The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1868-10-22

The certainty of the election of Grant is al
ready beginning to bear fruit Cold goes
down and government bonds go up. Even the
value of some of the State bonds is said to
have appreciated under the stimulus of antici-
pated peace and security under Grant The
bonds of the State of Tennessee went up two
per cent. Immediately upon the reception Of
the news of the result in Pennsylvania, Indi-
ana and Ohio. These things furnish strik-
ing confirmation OF the views expressed by
Senator Trumbull III a recent speech at
Springfield, Illinois, On the best method of
maintaining the credit Of the United States
After referring at soma length to Pendleton's
fallaces, Mr.. Trumbul said:
How, then, is the credit of the Government
OF the United States to be maintained? VIII
tell you my view of that IN very few words.
1t is clearly expressed III the sixth section OF
the G. icago platform that the best policy to
diminish our burden OF oeDt Is 10 SO improve
O,,r credit that capitalists will lend US money
at lower rates Improve our credit that is the
way to have one currency for the laborer and
the same currency for the bondholder, the
sewing girl and everybody else of whom Mr.
Peudeton speaks, and / am for having that
continue good currency Applause l-have it
all good instead OF trying TO make il all bad
and worthless. And how is that to be dope?-
That Is to De dooe by resuming specie pay
ments at the earliest practicable period, with
out arrangement to the general business of the
country. lApplause.] That is the way to
unp0rm currency, and to give to the laboring
man something that has fixed and definite
value, and which he cannot be cheated out Of
by sharpers and spectators, VINO can initiate
the currency to-day and diminish 1t to-mor-
row.
and this is the way to reduce the public
nni2t. Ne having. in.
terest on $1,000 900 600 every year, while Cam
ada can borrow money at Iour per cent, in any
market in the world. Any civilized govern
ment on the face OF the earth can borrow mon
ey at tour per cent. or less. Brazil and the
South American Republics, subject to revolu-
ton every few years, eau borrow money cheap
er than the United States OF America Aud
why? Because of oar deprecated currency,
which some OF these Democrats, as they call
themselve>, who used to love hard money,
millions of dollars. Applause If you
would protect the tailoring man from the most
cunning scheme that was ever devised to cheat
him, then protect him against these issues of
unredeema ole paper money.
It is simply because of this deprecated cur
rency, simply on account of the uncertainty
that has been thrown upon the faith of our
nation by these attempts to cheat somebody
out of an honest debt that is due him. Zap
plause If we could borrow money at four
$40 bonds $4,000 900 a year. The interest
now Oh $1,600O0O,O00 is $96OC0,000, and on
S1600O00 900 at four Ler cent, il would be
S64, 100000, an annual saving of $32, 100000 in
gold in interest every year. But if the Gov
ernment chose to issue SIX per cent bond, it
would command in the markets a third more
than four Per cent, and the 81 200 900 900 of
six per cent bonds that we were paying sDe-
Gle for, If our currency and the credit of The
nation were re-established would sell for 81,
600,000,OO0, and with that 800 100000 of del
lars we could pay off and discharge every one
of those 5 20 bonds, and then we would see the
wisdom of this legislation of Congress, which
reserved the right to pay off these bonds at the
end of five years. This was very important
provision. The Government has retained the
right to pay off these bonds in five years, but
is not compelled to pay them until twenty, but
by issuing new bond which shall have TWEEN
tv years to run and shall pay six per cent. in
terest, when the credit of the Government is
restored, we will be able to sell these t onds at
o premium bv which we could at once reduce
the debt $400,000,000. This is the remedy, my
friends, and this is the security that the labor
ing people of this country will have il the
money they receive when we shall establish
specie payment in the land. and the currency
of the country shall be redeemable in gold and
silver. This is the true policy of the country
and no such make-shift as changing one spe-
cies of Indebtedness for another, and cheat
somebody out of the interest.