, 1880-09-19

TIE REWARDS OF NATIONAL HONESTY.
Senator C0nkling, in his New York speech,
gave brief history Of the passage OF the Re-
sumption act. He proved that it was meas
ure of Republican origin; that it was passed
through both Houses Of Congress by Repub-
lican votes; that it was signed by a Repub-
lican President; and that it encountered only
opposition and ridicule at the hands of the
Democrats in Congress and out of Congress.
He also limited at the benefits which have ac-
crued to the country by reason Of the public
faith and honesty represented by the resump~
tion Of specie payments at the earliest prac-
ticable moment. But lie had already de-
voted so much of his time to the elaboration
Of other Important considerations that he
was not able to trace out the good results of
resumption to their full Significance.
Businessmen may well employ some of
their leisure, or some Of the time which they
give to political matters, in thinking out the
vast, far-reaching, and universal advantages
that have grown out of the maintenance OF
the National faith, the credit for which Is in
disputab1y due to the Republican policy.
Some suggestions may be made which will
assist in ascertaining the tangible results of
resumption.
l. Resumption was the fruition and the eyi-
dence Of National credit. Before resun,p-
tion was accomplished there were only
pledges and promises of good faith which
appealed to the confidence Of the world and
the patriotism Of the American people. Re-
sumption was the realization of these prom
ises and the redemption of these pledges.
Tf%o ,1%%u u&r1.1r
this act Of public honesty. It paid. From
the time that resumption became practically
fatt acco'mplt the Government began to
reap the benefits Of its honest policy. The
Government per cent bonds were first
funded into s, then ~, and then per cents.
The IS were funded into Is. The outstand-
Ing 6s and IS will next year, if Garfield is
elected, almost certainly be converted upon
maturity into bonds bearing only 911 per
cent interest," unless the Greenback policy
of paying them of in order to exhaust
the coin resources of the Government
shall prevail with the connivance and
all of the anti-Natfona1 Democrats. In
this way the Government will have saved
fully $4oo00,o00 annually, or more than
third Ut the annual interest-charge upon the
people, which must be paid bytaxation. Take
purely uti1tarian and selfish view of the
case: Has not this course been more profit
able than would have been any tax on the
Government bonds, or other violation of the
public faith?
z: But the saving to the National Govern
ment represents only small part Of the gain
which has accrued to the people by virtue Of
Public Honesty. There has been correspond
ing saving-perhaps an equal saying-in the
reduction IN the rates Of interest on debts
paid BY States, counties, Cities and towns
which have followed the example of the Ma
tlonal Government and maintained perfect
faith with their creditors. The aggregate Of
the State, municipal, and local debts Is ap-
palling,s but great relief has come in the re-
duction by fully one-third Of the tax neces-.
sary to pay the interest thereon. "A few
years ago the City Of Chicago was compelled
to pay and per cent for its temporary ac-
commodations, and it is now able 10 re-
1und Its q per cent maturing indebted
ness into bonds bearing only ~ per
cent Interest," This advantage comes pri-
maf11y from the example in honesty which |