The Kenosha telegraph. [volume] (Kenosha, Wis.) 1860-1888, 1879-10-16

power and authority upon which the national
gov ?rnment rests.
This is the issue before which questions of mon
ey, labor property sink into comparative insig-
nlfcance. While I intend in the remainder of my
remarks to confne myself to financial questions,
beg you to remember that the battle for national
authority, for the right of the United States to
force its laws and protect its citizens on every foot
OF land and water within its limits, though once
won, is in danger of being lost Remember that
the national debt, twothirds of the national taxes
the destruction OF our commerce on the high seas,
all the sacrifices which accompanied and followed
the war, we're caused By the very party and the
very men who now seek to divide us on the aues-
tons of political economy. so that through our
divisions they may, with unchanged princi pie,
seize upon the governmt ut that was defended
against their arms by millions of our countrymen.
trust to the well-known patriotism of the people
OF Maine that they will not be diverted by divisions
in our camp about money matters while our old
enemy is reviving the lost cause and sapping and
mining the national government.
FINANCIAL.
Mr.. Sherman then proceeded to review the finan
clal history Of the government, beginning at 1873.
In that year our money was paper, worth
ABOUT e1ghty-seven cents on the dollar. The
amount outstanding was larger than ever afore
The rate OF interest in 1873 was higher tina before
or since. The current rate may be said to have
been 10 per cent. 1t period of wild and reck-
less waste and extravaganza. The panic of 1873
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
The resumption act passed in 1875 was Republic
an measure Many Democrats favored it, but party
discipline led every one of them to vote against it.
widespread feeling prevailed that resumption
was impossible: that it would not bring better
times. During all of 1876 and 1877 the act was de-
nounced. The absurd notion was put forward that
it was the cause of hard times The Democratic
party denounced it in it's platform of 1876 Ewing,
voorhees, and T1lden openly Endorsed the view
taken of it by the Democratic party
10 tbnn tod
distinguished Democrats who opposed the action of
the Republicans on the resumption measure but
the very announcement OF the purpose to resume,
with definite plan of resumption, had reviving
effect. The sale of ~ per cent. bonds was in
creased. This induced the treasury department to
withdraw them, and place the per cents on the
market. 1t was critical experiment, but proved
perfect success. At the end of 1873 before COZ
gress met, we had accumulated coin reserve of
$13S, 10000. 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 acks
rose to, and are now at, premium No assistanc
whatever was 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 $26, 100000 for
ARREARS OF PENSIONS,
he said:
Fortunately the increase of revenue caused by
enable the 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 LIST of January, and prior to the 1st of
July, 1879 we have paid about 1000 900 coin Ger
tif1cates with United States notes, and have paid
$109, sol SO United States bonds 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 daily the ve-tWenty and
forty bond in currency.
P1ior to definite preparations for resumption, it
was impossible to sell per cent, bonds of the
United states at par in coin. After such prepara-
tions able to sell in 1877 $75 OOO, 0UO four
per cents, and in 1873, $l29 1885, but the moment
that resumption was complete, the sale Of bonds
increased with unexpected rapidity. We sold in
the month of January, 1879, $l5s,s04 100, and in
the month OF February, 90,10l, $50. In the month
of March the sales fell to $20,852, 100, chiefly by
reason OF fear that the enormous payments
required under the refuDding act during the
months Of April and May would create distu b.
ance in the money marke but this fear having
been dissipat9d, by ths LIST of April the sales were
rapidly resumed, and in four days they amounted
to S73 252, 300, enough to and pay off all out
standing five-twenty bonds of the United States.
Thus, as the first fruit of resumption, within one
hundred days after its coming I'VE sold $343 $50
four per cent, bonds, with which to pay an eQu.l
amount of six per cent. bonds, securing saving of
sc, 862,205 year. Nor is this all. There
were outstanding at that time $t94, 566, $40
five per. cent. ten-forty bonds, redeemable
at the pleasure of the United States To paw off
these bonds the treasury department offered $780,
OOO, coo four per cent bonds at premium of one
half of one 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 were the last bonds
That could be offered within two years I then
thought premium could be secured and would
have demanded higher rate but that the law re-
quired the refunding certificates to be exchanged
at par for lawful money, These refunding certifi-
Gates designed to furnish an easy opportunity
for persons of limited 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
tlce. 1t led our country in the great struggle for
union and nationality, which more THAI all else
Anded to make it great and powerful. It has
always taken side with the poor and feeble. It
whole race, and has invested them
with liberty and all the rights of citiz cnship.
It never robbed the ballot-box It has never
deprived any class Of people, for any cause of the
elective franchise. 1t maintains the supremacy of
the national government on 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 It opposes all distinctions
among M6n WnSGner Wn1te or Dlack, native nat
urallzed 1t invites them all to partake of equal
privileges, and secures them an equal chance in
fe 1t has secured, for the first time in our his
tory, the rights of naturaliz ID citizen to protec
lion against claims of military duty to his native
country. It prescribes no religious test While it
respects religion for its beneficial influence upon
civil society, it recognizes the right of each ind-
dual to Worship God according to the dictates of
his own conscience, without prejudice or nterfer-
ence. 1t supports free common-schools as the |
basis of republican ms buttons. It has done more
han any party that ever existed to |
provide lands for the landless. 1t devised and
enacted the homestead law. and has constantly ex-
tended this policy SO that all citizens native and
may enjoy, without cost, limited por-
lions of the public land. It protects American |
abor. 1t is in favor of American indsutry. It
Development of our commerce on inland waters |
in small sums and We're 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 $50, 100000 bonds were sold upon the terms
stated, and offers were 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 |