The Portland daily press., 1878-08-20
HONEST MONEY.
Hon. Geo. S. Boutwell, at Sacca-
Kappa.

Kappa.
The True Metallic Ring to His Speech.
The citizens of Sacoarappa were treated TO a
good sound hard money speech at Weston
Hall last evening. After the cheap clap-trap
put forth by such distinguished regulators as
John Todd Mr.. Montgomery, and that class, a
sound, sensible discussion of the currency
question was very mu,h relished, and there is
no doubt but that it will do no little amount of
good. The Greenbackers at first thought of
getting up an opposition meeting, but strange
to say there were those in the party who had
cool heads enough to know that party that
cannot get up decent meeting alone cannot
do much when village of the size of Ssccs-
Kappa has two meetings. Mr.. Montgomery was
10 attendance, and when the speaker gave an
opportunity for any one to ask questions con-
corning the currency, he took hand, just as it
was supposed he would, but he came out of the
contest woefnlly beaten, and when Governor
Boutwell, answered the thin decisions of the
The meeting was called to order by Alonzo
Libby, Esq, who called upon Leander Valen-
tine, Esq, to preside. Mr. Valentine intro
dnced ex-Secretary Boutwell, to the meeting.
Mr.. Boutwell, was received with warm. ap-
plause. he said he should treat of the Repub-
lican party and its administration, not 50 much
10 this state alone, but throughout the country.
This party has discharged its duty with fidelity
and honesty. But first. 1 wish to speak of
your Representative in Congress, who 1 am
proud to say know. In my acquaintance
with public men have never known one who
during his first term in Congress has estab-
lished such reputation for integrity and
ability as Mr.. Reed has Outing the last session.
am told that the financial question is the
chief one of the day, but question the state
ment | believe there is much weightier
question before the country. The Republican
party has had control of this country for more
than sixteen years, and it has been successful.
1t first declared that all men are born free and
equal. This had before been declared, but had
not been maintained. When the party came
into power there were 100000 of people in
slavery. There never will be party that will
make such glorious record as this party has
made and maintained. Those who are invited
to join another party should consider if they
can become q member of another party that
shall carry such record to their children
Their legend is "Liberty and Union made
practicable by the Republican Party" A great
party that has been appointing many to office
and disappointing many more must expect to
thnca in re nh bo I'D;
to its success. But this party acts upon prin-
cple and it is sure to continue, Notwithstanding
q few may fall out by the way. Those who
do fall out will ba disappointed if they think to
find all that is lovely ont of the party. This
party in its campaign of 1880 will sustain two
first, that the America citizsn
shall enjoy all his political right. This is
greater than the currency question, yes, greater
than all other questions.
Today 100000 people who are entitled to vote
are virtually debarred from their right of
franchise. This party will give this people a
right to vote in 1880, and their vote shall be
counted How is it in Louisiana? some one
asked. An army made up by political party
has taken possession of that state. But they
have not destroyed the sense of right in this
country nor the sense of right of the Republic
eau party. All other questions are utterly 10
significant compared with this These black
men of the South are aboring meu who have
nothing but free ballot. When that is taken
they have nothing at all.
See to it that the right of suffrage is main
tanned. When slavery existed did we not
complain that the South secured increased
representation by reason of its slaves who
themselves were not allowed to vote. Now
these same men who were then in Congress
arm themselves aud break up the Republican
party.
If they had been free in the South there
would be Republican majority in the House
today. The Presideuts title would not be
questioned. l. am too old a man to say that
we will yield to so much unjust assumption on
getting the part when one great party is all
thestime doing wrong. Let all do their duty
and there will be no trouble.
This 1 believe is the coming question. The
matter of greeabacks or gold Is is of short
duration and must soon pass away But the
question of the South must come up again and
be settled once for all.
In commencing discussion Of the currency
question Geo. Boutwell, invited any one present
who did not think as he did to ask him ques-
tions He commenced with the Greenback
platform adopted in this state, and read the
clause referring to the national banks and
declared himself opposed to the doing away
with them. If the banks were to close up
business what would become of investments?
A worse financial panic would follow than has
been seen for many day. Toe difficulty is
want OF confidence on the part of those who
have money. There is money enough, bat the
question is what shall be done with it SO that it
shall pay interest
Mr.. Montgomery-Whe;e is confidence in
real estate?
Mr. Boatwel-Real estate is not convertible
in money at any time especially at the present
time.
In 1866 the business of issuing bank notes
was carried on by states and the general gov.
eminent had no benefit fiom the issue. When
the national banks were established the state
hanks caagn6 and the dprjUas
a revenue from the issue of the currency. This
was clear gain and was accomplished by the
Republican party. The Greenbackers say abol-
isb this system and give US greenbacks. Here
cry, what the greenbacks shall be redeemed in
if at all. Shall it be gold or silver, or issued
with no purpase to redeem them?
Mr.. Montgomery-Suppose they he redeemed
like gold and silver.
Nj. Boutwell-Which is not at all.
Mr.. Montgomery-They are redeemable.
Mr.. Boutwell-in no place on this earth is a
man bound to redeem gold or silver dollar
They represent their own value.
Mr.. Montgomery-We propose to redeem
greenbacks the same as any other money.
Mr.. Boutwell-A gold dollar represents SO
much value. That is, the bullion of which it
is made is actually worth so much. 1t cost la
Dor to mine it. 1t cannot be created by any
fiat. You cannot make it in your paper mill
here nor print it 10 Washington. If my friend
Inc qlestloDer wishes TO put all TINS machinery
in motion then there will be no limit to the
supply of paper dollars, and the supply will be
worthless as 1T was in Continental times. There
is a difference between dollar earned by hard
labor and one made with printing press.
Mr.. Montgomery-Willy you tell the diffel-
ence between gold and paper dollar?
Gen. Eoptwell-Yes sir. Gold and silver are
money because they have money in them and
there is limit 10 the supply, aud to the labor
1t costs to produce them, With the 100000
printing presses in the country there is no limit
to the supply of paper currency. The effect of
such an increase Of currency will work on no
class as bad as the poor man. The rich men
will invest their money carefully and not keep
it, but the laborer's wages will grow less and
less. Labor advances last and falls first. No
more fraudulent scheme to rob the poor man
can be thought Of
As to the payment of the bonds in green
backs. You Grsenbackers say that the green
backs are as good as gold: then why do you
claia that the holders of bonds purchased
them with deprecated money. You are incol-
sistent. You know well enough that siocs
January, 1862, ereenbacks have not been as
good as gold and no rational man will claim
otherwise. Many of the bonds were issued be-
fore the premium on gold was 10 per cent,
half of them before gold was 124, Who now
dares to risk the reputation of the country by
deciaiiLg now that these bonds shall be paid
tt.aut han tan e Al.