The Portland daily press., 1871-08-23
A Costly Heresy,

AS body the American people are honest,
Several times since the creation of the present
gigantic debt gentlemen who give Themselves
great credit for sagacity, because they have
followed Sir Philip. Sidney's admonition to
'look into their own hearts and write," and
speak, have publicly proposed either absolute
reputation or some modification of that wick
edness Several times this atrocious PROPOSE
ton has come In some way to vote, and the
the people have nearly always voted its sup
porters in to the obscurty of private life. In the
national Democratic platform of 1868 and in
numberess State and local Democratic resol-
utions it has been preached only to receive
prompt and emphatic condemnation. But
still from time to time it reappears in the same
quarter in which it originated. Even in max
ing the original 'new departure" the Ohio
Democrats did notprofess to depart from tt cir
financial heresy. Payment in greenbacks of
the bonds for the payment of which in gold
the national faith is solemnly pledged is en-
braced IN the Ohio platform, and in some
form it has been included in all the rest
Gen. Ewing, who claims that he really receiv-
ed majority of the votes in the Convention
that was found by some means to have NOM
mated Gen. McCook, sfor Governor of Ohio,
not only adopts the principles of the platform
but goes much further, holding that specie
basis is by no means necessary or desirable,
that gold should now become a mere article
of commerce and that the medium of exchange
should be furnished by the issue of paper cur
renee alone. The only check to the undue
Initiation of this currency is its convertibility
into three per cent. bonds which, in turn, are
payable only in paper currency. 1t is part
of Gen. EwiDgs plan that the five twenties
shall be pad in this new paper money. How
much difference is there between this and alb
soure reputation? Instead of paying the ma
tional creditors in gold, according to the SOL
emn contract made with them, they are TO be
paid in currency that must be greatly deprec-
ated by the enormous initiation incident to the
working of the plan. AT best the creditor can
receive payment only in a new promise to pay
irredeemable paper money and three per cent.
interest in the same currency. Let us sup
pose private transaction OF the same kind
gives his note to B promising to pay him at
the end OF year hundred dollars, principal
and interest at six per cent. in gold. When
the note has matured A offers in payment not
gold, but new note at three per cent. inter-
est, principal and interest payable in-new
promises to pay nothing
This is the financial policy of the Democra-
cy OF Ohio and of Maine, too, if we may judge
from the Augusta platform. We have several
times called upon the authorized opponents
OF Democratic opinion to give clear explain
alton OF what is meant by that clause in the |
resolutions that favor the payment of the debt |
sin lawful money" But no one has answer
ed, They dare not answer that they mean /
greenbacks, and they cannot answer that they /
mean gold. In other words, they are afraid to /
come before the people of Maine protesting,
doctrines that have been hundred times re-
pudlated by those to whom they appeal.
1t is no small aggragation of the offence of
the Democracy ttanat they insist on bringing
dishonor GGpon the country in connection with /
the q ebt which their treason created. 1t was /
surely enough that they should wickedly |
bring such burdens upon the country, but it /
is shameful that they should insist on disgrace /
as well as calamity. And there is new ca
lamty connected with their policy, too, for
the PRONUNCIATION of such financial theories as /
theirs by a great party that is coextensive
with the Union has greatly impaired the cred
it OF the government, caused the depreciation |
of its securities and compelled the payment of
high rates ofinterest. These facts are indis-
putaoe. National faith is like woman's hon.
ora stain is ineIadicabe. Accordingly Mis-
sissippi reputation under Democratic auspi-
ces years ago has never been forgotten or for
given abroad and when the recollection of that |
is supplemented by the perception
that large minority of the American people |
cherish notions that lead to the same easy
settlement OF adverse balances, it is no won
der that we have TO pay higher rate of inter-
est than Continental nations that are almost |
Hundreds of millions of dollars
will not measure the cost to the treasury of
the prevalence of these demoralizing doc. |
trines. If the Democracy should regain their
we should sincerely cherish the
most serious apprehensions as to their finan-
cial management as we'll as their proceedings
with reference to the civil and political rights
of the freedmen. So far, the following are
'he leading financial propositions that have
from Democratic sources:
Payment of the debt in greenbacks.
zen. buffers abandoned device of a perma-
lent, self-regulating, irredeemable paper cur-
ency, not based on gold.
Taxation of government bonds that were
on the express promise that thew
Vere not taxable.
Payment of Rebel war claims.
Payment of the Rebel war debt.
Payment of Rebels for the loss of their
aves by emancipation.