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tested with Haves the honors of the Presi- | Ballots.
dential nominations, and while the latter Grant,
was at the time believed to well represent Blaine,
the same views, they were not urgently Sherman,
pressed during his administration. Indeed, Edmund, 32
without the knowledge of Hayes, what is Washburne, 31
believed to be a most gigantic "steal," Windom,
and which is now being prosecuted under Garfield,"
the name of the Star Route cases, had its Hayes,
birth, and thrived so well that no import-
ant discovery was made until the incoming Ballots,
of the Garfield administration. The Hayes Grant,
administration, it is now fashionable to Blainé,
say, made little impress for good or evil Sherman,
upon the country, but impartial historians Edmunds,
will give it the credit of softening party as- Washburne, 33
perities and aiding very materially in the Windom,
restoration of better feeling between the Garfield,
North and South. Its conservatism, al-Hayes,
ways manifested save on extraordinary oc- Davis,
casions, did that much good at least.

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The Campaign of 1880. The Republican National Convention met June 5th, 1880, at Chicago, in the Exposition building, capable of seating 20,000 people. The excitement in the ranks of the Republicans was very high, because of the candidacy of General Grant for what Hartranft, was popularly called a "third term," though not a third consecutive term. His Ballots, three powerful Senatorial friends, in the Grant, face of bitter protests, had secured the in- Blaine, structions of their respective State Conven- Sherman, tions for Grant. Conkling had done this Edmunds, 31 in New York, Cameron in Pennsylvania, Logan in Illinois, but in each of the three States the opposition was so impressive that no serious attempts were made to substitute other delegates for those which had previously been selected by their Congresŝional districts. As a result there was a large minority in the delegations of these Whole number of votes..... States opposed to the nomination of Gene- Necessary to a choice.... ral Grant, and the votes of them could only | Grant... be controlled by the enforcement of the Blaine unit rule. Senator Hoar of Massachusetts, Sherman the President of the Convention, decided Washburne. against its enforcement, and as a result all Garfield......... of the delegates were free to vote upon either State or District instructions, or as they chose. The Convention was in session three days. We present herewith the

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As shown, General James A. Garfield, of Ohio, was nominated on the 36th ballot, the forces of General Grant alone remaining solid. The result was due to a sudden union of the forces of Blaine and Sherman, it is believed with the full consent of both, Ballots. 1 2 3 4 5 6 for both employed the same wire leading Grant, 304 305 305 305 305 305 from the same room in Washington in Blaine, 284 282 282 281 281 281 telegraphing to their friends at Chicago. Sherman, 93 94 93 95 95 95 The object was to defeat Grant. After Edmunds, 34 32 32 32 32 31 Garfield's nomination there was a tempoWashburne, 30 32 31 31 31 31 rary adjournment, during which the Windom, 10 10 10 10 friends of the nominee consulted Conkling 2 and his leading friends, and the result was

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of New York, for Vice-President. The object of this selection was to carry New York, the great State which was then almost universally believed to hold the key to the Presidential position.

issue, and made open war on Watterson's plank in the Democratic platform-" a tariff for revenue only." Iowa, Ohio, and Indiana, all elected the Republican State tickets with good margins; "West Virginia The Democratic National Convention went Democratic, but the result was, notmet at Cincinnati, June 22d. Tilden had withstanding this, reasonably assured to up to the holding of the Pennsylvania the Republicans. The Democrats, howState Convention been one of the most ever, feeling the strong personal popularity prominent candidates. In this Convention of their leading candidate, persisted with there was a bitter struggle between the high courage to the end. In November Wallace and Randall factions, the former all of the Southern States, with New Jerfavoring Hancock, the latter Tilden. Wal-sey, California,* and Nevada in the North, lace, after a contest far sharper than he went Democratic; all of the others Reexpected, won, and bound the delegation publican. The Greenbackers held only a by the unit rule. When the National balance of power, which they could not Convention met, John Kelly, the Tam- exercise, in California, Indiana, and New many leader of New York, was again Jersey. The electoral vote of Garfield and there, as at St. Louis four years before, to Arthur was 214, that of Hancock and Engoppose Tilden, but the latter sent a letter lish 155. The popular vote was Republidisclaiming that he was a candidate, and can, 4,442,950; Democratic, 4,442,035; yet really inviting a nomination on the is- Greenback or National, 306,867; scattersue of "the fraudulent counting in of ing, 12,576. The Congressional elections Hayes." There were but two ballots, as in the same canvass gave the Republicans follows: 147 members; the Democrats, 136; Greenbackers, 9; Independents, 1.

FIRST BALLOT.

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Hendricks...

46 Black...

1

Tilden.......

38 Lothrop..

1

Ewing

10

Parker...

