The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1864-07-14
Difference in favor Of lawful
money,
4S0,0Oo,0oO

La order to insure loan l have provided
that the interest on these bonds shall be eight
per cent. instead of six aud eight per cent. in
currency 1t will leave $3.50 100000 in favor
OF the system which propose shall be adopt
ed and that will afford the greatest relief 10
the present generation. Thirty years hence
it will be no distress to pay in coin. This and
the next year, aud the next year after, IL will
be a constantly increasing distress. My prop
osition would relieve this generation from the
exaggeraton in the price of gold. We will
have better and happier times when coin will
be the currency OF the country. Then we
can makh payment In coin which we now can
not do.
/ have also provided that there shall be is
sued the same kind of bonds TO the amount Of
500,0O0,000 to be rendered TO the holders OF
the fve-twenty bonds at eight per cent. in ex-
change. l say that in five years we have tue
right 10 pay them off, and to pay them IN mon
ey and that whatever functionary of this
government undertakes to overrule the law
deserves the censure of the nation and of the
people who are to bear these burdens.
Far be it from me to suggest that in refer
enee TO bonds where the interest is payable in
coin, 1t shall not be paid to the last farthing.
That is to be paid under my proposition: but
ii they will not convert them, one into the
other, in five years, | provide that the FIVE
twenties shall be red .emed by the sale OF eight
per cent. bonds for lawful money.
1t Is true Mr.. Stevens recognizes as legis-
lator speaking in behalf of the government
should, the obligation to pay for fire gears
gold for the interest on the bonds bearing in
terest payable in coin but his measure is at
that time, land IL is only three years hence,l
to tender for both principal and interest new
bonds with interest payable al s per cent in
currency. This is a wider departure from the
offer Of the government to its creditor at the
time the loan was contracted, than that pro-
posed in my communication.
By this method the price of gold is brought
down nois, and the people relieved OF indirect
taxation, and the credit of the government
strengthened, so that it can carry on and COM
pleie the war.
Mr.. Stevens proposes to pay gold during
the war, while it is every day growing dearer,
aud currency ever afterwards. Looking at
as well as to the present relief of the country,
have proposed TO pay currency for three
years and gold erer qfterWmds.
Mr.. Pomroy, OF New York, in the same de-
bate, demonstrated that when gold is at a pre-
MUM Of pne dollar, the man who loans money
in currency and receives per cent interest in
gold, receives "A per cent interest in currency
for every dollar gold value he loaned.
Gold Is now nearer to 50 THAI 81 premium,
and the interest received, on the same reason
ING Il more than sa NOR 90 4 rocIo,e1 IA c,,r
rency for the valued loaned. Besides what is
due to good faith in the terms of bargain, IL
seems to me that prudent creditors have an
interest that their debtor shall not be used up
by such share as this. and that If he should
insist upon paying it, they should insist that
he should not peril their bona .fde claim on
him by doing it. CIyIs.