The Kenosha telegraph. [volume] (Kenosha, Wis.) 1860-1888, 1879-10-16

ury, and this being deducted would leave the bal
ance OF the debt as before. Thus, if you owe
Thousand dollars, with the right to payit your
pleasure, and borrow money for thai purpose, you
VIII nave TWO notes outstanding at the same time
uatli you can Apply the borrowed money to the pay
ment of the first note.
This is precisely the condition the limited States
was IN when borrowing money to nav outstanding
bonds. The debt statement of July LIST shows as
part OF the public debt the whole of the tenfoxty
bonds, and also thu 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-forties will disappear such AS are unpaid
VIII appear among the debt bearing no interest,
Inc cash In the treasury will also decrease accord
lngly. thought the notice required by the law
WAS entlrely too long, and in M annual repeat to
congress, Democratic i'll both branches, earnestly
urged shortening of the period TO thirty DAYS or
less, IN order to this double interest but the
recommendation was declined or ignored, If any
one is to be held responsible for the double interest
1t should be congress. In justice to the DEPART
ment, it is but fair to state that ali the loans
negotiated for the last two years have been on more
favorable terms than any loans ever made by ths
onlted states. They generally made by
popular subscriptions by the people directly. The
saving from the amount allowed for the expense of
negotiating the loan is over ST. 100, OO0 and the
premium exacted on ~ and 4 per cent. bonds
amounts TO Sl49o,9A02o. can say without fear of
contradiction, that no nation ever negotiated its
loans at less cost or on as favorable terms The
sales OF the famous per cent. con OILS of England
when made, were on far less advantageous terms
than the United States was abe to secure after
accomplishing resumption.
Inc resumption OF specie payments has had the
same beneficial effect upon the business of private
citizens. The reduction of interest on the pubIic
debt has made it possible to reduce the rat on All
debts, whether state, corporation or private
Nothing is more certain than that irredeemahla
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
redeemabIe in coin it depreciates in value and
more OF 1t IL necessary to conduct business. 1t
causes over'tradlng and speculation, not only as
to prices OF commodities, but as to its own value
Ibis is soon shown in the advance of the rate of
interest, and what is called scarcity of money
Ihls general rule is stated by such old writer's as
Adam Smith and Thomas Tooke, and is fully yeri-
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 REsUMpT1o
Now let us examine the specific complaints of
our fellow citizens who have heretofore been OPP
posed to RESUME 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-
luslve. The 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
| has been by the voluntary withdrawal by national
| banks OF portion Of their circulation when they
found it could not pr1ftably be employed in bust
ness. Every act done under thu resumption act
tended to increase rather than diminish circuIa-
ton and now that all this calculation is at par
with gold, the coin itself becomes an i'm sortant
factor in the volume of circulation and swells the
amount that is available for the transaction of
| business.
The amount of coin and currency in circulation
the LIST instant was as follows:
United states notes. .$346, 681, O16
Fractional currency. 15S42.605
Oertucates' 17,8S0,65O
DanA 329 691, 697
Cola, estimated ....-...............S3 1882 443 947
Showing an aggregate of 81, O42 539;615, or $2 III
per inhabltant ~
The amount of national bank notes has Actually
increased since the LIST Of January in tn sum Of
$5,900,O23 so that the result OF resumntion has
oeen TO increase instead OF diminish the actual cir
cuation.
Again, they demanded that the bonds should he
pald IN greenoackS. There was question, upon
which honest men fairly differed wheth r the i've
twenty bonds were not properly payable in United
States notes. They insisted that this sbon1d he
done, though the payment OF the bonds in green,
backs would have increased their issu9 III VIOLA
ton OF the limit of $500, 900, 900 prescribed
10y the loan laws, and would thus have kent
United States notes in perpetual dishonor and
depreclatlon put now they have been SO paid by
resumption. All the fVe-twenty and ten-fortV
bonds redeemed this year, amounting to $685., 676-
500, 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 be paid in greenbacks This is now daily
DONE, without question, as the result of re-
mption.
We receive United States notes for all nnrnoses
and all demands, and pay them for all purposes
and on all demands RESUMPTION has enabled 11s
to do this. 1t has accomplished every object which
tn Greenb ackers sought to accomplish nv 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 an
titled to the name Of Greenbackers than thew who
would forever keep the greenback as a dishonored
and irredeemable note? We presided over the
olrtn OF the greenbacks, and guar ded them in the
cradle. The Democratic leaders denounced them
as fraud, with the mark of Cain on their brow as
worthless. 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 It's purchasing
power, to make it depend, not upon lie intrinsic
value OF the coin into which it can be converted
put 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
tiona faith, seek TO maintain the greenback at mar
with coin, and those who, with utter disregard of
the public faith, wish to restore the old state of
AFFAIRS, when the greenback could only be passed
at discount, and could neither be received for
customs cutles nor be paid upon the public debt.
They would revive the old distinction bet tba
bondholder and the noteholder, when a lOIcent
gold dollar was paid to the bondnolier ami an 80.
cent irredeemable note was tn pay of the laborer
We would have ore money for all, and shat good
money, each dollar of which will Duy 100 c3ntsi
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 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
set of dogmas, and invite on them contest with
the Republican party.
He next reviewed the
ARGUM GNTs OF GREENBACKERs
in Maine and Ohio, answering them
The truth is, the intelligent commercial world
except only the Greenbackers, has been full OF
praise and wonder at the remarkable success of the
government OF the Unied States the reduction
of its DEBT and interest. No nation in the world
in ancient or modern times las in so short q