The Princeton union. [volume] (Princeton, Minn.) 1876-1976, 1880-09-16

PoL- o0 ~ JULIUS, anu sen tne per cents. at
doubtful experiment; but, being firmly sup
ported by President Hayes, the Treasury De-
partment undertook the task. A sale of every
such bond was saving of one-third of the in
terest on that portion of the debt for every
dollar realized was applied to the payment of
an equal amount of bonds bearing 6-per-cent.
interest Bankers shrunk from taking such. a
bond but, on an appeal to the American peo-
pie through popular subscription, within sixty
days after they were thus offered $75, 600, 900
of these bonds were taken, and were absorbed,
mostly in small sums, all over the United
States. Thus the success Of the loan was es-
tablished. '-e 5.7.z 5.sE@
Frequently, however, as the opposition of
the Democratic party to resumption was devel-
oped, and at times appeared to be successful,
credit would become impaired, confidence
would be destroyed, and the sale of these bonds
would fall off. But, as events resulted, and
Resumption act, the bonds sold again, but in
comparatively less sums. The credit Of the
Government advanced precisely as resumption
approached success, and, within 100 DAYS after
resumption, there were sold 500, 81, 800 of f.
percent. bonds, thus completing the work of
refundlng, as far as the law allowed it to be
done, by the redemption of all the bonds bear
ing or 6-per-cent. interest that were then re-
deemable The result of this Republican policy
was saving to the people Of the United States
of $14, 29O, $3.50 interest per year.
But this was not the only benefit derived by
our people from refunding operations. The
rate of interest became permanently reduced
on all investments throughout the country.
Low interest is the chief factor in our prosper
ity. 1t became possible for manufacturers and
tradespeople to borrow money, so as to conduct
their business proftably. This low rate of in
terest produced demand for new Investments,
and new enterprises were started into life.
Thus by the policy Of the Resumption and the
emit 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
results as these would have taken place; for,
from Tilden down, the Democratic party ia
vored the repeal Of the Resumption act. That
party, during these four years, has been the
slave of the most idle and crazy popular delu-
sions of fiat money-their leaders even talking
about bloated bondholders and aristocrats-
and was ready to fan into flame the passions of
men to mobbish violence and to fierce conten-
tons between capital and labor.
A Republican administration is now paying
the public debt at the rate of $1O,OOO,O0O a
month, or $2,5O0,000 week. In all PROBABLE
ty. before this administration closes it's term,
the debt will be further reduced $4,000 900,
making saving in annual interest of g.
OOO, 900.
This policy of debt-paying and interest-re-
duclng is the most striking in the history Of
any country. Other nations have had great
debts; but no nation ever before paid It so
alone is worth more in public credit than all the
gold and silver in the country because it is
capital from which we can draw whenever ne
cessity requires. ..s-r..
posite policy. From 1857 to 1860, when Mr.
Buchanan was President, it steadily increased
the public debt from 49, 1895, 62l.76 to $59, 964,-
4o2:O1. At the close of that period it paid as
high as IL per cent. on one-year treasury notes,
and sold 6-per-cent. twenty-year bonds at 80
cents on the dollar. While the debt was being
reduced by the Republican party, the Demo-
cratic party impaired the public credit by pro-
posing schemes to cheat the public creditor.
Its influence was the chief obstruction to the
debt-paying and Understanding policy Of the
Republican party. In States where it has
ascendency, like Virginia, Louisiana, Tennessee,
Mississippi, and Arkansas, it has either repudi-
ated the State debts or threatens to do so.
Its success in national election would, in
my judgment, greatly impair the public
credit and reduce the value of public secu-
rites.
During the administration of James Buchan-
an the loss by defalcation Of public officers in
the collection and disbursement of the public
moneys was 1881 on every 81, 000 during
Pierces administration it was 1886 during
Folks administration it was $4.0S; during
Jacksons administration it was $7.52 during
Van Buren's administration it was Sill.
Mark the contrast with Republican administra-
aions
In Lncoln's time, embracing the recklessness
caused by war, it was 76 cents. For six years
of Grants administration it was "a cents. In
Hayes administration thus far-assuning that
all amounts in dispute are lost-the loss on
81, 600 would be so small that the smallest coin
of the country would make it good three times.
1t has been but one-third of cent on 81, 900 of
the amount involved.
And what has been the result of Republican
administration under President Hayes upon the
general business interests of the country? We
have witnessed, and are now enjoying, the great
est revival of business Of modern times. We
have leaped forward from a period Of extreme
distress to one of great prosperity Our ex-
ports during the last fiscal year reached the en-
ormous sum of 1886, 100000, being an increase
Of $500, 100000. Our imports during the last
fiscal year were 1868, 900, 900, being an increase
gregate foreign commGce of the last year Of
over 81, 500, 100000 Every nation contributes to
our comfort. From every land, and from every
sea, and from every part of our country, we
gather the productions of their labor to supply
our daily wants. Our manufactures in all branch
es have increased, SO that not only do we sup
ply the domestic markets with nearly oil the
articles essential to human life, but we export
in great quantities the productions of the work
shop and the farm.
We now feed Europe not only with grain, but
with meat, butter, lard. canned fruits, and an
infinite variety of other productions. We are
gradually gaining trade in other countries,
North and South, and may hope, in short
time, to supply them with nearly all the articles
of foreign production they desire. In the great
branches of industry manufact-
ures, and mlning-we are now taking our rank
as the leading nation. With plenty of money
as good as gold, with plenty of work for all
who are willing to work, with cheap capital, we
have now superadded the most bounteons crops
that ever blessed any portion of the world.
Think of wheat crops of 45O, 900, 900 bushels q
year, and corn crops of about 1900, 900, 900 q
year, and everything else in proportion. Fo,
these high prices have been realized. The ad.
dition to the wealth of the country fol
| the last three or four years car
scarcely be estimated. We know that
J our Government debt, formerly largely held
abroad, is ROW almost exclusively held at home
t,'at the mortgages upon our lands and farms
hive been reduced to one-third their amount ir
1875; that the balance Of trade IS 80 largely ir
our favor that foreign countries, no longer able
| to send back our securities, are compelled tc
ship gold. The building of railroads keeps pace
with our general prosperity. They are crossing
the plains and exploring every valley, and veal
| by year we hear of new settlements of fertile
territory hitherto unavailable for tillage, whose
! surplus products increase our resources. The
number and amount of business failures have