Ellsworth American. [volume] (Ellsworth, Me.) 1855-current, 1862-02-28

until that happy period in the future when
the Government shall resume the payment
of specie in the discharge of its indebted
ness. Nobody proposes that the. market
value of them shall be ascertained from
day to day, and scaled down, as the Rus.
sian Government did with their paper ru-
! II S, and payments made accord ng to
value thus ascertained.
Thus, then. the Government will pay
its creditor 1000 in bills in full dis
charge of debt of 1000, and still it
will not authorize that creditor to pay
debt he owes John Doe, for the same
sum, with the same money! In this way
it is tacitly acknowledged that the indebt-
edness of the Government, which repre-
sents all property, is not so valuable as
that Of the private citizen, who represents
but a small fraction of that property. Ii
this be not the meanest kind of bankrupt.
cy, | do not know the meaning of the
term.
1t is said we are in debt largely. The
enormous SUN of $100, ,000, ,000is estimated
as the amount of floating debt. We are
incurring large debts every day, and the
army and navy are our great creditors
More than three-quarters of the immense
daily expenditure is made for the army
and navy. We have called these six or
seven hundred thousand soldiers and sail.
ors from their homes into active service,
and now we cannot pay them. What
shall we do as honest men? Shall we is
4 of
Treasury notes. when it is said here upon
the floor of the House that the sutler fol.
lowed the paymaster at the last payday,
like shark in the wake of ship, and
gobbled % patches at four dollars in gold
for FIVE dollars In notes? Would new
issue Of the same kind of paper fare any
bettcr2 Some of the leading banks of
the country have already discredted the
old issue. VIII they be any more liberal
with the new? Shall we place ourselves
entirely in their power?
Ii We cannot pay our creditors in gold
and Silver, let US come as near it as pos
sibe. it is not doubted by anybody that
making the notes a legal tender will add
to their value in the hands of Govern
mcnt creditors. 1t is kind Of indorse-
mcnt that cannot possibly injure the cir
culation Of the note in any event, even IT
declared by the courts as Of no validity,
and will for time at least, add consider
ably to their money value. If net ex-
for specie. they will come
to being Of the same value.
And further | wish gentlemen to con-
slider the practical operation Of this mea-
sure when castrated of this clause. You
authorize your Secretary to sell $780,
900, 600 of bonds. He does it, and real
ize perhrps 100000. This amount
he gets in bank paper, itself at discount
larger or smaller, compared with specie.
If he makes favorable bargain, he will
obtain part of the amount in specie, and
part in bank bills. He has then in hand
three kinds Of money-specie, bank bills,
AMI treasury note5 The value of these
notes, according to the reckoning of gen.
tlemcn opposed to the BILL is to be mea-
sured by the price of the bonds into which
they are convertible If the bonds are
sold at twenty per cent. discount, these
notes should 90 at that discount.
2
nus tue '7oIfe'"fy wan hs'e sfo,.o'
oa"N hotes "r IT. 'ltee VI nVo pe' sen.. o.a
count anu ireaSufy n ho'eS d, '"on'y pol
cent discount: =. iaesG arc ms means i,t oi
marshal his assets and his creditors Is
he 10 open accounts liAe Il oioHGf n, u"'
current {, money anu Pia'e .'iG o,.is u .
'o'orn'Htht "' Ihe ioo' o' '"G i,9' ~ oi iii'
a9Ss!S an! "A"' u'r't''o'' u s''''l' ne wv
20 ~ M se2"t4''i''es Y1i qooa. ',o pay o'' y.
:, 2i''S ~ nc e.ssst'y u'll9 :, 'Hp h., say
.n, oo 70 ono o.e' u''N W " s s,,1' W 1pi. a1
, i0''99 ~ tes9i5 i'o'e,, ,1 nan :? Dn'y
: Hea'eH loI .n on" hofseS 49, ~ spe,
e'e W "i'I NJ io'oIsI IN 'no P.oPoo'.'0:. =.
- may oo ''i''' ~ "'lt pay i pa 49,; :"
""'s"' U.,, rgs upon W.!a' ?I''1:pio u 4'''s.
10" " ~ ~ u, ,'.o u, ',',-'s, ~ % a"u pIy
one '".'o e"'" VI "t'l Nv iooNpn ., ."o
""'Iu''' u o'''' l,'iu u 0ulton Nv h". h".
." '""a' "l'' Pay !" P'GPo' ''on " "'".
ne l':'s 90 ,l"' cue uay d oo'oi ''Ie"'
c'1u!'o' "ou.I feo9,ro ~ " i'ia0 sun II
specie anu 'i''1o III ife'Hu'y }. no'os' ':'u
on "non.or ii 1 n''' no'es anu ,h '..' Ss' ~
@tG :. '''ofs e9uiu 'Aei,i,o '.e,, " WV rr ~
H' ',u5 o9! 'n' eA"'. s'a'' ~. VI WI 1e In"'''
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