, 1880-09-19

SUNDAY, SEPTEMBER
was made by the General Government and
which Chicago initiated by similar economies
and a counterpart of good faith. 1t may be
safely estimated that the interest charge on
all State and municipal indebtedness through.
ont the country, in communities which COM
mand the confidence of capital. will in very
few years have been reduced to two-thfrds
! of what it had been before, by virtue Of the
honest policy which the, Republican party
has maintained in the General Government.
! 8. The private and quasi-public corpora-
tions have been in due proportions the bene-
flciarles OF this policy. The railroads fur
nish a striking illustration Of Its workings.
Their aggregate bonded debt is in excess Of
the National debt, and the cost Of maintain
| ing it is being proportionately reduced by re-
funding at lower interest. While the Gov
ernnent formerly paid per cent, 1t now pays
4, and will shortly pay S15; SO the, railroad
corporations which formerly paid and 5 per
cent on their bonds, now pay $, and will
| shortly be able to refund at still
lower rate If resumption Of specie pay
nents and the public faith be maintained
and their own policy correspond thereto.
The ulterior benefits Of this saving in
interest extend to all classes. The public de-
rive a benefit therefrom as well as the OWL
eIs Of the railroads. The facilities Of trans
portation are extended. freights and. fares
are reduced, the tracks are renewed with
steel rails, new connections are established,
better ro1ling-stock is provided, and more
/ t., 4n 1ohn r.
Is done while the dividends remain as large
rs they were before, or are even increased
over the previous average.
| 4. The same advantage which has been en-
| joyed by the General Government, the State
and local Governments, and the railroad cor
! pOrations has been extended to the people in
their private and business relations upon
much broader scale. The farmer or the
| householder who has been carrying mort
| gage and kept up the interest thereon can re-
| new 1t, or SO much Of it as he desires still to
! borrow, at two-thirds the previous cost. He
| can borrow at per cent where he formerly
paid OR 10, or at 6 per cent where he former
ly paid 8 per cent. The legal rates Of inter
est have been reduced very generally by leg
islative enactment. The banks make COM
nlercial, accommodation, and time loans at
much lower rate than was ever regarded
as possible In this country. This condition
is healthful stimulant to. building, to
| manufacturing, to enterprise Of all kinds.
Its effect has been apparent during the past
year, and it will be more striking during the
next few years to come II there be no
"change" in Government policy, to which
the renewed prosperity of the country may
be directly traced.
s. But the benefits Of resumption and an
honest policy in the administration Of the
Government are not confined to capitalists
and large cntrcpre,1curs III manufacturing
and commerce., They reach out to the
salarled and wages classes. Il the Govern
ment has been able to save one-third to one
half it's interest charge, the States and
municipalities as much more, the quasi
public corporations an equal amount and
the merchants and manufacturers and farm
ers as much as all the others together, the
laboring masses have enjoyed similar and
proportionate advantages. They are work
ing now on full time and at good
wages. They receive their pay promptly.
Their families have more comfort in
life. The extension Of railroads, the
construction Of new rolling stock,
the running Of more trains the large amount |
OF building that is going on in this and other |
cities, the renewal of warehouses and ma
clinery, the running OF mills and furnaces |
on tull time,--the$a and all the other elements
Of prosperity and progress have extended to
the working classes their share Of the bene-
fits that run back In the end to the mainte-
nance Of public faith, as realized in the re-
sumption Of specie payments
Can the American people seriously con-.
template "change'' from the condition Of
things VIC have described and which every
intelligent man can recognize for himself? Is
there the smallest temptation now to expert
ment with the financial policy Of the Govern
ment? Is there any reason why the Govern
mont should now retire the Natlonal-bank
notes merely to double the amount of legal
tender paper in violation of the constitu-
tional restriction defined by the Supreme
Court? Will itbe wise to forego the avail
able advantages OF refunding at 81 per cent
interest and pay off $3.50, ,o00, coo Of maturing
bonds merely to deplete the Treasury OF its
coin and stop specie payments? Yet these
are the experimental projects proposed by
the Grecnbackers, and virtually approved by
the Democratic candidate for President and
the Democratic managers who have been
making merry over the report Of fiat fnt1a-
tion success, and who are everywhere CO.
quetttng with the leaders Of the Greenback
party. Every man who realizes and appre-
clates the present condition Of things as
contrasted with the common depression and
detection Of two years ago should bring
these considerations back to himself, his
business, and his family, and then decide
whether or not he wants q "chanEe."
WHY IRIsHsfEN SHOULD VOTE THE Re-
PUBLICAN TICKET.
The speech that was made BY Col. ". P.
Rend, one Of our most active and enterpris-
ing Irish citizens, to the Irish Republican
Cinh on Thursday euaninp Inst shan1d he |