Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1880-09-30

currency. ....................... 155,017 ,75S q
Gold. I37 655 76e 2l
lS76-repubican:
currency. ACKNOWLEDGEMENTS. l4T.7l4,940 81
UOlu.. ....-........- l29 ,693, ,llS o.
lSIl-democratic:
Currency. Observation-Disclosures 124 I'D 0I0 %
Gold. II5;O6l l04 IL
lSIS-democratic:
Currency. OBSERVATION-DISCLOSURES. IS 500 9S3 Is
Gold. ........ Sc 236 AS 80
lSI9-democratic:
ca I@-I,uIo@oV2 @ @ - 4
UoId. -. .......... lIl ,612115 39
1SSO-democratic:
currency 49,. TO-, ,4O4b4t 30
u0iu; ,.'..... :..........-,... l62,4O4,64I 20
1SSl-democratic:
Currency. ........ I51 lis 2Ia 64
Gold. Observation-Disclosures. 1541lS 2l2 64
1t will be seen that under republican majority
appropriations steadily decreased down to the
democratic accession in 1871. In the first year
the democrats continued the reduction. omitting.
however, needed appropriations. In their second
year, the year preceding the congressional elec-
tlons, they badly neglected to provide for many
obvious and indispensable appropriations This
was exposed ON the spot an electioneering de
vice, but the figures went forth and had their
effect. There they stand in the tables of 1873
The great apparent savings, loudly Dragged about
at the time, but everybody familiar with the
workings of the government knew beforehand
must be the pretended savings which had been
uTpOSelN Icll OuO Ol appropriation DlllS came
in as deficiency bills after the election at the next
session. There stands the proof III the tables of
1879. The appropriations that year were greater
than in 1876, the last year of republican rule
greater in currency by S24 301 S6S.40. greater in
gold by S41 979 057. .56. For last wear the appro-
priations exceeded the last republican year more
than 5000 600; for this year they are consider
bly, larger, and in both years appropriations were
purposely omitted in cases in which they are sure
to be supplied at the next session
THE CREATING OF RESUMPTION.
In the face of the fact, bold and arrant as the
claim Is, the country is gravey told of wonder
Gus democratic economies, and it now begins to be
stated that resumption of specie payments was
really brought about by the frugality of Il demo-
cratic congress. If a race was to be sailed on the
sea of fiction, the inventor of that statement
would surely take the cup. The resumption of
specie payments was a tranScendent achievement.
The credit of it belongs to some party and to
that party future generations will look back with
grateful admiration. Whoever would know the
truth about it can easily do So After the war
we had at1oat well toward thousand millions of
paper currency. 1t fUctuated in value from 3S
to 20 cents, on the dollar. The public debt was
more than twenty eight hundred millions? and
more than twenty-three hundred millions oft
bore interest. The annual interest charge was
hundred and fifty millions The first presidential
election afterward was in 1868. The two parties
of course, arrayed themselves on the greatest fl
ever dElScU III llS COull-
try, or, perhaps, in any country. The question
was what should be done with the colossal debt
inflicted by the rebellion and with the sea of pa
per promises we had been compelled to put out?
The democratic party pronounced Tor reputation
The declaration was covert and indirect but it
meant reputation. They resolved that all debts
should be paid III paper promises unless the obi
cation eXpress y on its face said otherwise or
less the law mentioned that coin should be paid
they resolved that government bonds and all
other securities should be taxed; they resolved
that every species of property should be taxed
and taxed at its real value; they resolved that
there should be but currency for the govern
ment and the bOndholder. Taken together these
declarations were plain Reputation. Nobody pre-
tended that the obligations of the government
were payable III honest money for the reasons
which alone could allow them to be sa paid under
the democratic resolution. Had their payment
IN honest money been specified literally and
technically III the way required by the resolution
there would havO been efficacy of meaning in
such resolve and declaring that the bondholder
should have only the same currency that the
government received, clearly and conclUsively
meant that payment of bonds was to be made in
lcgal-tender notes. The bonds had been sold on
an express agreement that they should never be
taxed and exemption from taxation had entered
into the transaction and been diScOuntered as an
element of value. and paid for in the price given
for the bonds. To tax not only the bond, but
every species of property, at its real value would
have toXed a barrel of -four as vol barrel of
whisky; would have taxed land and all else. Such
"A scheme would not only have a frontlet of
reputation, but would have thrown into chaos
the whole revenue and business of the country.
This was the democratic position.
The Republicans in their national convention
DECLARED TWO THINGS.
/. That reputation is a national crime, and
that every debt must be paid to the uttermost not
according to the letter but the spirit of the law.
2. That the wise course to improve
credit so as to refund our bonded debt at lower
interest, and that this could not be done if repu
diation open or covert, partial or total was
threatened or suspected.
On this platform General Grant was elected.
His first presidential syllable was spoken on the
portico of the Capitol to assembled thousands,
and spoken with lips which only an instant before
had touched the Bible to solemn ize ain oath 0
in office. In this inaugural address
then delivered stands these words: "A great debt
has been contracted in securing to and our pos
terity the Union. The payment Of this debt priIl-
cipal and interest, as well the return to specie
basis 1t can be ACCOMPLISHED without
material detriment to the debtor class or to the
country at large, must be provided for. To pro-
tect the national honor, every dollar Of govern
ment indebtedness should be paid in gold unless
otherwise expressly stipulated in the contract. Let
ii be understood that no repudiator of one farth-
ing of our public debt will be trusted in public
a
credit which ought TO be the best III the world,
and will ultimately enable us to replace the debt
with bonds bearing less interest than we pay"
This significant declaration produced deep
sensation. Both houses of Congress were Repub-
lican. Immediately a bill was introduced in each
house, to strengthen the public credit In less
than fortnight it had passed both houses and
was approved by President Grant March 18 1869.
1t the first act he signed. 1t declared that
: The faith of the United States is solemnly
pledged to the payment, in coin or its equivalent,
of all the obligations of the United States not
bearing interest, known as United States notes,
and of all the interest bearing Obligations of the
United States, excepting in cases where the law
authorizing the issue of any such obligations had
expressly provided that the may be paid IN
lawful money other currency than gold or sll-
yer: and the United States also sOlelnnly pledges
It's faith to make provision at the earliest prac
ticabIe period for the redemption of the United
States notes in coin" This bill was resisted by
the solid democracy in both houses. They voted
against it. They voted against considering 1t.
They voted for amendments to pervert and re-
verse its meaning. Senator Thurman, of Ono,
moved to add to it: Provided that nothing here
in contained shall apply to obligations called 30
bonds Every democratic senator present voted
for this; every republican voted against it. The
$40 bonds then constituted the bulk Of the public
debt and the proyiso would have frustrated and
vitiated the whole act. Senator Davis, Of Ken
lucky moved TO amend so as to scale down the
bonds to the coin value at the time of the curren
cy received for them. This was supported by the
democrats, Senator Bayard, of Delaware among
Others speaking in its favor. Senator Fickers, Of
MARYLAND. moved to amend so aS to prevent coin
ever being purchased TO be used to pay bonds.
Sen. Bayard denounced the bill as wrong unwise,
and as stock jobbing operation. After all this
the bill passed and not one democrat voted for 1t
in either house. .-e..r
THE NEXT STEP
in this progress was the funding act of july 1870.
The act authorizing the redemption OF the 5-2O or