The Kenosha telegraph. [volume] (Kenosha, Wis.) 1860-1888, 1879-09-11


| stands second among the iron-producing
countries of the world. The rapid progress OF
our iron industries is indicated by the fact
that while the imports of manufactures of iron
and steel have largely declined, our exports OF
iron and steel, including their highly manufact-
| ured products, such as locomotives machinery.
cutlery, ETC., have steadily increased, notwith-
standing tho decline in the prices, until the
value of our exports of those products of indus
| try exceeds the value of our imports. Since
the beginning of the present year the prices of
products of iron have been slowly advancing
And yet, in the face of all these and number
less other evidences of the revival of business,
Gen. Ewing, as late as The Oath of July, in his
speech at Lancaster, talks of silent mills, fire.
less furnaces, scanty wages, want of work,
swarms of tramps," as the results of resump-
ton.
Well, we had all these after the bursting Of
the boom of initiation prices, and while the
country was blindly staggering under the
effects.of panic and seeking remedy. But,
now that resumption has come, where are the
silent mills. the freless furnaces. the want OF
work and swarms of tramps? The mills are
sounding the music of industry. The furnaces
are in full blast. The wages, though small,
will buy more food and clothing than even be-
fore the panic. There is work for every man
VINO IS willing to work, and the tramps have
been converted into busy artisans or hopeful
farmers. Gen. Ewing alone seems not to ap-
| pACC11GO CllO CllduSCU COLultiOu Vi Lu0 uOur
Mr. Illden, on the contrary, is sagaciOus
enough to see the wave of prosperity that fol-
lows resumption, and is looking how to profit
by it He is reported by his friend, Mr.
| Springer, as saying:
Now" said Tilden, s'I will tell you, Mr..
Springer, why it is important that the Demo-
cratic party should succeed and why desire
its success above any personal ambition I may
have to crafty. If the Democracy can ride into
| power the wave of prosperity which think
| is coming, it will remain in power indefinitely
On the.other hand, should the Republicans re-
tain power they are liable to hold on for half a
century to come. Whichever party wins the
next Presidency will get the credit of the better
ment of the condition of affairs which is slowly
| coming
Foxy Mr. Tilden He is anxious to enjoy the
advantages that come from resumption, though
he and his party despitefully prophesied against
it and made all manner of opposition to it. He
would reap where he has not sown. He would
| gather grapes of thorns and figs of thistles
Experience has thus shown that the Resump-
ton act has not produced any distress, but it's
execution has been accompanied with an in
creasing prosperity from the day in May, 1877,
! on which coin commenced to flow into the
treasury. I was myself happily disappointed
in respect to the process of resumption I de-
Bcrlbed it years ago. in speech often quoted.
as involving suffering, loss and trouble-and so
| it would if it had been undertaken then-but
! inc panic OF 1910 cleared the way Tor fGSump-
| ton. It produced all the distress in the most
exaggerated form. It was the panic which de-
monstrated the evil effects of imitation and made
| the policy of resumption, adopted by the Re-
publican party, the plain, statesnanlike remedy
| for the evils of the time
| Shall we go over this distress again? It not,
why elect Gen. Ewing? Why disturb the pres
lie mind over question already settled, and
acquiesced in? Why elect Gen. Ewing, who was
mistaken in all his prophecies, and still cannot
conceal his hostility to that policy? The Demo-
| Gratis OF Pennsylvania and of Maryland have,
in their platforms, declared their acquiescence
in resumption. Even Mr. Pendleton, in a re-
cent speech in Cincinnati, said:
"Specie payment are resumed" they tell u.s.
X admit it, [ am glad of it.
hope it may not be disturbed. would do moth
| ing to impair it"
If this be so, and the resumption question is
settled already, ought not the party whose ideas
| prevailed aud happily settled this most difficult
question TO succeed at the elections, rather than
the party who opposed and cried against re-
sumption? Resumption has come to stay. IT
you want it to stay, you must not put in high
position those whose interests. pride, and am
biton would lead them to overthrow it,
but rather those who will use all necessary
| means to maintain and preserve the specie
standard, and complete the work by all meas
ures that experience may show to be necessary.
NECESSITY FOR COIN RESERVE.
Of what do our Greenback friends now COM
| plain? They say that there is large reserve
| Of gold kept idle in the treasury. So there is
One hundred and thirty-eight millions of dol
lars of coin is in the treasury awaiting any de-
mands that may be made upon it in the redemp-
ton of United States notes. But why is this?
Bec%lse experience has shown that sufficient
coin must be held in order to produce the nee
essary confidence to maintain resumption.
| 10 h1inhn ~, oil E
! banking since any existed.
1t is said that we lose interest on the amount
| of money invested in this coin. So we do but
a part of this fund would be necessary. at all
events, to carry on the ordinary operations of
the Government. Ninety million dollars of it
was created by the sale of bonds, on which we
are now paying interest to the amount of 3d.
| 025, 900. This is the cost of resumption, and
the only cost But, in return, we have already
secured an annual saving by our refunding OPP
eratons of ST., 2971T. We have also secured
a large reduction of interest on private and
public debts and the debts of cities and corpo-
rations.
| REFUNDING OPERATIONS.
Since March l, 1877, the Treasury Depart
ment has sold for refundlng purposes 1904 =
0l6,250 United States bonds, of which $92. 1884,
$50 were 41a-per-cent bonds, and $7l1, 022, 900
were per cents During that time the de-
| partment called in or received by exchange
$685. 1S9, $50 United States bonds bearing per
cent. interest, and 1874. sec, 300 bearing 5 per
cent interest; in all, 1904 016, 250-ot which ali
have been redeemed and paid except $5S, O72,-
$50, which have not been presented and have
ceased to bear interest, and for which the
money is ready and waiting.
By this funding process the people of the
United States will be saved, from and after the
3lst of July, 1879 the sum of $14, 297, III annu-
ally, as long as the debt remains unpaid This
is the interest at per cent on capital sum of
1857 42q, 425, which measures the aggregate of
the saving by these operations, and, if invested
annually as a sinking fund at per centum,
would pay the present interest bearing debt in
less than forty-s.x years.
DEMOCRATIC ECoNCMY
The Democratic party claims great credit for
alleged economy in the past four years, during
which they have controlled the House of Rep
resentatives. AS party in opposition to the
Executive, it was natural it should closely
scrutnize and reduce appropriations. For.any
reduction it has made without crippling the
public service, I am very willing to give it
credit But let us see The Republicans. since
the close of 1866, steadily decreased the public
expenditures. IL was great task to bring
down the expenditures to peace footing, but
by the enactment of wise laws to limit aud con-