Ellsworth American. [volume] (Ellsworth, Me.) 1855-current, 1868-03-20
NTr. Blaine's Speech.
PAYMENT OF l.. S. BoNns.

AAMENi OF L. ,. BONDS.
The following is the Globe report o. Mr.
Blain's speech delivered in the House Of
Representatives on the 9Th inst:
Mr.. BLAINE. The questions involved
in paying off the five twenty bouds, Mr..
! Chairman, are surrounded to Il consider
able extent with gratuitous msrcpresenta-
ton OF heated partisans. and to no small
degree. fear. with honest misapprehen-
sions on the part OF those who desire the
maintenance of the public credit untarnis..-
ed aud involate. Having addressed the
House at some length on this subject at the
opening of the session. desire now to add
a fw words by way of appendix an pos
sibly of explanation of some errors which
are industriously disseminated through the
country.
FtrSl Many persons seem to imagine
and many Democratic papers have Gclib-
eratcly stated that IA proposition has been
made in Congress to pay off the five twen-
ty bonds in coin at this time, while gold
commands "A heavy premium over green
backs. And on this gr0undless premise
many honest minded men wax exceeding
wr0th. and cry 0at with proper indigna.
ton against the bondholler having gold
when the pensioner, the soldier, and the
day-lahorer have to take grcenbacks for
what is due to them. Now, to all persons
afflicted with this error, let me say that no
man in Congress has been fool enough or
knave enough to propose that the five
twenties be paid in q single day before Me
greenJacks shaN be pail in gold likcwiSe.
The man who holds grcenback holds the
Government obligation to pay in gold just
as much as a man who holds a five twenty
bond. and 1t would be just cause of com
plant if the Government should anticipate
the payment Of the five twentes in gold
! before it is ready to pay the greenhack in
gold also The first series OF the five
twenties will not fall due until May, 1889,
more than fourteen years from this time.
Long before that date is reached we shall
be on specie paying basis, and every hold
er OF greenback will be able to secure
gold for it at his option, and then there will
no longer be any objection to paying the
bondholder in gold also. Nor. indeed, on
the other hand, will the bondholder then
object to being paid in greenhacks, as the
two kinds of currency will then be con
vertable and coequal.
AlttbHW. uOcC NNo lul pay tuS
off the five twcnties in greenbachs at this
time, on the ground that money which is
COOL enough for the pensioner the soldier,
and the day -laborer, is good enough for the
bondholder likewise, seem to forget that
the process by which they would SO easily
get rid of the bondholder involves most
destructive consequences to the pcnsioner,
the soldier, the day aborer, and every 9th
er person who owns, handles, or uses
greenbacks, 1t is palpable and admitted
that the five twentles cannot be paid off i'll
greenbaeks without very large imitation
of the currency, and to initiate the curren
cy, is to render each particular dollar
worth so much less to rob each particular
dollar of its purchasing power to the pre-
else extent that the initiation is carried.
And if this imitation be carried 10 tn e
$500, ,090, 900 of new and additional issue
advocated by the gentleman from Massa-
chusetts, Mr.. BUTLER. in his elaborate
speech few weeks since, the result must
be ruinous and distressing in the extreme
to pensioners; soldiers, day laborers, and
all other classes whose means are limited
Indeed. with the amnInt of initiation
named, confidently believe that the class
es Of citizens to whom have referred and
all others similarly situated would be de-
prived in effect of nearly one half Of what
they now receive, To my mind no more
ingenious and certain way OF rObbing the
class who have small fixed in comes or who
work for daily wages could possibly be
devised than to pay off the tivetwenty
bonds in greeubacks, procured by an ad-