Union County courier. [volume] (Elk Point, Union County, D.T. [S.D.]) 187?-1913, 1879-08-06

NUMBER 80.
at the pleasure of the United States. To pay
these bonds the treasury department offered S16
0,0C0 four per cent. bonds ut premium Of OF
half OF one per cent. the residue to be paid fro
the proceeds Of ten dollar refundng certificates
the direct exchange Of bonds. Pending the pE
paration OF this offer, 1t was kreatly doubt,
ing premium; but as these were the last bons
, teas could be offered within two years I thl
thought premium could be secured, and wou
have demanded higher rate but that the law :
at par for lawful money, These refundine cerfii
Gates were designed to furnish an easy opportunii
for persons of limited means to invest their saving
only for the Convenience Of iii classes of our pes
pie, but to interest them In the advantages an
stability Of the public debt. Within two days th
whole $ioo, 600 900 bonds were sold upon the term
stated, and offers were msdo for the Who'll
OF the refundng certificates, which offer
| were declined, and the certificates were sold b
postal money-order oflices throughout the Unite
dre dollars. This closed III the refundine opers
| tsns authorized by law, for there are no othe
| bonds that can now be redeemed, except BY pu1
chase In the open market af their naskst value.
BY these refunding operations, aince the LIT o
January last, ]. q, ,sld,4o and since the lst d
March, 1877. 70 the present time, 81, l,3o7,157.
ing this process Of refundins, the amount Of inter
est.beer!Dg debt was temporaI ~ increased, and
that interest was paid two set Of bonds st the
same time. This from the nature of things, wa
unavoidable under the provisions Of the refundine
act of 1870 By that act, before any bond can be
redeemed, notice must be given ior the
period Of three months Before thst notice
and the money either collected .or secured, and
this process ne aessari'y involves the payment Of
interest for three m nths not only upon the bonds
sold but upon tho to be redeemed. Advantage
partment for matter beyond its control. A con.
stsnt outcry Wa made that the intere 1tb ,aving
debt was being incrt .sed. The debt statement
word necessarily show Il It, during the three
MONTHS two sets Of bonds we're out standing, but II
VOL d show also that the ~ was In the treas.
uIy, aud tais aing DE- iuc cd would leave the ba.
ance OF the debs a. before Tins, II you owe Q
thousand dollars, with the yht 70 pay II at your
pleasure, and borrow money for tfat purpose, you
will have two notes out utstanding at the same time
until you can arply the borrowed money to the pay.
ment OF the sscst note.
This is precisely the condition the United States
was In when borrowing money to ray outstanding
bonds. The debt q cement Of July lst shows q
part Of the public debt the whole Of tie teu-fol,y
bonds, and also the whole Of the bonds issued for
their pay ment, bat also shows the money In the
treasury to pay them. In the next debt statement
the ten-forties wiz disappear, or such sre unpaid
viii viii appear = among the debt bearing no interest.
ingly. thought the notice required by the law
was entirely too lor-, and IN my annual repeat to
congress, Democratic in both brancht ; earnt ,tly
less, In order to rave th' double inter t. but the
recommendation wa declined or ignored. II any
one is to be held responsible for the double interest
It should be sonsref': In justice to The depsrt-
ment, 1t Ia but fair to B. to that al the 10 us
negotiated for the last tso years have been
favorable terms than any leans ever made by the
United 5tate3. They were generally made by
ti,Rks-
saving from the amount al ,wed for the expense Of
negotiating the loan is 81, IL 1,l00. and the
premium exacted on ~ and 4 per cent. bonds
amounts to .9lS.2s. can say without fear Of
I, I no nation ever negotiated its
loaps at less c. : or on as favorable terme The
sale1 Of the famous par ,snt. con os OF England,
when made, were on far less advantageous terms
than the United st ties was able to secure after
accomplishing resumption.
