Union County courier. [volume] (Elk Point, Union County, D.T. [S.D.]) 187?-1913, 1880-09-15
A FEW SOLID FACTS;
Cleaned from Honest John Sherman's
Latest Utterances.

Cleaned from Honest John Sherman's
Latest Utterances.
Magnificent Record Of Inc Republican Parry In
Regard 10 National Finances.
Hon. John Sherman, lecretary of the
treasury, delivered an inoisive and
powerful speech In Pixies Opera House,
Cincinnati, on the 8Oth tlt., to a very
large and attentive Audience; the house
being filled long before the time for
speaking to commence. Secretary Shets
man always speaks we'll; hut he was tln-
usually happy in this eEurt, giving 4
clear and Comprehensive review Of the
Republican financial policy, and going
over the leading issues Of the present
| campaign in a manner that must con-
vince every unprejudiced person of the
superior claim Of tile Republican party
to the confidence Of the people.
He began by commenting upon the
desire of the Democratic party for ga
change" saying that 1t had desired q
change in 1864, in 1868, and again in
1876; that if the people had granted its
| desire i'll ga "we would now have no
united country to boast of and no land
to love-" He then proceeded to speak
of the resumption and refnnding opera
tions Of the government, and of the
benefit that had resulted to the people
therefrom. Abiding to the predictions
If 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 q
| complete success, did it; and some OF them had
the audacity TO say that the way to resumption
was prepared hy the economies enforced by a
Democratic house Of representatives, which, az
| will show you hereafter, instead OF reducing
| the expenses, actually increased them largely in
| all branches Of tie public service subject to
annual appropriations. One thing IL certain,
that il its desire fora change had been gratifed
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 he repressed by the
evils Of irrcdeemable paper money. Rssump-
ton, then, with all the good that has accom-.
| Nkbucu lOLUWeu lb tue ulIeCJ Tc6ulN VI
! tlie wisdom of your choice in the election of Q
Republican president four years ago.
Rehearsing the story of the success oi
the Republican policy of refunding the
public debt in bonds of lower rate oi
interest, by which the treasury is saved
in interest the sum of $14, 900, 453 pei
year, he made the following important
statement:
But this was not the only benefit derived b,
our people from refunding operations. The
rate of interest became permanently reduced OF
all investments throughout the country. Low
became possible for manufacturers and trades
people to borrow money, SO as to conduct theil
business profitably. This low rate Of interes,
produced demand for new Investments, ani
new enterprises were started into life. Thus
| by the policy of the resumption and the refund
| ing acts the way was paved for the present era
Of prosperity. And the whole of this was tho
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
Tlden down, the Democratic party favored the
repeal of the resumption act. That party, dur.
| ing these four years, has been the slave Of thu
most idle and crazy popular delusons Of fiat
money-their leaders even talking about bloated
/ bondholders and aristocrats--and was ready tC
fan into flame the passions of men to mobbist
violence and to fierce contentious between capi.
| 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:
| l.
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
| terest, have been kindred measures of the same
policy, which have been pursued without shad
ow of turning. The principal of the debt had
attained its maximum August 81, 1866, wher
it reached S2,756, 4S1, ,57l.43. 1t has beer
gradually paid OF with the surplus revenue, &C
that, on the first day of July Of thi,
year, it was $1,919, ,S26. 747.75. The principa
! of the debt has been reduced $837, 104, 1928. So
but the interest has been reduced in far greater
proportion. In 1865, the interest-bearing deb,
was %, 3s1 $50, ,294 SO, and the rate Of interest
| VIZ PuIt VI ~ Wab 90 nA6A % bCVCh 0Atu tAACc
tenths per cent. per annum, and the interest
charge was $3.50, ,977, ,697.87. The interest
charge had been Ieddcedto e79, ,633, 981, on tht
first OF July, 1880; and we only await the ma
tuIity Of $72O, ,645, 800, the balance Of the Ave
and six per cent. bonds, to reduce the interest
charge to not exceeding &7O, 900. A Re
publican administration Is now paying the pub
lie debt at the rate Of ten millions month, Of
| two and half millions 4 week. In all human
probability, before this administration closes iti
| term, the debt will lie 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 90 rap
idly, so justly, so honorably. This fact alon<
is worth more in the public credit than al the
| gold and silver in the country; because it is I
capital from which We can draw whenever
necessity requires.
The Democratic party pursued an exactly op
| posite policy. From 1867 to 1860, when Mr.
Buchanan was president, it steadily increased
the public debt from o., 993, ,621 u to e59, 964,
4O2.0l. At the close Of that period it paid .,
high as twelve per cent. on one-year treasur,
at eighty-nine cents on the dollar. While ths
debt was being reduced by the Republican
party, the Democratic party impaired the pub
lie credit by proposing schemes to cheat thu
public creditor. It's influence was the chiei
obstruction TO the debtpsy.nS es and lotsrest-Te
states where il had the ascendAncy, Ike yir
ginia, Louisiana, Tennessee, Missiasippi Ani
| Arkansas, il has either repudiated the stat
debt or threatens to do 20. Its success, In /
national election, would, in my judgment
greatly impair the public credit and reduce th,
value Of public securities.
| The Democrats have made . erea'