The Republican journal. [volume] (Belfast, Me.) 1829-current, 1879-05-01
The National Finances.

H4''H IuelItS more tHan me bIlel notice We
nave heretofore given i. TO quote the
y y Herald. we deliberately employ the
word las" instead Of latest. because
the present Secretary Of the Treasury viii
have retired from this office before any
action can be taken for retundin- the six
per cent. bonds of 1851. These bond, do
not become redeemabo anti after June
30. ISL. four months after the expiration
of President Hayes term. and it is not t.
he presumed that Mr.. Sherman will he
the finance minister of his successor. But
the next Secretary of the Treasury. who
ever he may be, viii have no opportunjtv
to emulate the splendid achievements of
Mr. sherman. The refundin- of the sizes
OF ISL will he a task OF no difficulty al
ter the national credit is but upop the
solid basis it has reached IN the ability IN
sell four per cent. bonds Al ! sHrht mr..
MUM The manaqe,onnt If ma ,,,lIia
loans by Secretary sherman Min AWAY,
stand ont as one ot Tie most memorable
successes in the financial hisro,,. II tba
government, MI shonId -ba -,or Ia
overlooked, that Mr. sherman wbija III
the L. :. Senate. VAS The authar ii tba
RESUMPTION act ana rs chairman ~ IN.
Finance Committee mainly instrument
al in securing its passage Thai act vas
denounced at the time As i prce Of dem
agoguerv. and VERY few persons if any
believed that its prov isjons could l,. ear
RED into effect. The Democracy. then
solid for hard money ana re,uuptjon
held that this act was really a bar 10 re-
sumption. and should be repe3led ami
the Democratic House Of The 18th CON
gress did pass a bin for ms rpDe3l he
sumption, We were told. should be allow
ed to come in its own rood time. and the
attempt to force it on the Irst of Janua-
~, 1879, could only result in The diresr
evils, of which universal banElruptcv was
among the least. Fortunately. all these
gloomy forebodtngs have come to naegbt.
Resumption was ACCOMPLISHED hot op]y
without jar to our finances DR. detrj-
ment To business interests bit jnmedj-
utely strengthened the pulic credit re-
stored confidence to our CAPITALISTS. and
gave 4 decided impulse to every branch
Of industry and commerce throughout the
country.
Since Secretary sherman has been at
the head OF the TREASURY he has sold
S13G OO0,UOO of / per cents. ana ab0nt
Sj00oO,00O Of ! per cents. and has re-
deemed corresponding amount of t. and
) per cent. bonds. making an annual saw
ing to the government of over SI3000
600 in interest. And this he has accom-
plshed in a little over Two wears. The
total refundiDo Onprations show, . rao,,l+
"AiOH 4Huot nc -IdtilI M 10 every CltIZen
and taY Mayer Tho a,-ar.r, ,... ,,,,,
me luuutu ueDt FlII be only Ia on the LIST
OF AuUusf after tho an,,,,,la+;.,,, ~ ~, w..
49, " N-4' l'-ol-Ni " edC IT,
'"'''''lia f'o009S' against tue az efage rate
~ 7''' 1He Improvement III lhe
-'''o 'i''9 Oee-I VI CENT ana me de-
0'''o - ~ IuL''tu ''eol ABOUT three
~ ''''1' olA's 14--l4oA uolIafs. Dc-
o"'e - ''ie ANNUAL interest charge q
II 49, ''0'','"' Medh"hiIe tne
'1l1'i IT '"Sl-S increased III real
0''i'ii' ''lu our ponds "hlcn We're
III 7e's Ile''' ~ Europe nave been
'0'7l'' l0'i'0 "Lil az nearly aII hela
@ @'''1''-'' ~ y 'IllS az ne
P''''o 'iV,''' s'"-l"S t'-uay Oh more
9II0 louli'"llo" Vnith ever before. In
nay co., zen years ago the IFe-twen-
- 'ol4''' u 'Ne lil'eu states coaId De
oouSul' ana were bought, by the GOV ern-