Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1878-10-28
Secretary Evarts on the Financial
Issue,
TIE FINANcIAL IssrE.

Now, gentlemen, the third subject, so far as the
executive authority of the republican party in
possession of the government has to deal with IT,
is interesting to them and interesting to you, and
so far your present impending elections are to
touch upon it, IL constitutes the main excitement
of that elecion-l mean the finance of tins coun-
try Applause
Now there is great danger, as it seems to me,
that because we have been in an irregular condi-
| ton Of our finances, made necessary during the
war, and have gradually advanced upon the evils,
and one by one have overcome them-there is
danger it seems TO me- that we should be too has
tly misled into dissat sfsction with condition of
| things which really, when we remember what in
| former times of peace we were accustomed To.
must be considered a pretty satisfactory condition
of the circulating medium OF this country.
never knew time before the war when every man
in the country was entirely Indifferent to the &C
tual security of the bills that be carried in his
pocket, as be is now. [Applause.l | never knew
a time when business had such occasion 10 fee ma
concern in regard TO the paper money of the
country provided only it measured nv that
measure Of strength and honesty. convertibility
into gold and silver applause that thew would
| feel and they do feel now Nor do believe that
| in the republican party there is any disposition
either to deride to decrv that paper money
which is associated in our minds with the struggles
and the throes of great nation contributing the
| strength Of it's youth to the battlefield and the
| resources Of its wealth TO the treasury of the
country. Applause.
| What was the legal tender as provided by this
government under the stress Of war Some peo-
pie talk about il If some other financial scheme
might have been resorted to; a. it. having pow
er OF taxation able 10 Law taxes of 100 apcr cent If
| necessary the government might have maintained
the adhesion to the specie standard, and filed the
| treasury nv taxation, by taxation to bankrupt
people. What could the government do with all
the property Of the country turned into the hands
| of tax-gaiherers, and all the people Of the coun-
| Try turned out OF their property! lApplausa.
| Did anybody ever hear of financial system
| of that kind, that government becoming
the owner of all the property. and the people
homeless and pennies, was in a condition
to carry on war with the acceptance of the com
muny No; just as by the conscrpton, when II
became necessary, all the youth of the country
were summoned to arms, so by the proclamation
of legal tender, all the wealth of the country
was marshaled 10 the aid of the government and
told to settle its accounts in specie payments after
the war was over. Great applause. When the
battles continued applause when the battles
were finished, the soldiers went home to till the
soil and work at the bench and fill the professions
and increase the wealth Of the country. When
the war was over, the good faith Of this people
with their affairs in the hands Of the republican
party 10 ma mage aud adjust, and to foster the pro
gress of its westh-wss pledged that as speedily
as possible the promises, on the faith Of which
this agency of finance, a legal-tender, worked out
the safety of the country, should be redeemed
by full and faithful performance. Applause
Now when the legal tender was working out
this salvation of the country, did we hear its
praises sung by the democratic party' [Cries of
Not Was il helped out by their confidence and
supported by their voices when both would have
been useful TO this country and to the soldiers IN
the feldf Applause No; we were then told
how much il cost in this bad money to buy rstions
for the soldiers and powder and ball for the can
non. We were told that no country could expect
to maintain liberties at great a cost. Oh gen
tlemen, have not measured how much powd r
and ball, or how many raions this paper money
| bought less than ITS face in gold would have
| boueht, but, think, for many of the men that
now praise the legal tender, the trouble not
that it bought too little, but that it bought too
much. Long continued applause But if you
| take its whole volume and system, where was
| there any money since the world began that
| bought as much as a legal-tender. Applause 1t
bought us an unmutilated territory. II bought
| rs interrupted Constitution. lApplause.J II
bought US a name and power among the nations
Of the world, which forelends war and makes
really all its internal defences for a long while to
come unnecessary. Since Midas turned by his
touch everything into gold, since Ciusus amassed
the treasures of the mines no man has ever got
| as good q bargain for his money as the American
people got for their lega-tender. Cries Of good,
and applause.
PRESENT CONDITION OF THE CURRENCY.
And now, step by step, patiently, faithfully, by
heavy taxation. by liberal payment Of taxes, in.
come and other taxes, we have made up the fnan
ces of the country that that legsl-tender is
worth to-day all over this country what on IFS
face it purports to be worth. And now that legal
tender no republican will suffer to be furnished
either by dsparaging its previous service or by
allowing it to be so COMPOUNDED with a volume of
peace currency to drown ont the finances aud the
honor of the people, as thai its fame shall be con-
fused in any msu's mind. We made the legal
tender to fight us out of war into peace, and we
will take fiat money TO fight MS out of peace in
to war. Is there anything in the financial history
of this country, as conducted by the republican
party, that we have any occasion to find faut
with Did we not understand from the begin
ming that what was needed was money in its
shape In sufficient volume to keep up the armies
OF the country in full vigor, and to maintain the
credit of the government with its citzensl And
what has become Of all those questions about i'm
pairing the validity of contracts and violating
previous rights Why, war is entitled to the ser.
vice of the whole power and wealth of the coun-
try, and it is for the wisdom of the Government mt
to determine how il shall best be marshaed
when and where il is needed and with sufficient
strength War interferes with other contracts
than the contracts of money. War separates the
bridegroom from the bride at the foot of the altar
thus nterrupting the sincerest contract Of society
War beckons the son from the dying bed OF his
mother, breaking thus the commandment with
promise. And shall we much agitate ourselves,
under these past troubles. as to whether this
country should have been sacrificed to the neces-
sity of specie payments when specie payments
were incompatible with its safety
This matter of our greenbacks, therefore, is one
that is now presently limited to the duty of
the Government TO make them equal to gold
and silver, and all subsequent discussions are to
find their places as, after that problemm is
solved the interests of commerce, the interests
of society, and the obligations of the pub
lie faith shall dictate That is our present issue
| To that we will adhere. We know very well that
If there is anything that this people insist upon it
| Is that they. shall have paper money. They want
that money good, and they know there is no stan
aard for its excellence that can be trusted except
| It's conyeriibility into gold and silver They wish
TO feel that they have the faith Of the Government
in securing banking institutions, or in this direct
| form Of its obligations that the proper money is
always and eyerywhere good. That thew az en-
| titled to; that they win demand from their gov
ernment; and they will demand government that
has Intelligence and resources sufficient to give
them good paper money, and not drive them back
| to the actual carriage of gold and silver on their
persons and in their chests.
THE QUESTION OF FIAT MONEY. -
Well, it is very difficult to trea, wisely this cues.
| ton Of fiat money. l do not know who believes
| in fiat money What is fiat money ! can UNDER
stand the miraculous fiat that can turn what is val
neless into value, but it must change It's substance
When You say government is to make what is
valueess, valuable for it's people. Won
say what people have never never been willing
to trust Nour government with You might ne