Seymour

8

Hancock.....

Tilden..

SECOND BALLOT.

Bayard....
Hendricks.

705

1

2

30

Thus General Winfield S. Hancock, of New York, was nominated on the second ballot. Wm. H. English, of Indiana, was nominated for Vice-President.

The National Greenback-Labor Convention, held at Chicago, June 11, nominated General J. B. Weaver, of Iowa, for President, and General E. J. Chambers, of Texas, for Vice-President.

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The third session of the Forty-sixth The 1 Congress was begun December 6. President's Message was read in both Houses. Among its recommendations to Congress were the following: To create the office of Captain-General of the Army for General Grant; to defend the inviolability of the constitutional amendments; to promote free popular education by grants of public lands and appropriations from the United States Treasury; to appropriate $25,000 annually for the expenses of a Commission to be appointed by the President to devise a just, uniform, and efficient system of competitive examinations, and to supervise the application of the same throughout the entire civil service of the government; to pass a law defining the relations of Congressmen to In the canvass which followed, the Re-appointments to office, so as to end Conpublicans were aided by such orators as gressional encroachment upon the appointConkling, Blaine, Grant, Logan, Curtis, Boutwell, while the Camerons, father and son, visited the October States of Ohio and Indiana, as it was believed that these would determine the result, Maine having in September very unexpectedly defeated the Republican State ticket by a small majority. The Democrats were aided by Bayard, Voorhees, Randall, Wallace, Hill, Hampton, Lamar, and hosts of their best orators. Every issue was recalled, but for the first time in the history of the Republicans of the West, they accepted the tariff

ing power; to repeal the Tenure-of-office Act, and pass a law protecting officeholders in resistance to political assessments; to abolish the present system of executive and judicial government in Utah, and substitute for it a government by a commission to be appointed by the President and confirmed by the Senate, or, in case the present government is continued, to withhold from all who practice

* One Democratic elector was defeated, being cut by over 500 voters on a local issue.

polygamy the right to vote, hold office, and I amendment by Senator Morgan provides sit on juries; to repeal the act authorizing for the instruction of women in the State the coinage of the silver dollar of 412 agricultural colleges in such branches of grains, and to authorize the coinage of a technical and industrial education as are new silver dollar equal in value as bullion suited to their sex. No action has yet with the gold dollar; to take favorable ac-been taken by the House. tion on the bill providing for the allotment of lands on the different reservations.

Two treaties between this country and China were signed at Pekin, November 17, 1881, one of commerce, and the other securing to the United States the control and regulation of the Chinese immigration.

On the 9th of February the electoral votes were counted by the Vice-President in the presence of both Houses, and Garfield and Arthur were declared elected President and Vice-President of the United States. There was no trouble as to the count, and the result previously stated was formally announced.

President Hayes, February 1, 1881, sent a message to Congress sustaining in the main the findings of the Ponca Indian Commission, and approving its recommendation that they remain on their reserThe Three Per Cent. Funding Bill. vation in Indian Territory. The Presi- The 3 per cent. Funding Bill passed the dent suggested that the general Indian House March 2, and was on the following policy for the future should embrace the day vetoed by President Hayes on the following ideas: First, the Indians should ground that it dealt unjustly with the Nabe prepare 1 for citizenship by giving to tional Banks in compelling them to accept their young of both sexes that industrial and employ this security for their circuand general education which is requisite lation in lieu of the old bonds. This feato enable them to be self-supporting and ture of the bill caused several of the Banks capable of self-protection in civilized com- to surrender their circulation, conduct munities; second, lands should be allot- which for a time excited strong political ted to the Indians in severalty, inalienable prejudices. The Republicans in Congress for a certain period; third, the Indians as a rule contended that the debt could should have a fair compensation for their not be surely funded at 3 per cent.; that lands not required for individual allot-3 was a safer figure, and to go below this ments, the amount to be invested, with suitable safeguards, for their benefit; fourth, with these prerequisites secured, the Indians should be made citizens, and invested with the rights and charged with the responsibilities of citizenship.

might render the bill of no effect. The same views were entertained by President Hayes and Secretary Sherman. The Democrats insisted on 3 per cent., until the veto, when the general desire to fund at more favorable rates broke party lines, and a 3 per cent. funding bill was passed, with the feature objectionable to the National Banks omitted.

