Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1879-10-16
power and authority upon which the national

T. e.
niheance. While intend in the remainder of NV
remarks to confne myself to financial questions. /
peg yon 20 remember that the battle for national
force its laws and protect its citizens on every foot
OF iaDd and water within its limits though once
won, is in danger of bling lost Remember that
the national debt, two thirds Of fhe national tayss
the destruction OF our commerce on the high seas
all the sacrifices which accompanied and Followed
.ns WAT, we're caused by the very party and the
very mel who now seek TO divide as on the ones
lions OF political economy, so that through our
I divisions they may, with unchanged pripcinie
selze upon Is me governm. 1t that was defended
against their arms by millions of our countrymen
trust to the well-known pa' riotism OF the peope
o. Maine that they win not be diverted by divisions
N our camp about money matters while our old
enemy is reyiying the lost cause and sappinc ana
mining the national government.
FINANCIAL.
Mr.. Sherman then proceeded TO review the finan
ciai history OF the government beginning at 1873
IN that year our money was paper, worth
about eighty-seven cents on the dollar IRE
amount outstanding was larger than ever befa-e
The rate OF interest in 1873 higher than before
or since. She current rate may be said to have
Deen ~ per cent 1t was period of wild ard reck-
less waste and extravaganza The pani4 Of lsT3
called a halt, paralyzed all domestic INDUSTRY and
spread ruin and bankruptcy far and wide When
congress met III December various remedies were
proposed for the relief of the prevailing distress
The resumption act passed in 1875 was a Republic
an measure Many Democrats favored it, but party
discipline led every OF them vote against it,
widespread feeling prevailed that resumption
vas impossible: that II would not bring better
tunes turing all OF 1876 and 1877 the act de-
nounced. The absurd notion was put forward tn {
it was the cause of hard times The Democrat &c
party denounced it in its platform of 1876 Ewing,
v3ornees ana l1lden openly Endorsed the view
taken OF II by the Democratic party.
he then quoted from reports and speeches of
distinguished Democrats who opposed the action of
the Republicans Oh the resumption measure, but
the very announcement of the purpose 10 resume
with definite plan Of ress.mptlor had = reyiyine
effect The sale of ~ per Gel {. bonds was in
creased This induced the treas, ry department to
MS fha 4
market. IL was critical experiment, but proved
perfect success AT the end of 1878, before con-
gress met, We had accumulated coin reserve of
$l3s000,000. Resumption practically came enc
month before the date fixed by law. Our notes
were no longer at discount. Resumption came to
all parts OF the country In California preen h scs
rose to, and are now at, a 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 resump- ION was to be
harder.
Referring to the appropriation of s26,soo,Oo0 for
ARREARS OF PENSIONS
Fortunately the increase of revenue caused by
resumption and reyiving industries will L hone.
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 r. :
suits OF resumption
Since the LIST of January, and prior to the LIST of
July 1873 we have paid about $1,000, 600 coin GER
tjfcates with United States notes and have Maid
sos, sol 95 United States nds with United States
V notes. VI 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 paying daily the fiyetwenv 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 prepare
m ea1i in M 0un
per cents and in 1878, sl2s, $685. $50; battne moment
that resumption was complete, the sale of bonds
the monh S IF g sd "a we sold
, the month of February, $50 10l ,75O In the month
of March the sales fell to s2o,s52, 100, chiefly by
rrason of a fear that the enormous payments
required under the refunding act during the
months Of April and May would create distu b.
ance in the money maj Ike but this fear having
been dissipas sd. by the LIST of April the sales were
rapidly resumed and in four days they amounted
to S73 252, 300, enough to and pay of all out
standing fSe-twenty bonds of the United States.
Thus, as the first fruit of resumption, within one
hundred days after its coming we sold S3l3 no. 2EO
four per cent, bonds, with which to pay an eGu.l
amount of six per cent. bonds securing saving of
were outstanding at that time $9A566, $40
i've FER cent. ten-forty bonds. redeemable
at the pleasure OF the United States. To pay off
these bonds the treasury department offered $780,
00O, 600 four percent bonds at premium of one
half of one per cent, the residue to be paid from
the proceeds OF ten-dolar 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
tnst couli be offered within two years / then
thought a premium could be secured and would
have demanded higher rate but that the law re-
CURED tint reminding certificates to be exchanged
at par for lawful money, These refunding certlfi-
Gates were designed TO furnish easy opportunity
for persons of limited means to invest their savings
seeks to diversity productions. It has steadily
pursued, as object of national Importance the
paid his attention to me- in speech in this city,
tce. 1t led our country in the great struggle for
union and nationality, which more than all else
tended to make it great and powerful 1t has
always taken side with the poor and feeble. 1t
emancipated a whole race, and has invested them
with liberty and all the rights of citizenship
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 on all national affairs,
while observing and protecting the rights of the
States 1t has tried to secure the equality of all
citizens be ore the law. 1t opposes all distinctions
among men, whether white or black native or nat
| urahzed 1t invites them all TO partake of equal
privileges, and secures them equal chance in
life. 1t has secured, for the first time in his
tory, the rights of naturalizad citizen to protec
ton against claims Of military duty TO his native
country. 1t prescribes religious test. While it
respects religion for its beneficial influence upon
civil society," it recognizes the right of each idi-
vdual to worship God according to the dictates of
his own conscience, without prejudice interfer-
| ence. 1t supports free common-schools the
basis of republican ms ltutions 1t has done more
than any party that ever existed to
provide lands for the Iandless. 1t devised and
enacted the homestead law, and has constantly ex-
tended this policy, 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 1t
development of our commerce on inland waters
| in small sums, and were of great importance, not
only for the convenience of all classes of peo-
pie, but to interest them in the advantages and
stability of the public debt. Within two days the
whole $780, 900 bonds we're 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
States, and were eagerly taken in sums of hun
bred dollars. This closed all the refunding opera
tons authorized by law, for there are no other
| bonds that can now be redeemed except by pur-
chase in the open market at their market value.
The annual saving in the nterest-charge eff cted
! by these refunding operations since the LIST of
January last, is $3.50, 45s, and since the LIST of
March, 1871 to the present time, s14,297,177.
Airrnnc hnrh 10