Sacramento daily record-union. [volume] (Sacramento [Calif.]) 1875-1891, 1880-10-26
THE FINANCIAL ARGUMENT.

- NIlnQDOInt. IL DSdlo vi
twenty-five prominent financiers and bust
ness men. 1t is cool, temperate, sober
presentation of facts, and it must appeal
with irresistible force to intelligent minds.
1t opens with telling comparison between
the past and the present, as follows
Twenty years ago, when the debt of the
" United States was only 81 81 per capita,
"the Government borrowed with some
difficulty 81 500, 600 at u per cent. in
"terest. Last year, though the debt Of
&c the United States was $40 ~ per capita,
sin a single day 1874, 600, 600 was offered
g to the Government at 4 per cent, when
1T needed and accepted only Sl2l, 600, 900.
"Under the latest Democratic Admins
&C tration the public debt was more than
IS doubled during four years of peace, and
"United States per cents sold at 90 IN
December, 1860 Within the past four
"years the public debt has been reduced
"SlS3, S45, l62, or nearly six times
the entire debt in 1856, and United
States 4 per cent. bonds have sold at
"ll03 And it is argued that &c a transfer
@ of power from the party which has so
completely restored the public credit to
81 the party by which it was left so COM
"pletely wrecked would naturally cause
"serious alarm" An examination is then
entered upon of the scope and significance
of the popular interest in the maintenance
of the public credit, and it is shown by
statistics that mot less than 100000
persons are interested, either personally
cor through corporations, as owners OF
'bonds, and would be directly affected by
e a decline in the public credit" The ex-
tent to which such decline would cause
shrinkage in the value of assets now IN use
is next exhibited. 1t is shown that any
such movement would necessarily cause
such an enormous contraction of loans as
must result IN worse panic than the
country has ever yet witnessed, and having
proved the reality of the danger to be ap-
pretended from any attack upon the public
credit, it is sought to be ascertained
whether the advance of The Democratic
party to power would imperil the tinan-
cial situation as indicated. The solution
of this question leads to an examina-
ton of the Democratic financial record,
and it at once becomes apparent
that no guarantees or assurances are
to be derived from that source. The coun-
try is reminded how, in 1868, the Demo-
Gratis in their national platform proposed to
pay off the public debt in irredeemable
paper, and how General Hancock Endorsed
that platform, and would willingly have
accepted candidature upon it. g Nothing,
it is said, "has been done or said by the
Democratic party or by General Han
cock himself to show that the course
"deemed honest and wise in 1865 is now
deemed unwise and dishonest. Not a
d" thing has been done or said to show that
g the Democratic party or General Han
=" cock would not consider such payment
Gin 1851 strict maintenance OF the pub
lie faith" The entire course of the
Democrats indeed justifes every apprehen-
sion that can be felt regarding their financial
intentions. Every effort to meet the bonds
which mature next year, by refunding, has
thus far been defeated by a Democratic
Congress. Bills fog the payment OF these
bonds by new j. sue of greenbaeks are
now pending in congress, land are zeal
"ously supported by many Democrats"
This is the Graenbacker programme,
and General Hancock welcomed the sue
cess Of a Greenbacker in Maine as a Demo-
cratic victory. The Democrats have every
where fused with the Greenbackers when
it was possible to do SO. Nor does their
course previously afford any better ground
for hopefulness. They voted to repeal the
Resumption Act nearly two months after
specie payments had been resumed. They
are to be found at all times on the side OF
whatever propositions are made for the in.
iation of the currency and for the injury
OF the public credit. Nearly four-fifths
"of the Democratic party, according to its
representation in Congress, earnestly op-
"pose resumption, even since specie pay
'ments began, because it has been trained
"to believe that resumption is mischivous,
"and honestly desires initiation because it
has been taught that more money is
needed to 'emancipate the people from
Z" the tyranny of money kings. ," These
4" notions have no. been eradicated by sud
enchange in hetactics of a few partyma
Layers. Who can feel assured that they will
mot shape legislation as soonas the Demo
"cratic party has control?" Again, it is
well known that the South controls the
Democracy, and that while the South has
less direct interest in the maintenance OF
the public credit than any other part of
the country, because it is poorer, and has
less capital invested, it has special reasons
of its own for feeling more than Indifferent
to the scrupulous discharge of obligations
which were incurred in suppressing its
rebellion. To expect that this controlling
clement could be relied on to oppose the
Northern greenback agitation is clearly
preposterous. 1t must, on the contrary,
be assumed that the South would interpose
no obstacle to even the widest financial
heresies. Nor is this all. Even should
the Democratic party be more conservative
and patriotic than its past history renders
probable, public apprehension would none
the less be excited by its advent to power.
1.-The fear of disastrous changes would
PROSTATE the public credit almosta much
" as these changes themselves. Men
"would make haste to get out of danger
I" before the anticipated blow should fall,
L" and the panic to escape the supposed
" peril often results in greater loss of life
" than the dreaded catastrophe. " The
consciousness that Democratic policy had
been uniformly hostile to the material in
terests of the country would be irresistible,
and might and probably would lead to