The Senate, February 4, passed Mr. Morgan's concurrent resolution declaring that the President of the Senate is not invested by the Constitution of the United The Republicans were mistaken in their States with the right to count the votes of view, as the result proved. The loan was electors for President and Vice-President floated so easily, that in the session of 1882 of the United States, so as to determine Secretary Sherman, now a Senator, himwhat votes shall be received and counted, self introduced a 3 per cent. bill, which or what votes shall be rejected. An passed the Senate Feb. 2d, 1882, in this amendment was added declaring in effect shape :— that it is the duty of Congress to pass a Be it enacted, &c. That the Secretary of law at once providing for the orderly the Treasury is hereby authorized to counting of the electoral vote. The House receive at the Treasury and at the office of concurred February 5, but no action by any Assistant Treasurer of the United bill or otherwise has since been taken. States and at any postal money order of Senator Pendleton, of Ohio, December fice, lawful money of the United States to 15, 1881, introduced a bill to regulate the the amount of fifty dollars or any multiple civil service and to promote the efficiency of that sum or any bonds of the United thereof, and also a bill to prohibit Federal States, bearing three and a-half per cent. officers, claimants, and contractors from interest, which are hereby declared valid, making or receiving assessments or contri-and to issue in exchange therefore an butions for political purposes. equal amount of registered or coupon The Burnside Educational Bill_passed bonds of the United States, of the denomthe Senate December 17, 1881. It pro-ination of fifty, one hundred, five hundred, vides that the proceeds of the sale of pub- one thousand and ten thousand dollars, of lic land and the earnings of the Patent such form as he may prescribe, bearing inOffice shall be funded at four per cent., terest at the rate three per centum per and the interest divided among the States annum, payable either quarterly or semiin proportion to their illiteracy. An annually, at the Treasury of the United

States. Such bonds shall be exempt from | aided the higher rates paid for commodiall taxation by or under state authority, ties and labor. The funding operations and be payable at the pleasure of the since the war have dissipated this belief, United States. "Provided, That the bonds and so shaken political theories that no herein authorized shall not be called in and party can now claim a monopoly of sound paid so long as any bonds of the United financial doctrine. So high is the credit States heretofore issued bearing a higher of the government, and so abundant are rate of interest than three per centum, and the resources of our people after a comwhich shall be redeemable at the pleasure paratively short period of general prosperof the United States, shall be outstanding ity, that they seem to have plenty of surand uncalled. The last of the said bonds plus funds with which to aid any funding originally issued and their substitutes operation, however low the rate of interest, under this act shall be first called in and if the government-State or Nationalthis order of payment shall be followed shows a willingness to pay. As late as until all shall have been paid." February, 1882, Pennsylvania funded seven millions of her indebtedness at 3, 34 and 4 per cent., the two larger sums commanding premiums sufficient to cause the entire debt to be floated at a little more than 3 per cent., and thus floating commands an additional premium in the money exchanges.

Be

The money deposited under this act shall be promptly applied solely to the redemption of the bonds of the United States bearing three and a-half per centum interest, and the aggregate amount of deposits made and bonds issued under this act shall not exceed the sum of two hundred million dollars. The amount of law. ful money so received on deposit, as aforesaid, shall nɔt exceed, at any time, the sum of twenty-five million dollars. fore any deposits are received at any postal money office under this act, the postmaster at such office shall file with the Secretary of the Treasury his bond, with satisfactory security, conditioned that he will promptly transmit to the Treasury of the United States the money received by him in conformity with regulations to be prescribed by such secretary; and the deposit with any postmaster shall not at any time, exceed the amount of hiç bɔnd.

SECTION 2. Any national banking association now organized or hereafter organized desiring to withdraw its circulating notes upon a deposit of lawful money with the Treasury of the United States as provided in section 4 of the Act of June 20, 1874, entitled "An act fixing the amount of United States notes providing for a redistribution of National bank currency and for other purposes," shall be required to give thirty days' notice to the Controller of the Currency of its intention to deposit lawful money and withdraw its circulating notes; provided that not more than five million of dollars of lawful money shall be deposited during any calender month for this purpose; and provided further, that the provisions of this section shall not apply to bonds called for redemption by the Secretary of the Trea

sury.

SECTION 3. That nothing in this act shall be so construed as to authorize an increase of the public debt.

In the past few years opinions on the rates of interest have undergone wonderful changes. Many supposed-indeed it was a "standard" argument-that rates must ever be higher in new than old countries, that these higher rates comported with and

History of the National Loans.

In Book VII of this volume devoted to Tabulated History, we try to give the reader at a glance some idea of the history of our National finances. An attempt to go into details would of itself fill volumes, for no class of legislation has taken so much time or caused such a diversity of opinion Yet it is shown, by an admirable review of the loans of the United States, by Rafael A. Bayley, of the Treasury Department published in the February (1882) number of the International Review, that the "financial system of the government of the United States has continued the same from its organization to the present time." Mr. Bayley has completed a history of our National Loans, which will be published in the Census volume on "Public Debts." From his article in the Review we condense the leading facts bearing on the his tory of our national loans.

