Ellsworth American. [volume] (Ellsworth, Me.) 1855-current, 1877-09-06
MisrrIIanfons.
4D
An Honest Currency.
GovENog woODFogp's SPEECH N CtSCGN.
SATI, SEPTEMBER, 1875.

CIIiLENs OF CINCINNATI Il an here to
plead the cause OF an honest currency.
Applause And by an honest currency
mean one whose every paper dollar will
buy Just a. much a. it, gold dollar (Ap-
plausc.) Whose gold dollar viii buy no
more than It, paper dollar. and whose dol
lar is worth a. much today as ii was yes
terdAy. and no more than IL will be worth
tomorrow. such Il currency /. d-msndsd
by business morality; Il /, demanded by
business eXpe iicncy. Such a currency We
haze not to-day.
There are three kinds Of money recog-
nized by the law OF this Land. There Is
gold and silver. OF which we hear great
deal. but see ve'y little. A voice, Good. %
There are the National promises to pay.
which We call greenback>. aud there are
the circulating notes OF the National baak-
which We call bank currency. The bank
currency j. greenbacks. and because yoa
can get Il grecnbaek dollar whenever you
want IL. you would just a. soon have the
National bank dollar as the greenback
dollar. But you cannot get the gold dol
lar for the greenback dollar every time Won
want il. The grceuback dollar promises
TO pay dollar. II wont buy as much In
the city of Cincinnati as the gold that IL
promises TO pay; II l. not worth "a much
a. your corn, il you are 4 farmer. 10; your
goods il you are a merchant for your labor
IL YOU are 4 mechepic.
Now, for example, as am simply luiet
lawyer, who always believe in calling my
WITNESSES TO THE STAND,
We will call the greenback TO the stand
First 1t reads. The United States will pay
the bearer five dollars" Il does not say.
This Is five dollars" Now, there is a 81
gold piece; take a good look at IT, for you
probably have not seen one for s long time.
(Laughter.) Now. that Is what that bill
promises 10 pay. No banker in the city
will tell you but that bill Is good as that
gold piece. Now. will it buy as much
Ii won't buy as much. can take that gold
piece TO any broker 10 the city OF Ciucinna-
Il. and | can sell il at a premium of just
sixteen cents on the dollar. Five times
sixteen are eighty A bank will give ne
another bill just like that aud eighty cents
in fractional currency for that g. gold piece.
Then, that is worth eighty cents more than
that.
WHAT MAKES A PROMISE GOOD?
Now. have you ever stopped to ask your
self just what that difference is! The pa
per Is the promise to pay the gold, and the
- uOk As SoOl Tie eolu IL.
Why? There are two things Il at enter in.
to every promise-one is ability and the
other is inclination. For example. you
may give ire your note for 500. and YOU
msy De just as honest as sunlight, aud Ii
you are not able to pay that note il Is worth
nothing TO me. On the other hand. you
may be perfectly able to do il, and if you
are not Inclined TO do it.your note is not
good. II you are one of those men, so
plentiful 10 New Iork-and perchance
there may be some here-who try always.
If they owe 3 debt, to see il they cas wig
gle out OF II In some way, when that note
falls due you must pay It, and have got
to employ lawyer, and pay him $40, to
recover II for me; then II Is worth only
$50 to me.
Your note is not worth one hundred dol
lars. because you have not the inclination
to pay it.-A man must be able and inclined
TO pay his debt before his note is absolute
ly good. When these two meet together a
note is absolutely good, and is just as good
as the money 1t promises u pay. For cx-
ample, you may have 800 in your pocket.
There are men In Cincinnati 10 whom you
would rather lend that 500, and get note
bearing interest, because your money would
then earn interest, and you would know
that when the note came due you would
get every cent They are able to pay and
they are willing to pay.
Now, there is the note Of your govern
ment and mine, that promises to pay that
$5. Why is not that note just as good as
that s5! You don't question the ability of
the government topay its debt; the resouIc-
ss OF the country are boundless and we are
able to pay our debt whenever We are will
ing. The question is not one OF ability but
OF inclination. (Applause.) Why Is not
that note. which Is promise to pay, just
as good as the gold itself! Partly because
we have not the gold in hand; partly be-
cause you don't see that both political par
ties are taking efficient steps TO secure the
gold. But mainly for this reason.
THE MISCHIEF OF UNCERTAINTY
There are men in this nation. men who
control the democratic party In the State
OF Ohio, men who cOutrol the democratic
party in the State of Pennsylvania, who,
instead of putting their hands to the plow
and trying TO do their best to keep the faith
of the nation, are endeavoring to prejudice
and break down our faith. Loud applause.)
And In serious soberness srraign the dem.
ocratic party Of the great State Of Ohio.
alike the men who engineered the platform.
and those who, with more cOwardice. are
standing idly by while the credit of the na-
ton is being stoned to death, aud like Saul,
when Stephen was killed, are thus con-
senting thereto. xrrsign them for break
ing down the credit of your government
and mine, so that the promissory note OF
this nation Is TO day at l6 per cent. dis
count from its face value. Loud applause
That discount at l6 per cent. ID the meas
ure in hard coin of the doubt the people
entertain whether that note is ever to be
paid. Do you believe mes We have two