Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1879-07-16
Samuel j. Tilden and the FL
nanceS.


Samuel j. Tilden was the last demo-
cratic candidate for President His views
upon the national finances may therefore
be fairly taken TO represent the principles
of the party which nominated and sup
ported him for President.
In his letter accepting the nomination
Of the st. Louis convention Mr.. Tilden
was outspoken for honest money, although
he declared it mistake to fix dav foi
resumption. How clear he was that the
government shonld redeem its notes, and
how he outlined the benefit of the refund
ing policy by which the interest of the
debt might be reduced and the principal
gradually extinguished. may be seen by
the following from his letter of accept
ance:" 1.-The Government ought not to
speculate on its own dshonor, in order
ito save interest on its broken promises
(which it still compels private dealers to
''accept at fictitious par. The highest
irrational honor is not only right, but
''would prove profitable. OF the pub
"lic debt, 9Sj millions bear interest at G
per cent. in gold, and 7l2 millions at .
per cent. in gold The average interest
is j.58 per cent
"A financial policy which should secure
'the highest credit, wisely availed of,
fought gradually to obtain a reduction OF
lone per cent. in the interest on most of
1.-THE loans. A saving of one per cent
ION the average would be II millions a
''year in gold. That saving regularly
Invested at four and a half per cent
"would, in less than thrty-eight years,
''extinguish the principal. The whole
"1.700 millions of bonded debt might be
paid by this saving alone, without cost to
1.-THE people"
This language goes squarely against
the greenback fusion doctrine of saving
interest on the public debt by issuing
greenbacks instead OF issuing bonds
That greenback plan, now supported by
the fusion democrats, is what Mr. Tilder
pronounced the government specializing
ION its own dishonor," and every demo
crat who votes for him endorsed that as.
sertion. The latter part of the extract ac.
cords with the refunding policy of Mr.
Sherman, except that Mr.. Sherman has been
more successful in reducing the rate of in.
terest than Mr.. Tilden suggested.
In regard to the relief of business dis
tress, Mr.. Tidcn took the ground that re-
sumption of specie payments was the
thing needful. In his letter he said
The distress now felt by the people in all
their business and industries. though it ha.
its principal cause in the enormous waste OF
capital occasioned by the false policies of our
Government, has been greatly aggravated by
the Encouragement Of the currency. Uncer-
tainty is the prolific parent of mischief in all
business. Never were its evil more felt than
now. Men do nothing, because they are un-
able TO make any calculations on which they
can safely rely. They undertake nothing.
because they fear loss in everything they
would attempt. They stop and wait The
merchant dares not buy tor the future CON
sumption of his customers. The manufac-
turer dares not make fabrics which NAV not
refund his outlay. lie shuts his factory and
discharges his workmen. Capitalists cannot
lend on security they consider unsafe. and
their funds lie almost without interest. Men
of enterprise who have credit or security Ia
pledge will not borrow CONSUMPTION has
fallen below the natural limits of reasona.
BILE economy. Prices Of many things are nm.
der their range in frugal, specie paving times
before the civil war. Vast masses Of curren.
cy lie in the banks unused. A year and A
half ago the legal tenders were at their lars.
est volume, and the twelve millions since re-.
tired have been replaced by fresh issues o,
fifteen millions Of bank notes In the mean
time the banks have been surrendcrine abou,
four millions month, because they canuo,
find Il profitable use for so many of their
notes.
The public mind will no longer acceu,
shams. 1t has suffered enough from illusions
An insincere policy increases distrust An
unstable policy increases uncertainty. The
people need TO know that the Government i.
moving in the direction of ultimate safety and