The Somerset press. [volume] (Somerset, Ohio) 1873-1977, 1882-03-16
Past Achievements and Future Pros.

couraging.
Last year opened with the refunders
in strong force, and determined to place
the maturing and matured bonds, fiEes
and skies, where the Government could
not redeem them for thirty years il
was to be a nice breakfast to pass Gar
field thirtv-year Three-per-cent. bill,
and impregnably fortify the National
Banks for that length of time. The
Democrats meant to do even worse and
throw up the em5ankment for forty OF
fifty years. The leaders Of the ruling
parties were bound on the long-bond
funding scheme: the Executive was
committed soul and body to it; the lead
ing. and almost all powerful journals
the daily thunderers and small squealers
and pipers throughout the land, favored
it; an election had just passed which had
made the author of the pending bill
President, and he only was awaiting fol
the fourth of March to inaugurate him.
80 as to execute the measure which he
introduced and was ehampioning. He
already had his message blocked out, in
which he was to congratulate the coun-
try on the passage of this highly-im-
portant measure. whereby the interest
on the public debt was reduced from six
and five to three per cent, and the
bonds placed where the principal would
not trouble this generation, while firm
foundation was assured for the ssbesi
banking system which the world ever
saw"
All this fine scheme, all this grand
achievement, was upset by the persist
ent opposition of few irrepressible
Greenbackers in the House, led by the
untiring Weaver, backed up morally by
the voices of a few obscure Greenback
papers throughout the country.
The proposed bill, under the turnings
and beatings which it got from the
Greenbackers, was SO battered out OF
shape-the stuffing knocked out of it
that when it was tossed to the President
for his approval, the banks were so ex-
asperated that they madly rushed for
their bonds, precipitating panic, com
pelling a veto, and pitching Secretary
Sherman, for the nonce, into the CAM
of the Greenbackers, by compelling him
to crown his work as Secretary with ths
most Objectionable of all GreenbacE
misunderstanding out the reSeryes-tC
alay the fearful storm which nothing
else would check This action of tht
Greenbackers in provoking the banks to
open fire on the Treasury from theil
masked battery, thus revealing them
selves in their true character, was in
valuable to the country and most dis
astrous to the banks. 1t was worth {
whole Greenback campaign, and on
| final triumph is much nearer in conSe
quence. The effect on the bonded deb
has been salutary. The Greenback po-
| sition with regard to the bonds is that
| they must be paid of and Cancelled
soon as possible. We are having ouI
way with them. At an expense of but
ten thousand dollars, Secretary Win
| dom was enabled to place the entire
| outstanding skies and fves, coin bonds.
| where they can be reached and paid of
! at any time, and has reduced the
| rate of interest to within one-half O.
| one per cent. of what the long-bond
| funding scheme proposed, and now it il
our turn to cry to all funders: Hand
| off Let well enough alonei Don timed
! die to mend, where your meddling vii
marn' The surplus revenues are cut
ting away at bonds at a rate which vii
| clear the entire interest-bearing debt
| away within ten years, and leave oui
glorious stars and stripes out of debt tC
any alien on earth. This time may bt
much shortened if the thieves and rev
| enue consumers which are now swarm
| ing around the Treasury can be driven
| off. The saving of reductions in inter
est, re-enforced by the saved waste and
| plunder, together with our increased
| abilities to furnish revenues, may be
able to reach for the last bond within
seven years. We want a Greenbacl
President to congratulate Congress anG
the country, about that time, on tht
total extinguishment of the bonded
debt, when we can pledge ourselve.
anew with the signers of the frs
Declaration of Independence, in ou
lives, our fortunes, and our sacreC
honor, that not another bond shall eve
be issued by the Government of tn,
United States, and the Government
that can issue its paper money ant
make it strong enough to conquer
gigantic rebellion, and in spite of th,
cowardly stab in the back by the money
power, still strong enough to battle ant
beat that power and recover from tn,
cowardly blow, shall never cringe ant
= bow to any syndicate and beg to Dor
row gold, which it may or may not get
as the syndicate may elect.
. How about the Greenback? How
about that hated symbol of the power o
the people over rebels and syndicates
Has that suffered during the year? Hav
] its foes made any headway in its destruc
tionP Not an inch, not a dollar! Th
volume of Greenbacks remains wher
the act suspending its cancellation foun,
2 it. Like rock, it hardens by time; tn,
rains and the winds of opposition bea
upon it, but it is harder, immensel,
harder, than it was on February 4, 1868
when the bill suspending its destructio,
by the Government became law with
out the signature of President. TIL
gold-headed battering ram crumbles an,
I wears out in the assault on it, and
, stands the honored symbol Of the Unite,
f States money of account. 1t outrank
5 all drafts, checks, certificates, ban
n notes, subsidiary, standard silver, or eve
' gold coin. For months and months,
g has maintained, in our money center
r and also abroad, premium over ever
n other form of money that circulates
T. How is that for high?' Can the mer
exchangeability for gold coin impart
). premium over the coin? Certainly no,
Par value exhausts the coin; there
nothing more to impart; and eI 71iitii
j., nil fit. The Greenback has vindicate
= the position of its friends with a margi
: to spare, and its foes are dumb.
= We need not pass in review the tn
umph of the silver dollar. Sixty-si
millions, and more, of gold coin hay
been carried to the Treasury and she
e ter begged for them, while silver cel
. titicates were taken out and set to wor
in the place of the cowardly gold.
g The elections of the past year hay
filled us with hope that our labors wit
the people have not been in vain. w
b are stronger as a voting force than W
:. have been for years; gaining everywheI
If while our foes have lost. Our prop,
gandists are far stronger with the pa.
yaar' g pyarcisa and are still in tho fipl,