Ellsworth American. [volume] (Ellsworth, Me.) 1855-current, 1881-09-01
Public Credit Measured.
Prom the Y. \. Tribune ]


Certain Democratic and Greenback pol
| iticians habltually complain that their opn-
| ions and declarations are not treated with
respect by the press or by Republican speak
ers. This complaint, it must he confessed,
has some foundation. The theories and as
sertions of the cOmplalnants are not treated
respectfully, and are rarely treated seriously.
| If the, wish to know why, we think they
can readi, be informed
In the platforms adopted by Greenback
| Conventions in New York and Massachu-
sets on "wednesday. We find repeated the
assertion tina, the Republican party prevent
ed the Government from borrowing mon
ey at a. low a rate OF interest As its credit
would admit" by defeating the three per
cent funding bill and that this was done in
ol,edienc, to the dictation Of the National
banks. This same assertion has been
made IN Congress and IN the press 10y Dem
ocrats. and they also persist To this day in
making it. Yet every intelligent voter in
the country has for months seen conclusive
proof that this assertion is entirely false
Democratic and Grcenhack journals and
speakers rclterate 1t. a. if they believed that
the voters of this country we're completely
destitute of common sense and common in
formation. and Vet they are amazed to find
that these voters do not treat their opinions
and declarations with respect.
There was a time hen II vas possible
for well-intormcd and reasonable men To
believe that three per cent bonds could be
sold al par. That was before the subject
had been seriously discussed. But there
has been practical test of the credit OF the
Government since that time. The condi-
ton of the money markets here and abroad
has been such TO favor a phcnomenally
low rate of interest. British consols have
reached their highest price for half CEN
iury and the bond, Of ne United States
have advanced to the highest price ever re-
corded. Yet the rate at which nlied States
Nonds have been sold has never been so high
al they would not return more than Is
per cent To the purchaser. The four per
cents sold at Is ! a near the end Of NAV
and al that pnoe the, returned 3.JI IL per
cent on the Investment. The six per cents.
hen most urgently demanded for contluu-
ancc in NAV sold 81 los IL with - pcr
cent interest accrued the pTicr uas there
fore equiv Alcnt to loi for the extended , | =
per cents and these bonds also sold suhsc-
quently al loi. but never at a higher pr,ce
At lUi a - per cent. bond return. 3.3G per
cent upon the Investment. AfeT experience
through all the phases Of the money market
since April. when none, ha. At time, bcen
abundant be, ond all expectation. banker.
have not seen anl class Of luIied States
bond, .,ii IN single instance at such
price a, tu return on the none, invested
ic'. than ; ! 3 I-r cent interest
Ihi, plil not h. conclusive evidence 10
the GrceuhACA and democratic politicians.
II i prroi>c., because facts have no effect
shateNrr upon their minds. and are no; rc-
garded 10y them IN ann respect NJ their dec
larailous and platforms, that the pubh, j.
ci.po-sd 10 treat them with contempt IAcI
insult the public when they 20 on ~cck after
week. rnd month after month. making a.
serIons which EVERYDAY experience hatlN
disproNes. Nor can the, wonder Il the
public considers them dishonest rather than
ignorant For such ignorance a. nerd
ful 10 account for persistent contradiction Of
ohNtuu' and undl~puted fact. seems we'll
nigh incredible. Either tho, Politician,
are impudcn, and shameless kna,,, or the,
are stupid and ignorant L,,oud l,-..ci anl
the pub.i, naturally dcc.iuc, tn .i,r lhcln
credit for an ignorance - amazing
II the public credit la, been such that
bonds have i'rcn sold al prIor' Wedding oui,
$50 per cent. interest, ~hl could uu; the
the lrras4rs sell bond, bearing : - per
cent instead Of +, IL per prrt. iulrr,.t
Inns question la. sometime, i.rcu A,Avd.
bat BY men Who forget that Consfr,, failed
10 authorize the lrrA,uT, io ,c.l bond, II
auy Kind. Al. that tie S,rs,tLl, could DO
wAs To oiicr - continuance CO.! the i've and
,iN per cent. bonds. At such io~cr rat, a,
the holders ~rrc wiling 10 accept. Il ~a,
necessary T" make a proposition hitch would
not be- rejected. IA order 10 save the credit
Uf the Government The re.ull Prove, that
>ecreiaT, WINDOW Judged WITH great &C
curac,. For the dealing. IA the market
show That II la, never been possible Ia bor-
Tow al more than onr-,eIenih Of on, per
cent. less interest than he proposed