The financial system of the United States, in all its main features, is simple and well defined, and its very simplicity may probably be assigned as the reason why it ap pears so difficult of comprehe ision by many people of intelligence and education. It is based upon the principles laid down by Alexander Hamilton, and the practical adoption of the fundamental maxim which he regarded as the true secret for rendering public credit immortal, viz., "that the creation of the debt should always be accompanied with the means of extinguishment." A faithful adherence to this sys tem by his successors has stood the test of nearly a century, with the nation at peace or at war, in prosperity or adversity; so that, with all the change that progress has entailed upon the people of the age, no valid grounds exist for any change here.

During the colonial period, and under

the confederation, the financial operations | Government of Spain for the same purof the Government were based on the law pose, and through the same agency. The of necessity, and depended for success upon the patriotism of the people, the cooperation of the several States, and the assistance of foreign powers friendly to our

cause.

balance of the French subsidy was paid through Benjamin Franklin. In 1777 & loan of 1,000,000 livres was obtained from the Farmers General of France' under a contract for its repayment in American "It was the willingness of the people to tobacco at a stipulated price. From 1778 receive the various kinds of paper money to 1783, additional loans were obtained i-sued under authority of the Continental from the French King, amounting to 34,Congress, and used in payment for services 000,000 livres. From 1782 to 1789, loans and supplies, together with the issue of to the amount of 9,000,000 guilders were similar obligations by the different States, negotiated in Holland, through the agency for the redemption of which they assumed of John Adams, then the American Minis the responsibi ity; aided by the munificent ter to the Hague. gift of money from Louis XVI. of France,

The indebtedness of the United States followed by loans for a large amount from at the organization of the present form of both France and Holland, that made vic-government (including interest to Decemtory possible, and laid the foundations for ber 31, 1790) may be briefly stated, as folthe republic of to-day, with its credit un-lows: impaired, and with securities commanding a ready sale at a high premium in all the principal markets of the world.

Authorities vary as to the amount of paper money issued and the cost of the war for independence. On the 1st of September, 1779, Congress resolved that it would

on no account whatever emit more bills of credit than to make the whole amount of such bill- two hundred millions of dollars.' Mr. Jefferson estimates the value of this sum at the time of its emission at $36,367,719.83 in specie, and says; 'If we estimate at the same value the like sum of $200,000,000 supposed to have been emitted by the States, and reckon the Federal debt, foreign and domestic, at about $43,000,000, and the State debt at $25.000,000, it will form an amount of $140,000,000, the total sum which the war cost the United States. It continued eight years, from the battle of Lexington to the cessation of hostilities in America. The annual expense was, therefore, equal to about $17,500,000 in specie.'

"The first substantial aid rendered the colonies by any foreign power was a free gift of money and military supplies from Louis XVI. of France, amounting in the aggregate to 10,000,000 livres, equivalent to $1,815,000.

"These supplies were not furnished openly, for the reason that France was not in a position to commence a war with Great Britain. The celebrated Caron de Beaumarchais was employed as a secret agent, between whom and Silas Deane, as the political and commercial agent of the United States, a contract was entered into whereby the former agreed to furnish a large amount of military supplies from the arsenals of France, and to receive American produce in payment therefor

"Under this arrangement supplies were furnished by the French Government to the amount of 2,000,000 livres. An additional 1,000,000 was contributed by the

Foreign debt.

Domestic debt.

Arrears outstanding (since
Debt due foreign officers...
discharged)............................

Total..........

$11,883,315.96 40,256,802.45 198,208.10

450,395.52

$52,788,722.03

To this should be added the individual debts of the several States, the precise amount and character of which was then unknown, but estimated by Hamilton at that time to aggregate about $25,000,000.

"The payment of this vast indebtedness was virtually guarantied by the provisions of Article VI. of the Constitution, which says: 'All debts contracted, and engagements entered into, before the adoption of this Constitution shall be as valid against the United States under this Constitution as under the confederation.' On the 21st of September, 1789, the House of Representatives adopted the following resolutions:

Resolved, That this House consider an adequate provision for the support of the public credit as a matter of high import ance to the national honor and prosperity.

Resolved, That the Secretary of the Treasury be directed to prepare a plan for that purpose, and to report the same to this House at its next meeting.

"In reply thereto Hamilton submitted his report on the 9th of January, 1790, in which he gave many reasons for assuming the debts of the old Government, and of the several States, and furnished a plan for supporting the public credit. His recommendations were adopted, and embodied in the act making provision for the payment of the debt of the United States, approved August 4, 1790.

This act authorized a loan of $12,000,000, to be applied to the payment of the foreign debt, principal and interest; a loan equal to the full amount of the domestic debt, payable in certificates issued for its

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