The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1878-08-22
BOUTW ELL.

AZ px-srcRprAnY OF THE TREASURY ON THE
anrrSpAcK PLATFORM AND THE NATIONAL
BANKS.
rFrom tho Boston Evening Traveller, August 20
Mr. Boutwell, addressed a large meeting at Portland,
Me- on Monday evening. In commencing discus
sion OF the currency question Governor Boutwell, In
ved any one present who did not think as Ae did 10
ask him questions. Hecommenced with the greenoacA
platform OF Maine and read the clause referring 10
tho national banks and declared himself opposed TO
tho doing away with them. II tho banks were to
up VIVA. would become OF Investments
A worse financial panic would follow than has been
seen or many day. rhe difficulty Is want OF con-
Hdence on the part OF those who have money. There
is money enough, but the question Is what shall 90
dono with II go that 1t shall pay interest!
Mr MONTGOMERY Where is confidence IN real
esiatep
NE BourwHLL-Real estate is not convertible In
money ut any time, especially ut the present time.
ln 1866 tho business OF issuips oanM no.es was MN
ehI from the issue. Whcn the national banks were
established he State banks ceased and now inc gov
ernmcnt revenue from tho ISSUE al the cur.
repcy This clear gam and was accomplished
BY the republican party. The gresnoackers say aoo'1
ism this system ana give US greenUacks. Here l
should Ike to ask some one who makes this cry what
the greenbacks shall be redeemed IN, at aiT Shall
il be gold or silver Of issued with no purpose 70 re-
Mr. MoSrcoAERy-suppoxe they DO redeemed like
Mr. BourwKLL-Which is not at ALL
Mr.. MoNrGoMERY-rhcy are redesmnb'e.
Mr. BourwELL-In no place on TINS earth IS man
bound TO redeem gold or SILVER ooHaT' lucy EePtc-
sent their own value.
Mr. MoxrGoMERY-wc propose TO redeem green
backs the same as any other money
ME- BouTwRLL-A gold dollar represents much
yalue-ihat is, the bullion OF which Il Is mace IS
actually worth SO much. II costs labor to mine It. II
car not be created by any fiat You canuo make 1t In
you! paper mill here print II IN WASHINGTON ii
chincry in motor then there will be no limit to the
supply OF paper dollars ana the supply will be as
worthless as 1t was IN Connentai times. inere Is =
difference between dollar earned by hard labor ana
one made with printing press
Air MoNrGoxERy-W you tell the difference DO
tween gold and paper doiiarY
Mr.. BouTwKLL-Yes cir Gold and silver are
money because they have value In them and there Is
lint TO he supply and to he labor II costs to produce
them. With the 100000 printing presses in
the country there IL no limit 70 the supply
paper Of oarressy viii work on no oss Is
badly as the poor man. Tho rich men Will invest
their money carefully and not keep IT, but the labor
ers wages Will grow less and less. Labor advances
last and falls lrst No more fraudulent scheme 10
rob the poor man can DO thought OIL As 10 Inc pay
me nj tho bonds in greenbacks You gree n0ackers
say that tho sreenbacks are as good as gold; then
why you clam that the noIders oil bonds purchased
You koow well enough that siuce January, 1862,
green backs have not been as good as goid ana no
rational man will CLAIM otherwise Many nj the
bonas were issued before the premium on gold was
10 per cent half Of them before gold was l21a VINO
declaring nov that these bonds shall be paid other
than in coin. The credit OF tais country Is what
saved Ter she threatened from enemies
within the camp. BY paying IN gold instead OF
grecnbacKs the country has saved 100000 900
already. In 1860 the six per cent bonds
were selling s21 per cent. We had an
interest account then OF $l3S. 5000. thought
we should get money cheaper, anu accordingly issued
bonds aud they were taken, and SIX per
cent bouds were at par; $500, 600 600 in tive,
four and Ia and four per cent bonds were sold ana
S. OOO 900 year saved by reducing the interest on
the public debt In 1869 II was votcd to pay these
bonds 10 coin, and was 1t not good thing 10 dol
Does not my friend (Montgomcry) think SO? II no
does not differs not rom the men OF tue South who
raised their nand aga,ns, country sought It's
destruction. Every scheme which invites u change
Is a fraud, care not under what name II appears
Mr. INSTRUMENTATION did We promise 10 pay?
Mr. BoUrwELL--The republican party mas declared
that Il shall be paid In com, and tho holders oil tue
bonds expected that tney should DO paid other
wise II we redeem in paper and then do not redeem
tho money is not that re1Deryf Even bondhoiders,
and they are not all bloatcd, have some rights.
Touching the exemption Of. bonds from taxation,
he said lhat tho constitution OF the United states
gave Congress o rignt to borrow money without
limit. II States could DO allowed TO tax the ponos
issued by Congress to RAISE money, any Quo oil
tho Statcs II hostile to the measure fo- which the
money is to be used, could levy such high tax on
them as to drive them out OF the market How
quickly New Y ork would have done this during tho
war, or kentucky. Tho power must 90 supreme In
mcnt gains considerable ont OF II. In answer to q
question: said that the issue OF tho Bland dollar as
u legal dollar, while morally dishonest, was legally
honest The act Of 1869 justified the issue. but II was
bad policy, Tor II had tendency TO depreciate 7. o
currency Greeubacks arc by tar the best currency,
n they redee maOie In gold otnerwIse they arc
anything but good.