Ellsworth American. [volume] (Ellsworth, Me.) 1855-current, 1878-08-08

er to clOthe that bill with the legal tender
quaiityG Ia the time OF peace, I answer,
emphstically, It had not, has not.
Why:
The Constitution of the United States
authorizes The government to coin money
and to regulate the value thereof. You
coin metals. you do not coin paper. Words
must be interpreted by the meaning with
which they were used. The government
had authority to coin money 1t did not
have authority to print paper.
You may refer me to that other clause
OF the Constitution where 1t says that no
state government shall emit bill of credit
and that therefore by accepted laws of To-
depreciation the general government may
emit bill Of credit. Certainly. But 1t Is
bill Of credit. 1t IL not money. The very
meaning Of the word credit implies that It
Is promise to pay, based upon faith, is
sued as credit and not As money.
Then. whence came that power to clothe
the bill with legal tender quality? Simply
here. 1t WAS the exercise of the last. the
ultimate power Of the government In saw
| ing its life.
Let me Illustrate. | have no right to kill
you. no right to take yon by the throat rs
| you leave this hall and stab you to the
heart. That would be murder.
But II you were to spring at my throat
| and try to take my life, then, I should have
the right by the right that have to live,
TO do anything that should save nv life.
As, with men, so with nations. (Long sp-
plsuse.)
When we were In the throes of the re-
beliion. when treason was springing at the
! nations throat, when treason Was striking
at the nations life. we had the right to do
| anything tha, should save the nation alive.
and keep the land OF our fathers one and
!ndivisible. (Applause.)
Thus the greeuback currency was born
/ am not here TO attack IL. Blood stained
with the memory Of many battle ield
tear-bedewed, as It passed through the
hand OF widow and orphan. 1t stands to-
day with sacred memories clustering
around Il. love that Greenback of the
war so we'll that will not put into the
gree nsack family bastard greenback born
Ia the ume OF peace. daughter aud ap-
plause.)
Thus the grcenback currency was born.
What Is IN This greenback. which hold
ln my hand, does not say: This is TWO
dollars" This bill simply says, The Uni
Ted States will pay the bearer two dollars"
This makes il note, promise 10 pay.
This note. for the reason have given,
was clothed with legal tender quality.
But II is still q note. a. much the part Of
the national debt As Is the bond. The dif
ference Is only that the bond is the prom
ise 10 pay certain amount on given
day With Interest in the meantime at a GER
tain given rate; while the greenback is a
note not bearing interest, promising to
bay without day fixed.
Then came the next step In legislation.
The government pledged Itself by the act
OF 1879, 10 pay these notes la coin when
ever presented on and after the first day Of
January. ls13. The note which did not
have any fixed date Of payment before that
law now has date, when II Is due.
What makes the value OF any note; what
makes the value OF this note: am no be
lever In the idea that by any process Of
legislation You can give to anything "A val
ue that /, does not have in and Of itself. A
gold dollar Is worth a dollar the world
over, because II has the actaal value in It.
1t Is good in London. 1t Is good In Port
land. II is good in China. Cheers But
| doubt whether a Chinamsn would take
even this greenback, II he could not read
English and did not know what 1t was. H-
would simply say that Is little piece OF
paper. Then whence comes the lyalue
OF this notei y is what Is printed on it,
II is not the paper itself. II is the prom
ise.
What gives the value TO promise? Two
things. First, the ability Of the man who
makes the promise to keep the promise,
aud second, his willingness. You may be
unfor,uuate enough To have one OF my
notes. Now II am worthless, my note is
not worth u rush. do not care how good
the paper or how elegant the writing. III
am good and you can collect my note, then
that note Is good In your hands. But here
comes In another element nd that Is my
willingness | may be able 10 pay and yet
so unwilling 10 pay that you m1y have 10
sue me 10 collect my note. Then my note
10 your hands Is not worth its face value.
Iol must discount its value and take of
first the delay in gettin. your money, and
second. what you have TO pay q lawyer tn
collect IL.
The greenback Is a note. There are just
two elements that enter into its value
First, the ability of the government to pay
this note. and second. the Willingness of
the government TO pay IL.
Now, AIN not right? Go back 10 the
dark days Of the war. There WAS an hour
when |, took two hundred and eighty-fve
dollars In greeobacks 10 buy one hundred
dollars in gold. You remember it. IL
takes to-day one hundred dollars and nny
cents IN greenbacks to buy one hundred |
dollars in gold. (Applause.) Now the
gold Is just the same to-day that it was
then. Ii weighs no more; IL weighs no
less. IL Is no finer; it lacks no 1neness.
IL Is the same. So these greenbacks are |
precisely the same, printed on the same |
paper and substantially from the same |
plates.
What has made the difference? When it |
took s?S5 in greenbacks to bny 500 In |
gold 1t WAS because the people dou bted the |
ability Of the United States government |
ever to pay that note, and they discounted
the doubt, and the difference in value be-
tween the note and the gold was just the
expression of the general doubt and dis
trust (Applausel To-day they know the
ability Of the United States. We crushed
the rebellion, We kept the republic, The
nation to-day lives because the Republican
party has lived add wrought, and we know
that as we saved our nation. so we can pay
our d,bu& (Applause.)
But tlfsRe is still difference in value be.
tween the two, between greenbacks and
coin. a difference not great but still so
marked (bscause l wish to be perfectly
honest from my staifdpoint) that unless
that difference can be permanently wiped
out between now and the first of January
next we may not be able with absolute
certainty, to resume and maintain specie
payment. And simply for this reason
that all men In money matters are prudent
aud even selfish. whenever there are two |
kinds Of currency taey will get rid OF the
poorer and hold the better. II your neigh
Dor has got two quarters, one with hole
IN 1t and one without he will pay away the
quarter with hole Ia Il before he pays
away the quarter without the hole-espec-
tally II be Is an honest believer In the green
back doctrine. Laughter and applause
Thus II there shall be any appreeiable
difference in value between the greenbaek
and the coin dollar for which that green
back calls on the hrst day Of January next,
we may not be able to resume, simply for
this reas0n-that the men who have the
greenbscks might 20 for the gold. get the
gold and bold il. and there might be moth
log LEFT with which to pay the balance Of
greenbacks, and SO the governments might
have to suspend resumption.
We might as well face this possible con-
tngency here and now. We have not only
got to be willing to resume ou the first Of
January but we have got TO be able to re-
sumo so that We can pay every uian the
dollar that is due him whenever he pre-
sents his greenback.