The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1864-07-14
To The Editor Of the Press.

To the Editor of The Press:
do not care who endorses the views of my
article in favor of temporarily paying the in
terest of the national debt in currency, provid-
ID it Is endorsed in good faith. We have ar
cived at pass of national peril, when it will
require the combined wisdom, disinterested-
iess and patriotism of men OF all parties so to
,djust and sustain our financial, military, and
political policy as to prevent the disintegra-
ion OF our country and the eclipse OF our ma
ioaal glory and power. And permit the to say,
dr.. Editor, that it is one of the saddest signs
4 such an impending catastrophe, that ques-
ton OF vital interest to the people discussed in
l candid spirit and without single partisan
illusion, is met with foolish and shallow de-
luuciation on the part OF those, who have an
interest in exacting from the bleeding country
ne pound of flesh nominated ia the bond, and
sith mere dirtJfinging from a still lower grade
4 persons VINO rejoice in The opportunity of
firing private grudge on the platform OF
public discussion.
Before a coterie OF such critics this writer
LIS uO oGIdclOn W us
less or political orthodoxy. Ii they have
allied to appreciate the sincere purpose and
he desire TO help and not TO hinder the gov
rnment in It's great struggle even at the ex-
-,ense Of personal interest, that found express
ion in every paragraph of that communca-
ion, he is very sure, however destitute he
uay have been hitherto of respect or influence,
hat he can gain neither by discussion with
item. But as such persons are more inhuenc
d by authority than by reason, and care more
o learn what the rest of the community think
nan TO employ their own faculties OF thought,
give them similar reasonings though direct
ID to somewhat different recommendation,
g idorsed by the name and reputation OF
rdADDEUs STEVENS, who, before respect
al and attentive audience OF the Legislators OF
be nation, spoke thus from his sea- in Con-
,ress no later than the 23d of June last
Il believe that all our financial troubles arise
rom the extraordinary demand for gold when
,oid is not the Currency OF tue country, aud
ne business OF the country does not produce
TO pay the taxation OF the country. L
aought so from the first, although it looks
Ike tsutoiogy to repeat ii every time when
his question comes up.
When tie Committee on Ways and Means
.ud the House first framed a system OF huauce
which was to continue during the war it con-
sIed OF two branches. Ii provided first Tor
ne issue Of legal-tender notes. 1t must be
emembered that in the preceding December
Il the banks vi the suntry had goue into
dspenson, and there was nothing in circula-
ion but the irredeemable currency OF the
ianks. The committee deemed II wise that
ne Government currency should be the cur
eucy OF the nation under these circumstances,
,ectuse there would be more confidence in
final redemption, and because the profits OF
he interest would in the meantime inure TO
ne benedt of the banks. Any one who re-
MEMBERS the terrible crisis through which We
assed IN 1862 knows that the banks had not
nly ceased TO pay specie even Tor the last
IAN OF S5O,000 900, which was taken on specie
'asis, but that they refused, aud that the peo
ie refused To lend another dollar payable In
aything We were driven, therefore, to ihi,
rrible necessity which is so censured tn this
iouse by the wise men Ia it; We We're driven
the legal-tender system; aud | venture u
~ that none has ever worked better IN this
rany other country. / supposed then. rs l
appase yet. that specie payment will not be
7esum I'd Tor the next ten years to come at
least.
rnen, sir. having taken upon ourselves the
esponsibility of issuing legaltender notes
he currency of the country, when it was pro
'osed to make u difference between those who
ealt in Government bonds and those who
leat 10 lands and other bonds, this House,
shen the vote was taken, by majority OF
nirty-nne refused to entertain the monstrous
,roposition. IL went to the Senate, and the
lew York brokers and gamb ers and bankers
ame here aud besieged all the branches of
ne Government, from the Secretary of the
treasury down, uatil they-I do not say cor
npted their Judgment but Influenced their
Judgment to introduce into that bill the fatal
.iause OF paying Interest in coin. That came
Jack into this House, and no twithstandng the
esistance OF those who thought, otherwise, il
vas admitted. Hence all our woes At that
ioment We found it necessary, As a small pal
alton 10 the Government, TO make the duties
imports payable ia gold. That ia drop in
ne bucket. But it still creates demand Tor
ne article to the amount of sixty or eighty
dillon dollars year, and merchants must
NY it from the bullion brokers at their own
Drice. And that amount increases from day
10 day and from year to year, from the fatal
policy which sits like an incubus on this Con-
sress and on this nation; and the price OF
;old is Increasing in proportion, aud will go
N increasing, until this nation cannot bear
ne taxation TO pay il, and will not bear the
Bxation to pay it. IL is, therefore, TO save US
ON the disgrace OF inevitable reputation
nat maze one more effort. to save the ma
ional credit.
Sir, | feela little on this subject, for | abhor
equalization, and | see it staring US in the
zee, at no great distance in the future, Just as
'lainly as il saw it here to day, If this policy
re continued any longer. Everybody will ad-
nit il We had no demand for gold in this eoun-
ry there would be no rise in gold. Where.
yer there is no demand for au article il bears
10 value beyond its intrinsic value. Just as
proportion to the increasing demand will
De the increasing rise, so in proportion to the
mallness OF the demand will be the fall in
irice. And he who charges this rise in gold
20 the Jews and gamblers in Wall Street is
hut shallow statesman. Before you under
ake-to correct that evil by some smlll salve
pread over raging cancer. before you can
expect to regulate this evil by gold selling and
,od-prohibiting bills, you had better take
Iway the demand for gold, Tor in no other
way viii you, in my judgment, depreciate
gold one per cent.
But sir, will proceed. | was remarking
hat we have already SS)0,000,O0) funded on
which We have pledged the Government to
Day the interest in coin. With the floating
outstanding Indebtedness the entire amount
ior which the Government is to become obi
,ated at the present day is from 5l.I00 100000
S2,000,000000. And | repeat that il the
var goes on Tor two years our Indebtedness
will be s4000,000.000 1t cannot be a dollar
less. Instead then of having s500000O0 in
crest PAYABLE in gold we shall have $40 000.-
0 0 annually. And put the question to the
douse whether when we have S5O.000,O00
payable in gold the brokers can put us in their
power and run the price of gold up to two for
one for money. what may we expect when in
stead of SS0000O0O00 on which we have to
pay interest We have S4000,000,000?
Some two years ago said in this House,
very much to the dissatisfaction of some OF