The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1881-05-19
Practical Craftsmanship.

The former directly interest and are con-
nected with personal politics, and the in
f1uence of individuals as representatives of
factions. The latter comes home directly
to the people. touches their business af-
fairs, and consequently addresses itself to
their consideration from higher stand
point than the personal ambition of mere
partzan leaders. We publish elsewhere a
gratifying statement of the results OF the
plan of the Secretary of the Treasury for
meeting the maturing obligations of the
government. preserving its credit. and les
SEEMING the tax burdens of the people. When
Gen. Garfeld's administration came into
power, it Nas confronted by very serious
question Congress had passed bill pro-
vding for 3 per cent. bond into which to
refund the 6s and 5s falling due July and
Sept l, amounting to over 5000, 1000, 000.-
The fifth clause of that bill was direct as
sault upon the national banking system,
and designed to drive the national banks
out of existence. that the Democratic pets
of State banks might be substituted. 1t was
in violation of the law under which the
national banks had been organized, and
consequently in contraventon OF the Con-
stitusion in its relation to contract rights
1t met with the veto of President Hayes,
and Congress- adjourned without making
any provision to meet the demands falling
due as above indicated. This condition OF
things was accepted by the Democratic ma
iority in Congress and the Democratic par
ty of the country as favorable to them, for it
was their purpose go before the people with
a claim that they had offered to reduce the
interest charge from six and five per cent.
to three per cent. and consequent saving
to them of the difference in the three classes
of obligations, but that the Republicans in
Congress had voted against thi low inter-
est bond, and the Republican President had
vetoed the bill which provided for it. Not
withstanding the fact that Secretary Sher-
man and the leading tinanciers of the coun-
try were of the opinion that a bond bear
ing less rate of interest than 81 per cent.
could not be placed on the market at par,
and the further fact that the bill passed by
a Democratic Congress was a ruinous as
sault upon the national banks, it was a very
| plausible phase of the question for Demo
cratic demagogues to present to the people
and make an appeal for endorsement upon
the grounds of relief to them and economy
| in administering the finances of the gov.
eminent. The bill itself was the Quintes.
scence of demagoguism. 1t was designed
| for partizan purposes, and when the veto
arrested it. knowing that another bill could
not be matured and acted upon before the
adjournment of Congress, they compla'
Gently accepted the situation, with the pur.
| pose of going to the country upon the prop
ositions it contained, and denouncing the
Republican party for continuing six ant
five per cent. obligations when three pei
cent. was offered. and maintaining corpo-
rate monopoly to the great injury and OPP.
preston of the people.
This was the situation when the present
administration came into power. 1t was
confronted by the serious problem-how tC
meet the prospective demands on the Treas
ury without calling an extra session Of
| Congress to make provisions for the emer
| gency. This would have incurred the
condemnation of the country, and was just
what the Democrats in Congress desired
should be done. Not to call it. would, il
was believed. force the government to the
| n1,li
cations and compel continuance of the g.
and 5s until the regular session of Con
| gress next November. This would have
been very hurtful to the Republican party
and imposed serious disadvantage upon
the administration of President Garfield al
| the outset. But the craftsmanship of the
new administration was equal to the occa-
sion. AS soon as Secretary Window had
taken his seat, he was impressed with the
necessity of graphing with the difficulty
He approached it with perfect understand
ing of its import, and solved it so suddenly
as to startle such Democratic statesmen as
Tucker, Goode, Harris, and their like. With
the resources at his command he determined
W lDdht d vail lOI Ullc Us ldlllHS uuC vi blc
1st of July, but coupling the call with the
privilege of refunding in a 81 per cent.
bord, redeemable at the pleasure of the
government. First it was declared by these
startled statesmen, that there was no law
for such course. Examination proved
that there was no law against it, and as the
holders of the Gs cheerfully accepted the
proposition to refund in 81 per cent.
bond, Democratic craftsmanship fizzled in
to farce. This policy proving eminently
successfully as to the 6S, the Secretary has
issued a call for the IS, or so much of them
as it is legal to call in, and the rush of the
holders to avail of the conditions to substi-
tute for their 5s 81 per cent bond, has to
all intents and purposes solved the diff
Guilty. The whole of the and nearly all
of the per cents will be converted into a
81 per cent. debt-some $14,000,000 or
Sl5, 100000 saved annually to the people not
one of the $l04. 0OO 900 per cent. bonds the
Secretary was authorized to sell to meet the
necessity of the case, will be disposed Of,
and the surplus revenue accruing in the
Treasury will be appropriated to cut
ting down the principal of the National
debt.
This great achievement has been effected
within the first three months of Gen. Gar
fields administration. 1t demonstrates
three things. First the craftsmanship of
the President and his constitutional advi-
sers second, the marvellous prosperity of
the country and the confidence of the peo-
pie in the government; and third, the ut
ter incapacty of the Democratic party to
comprehend either the proper methods
of government or the interests of the
people.
This successful management of the
finances of the country, coming, as it does,
directly to the pockets of the people,
should be matter of general commenda-
ton and qualification. 1t is substantial,
practical craftsmanship, and has accom-
plished that which government was insti-
tuted for, the greatest good to the greatest
number.
Congress may, when it meets in Deem
Der, address itself to something else than
repairing the blunders of its Democratic