The Union and journal. [volume] (Biddeford, Me.) 1858-1882, 1869-02-05


with which to redeem III. $50, 000,0 900 falling
due during that year, and this without any pur-
chase Of coin by the Secretary. There can be
no doubt Of the ability of the Secretary of the
Treasury to maintain redemption after com.
mencing, az he would, without any purchase Of
coin, have during the first year after specie pay
mcnts actually commenced nearly one hundred
pcr cent. in specie Of the whole amount Of coin
notes redeemable with which TO redeem what
ever notes might he presented. And maintain.
ing redemption through the first year would un-
doubtedly bring the whole volume of tho cur
rcncy to q par with gold. Indeed, believe the
first monthly redemption would have this Of.
feet; for demonstration Of the ability Of the
government TO redeem would so est blith public
confidence rs to settle the whole question.
Deeming these resources Of the government
amply sufficient to maintain the redemption Of
these coin notes as they mature and are present.
c,l for redemption, now pass to the second
question; What will be the effect Of their issue
This is, in substance. to ask whether the CON-
munity in general will estimate the resources Of
the government for the payment Of these votes
as | have estimated them. Will their issue in
spirc general confidence In their promise TO payl
Upon this point propose to take, FIRST, the test
imony given by an opponent Of the bill, the
gentlemen from Indiana, Mr.. Coburn,1 who,
in a speech made In this House last week, ex-
pressed himself upon II as follows:
"will the issuing Of Treasury notes payable
in twelve months in gold, in lieu Of the green
hacks and bank notes taken for taxes and dues
TO the government, have any tendency toward
the resumption Of specie payments. This prop
osition has been made in all seriousness by de
cidel opponent Of contraction and Is put forth
ms n measure in aid Of that view. To my mind
II Ia the strongest measure Of contraction yet
proroscl, amounting TO nearly n half million n
dawn fine, 10 the entire amount Of the rcye-
nue. raissl In paper; for this paper is ut once
rctir,l. and in is stead Is issued currency
which calls for gold In twelve months. and
which at once i worth more than twenty-five
ner cent. premium; a currency which would be
locked up rs soon as issued, and only see day
light when put up for sale by bankers or at the
end Of twelve months, when presented at the
Treasury.
Who tha. holds such note will give Il in cI-
change for grcenback and throw away his
twenty-five per cent? Who will pay IL out 7
Who so infatuated as 10 yield up such golden
advantage, In one year sls0, 0oo, 900 Of our
currency would be safely locked up, and the
whole crecnback circulation would be eficctual-
ly retired ut the end Of two years"
Thcse objections Of the gentleman from lndi-
ona-who represents class Of objectors--arc
full Of expressions Of the confidence which Is TO
be rrpcsci In the notes which this bin proposes
TO issue. They are, that these notes will "bc
lockel up as soon as issucd"-''safely locked
up''-not paid out, but boarded for the golden
advantage" which they win adori to their pos
sesscssor, "put up for sale by brokers'" "bear-
ing premium Of twenty-five per cent" What
ever may be the actual operation, there Is no
mistake as to what thcse objcctors assume will
be the effect upon the public mind Of the issue
Of the proposei gold notes; they assume end Oh.
La fhaf the notx8 Hill BE- n mar. or ncarly n