Ellsworth American. [volume] (Ellsworth, Me.) 1855-current, 1876-02-24
Vol. xxi. Whole No. 1909, No, 5,

1 II,
not so large in proportion to already ac-
qnired property as was the national deb
| alone in 1890. And when we take into tl>
account the relative productive power OF
| the two periods, our present burdens are
absolutely inconsiderable. When we re
| fleet what the railway, the telegraph, the
cOttOn-gin and our endless mechanical in>
ventions and agencies have done for us in
the way of increasing our capacity fOi
producing wealth. we should be ashamed
to pretend that We cannot bear larger bur-
dens than our ancestors. And remember
Mr.. Chairman, that our wealth from 1870
IS;o nsGGshseBbo G eBbopP69adn p9Ff anS that the
same developement is even now progress
ing with a continually accelerating ratio
Remember, also, that the annual income
aud earnings of our people are larger than
those of any European country. larger
than those of England, or France, or lRus-
sa, or the German Empire. The English
people stand next to us, but we are large
in advance OF them. The annual income
of our entire people exceeds six thousand
millions in gold, and despite financial re-
verses aud revulslons is steadily increaS-
ing.
In view of these facts, 1t would be an
objectionable moral we IkneSs in our peO
ple-always heroic when heroism is de-
mandcd-to doubt their own capacity to
maintain specie payment. | am not will
ng, myself, TO acknowledge that as a peo-
pie We are less honorable, less courageous,
or less competent than were our ancestors,
in 1870; still less am ready to own that
the people of the entire Union have not the
pluck and the capacity of our friends and
kiusmen in California; and last of all
would | confess that the United States of
America. with forty-fOur millions of inhab-
uauts, with territory surprising all Eu-
rope in area, and | might almost say all
the world in fertility OF resources, are not
able to do what a handful of British
subjects, scattered from Cape Race to Van
couyer's Island can do so easily, so stead
lily, and so successfully
Mr.. Chairman. one great trouble In this
whole financial question has been the gen
eral and for many years the growing dis
position OF our people not 10 regard the lr-
4al-teudcr note aS Il debt of ;he govern
mcut, but rather rs something which is
never to be paid. Such was not the feel
II among the people when the legal-teu-
dcr> first appeared, and | think this erro-
neou> and injurious conception resulted
from an act OF Congress. which in most
vital point changed the character Of the
notes. When the first three hundred mill
ions outicgai-tenderS were Ssucd they could
be iHaded ut the option Of the holder in
j-2o bonds in sums OF so and any multiple
thereof This provision gave fixed de-
terminate character to the lcgal-tender, con
uected it with other government issues by
an ,qqarrd value. male il nm iufepraI mart
of ri,r whole -v.tcr, uf nuhlic credit ,oJ
established II in short q. a .ort of h,larr,.
wheel 10 our >omc,vh,t comniicat.d tiuo,-
rfll fnurliuprv So Iona as tbat provi.inr
yya, lu force tb,.. MONEY ,,rtIe ,,cdrI,. O..
urrri.rIv e.. ,ool and inst tL,. sam. ~ rb.
money InrdI,uI,I,.r r. . mi.t,Lcn nnli.y
a, yrrturr IN ,t,Iru mix .rrfinu ofti.
lac. ,nrhe r.on,st Of o,.,r,.,,rv Chasr
W., r.ur.,IrJ otter dun not,rc was ,,iv.,,
ana rh,.. ,nnr,.ut fh,t ,y,. d,rer1a Ta,al-
tender h.c.,u,- !, sort nf financial nrnI,,n
auiougu.. il had rh,,r.lnry,rI un con-
urrti1n ar r,.Iafinushin v.th anr nihor H.
,ur -, ,uc government, IL measured notn-
iug U>cii and wax measured bv nothing.
and ever since that tay IL has had 10 ii Jbt
its ol>u battle not merely unaIted by any
other forms of public credit. but in a sen<t.
constantly hindcred by them TO eStab-
li~h a fixed steady value for il uulrr these.
circumstances we're a, impossible As TO de-
ternine a pound avoirdupois without ref
erence to the law Of gravitation
Congress having taken away the prov =
ION for redemption, the public have uatur-
any come 10 re- ara IIt lpD1l-tG4ldeT
irredeemablc; and one of the
first step, toward re>rIuprjou is to
change that impression. by rcyiyipu rhe
funding privilege. in a bond OF lower rate,
with extended time, and a Limitation ON the
amount tha. couIl be funded i'm any Given
period. \, an amelioratiou To me debtor
class, the suggestion has been made that
the bond, into which the le0al tenders
should be thu, converted, lniuht them
selves be made Il legal tender for all debt,
contracted prior to the passage of the art
rhi, feature NAV have merit, hut shouId
desire to con,i er it very fully in all its
bearings before asserting to ii, and es-
prcialy d. to its effect on the value OF the
ltcal-tendcr note, and also as 10 its con
stitutoua.ity. We have done much to
maintain oar public credit, but | think we
beyln at the Wruu. end when we made
special cXtrtiou To- raise the price OF our
bon i>.it4d lri. the lc.al-tender to take care
of it-cu Had We devoted our energies to
bringing the legal-tcuder to par with coin
tile Bond would have followed; but, untor-