Mower County transcript. [volume] (Lansing, Minn.) 1868-1915, 1880-09-08
A FEW SOLID FACTS,
Cleaned from Honest John Shcrman's
Latest Utterances.

Cleaned from Honest John Shcrman's
Latest Utterances.
Magnificent Record Of the Republican Party in
Regard 10 National Finances.
Hon. John Sherman, secretary of tho
treasury, delivered an incisive and
powerful speech in Pixies Opera House,
Cincinnati, on the 30th ult., to very
large and attentive audience, the house
being filled long before the time for
speaking to commence. Secretary Sher-
man always speaks well, but he was un-
usually happy in this effort, giving a
clear and comprehensive review of the
Republican financial policy, and going
over the leading issues of the present
campaign in manner that must con-
vince every unprejudiced person Of the
superior claim of the Republican party
to the confidence Of the people.
He began by commenting upon the
desire Of the Democratic party for ga
change" saying that it had desired q
change in 1864, in 1868, and again in
1876; that if the people had granted it's
desire in ga eve would now have no
united country to boast Of and no land
to love-" He then proceeded to speak
OF the resumption and refrnding opera
hons of the government, and of the
benefit that had resulted to the people
therefrom. Abiding to the predictions
of 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 by the economies enforced by a
Democratic house of representatives, which, as
will show you hereafter, instead of reducing
the expenses, actually increased them largely in
all branches of the public service subject to
annual appropriations. One thing is certain,
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 be rcpressed by the
evils Of nredeemable paper money. Rssump-
plished and followed it, is the direct result of
the wisdom of your choice in the election OF a
Republican president four years ago.
Rehearsing the story Of the success of
the Republican policy of fefunding the
public debt in bonds of lower rate of
interest, by which the treasury is saved
in interest the sum Of $14, 200, 1853 per
year, he made the following important
statement:
But this was not the only benefit derived bv
our people from refunding operations. The
rate Of interest became permanently reduced on
all Investments throughout the country. Low
interest is the chief factor of our prosperity. It
became possible for manufacturers and trades
people to borrow money, so as to conduct their
business proftably. This low rate of interest
produced demand for new Investments, and
new enterprises were started into life, Thus
by the policy of the resumption and the refund. 1
ing acts the way was paved for the present era
of prosperity. And the whole of this was the
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
Iilden down, the Democratic party favored the
repea! of the resumption act. That party. dur
ing these four years, has been the slave of the
most idle and crazy popular delusions of fiat
money-their leaders even talking about bloatec
bondholders and aristocrats--and was ready tt
| fan into flame the passions of men to mobbisl
violence and to fierce contentious between capi
| tai and labor. g,
The secretary then proceeded to speak
of what had been accomplished in thu
way of paying the public debt, and gave
the following interesting figures, which
are worthy of the careful consideration
of every honest citizen:
| Again, the policy of the Republican party ha
always been the honest and faithful observance
of public obligations. From the time the publ,
debt was created as the result of the war, until
this hour, they have sought to adopt polio,
which would secure its slow, but sure and STEADY
| payment, according to the letter and spirit O.
the public obligations. No thought of repudia
ton, wholly or in part, has ever entered into tht
Republican policy. The gradual payment o.
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 hat
attained it's maximum August 81, 1865 whe1
it reached 90, 756, 431, 571.43. It has beer
gradually paid off with the surplus revenue, SC
that, on the first day of July of thil
year, it was 81, ,919,s ,s2G. 747.75. The principa
of the debt has been reduced $685., 1O4, 1923. .6S
but the interest has been reduced in far greater
proportion. In 1865, the interest-bearing deb
was 50, 3S1 $50, ,294 SO, and the rate of nteres
on part of it was as high as seven and three
|
charge was $3.50, ,977, ,697.87. The interest
charge had been reducedto Ss79,633, 9S1, on tht
first of July, 1880; and we only await the ma
trrity of $72O, GAS 300, the balance of the five
and six per cent. bonds, to reduce the interest
charge to not exceeding S70,000,00O. Re
publican administration is now paying the pub
| Lie debt at the rate of ten millions month, O,
two and half millions q week. In all human
probability, beforeth this administration closes it,
term, the debt will he further reduced sevent,
Millions making saving in annual interest O.
four millions of dollars.
This policy of debt paying and interest re
ducing is the most striking in the history O
debts: but no nation ever before paid it SO rap
idly, so justly, 80 honorably. This fact alon
is worth more in the public credit than all th
gold and silver in the country; because it is
| capital from which We can draw wheneve
necessity requires.
posite policy. From 1857 to 1860, when MI
Buchanan was president, it steadily increased
the public debt from S., 998, ,621 rs to $59, 964,
402.01. At the close of that period it paid a
high as twelve per cent. on one-year treasur,
notes, and sold six per cent. twenty-year bond
at eighty-nine cents on the dollar. While tn
debt was being reduced by the Republican
party, the Democratic party impaired the pub
lie credit by proposing schemes to cheat tn
public creditor. Its influence was the chic
obstruction to the debt-paying and interest-re
ducing policy Of the Republican party. II
states where it had the ascendancy, like Viz
ginia, Louisiana, Tennessee, Mississippi an
Arkansas, it has either repudiated the stat
debt or threatens to do so. Its success, in
national. election, would, in my judgment
I greatly impair the public credit and reduce th
value of public securities.
The Democrats have made a grea
many vague charges against the Repub
],cans of maladministration in the hand
ling of public funds, and declared tina
there ought to be change in the admin
istration so that "reform - may b
wrought in this regard. To this charg
Secretary Sherman makes the followin,
) complete and crushing answer. Let n,
one fail to read it:
Under the administration of President Hayes
the revenuse of thegcvernment have been hon
estly and faithfully collected, and honestly ant
faithfully disbursed. Tables have been care
fully made showing the losses that have OK
CURED in the receipts and disbursements of th
public money, and these exhibit the fact tha
during this administration the losses by defa
cation have been reduced to the smallest PEI
centage that has ever been shown: in, an