Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1875-07-21
WHAT'S REPTDLATION +


The democratic papers of the State of
Ohio declare that it is unjust to accuse the
Democratic Convention of Ohio of recon-
mending reputation. But il is not unjust.
1t Is in exact accordance with the truth.
The resolutions of that convention, held
on the 18th of June, included one. which,
after referring to the policy of the repub-
lican party, adopted in order to secure a
resumption of specie payments, used the
following language: I'VE demand that
this policy be abandoned, and that the
volume OF currency be made and kept
equal to the wants of trade, leaving the
restoration of legal tenders to par with
gold to be brought about by promoting
the industries of the pc oplc, and not by
crushing them"
The convention proposes to abandon
the policy of the republican party which
looks to the payment of the legal-tender
notes of the Government What is that
policy 1t is embodied in the law passed
Jan. IA. 1875. which says: ION and af-
ter the 1st day OF January, A. d. 1879, the
Secretary of the Treasury shall redeem,
in coin, the United States legal-tender
notes then outstanding, on their presenta-
ton for redemption at the office of the AS
sistant Treasurer of the United States, in
the city Of New York, in SIMS of no less
than fifty dollars" This is distinct
promise, made by the Government of the
United States. with all the forms of law
observed, and having all the sanction
which any law can have, to pay the legal
tender notes on and after Jan, |, 1879.
That promise has entered into the sub
stance of the contract contained in every
legal-tender note now in existence. 1t is
as if each Of those notes bore on its face
the following words: The United States
will pay to bearer, on or after Jan. |, A.
d. 1S79.--dollars, in coin, when de-
manded at the Office of Assistant Treas
urer of the United States, in the city of
New York. (The only qualification of
this promise is in the requirement of the
law that the notes shall be presented for
redemption in sums of not less than fifty
dollars, but that does not Affect the es-
sence of the promise; it is provision of
mere convenience Now, every one will
admit that if the language of the legal
tender notes had read as above when they
were first issued, the country would have
been obliged to pay them in coin at the
date specified, or else to repudiate the
promise to pay them then. A contract be-
tween two individuals can be altered by
mutual consent, bu; our legal-,ender notes
are only contracts in modified sense
they are in reality promises to pay which
the promisor compelled the holders to ac-
cept. They are, therefore, the more bind
ing, and their obligation more involves
the honor Of the Government, and they
should be treated accordingly. If the
Government could negotiate with the
holders. and obtain an extension of time
on the plea of straitened circumstances,
that might be humiliatng, but ii no mis-.
representation were made it would be
fair. But the Government could hardly
enter on any such negotiations. 1t might
offer the holders OF its notes the alterna-
tives OF taking coin or an interest bearing
gold bond. But it has not chosen to do
that. II has chosen TO promise in SO many
words that ON and after Jan. /. 1879, i.
will redeem its notes in coin. That prom
ise being made, one OF two things only
can be done with it, 1t must either be
kept or broken, The republicans propose
TO do all they can to keep it. The demo.