Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1881-09-08
Public Credit Measured,

Certain Democratic and Greenbach
politicians habitually complain that
their opinions and declarations are not
treated with respect by the press or by
Republican speakers. This complaint
it must be confessed, has some founda
tion. The theories and assertions of the
complainants are not treated respectful.
ly, and are rarely treated seriously. II
they wish to know why, we think they
can readily be informed.
In the platforms adopted by Green
back Conventions in New York and
Massachusetts on Wednesday. we find
repeated the assertion that the Republi-
can party prevented the Government
from borrowing money at as low rate
of interest as its credit would admit by
defeating the three per cent funding
bill, and that this was done in obedience
to the dictation of the National banks.
This same assertion has been made in
Congress and in the press by Democrats,
and they also persist to this day in max
ing 1t. Yet every intelligent voter in
the country has for months seen conclu-
sive proof that this assertion is entirely
false. Democratic and Greenback jour
nails and speakers reiterate it, as If they
believed that the voters.of this country
were completely destitute Of common
sense and common information, and yet
they are amazed to find that these voters
do not treat their opinions and declara-
tiOns with respect. se.h taa.l rf.ais
There was time when II was possi-
Bile for wellinformed and reasonable
men to believe that three per cent bonds
could be sold at par. That was before
the subject had been seriously discussed.
But there has been q practical test Of
the credit of the Government since that
time. The condition of the money mar
kets here and abroad has been such as
to favor phenomenally low rate of in
terest. British consols have reached
their highest price for half century,
and the bonds of the United States have
advanced to the highest price ever re-
corded. Yet the rate at which United
States bonds have been sold have never
been so high that they would not return
more than 1-s per cent to- the pur-
chaser. The four per cents sold at l1s4
near the end of May, and at that price
they returned S.s711< per eent-on the in
vestment. The six per cents, when
most urgently demanded for oontinu-
ance in May, sold at 1868 with 21I per
cent interest accrued; the price was,
therefore, equivalent to 104 for the ex-
tended 81 per cents. and these bonds
also sold subsequently at lO4. but never
at higher price. At 1O4 81 per
cent bond returns $50 per cent upon the
investment. After experience through
all the phases of the money market since
April, when money has at times been
abundant beyond sll expectation, bank
ers have not seen any class Of United
States bonds sell in single instance at
such price as to return on the money
invested less than l-3 per cent interest.
This will not be conclusive evidence
to the Greenback and Democratic poll |
ticians. 1t is precisely because facts
have no effect whaver upon their minds. |
and are not regarded by them In any re-
spect in their declarations and plat
forms. that the public is disposed to
treat them with contempt. They insult |
the public when they go on week after
week, and month after month, making
assertions which everyday experience