Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1880-10-29
Things for business Wen to Consider.

including f. d. Morgan, J. j. Astor, Hamil-
ton Fish, j. d. Vermilye, William II. Macy,
Levi p. Morton, Cyrus w. Field, and others
whose names are scarcely less eminent in
business matters II is evident that nothing
but political emergency Of great importance
would lead these men TO write an address
of this kind to their fellow citizens, and their
views, as thus expressed will command great
weight, not only among the people Of New
York, but throughout the country. The
main purpose of tho address is to point out
the serious consequences to the public credit
and to the interests Of trade and industry
which would attend a change in the admins
tration of the government at the present
time. Twenty years ago, they state when
the debt of the United States was only S1.91
per capita, the government borrowed with
some difficulty 81, 500, 900 at twelve per cent
interest. Last year, though the debt of the
United States was S4O.42 per capita, in
a single day $l94, 900, 600 was offered to the
government at 4 per cent. when it needed
only S121, 100000 Under the latest Demo-
cratic administration the debt was more than
doubled during four years of peace and the
| government 6 per cents sold Mt &C. Within
the last four years the public debt has been
reduced SlS3, $40, 1862, and the L. S. per
cents have sold at 11O9. If now the admins
tration Of the government were to be trans
ferred from the party which has so complete
! ly restored the public credit to the party
by which it was left so completely wrecked,
serious alarm would be felt and the public
credit would be impaired Any shrinkage in
the value of government securities would be
| felt directly by the POO, 600 persons who own
bonds; by the pos, 600 stockholders OF ma.
| tional banks, which hold S4OO. OOO, 900. or
nine-tenths of their capital in government
bonds by the 10000 stockholders in state
banks, which have nearly $4,000, 600 invest
cd in the same way by nearly COO, 600 poll.
ey holders in life insurance companies, which
have about SIS, 600, 900 in government bonds
and by large but unknown number of stock
holders in loan and trust companies and poll.
| cy holders in fire and marine and casualty in.
surance companies, and by the ., PCS, 7O7 de-
| positors in savings banks, which hold SLIT
| i15, 1j9 in United States bonds. Probably
not less than 1000, 900 persons represented
in the above classes would be Immediately
and directly affected by any impairment of
the public credit.
But the disastrous effects of marked de.
cline in the value of government securities
such decline as would almost inevitably at.
tend Democratic victory at the election
would be even more widespread. The vari.
GUS corporations and institutions named
| above ne bOllars NJ a, l.,
about two thousand million dollars now loaned
for the support OF various branches of trade
and industry Any shock to the public cred.
it which impaired their resources to a consid-
cradle extent would necessitate q correspond
ing contraction Of their loans The blow
would fall upon merchants, manufacturers
and workmen quite as heavily as upon cap
| italsts and lenders, and a financial revulsion
more terrible and far reaching than any we
have ever with essed, would result from col
lapse of the public credit, built up so sue
| cessfully under Republican administration
The address points out that bills are now
pending in Congress, introduced by Demo-
Gratis and backed with considerable Demo-
cratic support, providing for the payment of
principal and interest in paper. In 1865, when
| the legal tender dollar was worth only 20 cents
the Democrats in their national platform, pro-
posed to pay the j-2Os in paper and to tax all
bonds, and Gen. Hancock, who was very near
being nominated on that platform, gave to it
his unqualified approval Neither the Demo-
cratic party nor Gen. Hancock has done or
said anything to show that the course consid-
cred honest and wise in 1868 is regarded any
differently now. This question is one of par
tcular importance, in view of the fact that
within year bonds to the amount of nearly
seven hundred million dollars are redeemable,
but the Democrats have resisted every propo-
sition for refunding them and bills are now
pending in Congress, supported by many
Democrats, which provide for the payment
of all these bonds by new issue of green
backs. This would be double violation Of
faith, because the government has pledged
itself not to issue any more legal tenders, and
1t has pledged itself also to pay its bonds in
gold. Gen. Hancock has not declared against
this two-fold perfdy which Democrats in
Congress have sought to bring about, but on
the other hand he has sent special congratu-
lations to the Greenback candidate for gov
ernor in Maine, whose party is distinctly
pledged to this course of treachery toward the
public creditors. The signcrs of the address
continue:
when the Democratic party, in spite Of all Repub.
hean efforts, defeated every plan Of refunding last
winter, in what other way did it intend to deal with
the bonds that become redeemable year? In Con-
gress, as in Maine Democrats who know that the
payment Of bonds with greenbacks would he ruinous
and dshonorabe for the sake Of party success jon-
ed with Democrats aud GreeIback men who propose
thaf course Who can say that the same men would
moi tacrlhce conviction to party eIpedency after the
election Who can say that this alliance would not
destroy the public credit, stop specie payments and
plunge the country into iucalculable disasters by a
new issue Of s7OO OOO, 600 in legal tender notes ?"
As to the maintenance of specie payments,
also there is ground for apprehension. So
short time ago as February, 1879, log Dem
ocrats in the House of Representatives voted
to repeal the resumption act and only 81
voted against the repeal In the campaign
just closed in Indiana the party has support
ed for governor the most extreme imitation
list in its ranks. There is no evidence that
the party has changed its purpose, and there
can be no assurance that if it had full power
it would not carry out the attempt to repeal
the resumption act, which it made only last
year. Again, as to the national banking sys.
TEN the Democratic party is more nearly
united in its desire to get rid of the National
banks than in any other detail of its policy.
As early as 1870 the Democrats voted SO to
to withdraw the national bank circulation.
An overturn Of this system would be follow
ed by great shock, and the bonds, amount
ing to $500, 0OO, 600. which the banks now
hold, could not be paid and retired without
imitation, dishonor and disaster. Neither can
any one predict how far the Democratic par
ty would 60 in cutting down the revenue. It
has already shown pronounced hostility to
the whisky and tobacco tax, and has encour-
aged the agitation for their evasion or repeal
The business of the country is now in a crit