Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1878-08-26
From the New York Tribune.
Concerning Greenbacks and Bank
Notes.

Certain respondents ask if we do not "ignore
the fact that the government does not pay interest
on is gteenbsck indie bteduess. and could save the
interest on some $500 900 600 bonds for which il
might issue greeutacks to circulate in place of
back NOES" The thing is possible, But is 1t de-
sirabe or honorable
/. 1t would be unjust TO the bondholder, who
has mt, under solemn pledges Of the Govern
ment, 10 payment in coin, and not in a paper
which BY that very act Of bad faith would be still
further Deprecated.
H. II would be unjust to the banks which sur
rendered heir advantages under State laws, help
ed the Nation N is strait, aud have taken, and o
this day help It's credit, b, holding 500 900 600 Of
its bonds.
Ill. 1t would violate solemn pledge made to
tue pubic cleditor, that the amount of legal ten
der notes outstanding should never exceeG $780,
100000. Many men. IN these days, make hight OF
pubic faith. But sorry TO SEE that ans
Old republican, are vii ing to break any pledge
made oy the Uoion ~ those whose loyal trust
saved the Nations lie.
Nv. 1t would cause depreciation of legal ten
ders. A. auotGer cores iondent adults the bank
notes now cHcJiate GA the credit OF the bauk,,
ana "tne Nalion Itself, presumably of as good
credit, might use Its own credit anu reap the
gam. Bat this means that the public credit
should be further strained more heavily loaded.
IL tue iegal-tendeis are below par, they would
sink sill fu tuer If more were issued. True,
bonded debt would be retired but Is Anyone igbo-
IHnt mat credit Is staI1cc Infinitely more by the
OWING oil sl0J ou winch No interest Is ptld. than
by the OWING OF 500 GU which the lender gets
Iutvrsst Regularly
V. Inc public credit would not only be dam.
aged 10y bad latin, aud by foicing upon the mar
het Oonds nov nelJ by tue banks, but still more
bS tue Lace tuat vast bsusi0g capital, now
placed under bonds To help the public credit,
would then have strong private interest ~ depre-
clate II, aud 10 reap profit thereby.
vi. IL would be Unconstitutional to make q new
legal icuder Issue IN time OF peace. Decisions OF
the oupIeme Count leave no loom to doubt that
this wOuld be It's Judgment upon any test case
alter The new notes had Ueeu Issued. That issue
wIped out aud the bank notes retired we should
DC ieit Win ouiy the present grecnback cireulA-
ton. W lld.ca State banks would then spring up
To supply the want, ADD that Is precisely what
many state Rights BoulboDs desire. Do the peo-
PIE OF This county want TO 20 back TO the old
sss,em ot wildcat cuIrencles, differing IN the
several States "a TO security and value!
VII. Even II, by legislative packing OF the
Supreme Court or Otherwise, ii were possible
10 make tue new issue stand, il would be ouly
lauLcuins the Nation on The rapids above
huauclAl Niagara Pledges broken once, the
issue vi more notes would be demanded.
IheGceiUrwald, uutil me fuai crush, al pJlitics
Would Turn upon The question OF InhatIou. That
would furnish IatyIng point for all Commun-
Isis auu all reDels-ali Who hate property and
want "a genera smash, aud ali w1u bate the
CnlOu and want 10 destroy lis credit.
VII. Initiation means iuhnHe jobbery made
easy. hemosc the banter, ,hat more legal ten
duis may be Issued, anu every body VINO wants an
appropriation Tor any purpose. ho~ever wild OF
kua'Isi, has ouly 10 propose a new Issue OF notes
10 pay tse blll. Ihsu all that vast force which
ertotuallt seeks in1auon viii be rallied 10 the