The resumption Of specie payments has had the
same benefctal eject upon the business Of private
citizens. The reduct on of intert st ON the public
debt has made 1t poi sbe to reduce the rata on sl
iebts, whether state, corporation or private.
Nothing is more certsi than that irredeemable
money necessarily leads to the increase Of the rate
he rate of interest aud TO advance prices. II mot
redeemable In coin 1t depre ,ia'ss in valne, and
more OF 1t IN necessary 10 conduct business. 1t
causes over.tradipg and speculation, not only a
70 price OF commoditi g, but to its own value.
This to soon shown In the advance Of the rste OF
interest, and what is called . scarcity Of money.
This general rule is stated BY such old writer's q
led by the rate of interest before the panic and
nce resumption. Private debts are now being
Apidly reduced from 10 to snd even to per cent.
OPPONENTS TO RESUMPTION.
Now let us examine the specific complaints ef
'ur fellow citizens who have heretofore been OPP
pc ed to r. sumptio aud to the entire flanci1l
policy Of the Eepub c. parry.
OF Whist do they complainf
Frat, they said re Iumption would contract the
that we would have nothing but c3in In
y ecu alton. This Rave shown to be entirely de-
usivc. The resumption act provided for no CON-
raction OF the currency, but United States note,
notes were issued. The only contraction that hr )
occurred since the pass age Of the resumption sct
aas been by the voluntary withdrawal by national
banks Of pot.ion OF their circulation when they
'ound II could not prof' bly, be employed In bust
ne-s. Every act done under the resumption oct
ended to increase rather than diminish c.-cus
ion |; and now that 81 this citculatici 10 at par
ith gold, the coin itself be ,mts N important
factor In the volum- of circu stion, and swelh the
amount thst is available for the transaction Of
bus'1 -.
The amount of coin and currency in circulation
he lst instant was Is follows:
United States notes .$s4S, ,6sl ,0l6
cuerency.... l1s6xz,6 y
Dank notes..... ............. Sxv,oSi'U
Totai: e110,oo6 ,oos
Coin, estimated .e3a2, ,0&7
Showing an aggregate Of u 90. 2.sss.sis, or sslll
per iuhabitant
The amount Of national bank notes has actually
increased since the LIST Of January IN the sum Of
IS, ,02S, 30 that the result Of resumption has
culati0n.
Again, they demanded that the bonds should be
paid in gfeenbacks. There WAS Q question, upon
which honest men fairly differed, whether the 6ve.
I,r0 In knA
States notes. They insisted that this should BE-
done, though the payment OF the bonds in groen.
backs would have Increased their issue, IN viola-
tion Of the limit Of 500, 900 prescribed
by the loan lava, and would thus have kep4
United States notes in .perpctusl dtshonor and
depreciation !; but now they have been - paid b.
bonds re 4. smed this year. amounting 70 sos7, ,s!s-
s50, have been paid in greenhachs, and the inter
est on all the bonds Ia paid in greenbacw, and al
this is done without raising any question Of good
They also demanded that tbs customs datles
should be paid In greepbacks This 10 now caily
DONE without question, - the result Of re-
W. receive United states notes for III purposes
and I'll demands, and pay them out for IN purposes
and on al demands. Resumption ~ snsbIsd ~
70 DO this. II hss accomplished every cblect which
peai Of the resumption act. Should they mot b
contentf What more do they wsntf Are NOT We
who have brought about these results better en-
would forever iesp the gre snhack :. : dishcnorsd
and irredeemable note I We presided over tn
birth Of the greenbacks, and guarded them n the
crads. Ins nsmserssic ss issdcr: dsnoHnted snsm
- worthless, 10 be bought some Day ~ the cord.
We have crowned them with honor. They are no
longer deprecated, but may travel the Circuit of
ths world. equal to the bst coin ever ssusd from
aeN,DAcK feLIc1 N NAME.
1he policy Of the modern areenbackss y 70 d..