Rensselaer Union, Volume 10, Number 50, Rensselaer, Jasper County, 29 August 1878 — Selling Like Hot Caked. [ARTICLE]

Selling Like Hot Caked.

Government four per cent, bonds arsi selling like hot cakes and are goittg off »*■ the average rate of about one million dollars a day. As fust ae the monejrwnes in the old six per cent, bonds are called in to be canceled. Besides savinga large amount of interest this change is getting the government debt in the hands of our own people, and, of courso, when the interest is paid the money will remain at home.— La-* Porte Argus. • "7 —' ■ * """—F The people made and ratified the constitution as the supreme law of the land, under which they pledged themselves to live. In this supreme law the people conferred the power of construing its meaning upon a supreme court, whose members hold office for life or during good behavior. This court has decided that congress cannot make-inbsolute dollars out of paper. You most either disregard the constitution or amend it before you can make absolute paper dollars. — Kentland Gazette, “

The assertion is made by some inflationists that the resumption-of specie payment means the retirement and cancellation of greenbacks. This is not the case. Under the law greenbacks cannot be retired and cancelled. The more probable result of specie payment will be the increase of the currency circulation of about ,$200,000,000 of gold.— Logansport Journal. It was a republican—Mr. Forte, of Itlinois— who introduced the joint resolution to prohibit the retirement and cancellation of greenbacks, that passed both houses of congress, and the resolution was drawn up at the suggestion of John Sherman, the republican secretary of the treasury .—Aoycnsport Journal. The reduction of expenditures by the re; publicans during their lM» ye** Jn house, in 1876, was $14,718,991! The increase of expenditures’ this year by the democratic house over those qf 1876 is •$26,189,52G.81D—ever those of last y*W, $28,762,265.49— Logansport JostrMl. . The purchasing power of th? currency in 1868 was equal to $505,908,234.52 and in 1878 is equal to >684,465,691 .62. Where is the shrinkage of greenbacks unde* republican rule, during the last ten years? Where is the contraction so mUeh talked about?— Logansport Journal. It was the democratic majority in (hi house of congress that, last aprinm retimed to pass the bill passed by * republican senate making greenbacks reneiv*M6 fob custom duties sud government four pet Wmh bonds.— Jvgtuiepurt 'Jouf netl-. !'