Ellsworth American., 1874-06-11
No Compromise.

We are glad TO learn that the comprom-
ise plan, for partial imitation has probably
failed. The Presidents firmness has shat
tered all such plans, and now there is a
prospect that the question can be settled
by the people. This question was not
prominent when the present Congress was
elected and its members do not necessa-
rily reflect the will Of the people in this
matter.
We trust no compromise will be made,
for the history of compromises in our own
politics has not been encouraging. We did
not succeed in the war against slavery. un-
til all thoughts of compromise were flung
aside. Conflicting business interests, may
often be advantageously compromised, and
political and social interests are sometimes
capable OF adjustment in that way, espec-
tally where there are other overshadowing =
interests, absorbing attention. Political
principles however always suffer, by at
tempts to compromise. Where there is any
moral element in the question, a lasting
compromise is impossible.
We believe that the financial and cur
rency question. has now become the great
issue which the people must settle. II
oyeTshSAlows All. .esAs.- fy.1rStv-No srest
disposition TO make any radical change
That is question which may for the pres
ent at least be adjusted bv a reconciliation
of conflicting interests. The currency
question however involves the relations
between debtor and creditor. and between
citizen and the government. Here comes
in a moral element as we coutended
last week. 1t would not be morally right
tor the government TO make a worthless
currency legal tender ia payment of
debts No measure therefore which nm.
naturally cheapens the circulating medi-
um and lessons its purchasing power. should
be tolerated
The issue of Treasury notes g reen-
backs aud the making them legal tender
was perhaps justifiable As war measure,
at any rate they are now outstanding and
constitute part OF the Government debt.
The propriety- OF their past issue would be
now an idle discussion. The problem III at
now presents itself is. what shall be done
with them: The bonds are payable on a
day certain, and the public would be
shocked at proposition not to paw them
They will be paid, everybody believes,
and they are worth Sl,l7 today. The
Treasury notes issued by the same govern.
ment based upon the same wealth are
worth only 50. The reason tor the differ
ence is simply. that the Government TINS
far has neglected to pay them.
II il is honest for the nation to nav its
bonds. why is it not its duty TO pay its
notes: Il may be good specialization to
pay off an interest bearing debt, and neglect
debts that do not bear interest. bu. is Il
honest? The Treasury notes are some ten
years over due. and Is il not a matter of
shame that no attempt has yet been made
to pay them? What should we think of
the wealthy citizen who refused to nav his
demand notes? What ought we 70 think
of ourselves, the people, who have for
ten years refused to pay our notess We
have the pleasure of seeing them sell in |
the markets OF the world at a discount of
ii per cent. while England Bank notes
are at par the world over.
We are glad the President insists on /
early payment the sooner the better. We |
trust the party will march under that ban
ner and We believe the people will IN arch
with them