluntary withdrawal by national
banks OF portion of their circulation when they
found it could not pr ,fitably be employed in bus-
ness. Every act done under tn resumption act
tended to increase rather than diminish circula-
ton and now that all this circulation is at par
with goldY the coin itself becomes an i'm -ortant
factor in the volume of circulation and sweIs the
amount that is available for the transaction of
bus mess.
The amount of coin and currency in circulation
the 1st instant was follows:
United States notes. S346 6SI 016
Fractional currency. 15,S42 COS
17,SSO,650
Total. Sic, O95 968
Coin, estimated. NEUTRALITY-SUSPICIOUS.. 1892 443 947
Showing an aggregate of s., O42, $50 65 or s2I IL
The amount of national bank notes has actually
increased since the LIST of January in the sum of
s5,9O0,O2S, so that the result OF resumption has
been to increase instead of diminish the actual cir
culation.
Again, they demanded that the bonds should be
paid in greenbacks. There was a question, upon
which honest men fairly differed wheth r the five
twenty bonds were not properly payable in United
States notes. They insisted that this should be
done, though the payment OF the bonds in green.
backs would have increased their issua IN viola
ton of the limit of 500, 600 600 prescribed
by the loan laws, and would thus have kept
United States notes in perpetual dishon3r and
depreciation but now they have been so paid by
resumption. All the fve-twenty and tea-forty
bonds redeemed this year, amounting to S537 676.-
300, have been paid in greenbacks, and the inter
est on all 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 Dc PAD IN greenbacks This is now daily
done, without question, as the result of re-
sumption.
We receive United States notes for all purposes
and all demands, and pay them out for all pu poses
ana on all demar is. Resumption has enabled us
to do this 1t has accomplished every object which
tn Greenb ackers sought to accomplish by the re-
peal of the resumption act. Should they not be
content? What more do they want? Are not we
who have brought about these results better en-
titled to the name of Greenbackers than they who
would forever keep the greenback as a dshonered
and 1rredet mable note? We presided over the
birth of the greenbacks, and guar ded them in the
cradle. The Democratic leaders denounced them
as fraud, wi b the mark of Cain on their brow as
to be bought some day by the cord
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.
GREENBACK POLICY IN MAINE
The policy of the modern G eenbacKer is TO de-
preciate the greenback, to destroy its purchasing
power, to make it depend, not upon the intrinsic
value of the coin into which it 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 ma
honal faith, seek to maintain the greenback at par
with coin, and those who, with utter disregard of
the public faith, wish to restore the old state of
affairs, when the gceenback could only be passed
1T discount, and could neither be received for
customs duties be paid up IN the public debt
They would revive the old distinction between the
D 1ndholder and the noteholder, when 10 I.cent
gold dollar paid to the bonduorer and an 9O-
cent irredeemable note was tn pay of the Iabbrer
We would have one money for all, and that good
money, EACH dollar of which will buy 100 cents
One would suppose, fellow citizens, that our
dreenback friends, after all their prophecies had
been proven to be false alarms, after We had Sc
cured and enjoyed for brief period the blessings
Of sound currency redeemable in coin, would be
content to let well enough alone; but dropping the
resumption act, they come to the front With new
set OF dogmas, and invite on them contest with
she Republican party.
He next reviewed the
ARGUM sNTs OF GREENBACKERs
N Maine and Ohio, answering them:
The truth is, the intelligent commercial world
except only the Greenbackers, has been full az
raise and wonder at the remarkable success of the
government of the Uni ed States IN the reduction
Of its debt and interest. No nation in the world
n ancient or modern times has in SO short a
period so greatly reduced such an immense burden
Of debt weighed upon us at the close Of the war
rs we have, SO thsS now the tax On whisky and to-
oacco VIII more tLan pay che entire interest," on the
public debt.
on THE SILVER QUESTION
he said: We have tried the experiment O., coming
silver dollars since 1t WAS authorized in 1873 and