The daily gazette., 1881-11-01
From the Baltimore Sun.
MIR. RandalI's Speech In Now York,

MIR. Randall's Speech In New York.
At the great gathering of the New
York city democracy at the Cooper
Union, on Thursday last, to rstify Slate
and county nominations, ex.Speaker
Samuel j. Randall delivered q speech
on national topics, outlining what In his
view should be in the future the pelicv
and programme Of the party of which he
is an eminent member. The doctrines
which Mr. Randall lays down and upop
which he urges all true democrats 10
"pull together" are briefly these: A 8
per cent. rate of interest on the public
debt instead Of the 81 per cent. liked
by Secretary Window; revision of the
tariff by commission; the abolition of
all internal revenue taxes; reform of the
civil service and frugal expenditure. It
Is to matters OF finance, however, that
the ex Speaker devotes his chief atten.
ton. He aims TO show that events have
proved the wisdom of the bill passed by
the democratic House at Its short ses-
sion, and vetoed by Mr.. Hayes, accord.
ing to the provisions of which there
were to be issued $400,00O,OO0 of five .
twenty bonds and $500, ,OC0, 900 of trea.
sury notes, each Of these to bear 8 per
cent. interest. The success with which
MIR. Window met In "continuing" IS
and Is at an interest rate of 81 per cent.
and that, too, despite the option the
government retained of paying them al
any time, would 20 far to indicate that
it would have been practicable, as the
democratic House proposed, TO foat five
twenties at per cent, aud this indica
ton seems TO be confirmed when we
observe that to day the continued o.
sell at premium OF from "a to q, while
the 6s, which, it Is said, will FIRST be re-
deemed, sell at ! per cent. premium and
over. The argument urged then, as
now, by Mr.. Randall was this: that as
suredly the credit Of the United States a
growing country, must at least be as
gc3d as that OF Great Britain, the princi-
pal OF whose debt is never expected 10 be
paid. As is well known, it was the
fifth section," affecting the national
banks, which excited the chief opposi-
ton TO the funding bill, and upon which
Mr.. Hayes largely bfsed his veto, al
though it had been recommended by MIR.
Gilhllan, treasurer Of the United States.
Mr.. Randall condemns In warm terms
the hot haste of Mr.. Hayes In vetoing
the bill before 1t was passed, and the
action OF the republican party under the
influence, as he alleges, Of the national
banks.
The ex-Speaker states that there are
now outstanding of continued 8s, $780,
900. and Of Is, $400, 600, 900 In all
$3.50, 100000 OF fthese bonds the banks
hold S248, 900, 900, which is the amount
that would have been effected by the
"tlth section," and there are now In the
United States treasury, applicable to the
| purchase OF bonds, $l60, ,0O0, 900; thus,
then, there would remain but STA 600.
900 Of The $3.50, 900, 900 Of the continued
5s and Us yet to be provided tor II the
views of Mr.. Randall could be carried
INTO practice on the basis of the funding
bill OF last session. That snch sum
bearing per cent. could easily be floa-
ted at par he thinks unquestionable,
Therefore Mr.. Randall exhorts bis party
to continuance Of their past policy
with regard to the public debt. Being a
| Pennsyivanian, Mr.. Randall Is in favor
of abolishing all internal revenue taxes in
order that the whole revenue of the
government shall be raised from the
tariff. lie claims that we collect $780,.
100000 annually from all sources, that
the governments expenses are 1925, ,0O0,.
700, and that the difference is taken
unnecessarily and wrongly from the
| people.