Sacramento daily record-union. [volume] (Sacramento [Calif.]) 1875-1891, 1880-09-08
THE REPUBLICAN PARTY AND THE Ma
TIoNAL DEBT.

The relations of the Republican party to
the question of the payment OF the national
debt were very fairly and fully stated by
Secretary Sherman in his recent speech at
Cincinnati. From that speech we make
the following extract 1.-THE policy OF
the Republican party has always been
g the honest and faithful observance of the
sspubic obligations. From the time the
public debt was created, as the result of
81 the war, until this hour, they have
g sought to adopt policy which would
e secure its slow but sure and steady pay
ment, according to the letter and spirit
&c of the public obligations. No thought
"of reputation, wholly or in part, has
ever entered into the Republican policy.
The gradual payment of the debt and
''t the reduction of the rate of interest
9" have been kindred measures of the same
policy, which have been pursued with
e out shadow of turning. The principal
g of the debt had attained its maximum
August 81, 1865, when it reached
1852, 756, 43l, 81 43. 1t has been gradu-
ally paid off with the surplus reve-
20 nues, so that on the LIST day OF July
IS of this year it was Sl,9l9, 326, TAI IS.
e The principal of the debt has been re-
I" duoed 1857, l04, S23 6S, but the interest
e has been reduced in far greater proper
50 ton. In 1865 the interest bearing debt
"was 81, 3Sl, $50, 294 90, and the rate of
1" interest on part of it was as high as
g seven and three-tenths per cent. per an
90 mum, and the interest charge was $780,
'977, 697. The interest charge had been
&c reduced to $40, 633, 9Si on the lst of
% July, 1880, and we only await the ma
'' turity of S72O, 645, 800, the balance of the
e five and six per cent. bonds, to reduce
the interest charge to not exceeding
" S7O,OOOOOO. A Republican Admins
g tration is now paying the public
debt at the rate of Sl0,G00,000
ga month, or S2,50O,000 a week.
&c In all human probability, before this ad-
twill be further reduced $4,000, 900,
making saving in annual interest OF
''S4, 600, 000." Thus it is shown that under
the Republican policy the reduction of the
debt has been continuous and large. 1t
has in fact been as rapid as was possible,
and there have not seldom been complaints
that it was more rapid than was just to the
taxpayers of the country. The policy
whose results Secretary Sherman has here
epitomized has, however, brought the
public credit to the highest attainable
pitch, has given confidence and stability
to business, and has been productive
of unexampled national prosperity. Every
Republican who possesses sufficient
intelligence to comprehend the financial
measures which his party has enacted, ap-
proves them, and desires that the pay
ment of the national debt shall proceed
with the same steadiness and regularity as
heretofore. The Ignorant persons who
favor greenback fantasies, however, are
not satisfied with the progress being made
in the reduction of the debt, but denounce
the Government for not adopting measures
which are alike impracticable and idiotic.
These ignorant persons want to know why
the gold and silver in the Treasury cannot
all be used in paying off the five and six
per cent. bonds which mature next year,
and they think they make strong point
in figuring the amount of interest to be
saved in this way.