The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1884-10-22
SECRETARY GRESHAM.
Abstract of His Speech at the Meeting of the
New York Business Men.

Abstract OF His Speech at the Meeting of the
New York Business Men.
New York Special.
Secretary Gresham was enthusiastically
cheered when he advanced to the front of the
platform. He read his speech from manu-
script. He stated at the outset that Oct l, 1884
there was balance in the government treasury
of 1854, 475, 1876, exclusive of minor coin, but
after deducting amounts required to be set aside
by constitutional provisions, there remained bal
ance in the clear of only $143, 234, 041 The pres
ent prosperous condition of the government was
due to Republican management. Mr.. Gresham
then said:
Honest. industrious, debt-paying persons do
not favor a currency of huctuating and uncer-
tain value. Applause. They wish that the
should be kept to coin standard. 1t is worthy
of comment that many who are now clamorous
| against keeping this reserve for the redemption
| of United States notes earnestly opposed
the issuing of them as unauthorized by the
Constitution, and that, too, when the
! life of the Nation was in imminent peril.
| Bearing in mind the various claims upon the
! funds in the Treasury, what becomes of the
charge made by the Democratic candidate for
| Vice president and others of imposing taxation
and the unnecessary holding of 1850, 600 900 or
$500 600, O00R The reserve is less than one-third
| of the apparent balance on hand. l have too
much respect for the intelligence of Governor
! Hendricks to believe he does not know that this
| apparent balance is not available for paying off
| the public debt or for general purposes The
| leaders of the Democratic party, with some ex-
| ceptions, protested against the issue of United
States notes, and when IN the opinion of Con-
gress the necessities of the war required them to
be issued and clothed with the legal-tende quail
| ity the utter collapse of the public credit was
predicted Instead of these predictions being
verified, the greenbacks, through the wise and
| conservative management of Republican admin.
istrations, are at par with gold. Those who
| are familiar with the action of the Democratic
leaders during and after the war on questions
affecting the public credit are not surprised to
see them now at work by speech and vote to get
rid of the reserve without which we might be
obliged to suspend specie payments
The war for the preservation of the Union
entailed upon us debt of nearly So 600 600 900.
This debt, less cash in the Treasury, is now
little more than ST. 400, 100000, The vast differ
ence between these enormous sums has been
paid and extinguished under Republican admin
isJrations, dollar for dollar, in good money.
| (Applausel That where the surplus revenue,
| the excess of receipts over expenditures has
gone year by year. During the present year
the reduction wi" probably be 500, 10000
During asst year of the last Demo
cratic administration the Treasury was empty
and our floating Indebtedness exceeded $40 000
900. The creditors were clamorous for their
| money, and the administration was greatly en-
barrassed keeping the machinery of the govern
ment running. Congress came to its relief by
authorizing a loan, and so low had the public
| credit fallen that the Secretary sold per cent
bonds, having twenty years to run, at less than
ninety cents on the dollar In contrast with
these Democratic achievements Republicans
can point with pride to a 4 percent. bond 20 per
cent above par in the markets of the world, and
even a 3-per-cent. bond above par. Applause.
The achievements of Republican admnstra-
ton, in the management of our finances and in
the reduction of the public debt. are perhaps
without parallel in the history of the world
Great appsusel No one at home abroad
doubts that our war debt will be fully and hon
estly paid if the Republican party is continued
in power. Cheers
''rhe public credit has been so firmly estab-
lished and the public debt so largely reduced
that we now safely reduce taxation within
the demands of the law creating the sinking
fund That law requires the purchase or pay
ment of l per cent. of the entire debt
within each fiscal year, and an additional
amount equal to the interest upon all
bonds previously purchased for the sinking fund
The government entered into solemn obliga
| ton with its creditors to use in this manner
| certai0 proportion of the revenue derived from
du,.,. on imports, This engagement was