Oxford Democrat. [volume] (Paris, Me.) 1833-1933, 1880-04-06
Reduction.
tTSS6lS g.
Total.

has been reduction from 1873 10 1879
inclusive, and these are the years referred
10 by the gentleman from New York. There
has been decrease OF $93, 626, 265, and up
to March I. 1880, nom the date the gentle
man named, 1875, OF Sll2,045,13I.
Now, believe the people OF this coun-
try are entitled to the facts. They are not
10 be bothered or deluded with this ''debt
and bonded debt" this play upon words,
this trifiing with terms. A debt Is deot,
whether IL is ''bonded" or "unbonded
and the debt OF the country Is precisely as
I now have stated IL.
Again, l wish TO call the attention oil
the country TO page OF the gentleman
speech, where he thinks the Secretary OF
the Treasury is considerably confused about
the amount OF bonds sold for resumption
purposes. He gives n table showing the
amount sold and cost OF the same and
interest OF the same; and on page =, he
sums ND his remarkable conclusion, there
has been SO, OO0, 900 OF the legal-tenders
redeemed, which IL has cost SIS, 4Os, "a to
redeem"
lam exceedingly surprised that so dis
tinguished gentleman as the leader OF the
Democratic side and chairman OF the Com
mittee on WAYS and Means should permit
that 10 90 out 10 this country as a state
ment OF facts. ''Six millions Of legal
tenders have been redeemed at a cost or
thirteen and a half millions OF dollars. -
Then SAYS the gentleman, ais not this an
extensive operation" Why, the gentle
man further on In his speech says 'resump-
ton was necessity" Further on he finds
himself entirely In accord with resump-
ton. Further on he says that mo man
wants gold" Why? because he knows
he can get It," All, there Is the secret.
say 10 the gentleman from New York IL II
cost SIS, 0o0. 600 10 redeem S6,OcO,oOO the
moment men knew that they could get II
they did not present their bills for redemp-
ton because the bills were better than the
gold and mere convenient for their puT-
poses. But suppose that there had been
only SIS 1000, 900 in gold in the Treasury
FOR resumption purposes, does he suppose
IL would have cost SlS,OOO,OOO To redeem
-. 600, goo: Why, the thirteen millions
would have been drawn In single day.
Every man would have wanted gold, be-
cause IL was not
WHY. sir, that SIS, oo0, coo has brought
10 this country the magnificent condition
aud the extraordinary prosperity OF today.
That Is what resumption has accomplished.
That SIS, coo. 600 has made the grecnback OF
the country receivable NJ par In every
great commercial centre In all the Wide
world. That has brought about to large
extent the present financial standing or the
country at home and abroad. That sl3,-
OO0. 600 has brought about this equalization
between gold and silver, national bank
notes and greenhacks- And is IL heavy
price 10 paw: Does the gentleman think
IL has cost too much! l. he willing TO
concede that all the magnificent prosperity
OF this country which has resulted from
this has cost too dearly.
Iwish TO call the attention OF the House
20 another point made by the gentleman.
lie says:
"For the purpose of strengthening the
public credit at the commencement OF the
war. and giving confidence TO those who
were disposed to become government cred
itors. so-callcd sinking fund was estab-
lished. which Was Immediately disrsgarded,
even hy those who had created IL, and
which has been irregularly complied with
since"
That Is in the letter true; In the spirit,
not so. The payments on the debt have
met the requirements Of this sinking fund
and exceeded them by $500, 100000. The
amount OF the sinking fund January /,
1850. computed with reinvestment at per
cent. per annum upon the total OF the debt
since January |, 1866, would be Si72, 2f3,-
62l, while the amount actually paid on the
debt is nearly $500, 900, 900. Now. il that
Is not a compliance with the requirements
OF the sinking fund in spirit, and more,
too. then do not understand what COM
plsance may be.
Again he says:
The Finance Report OF 1866 states that
the average interest on al, 725, 900 OF the
debt was s. 62 per cent. The management
of the public debt from that period has not
been the best that could have been devised. 3"
That may be. am inclined 10 think that
an omnipotent power perhaps might have
devised a better way. But hear the con-
clusion:
There has not been stable policy
founded on principles of enlightened states
manship.
And yet in the same speech, coming from
the Committee on Ways and Means, with
a full chance of the completest investiga-
ton, the gentleman says;
1T is evident that the United States has
FAR greater natural resources TO meet its
obligations than Great Britain or any other
nation"
And that. too. notwithstanding four years
OF the most dreadful war that ever visited
any land on this earth, and debt in 1865
OF almost 5000, 600, 900, and no stable, )"
enlightened policy financially. And the
the gentleman further says:
''She stands even now in the beginning
OF her national existence as the creditor
nation Of the world. All that is necessary
10 maintain supremacy is wisdom, caution
and good faith"
What a position TO be attained by this
young Republic, which, according to the
gentleman, has had no stable and enlight-
ened financial policy. Again:
"0ur credit is firmly established on the
best basis. 1t Is recognized and admitted
by timid and conservative investors in
public funds who hazard nothing at any
time and under no inducements"
Again;
The rate of l-2 per cent, which is pro-
posed, is conservative proposition. As
to its feasibility OF successful accomplish
ment have no doubt"
And vet that has been accomplished
without any stable or enlightened financial
policy on the part Of this government.
Mr.. Chairman, l cannot allow this OPP
portunity to pass without calling the atten-
ton OF :ke gentleman from New York and
the country TO our marvellous financial his
tory of the last twenty years; nor with
out claiming that q success unparalleled in
the worlds experience is largely due to the
patriotism, fidelity, and steadfastness OF
the Republican party. Like a rock 1t has
stood firmly against the waves OF folly, in
fiation, and Reputation. saving from their
overflow the financial integrity of the ma
ton.
The record shows that in 1860 the rate