The Portland daily press., 1868-07-29
Mr.. Pike ON the Payments of the Bond.


3 To the Editor Of the Press:
.. 1t seems to me the financial hereses of Mr..
Pike might have been left for rebuke and re-
proof to the people of the Fifth District, whose
opinions and interests have no doubt he sed-
ulously consults, and which he has much bet
ter opportunities to understand, than the edi-
tor Of the Press. A duly authorized public
body constituted by the Republicans of the
Jyth district will assemble at Ellsworth next
Wednesday for the express purpose of passing
upon his official conduct, and if the Press does
not wish to forestall its action by outside die
tation, it might afford to hold its peace day
or two. ei 1888 ,1,- a-.s.E aa = soi|tis .-. fe
You say: "From demanding the taxation of
the bonds, to demanding their payment in
greenbacks is but a single step and that step
Pike has now taken, and has thereby placed
himself in position antagonistic to that of his
party" r4
This statement as it stands does Mr.. Pike
the gravest injustice. 1t is based either upon
a misconception or a peryersion of what he
actually said in his colloquy with Mr.. Eldridge,
Here is the declaration he actually made, as
found the Daily Globe. ...-...-....-
Mr.. Ezdridge-Is the gentleman in favor
paying off the five-twenties now due in green
backs or gold?
Mr.. Pike-There are none of those bonds now
due. If there were any of them now due and
we had a surplus of greenbacks in the Treasu-
ry to the extent of that surplus, 1 maintain
that the government has right to pay them in
that way. Those greenbacks are legal tender
and lawful money, and to that extent the gov
eminent has right to pay its debts in green
backs
Mr. Esdrsdge-The right of the government
to do so have no doubt of. --z'==-=
Mr.. PiEe-And THEN and THEREAFTER it is
the policy of this government to redeem every
greenback 1t has issued by paying dollar for dol
Tar IN gold for it. III
Mr.. Pike instead of being outside of the phil
osophy and policy OF his party was conducting
a colloquy with a leader of the opposition,
backed by his Republican associates and effect
ually turned against his antagonist one of the
sophistries with which the people are deceived.
surplus of greenbacks to pay them with. If
there were, would pay the bonds in green
backs, and THEN and THEREAFrERwARDs pay
the greenbacks in gold. There is no founda-
ton for the the charge that Mr.. Pike would
pay single bond in greenbacks, until he has
| made it as certain that a greenback could be
redeemed in gold as it now is that coupon fol-
coin interest on presentation at the Treasury
coin can be exchanged for coin.
Mr.. Pike has always believed the controversy
as to what the bonds should be paid in is a
premature controversy, ga controversy" as he
expressed it "about goats wool" The thing
to do is to return to specie payments, to make
the greenbacks equal to gold long before any Of
bonds are required to be paid. 80
Mr.. Garfield, one of the Committee of WAYS
and Means, in the same debate, wisely stated
| the question thus: ,H -'+sr
I have already said that the controversy
| about these bonds is, after all, war of words
How stands tie case? What is the real ques-
ton involved in the controversy? Everybody
| admits, believe, that the interest on the five
| twenty bonds is payable in gold. As to the
| currency in which the principal is payable
| there are but two opinions. Some say it is
| payable in gold; others say it is payable in
| greenbacks. Now, 1 do not think any man in
| this House ever has denied or ever will deny
| that the greenbacks are themselves payable in
| gold; so that it comes at last to this: we all
| agree that the interest of the five-twenty
| bonds is payable in gold; and we all agree that
the principal Of the fve.twenty bonds is either
thing which is itself payable in gold. And
that is the whole controversy.
Mr.. Pixies declaration accords very well
with the doctrine of the financial articles writ
ten by me last winter, and which you did me
the honor to publish in your paper. That is
that the real reputation from which the ma.
tional credit is suffering, and by which the
public faith is furnished is not the suggestion
and inuendo to pay certain bonds hereafter in
paper promises, reputation that is to come
but it is the sturdy, palpable, wholesale bank.
ruptcy of which the nation is ,,op guilty. and
has been for five years, in issuing its promises
to pay dollars on demand, and then refusing to
stir hand or foot towards doing it-refusine to
pay its overdue paper, or to fund it, or to take
the first step toward making it current at par
To swallow this camel of fraudulent and whole.
sale swindling, and strain at the gnat of taxing
bonds 1-6Oth per cent. shows how far the non.
ular gullibility can be practised upon by adroit
necromancy. 'f-+5
Mr.. Pixies financial notions L apprebend
differ somewhat from my own, but 1 hope
the Press will be tolerant enough to
allow the different phases of current and hon.
est opinion on financial and revenue policy to
have just representation without assuming
that there is a party fiat which has precluded
all independent thinking. G. F. L.