Watertown republican. [volume] (Watertown, Wis.) 1860-1906, 1880-09-08
A FEW SOLID FACTS,
Cleaned from Honest John Sherman's
$Ess stA Latest Utterances.
Magnificent Record of the Republican Party in
Regard to National Finances.

Hon. John Sherman, secretary of the
treasury, delivered an incisive and
powerful speech in Pixies Opera House,
Cincinnati, on the. Both ult., to very
large and attentive audience, the house
being filled long before the time for
speaking to commence. Secretary Sher
man always speaks well, but he was I'M
usually happy in this effort, giving a
clear and comprehensive review of the
Republican financial policy, and going
over the leading issues of the present
campaign in manner that must con-
vince every unprejudiced person of the
superior claim of the Republican party
to theSconfdence of the people.
He began by commenting upon the
desire of the Democratic party for ga
change saying that it had desired a
change in 1864, in 1868, and again in
1876; that if the people had granted it's
desire in "a "we would now have no
united country to boast of and no land
to love-" He then proceeded to speak
of the resumption and refunding opera
tions of the government, and of the
benefit that had resulted to the people
therefrom. Abiding to the predictions
of the Democrats that the attempt at re-
sumption would be a failure, he peril
nently said:
The Democratic party, convicted of false
prophecy, could only shout out that it was
Providence that did it; that the good crops,
which came six months after resumption was
complete success, did it; and some OF them had
the audacity to say that the way to resumption
was prepared by the economies enforced by
Democratic house of representatives, which, as
l will show you hereafter, instead of reducing
the expenses actually increased them largely in
all branches of the public service subject to
annual appropriations. One thing is certain
that if its desire for change had been gratified
four years ago by the American people, the re-
sumption act would not have been enforced, re-
sumption would not have come, and the hope
full joy which gladdens the homes of millions of
laboring people would still be repressed by the
evils of nredeemable paper money. Rssump-
plished and followed it, is the direct result of
the wisdom of your choice in the election of
Republican president four years ago.
Rehearsing the story of the success of
the Republican policy of Iefunding the
public debt in bonds of lower rate of
interest, by which the treasury is saved
In interest the sum of $14, 900, 453 per
year, he made the following important
statement:
But this was not the only benefit derived by
our people from refunding operations The
rate of interest became permanently reduced on
all investments throughout the country. Low
interest is the chief factor of our prosperity. 1t
became possible for manufacturers and trades
people to borrow money, so as to conduct their
business profitably. This low rate of interest
produced demand for new investments, and
new enterprises were started into life Thus
hxf hn off
ing acts the way was paved for the present era
of prosperity. And the whole of this was the
work of the Republican party. If the change
desired by our opponents four years ago had
occurred, no man can truly say that such re-
suits as these would have taken place; for, from
I1lden down, the Democratic party favored the
repeal of the resumption act. That party, dur
ing these four years, has been the slave of the
most idle and crazy popular decisions of fiat
money-ther leaders even talking about bloated
bondholders and aristocrats-and was ready to
fan into flame the passions of men to mobbsh
violence and to fierce contentious between CAPT.
tai and labor
The secretary then proceeded to speak
of what had been accomplished In the
way of paying the public debt, and gave
the following interesting figures, which
are worthy of the careful consideration
of every honest citizen:
Again, the policy of the Republican party has
always been the honest and faithful observance
of public obligations. From the time the public
debt was created as the result of the war, until
this hour, they have sought to adopt policy
which would secure its slow, but sure and steady
payment, according to the letter and spirit of
the public obligations. No thought of repudia-
ton, wholly or In part has ever entered into the
Republican policy. The gradual payment of
the debt, and the reduction of the rate of in
hax-o hoo, l.
policy, which have been pursued without shad-
ow of turning. The principal of the debt had
attained its maximum August 81 1865, when
it reached 50, 756, 431 ,571.43. 1t has been
gradually paid off with the surplus revenue, SO
that, on the first day of July of this
year, it was 81, 1926. 747.75. The principal
OF the debt has been reduced 1897. 104, 1913 6S,
but the interest has been reduced in far greater
proportion. In 1865, the interest bearing debt
was 81 301 $780, G94 SO, and the rate of interest
on part of it was as high as seven and three
tenths per cent. per annum, and the interest
charge was S15O, 977, 697.87. The interest
charge had been reddcedt to $79. $50, 981, Oh the
first of July, 1880; and we only await the ma
tuI1tv OF $720, 645, 300, the balance of the five
and six per cent. bonds, to reduce the interest
charge to not exceeding 10000, 900. Re-
publican administration is now paying the pub
lie debt at the rate of ten millions month. or
two and half millions week In all human
probability, before this administration closes its
term, the debt will be further reduced seventy
millions, making saving in annual interest of
four millions of dollars
This policy of debt paying and interest re-
ducing is the most striking in the history of
any country. Other nations have had great
debts; but no nation ever before paid it SO rap
idly, SO justly, so honorably. This fact alone
is worth more in the public credit than all the
gold and silver in the country; because it is
capita! from which we can draw whenever
necessity requires.
The Democratic party pursued an exactly op-
posite policy. From 1857 to 1860, when Mr.
Buchanan was president, it steadily increased
4o2.O1. At the close of that period it paid as
high as twelve per cent. on one-year treasury
notes, and sold six per cent. twenty-year bonds
at eighty-nine cents on the dollar. While the
debt was being reduced by the Republican
party, the Democratic party impaired the pub
lie credit by proposing schemes to cheat the
public creditor. It's influence the chief
obstruction to the debt-paying and ipterest-re-
ducing policy of the Republican party. In
states where it had the ascendancy, like Vir-
ginia, Louisiana, Tennessee, Mississippi and
Arkansas, it has either repudiated the state