Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1879-10-16

uucdHce. NnlIe lnteDQ IN the remainder of
remarks to conhne myself to financial questions, I
beg you to remember that the battle for national
authority for the right of the United States to en-
force lis laws and protect its citizens every foot
OF lard and water within its limits, though once
won, IS IN danger OF being lost Remember that
the national debt, twothirds of the national taxes
Ine 9esruct!on OF our commerce on the high seas,
all the SACRIFICES which accompanied and followed
the war, were caused By the very party and the
very men wno now seek to divide us on the ques-
tons OF political economy, SO that through orr
divisions they may, with UNCHANGED rrinci nle
seize upon the governm, Ut that was defended
against their arms by millions of our countrvmep.
trust TO the weI-known pa .riotism of the peop]e
OF Maine that they will not be diverted by divisions
IL our camp about money matters while our old
enemy Is reviv-ng the lost cause and sappino ana
mining the national government.
FINANCIAL.
Mr.. Sherman then proceeded to review the fnan-
c1a1 history of the government, beginning at 1873
In that year our money paper, worth
about eighty-seven cents on the dollar. The
amount outstanding larger than ever before
Inc rate oil interest in 1873 higher than before
or since. The current rate may be said to have
been 10 per cent. 1t was period of wild and rec-
less waste and extravaganza. The panic of 1878
called halt, paralyzed all domestic Industry, and
spread ruin and bankruptcy far and wide. When
congress met IN December various remedies were
proposed for the relief of the prevailing distress
Inc resumption act passed in 1875 was Republic
an measure. Many Democrats favored it. but parSv
discipline led every one of them to vote against it.
widespread feeling prevailed that resumption
was impossible: that it would not bring better
tuASs, Turing ali OF 1870 and 1871 the act de-
nounced. The absurd notion was put forward that
it was the cause of hard times. The Democratic
party denounced it in its platform of 1876. Ewing
VOORHEES, and TIlden openly Endorsed the yisw
taken OF 1t by the Democratic party.
He then quoted from reports and speeches of
distinguished Democrats who opposed the action of
the Republicans on the resumption measure but
the very an aouncement of the purpose to resume,
with definite plan of resumption, had reviving
effect. The sale of AZ per cent. bonds was in
creased. This induced the treasury department to
Withdraw them. CENTS he
market. 1t was critical experiment, but proved
perfect success At the end of 1873, before cor
Sl3s 100000. Resumption practically came one
month before the date fixed by law. Our notes
were no longer at discount. Resumption came to
all parts OF the country In California greenb .cks
rose to, and are now at premium. No assistanc
whatever extended by congress in aid of re-
sumption On the contrary, it increased the mini
mum OF the notes on which resumption was to be
maintained and made the work of the department
harder.
Referring to the appropriation of 500 800 900 for
ARREARS OF PENSIONS,
Fortunately the increase of revenue caused by
resumption and reviving industries will, hope,
enable che treasury to pay every dollar appropriated
Tor arrears OF pensions by the 18th of January
next, without any other increase of the public
debt than that caused by the temporary application
of the fund for the redemption of fractional cur
rency.
RESULTS OF RESUMPTION
Let us now see what have been the legitimate re-
suits of resumption.
Since the 1st of January, and priot to the 1st of
July, 1879, have paid about 1000 600 coin Ger
tfcates with United States notes, and have paid
S109, SOL 90 United States Jnds with United States
notes. OF the enormous sum of called bonds paid
by the treasury. so far as is KNOWN not dollar has
been demanded in coin, and thus by resumption we
have paid aud are paying DALI, the ve-twenty and
ten forty bond in currency.
Prior to definite preparations for resumption it
was impossible to sell per cent, bonds of the
United states at par in coin After such prepara
lions we were able to sell in 1877 S75, 0050J0 four
per cents and in 1875 SIPS 1885, but TIE moment
that resumption complete, the sale of bonds
increased with unexpected rapidly. We sold in
the month of January, 1879 SIS, 904 100, and in
the month of February 500, 101, $50. In the month
of March the sales fell to S20,95 100, chiefly by
reason of fear that the enormous payments
required under the refunding act during the
months of April and May would create dlstu b.
ance in the money marke but this fear having
been disipa5ed, by the LIST of April the sales were
rapidly resumed, and in four day. they amounted
to S73 252 800, enough to cover and pay off all out
standing fiye-twenty bonds of the United States
Thus, as the first fruit of resumption, within one
hundred days after its coming we sold S343 No. $50
four per cent, bonds, with which to pay an equal
amount of six per cent. bonds, securing saving of
S6,S62.2 e5 year. Nor is this all. There
were outstanding at that time S,94, 566 300
at the pleasure of the United States. To pay off
these bonds the treasury department offered $780,
900, 600 four per cent bonds at premium of one
half of per cent,, the residue to be paid from
the proceeds of dollar refunding certificates or
the direct exchange of bonds. Pending the pre-
paration of this offer, it was greatly doubted
whether the department was justified in demand
ing premium; but as these the last bonds
tnat couli be offered within two years 1 then
thought premium could be secured, and would
have demanded higher rate but that the law re-
CURED the refunding certificates to be exchanged
at par for lawful money, These refunding certIf-
Gates .signed to furnish an easy opportunity
for persons of limited means to invest their savings
seeks to diversity productions. It has steadily
pursued, as an object of national Importance the
paid his attention to me- in speech in this CITY, in
tice. 1t led our country in the great struggle for
union and nationality, which than all else
t 4nded to make it great and powerful. 1t has
always taken side with the poor and feeble. 1t
emancipated whole race, and has invested them
with liberty and all the rights of citiz anship
1t never robbed the ballot-box. 1t has never
deprived any class of people, for any cause, of the
elective franchise 1t maintains the supremacy of |
the national government all national affairs |
while observing and protecting the rights of the |
states. 1t has tried to secure the equality of all
citizens before the law. 1t opposes all distinctions
among men, whether white black, native or nat
urallzed. It invites them all to partake of equal |
privileges, and secures them equal chance in |
life. 1t has secured for the first time in our his
tory, the rights of naturaliz citizen to protec-
ton against claims of military duty to his native
country. 1t prescribes no religious test. While it
respects religion for its beneficial influence upon
civil society," it recognizes the right of each jndi-
dual to worship God according to the dictates of
his own conscience, without prejudice interfer-
ence. 1t supports free common-schools as the |
basis of republican institutions 1t has done more
than any party that ever existed to |
provide lands for the landless. It devised and |
enacted the homestead law, and has constantly ex-
tended this policy, so that all citizens native and
naturalized may enjoy, without cost, limited por-
tons of the public land. 1t protects American |
labor. 1t is in favor of American indsutry. It
development of our commerce on inland waters !
in small Sums, and were of great importance, not |
only for the convenience of all classes of our peo-
pie, but to interest them in the advantages and |
stability of the public debt. Within two days the
whole $780, 900 bonds were sold upon the terms
stated, and offers ware made for the whole |
of the refunding certificates, which offers
were declined, and the certificates were sold by
postal money-order Offices throughout the United |
States, and eagerly taken in of one hun
bred dollars. This closed all the refunding opera
tons authorized by law, for there other
bonds that can now be redeemed, except by pur-
chase in the open market at their market value.
The annual saving in Observation-Disclosures, eff cted
by these refunding operations, since the list of
January last, is ss,SlO,46S, and since the 1st of