Democratic Sentinel, Volume 2, Number 5, Rensselaer, Jasper County, 15 March 1878 — The Financial Situation. [ARTICLE]

The Financial Situation.

The prognostiedtions as to the evil effect of the passage of the Silver bill have been signally falsified. The press of this city, for > months, did all in its power to create a panic among the holders of United States Government bonds, and, unfortunately, this attempt had file assistance of the President himself. But it has utterly failed. Gold has gone .down, contrary to prediction, and governments have gone up, contrary to prediction. If we bad not been eye-wit-nesses of the folly and recklessness exhibited by the Eastern press in toe recent struggle of a few brokers who make money by turning aver Government securities, We could scarcely have believed that men making any pretence to clear-sightedness or patriotism Wodfd have endeavored to discredit, their own Government in the way that we have been made so familiar with during the recent discussion of fhpjsilvCr question. Of course, the bankem brokeis in interest the fight, was made are now laughing in their sleeves at the sorry plight of toeir newspaper allies.. They were too familiar with financial affairs to have pinned toeir faith to the prognostications . of the press that represented toeir interests though not their intelligence. It should be distinctly bCrne in mind that the bondholder—toe man with his money permanently invested in Governnftjntfc—n As‘neft'enaeavoted to throw discredit upon lus Government, He lives

upon his interest, and as long as that is sectire he is satisfied. But the insinttationte that have been so galling have emanated from the small knot of speoulators who live by handling toe evidences of indebtedness— -they have come from brokers who manipulate bonds and the small party of bankers who lend money and are not satisfied with getting back the principal and interest, but who r want the principal largely increased by means of a surreptitious change of the standard of value. The Silver bill has become a law, and, far from producing the evils predicted, it brings about benefits. The passage of toe Silver bill has marked the end of the long era of coddling one small interest to the neglect of every other. Since the close of the war every step in financial legislation taken by the Government was in the interest of the holders, or, rather, the manipulators of one form of debt. The national debt was made a deity—an idol; wittr a head of gold. All the patriotic feelings engendered by the war were ingeniously appealed to on more than one occasion to aid in giving by law a bonus to the bondholders, when they already had made a good thing out of their investment. Every new device to increase the principal was hailed with delight by the organs of the money power here ahd' in Europe. It is simply amaring that Congress and people should have alike neglected every great interest in order to coddle one small interest'. Our shipping was allowed to rot and disappear from the seas, our commerce was unoared for, the interests of agriculture were permitted te be crippled by railroad discriminations, but neither Congress norpeople moved: but Any scheme for providing ritew offerings on the altar of our nations! fetich—the debt —was snre to hq/tailed with acclamation. This is now past. The bondholder must take hlte place in th'e straggling crowd. His interest is only one of many. He is not to be clothed in purple and fine lipeu and all toe rest of the world in rags. This is certainly a change for toe better. Congress and people will now find time to think about some of toe other interests that have been permitted to languish. As we have said again and again, free coinage and unlimited legal tender is necessary to give silver its true place in our metallie circulation. Free coinage is a thing to keep in view. Resumption on the Ist of next January is impossible, and hence Congress ought to quietly repeal so much of the Resumption act a# fixes a date, but at the same time toe Secretary of the Treasury ought to be clothed with the necessary power to resume at such time as he deemed it expedient so to do.— New York Graphic.