Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1877-08-07

II. AZ .ny time after January /, 1879, / present
that note for payment, shall receive gold eagle
in exchange for it. But the democratic party IN
Ohio. and loose onted republican politicians
there and elsewhere, interpose their veto. mo
MOP they cry in chorus, "the nation must con-
tinue to dIshonor Its own promises; the govern
ment must not, even IN eighteen months hence,
pay that confessed debt OF ten dollars, Tor the pay
ment OF such debts will contract the currency
The currency, iorsooth Is the continued expan-
sion of the carreuCy more sacred than the puDnc
faith, more important than the honor OF inc
Uplled states u4urs polite Than honesty Is IL
the first duty OF Ine government 10 ACCOMMODATE
stock bbeTs and SPECTATORS Win sn efPahosu
currency Look into the constitution oil Inc
United states Is It there provided or conceded
that contraction aud expansion OF the currency
shall be among the functions OF the Federal gov
efnmenlf
The power conferred on Congress by the
States is defined in The Constitution, tue great
charter winch Is to the National government Jus'
what the charter of a city Is to its municipal gov
eminent. l. It made the the duty oi Congress TO
supply the people with paper currency Let us
see. (Att /, sec. 81:
"The Congress suall have power TO pGp
the debts Of the United States" and 10 that END
the power of RAISING money by taxation, direct
and indirect, Is gISnted Cong fess has power TO
pay and 10 make all neediul provision ioT pay
ment; nor Is that power limited any where, by lm-
posing on Congress the duty or by granting 1t the
power OF expanding tue currency Ihe power 10
pay Is one thing. Ihe right Oh supposed duty oil
nlthhuldlpg payment for the sake VI keeping up
sn inflated paper currency Is very d.herenI
thing
The Congress shall have power =. 10 Dor
rOg MONEY on the credit Of the United States. y
Every one vi these notes, like every BOND, has
been issued by yiltue OF that grant OF power. Tue
lower 10 boIr on the credit OF the UnHed
States is the duty OF maintaining the credit oi the
United states by honest payment OF every Dor
ruwed dime, whether the loan was voluntary, as
IN the case of the bonds, OF forced as In the case
OF the notes. Every note Is al once confession
OF dent aud explicit promise OF pay ment.
"IHE UNITED STATES ILL PAY" Is the prom
ise But tne democi allie party OF ONO cries out
in fail convention: Don't pay For mercy :
sake-ior the curIencys sake, don't pay! fIex-
ore poiiIlcIans of the other party respond,
Amen.
WHAT more, that may seem to have some rela-
ton 10 The matter, does the constitution tell Us
Just this: "Ihe Congress shall have power to
com money, regulate the value thereof and OF
toieign CON, and fix The standards Of weights and
muasuIes." The power 10 COIN money which
stall measure values is one sttrIoute OF sovere gn
" ana The constitution transfers that power fr M
Inc several States 10 the United states. But does
TINS grant OF power impose upon Congress the
duly OF flooding the channels OF trade with cur
rency 7 We aII know that coined money Is "hard
money, and that currency has u more compre-
hensWe slgnlhcaton, including with money prop
erly so called all circulating representatives of
money. What word ID there IN the constitution
WHICH binds Congress to the duty, or conters on
Congress The power of meddlng with the cur
rency, TO expand it or to keep 1t expanded
Where is the word that tie lis us that Congress
shall keep the people well supplied with irredeem-
able bills OF credltf
ln the golden days of Andrew Jackson "Hard
Money" was tue war-cry OF the democratic party ;
and the idea that bank notes issued by q National
Bank, aud redeemable in coia Al the pleasure OF
every holder, were as good rs gold and silver for
currency, was q doctrine of the now forgotten
Wings. / believe that the democratic party of to-
day swears by the name OF Jackson; but how
would "Old hickory" have sworn at the thought
oil democratic party protesting against specie
and clsmorous tor soft money
Ii Is not TO Andrew jackson, but to Shakes
pears Ancient Pistol, that we owe the motto
base is the slave that pays" The old Jackson
party seems to have degenerated into an Ancient
Pistol party. LEONARD BACON.
NORTHAMPTON, Mass, July 81, 1877.