Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1879-04-04

New YORK, April 8. Secretary Sherman
is reported AS saying last night that he was
not thinking much about the controversy in
Congress, but the completion of refunding
the 80 bonds into per cents.
"This will be done before the first of july
and it may be during the present month,
though would have been satisfied with COM
pleting 1t during this year. The sale in six
months of $3.50, 000, 900 of per cent. bonds
and payment of an equal amount of 8 per
cent. bonds, with the annual saving of inter-
est of 1000, 900, is one of the most wonder
full results of resumption. We have only to
sell So, 100000 of per cents and then all
the 5.20s will be paid off The $40 redemp-
ton certificates are selling very well. The
treasury only commenced to supply orders
Yesterday, and sent out $500. 900 The certi-
ticates will be held by every bank ahd banker
in the L. s.. and by several thousand post
masters and other officers. The amount that
will be taken is purely guess.
The tendency is growing among farmers
and men of moderate means to keep their
ready money or savings in government Sc
curitics, and this is greatly to be desired. If
it is found that the certificates are readily
taken. will seek to pay off by their sale the
) per cent. 40 bonds, but if not, | will sell
1 per cent consols slowly at rate that will
cover if possible interest accruing during the
call.
There need be no hurry about refunding
the 10. 40s, as they amount to less than $500
900, 900, and have two years to do it in before
any other bends are redecmabe. The re-
sumption of specie payments is an accom-
plished fact.
The people almost forget the struggle we
had in Congress over resumption only last
summer Prophets of evil are mostly quiet.
They admit resumption is a success, and the
crack of doom is not sounding, but business
is reviying. A few croakers are shifting
their ground.
They want to break down the credit of the
government by extravagant appropriations
and embarking in wild schemes.
Anything to break the treasury If they
could only attack AMI exhaust that reserve
they would be extremely happy, but that they
cannot do. | do not think there is anything
likely to cmbarrass the financial policy of the
administration. Appropriations somewhat
exceed revenue, but that can be met by spend
ing only what is received. Our revenues
are increasing now, and after this month
| believe will be sufficient to meet every
proper demand.
If the present financial laws are undis-
turbed by Congress, | feel absolutely sure
that with the usual crop we will have
marked revival of business, when every man
willing to work can get employment.
There are questions which must come up.
on which men can fairly differ. These are
the silver question and the National bank
question, and these believe are capable of
fair adjustment. If our silver dollar was
made equal to the gold dollar, we could safe
ly coin twice $50, 900, 900 or more, and there
is now better hope for an international ratio
than ever before.
As for the National banks, they should be
left alone till SO, when the first bank charter
expires, and when public opinion will pre-
vail for its continuance. II it were not for
this internal sectional controversy, we would
have plain sailing.
In conclusion, have an abiding faith that
this attempt to force the President to approve
measures that he does not approve, will sig
nally fail, and all speeches now being made
will have to be made over again on the stump.
If all this commotion is merely to make po-
litical capital for the canvass, it is well
enough, but if it is to be forced upon appro-
priaton bills necessary for support of gov
crnment it will prove fatal mistake to the
democratic party.
believe the people will hold on to all safe
guards we now have for free and fair cleo
ton, and hope far more that the election of
members of Congress will be held under Ma
tional authority, separate and apart from
State elections, and on the same day in every
State.
1t is plainly within the power of Congress
to provide for such election, with every safe
guard from fraud or violence shown by expe-
rience to be necessary. States should con-
control local elections and the nation should
control elections of members of Congress.