The Portland daily press., 1878-08-20

acted and regulated their affairs, and the in
niction upon the country of an irredeemable
and llllmitable currency. The resumption
a a as Inc immediate object OF attack, becomes
the rallying-point for all friends of honest
money and upholders OF the honor of the
country; That act contemplates the too long
deferred execution OF the purpose which
attended the issue Of the currency and was
announced from time TO time until it culmina-
ted IN the passage of the act. The compul-
sion OF the harsh necessities of war, and the
understanding that it was to be but a Temporal
~ eXpedlent and not measure to be continued
Deyohd the emergency, alone prevailed over
the misgivings of the statesmen who gave
place OF the real money Of the Constitution.
By the act Of 1869 the faith of the United
States was solemnly pledged ito make provi-
slohs, az the earliest practical period, for the
redemption of the United States notes in
COIN. The resumption act bestowed ample
powers upon the Secretary of the Treasury to
prepare for redemption, and that official de-
clares MS readiness to resume specie payments
at the time fixed by the act. There is there
fore no good reason why a consummation
when the government and the people have so
long looked forward to as the vinSicatiou of the
faith of the nation and the starting-point of a
period OF substantial prosperity, should be
longer delayed.
The opposition to the resumption act pro.
ceeds from those who object not only to
icsun Psiou ab pr6sout, Dut 10 Resumption at
any time; who PROFOUND and are endeavoring
to carry into effect the novel theory that money
is but conventional instrument of exchange
and that the government can, by simple
nomination of value, exalt intrinsically worth
less material to constant and perpetual
equality with the precious m etals
Whatever profitable discoveries may be made
in the search for perfect medium of exchange
combining stability and universally Of value
with convenience and ready adaptation to the
fluctuations of demand, sound reason, the
opinions of the most eminent statesmen and
political economists, and the bitter experience
OF many States and countries, our own country
among them, forbid utterly that they should be
looked for in any phase or qualification of an
iTredeemable currency.
Any prospect of success which currency
deriving its value solely from the asserted
power OF the government to create money
might have, would be greatly enhanced by full
redemption under the resumption act, and, on
the other hand, would be ruined by the repeal
Of that act The scheme of "absolute money
proposes some sort of limitation on the volume
of the currency and places reliance upon the
promise of the government that the limit will
be observed. What sanction would the new
promise to limit the new currency possess if
the old promise to redeem the old currency had
been repudiated? 1t would seem to be the con-
sstent policy of the advocates of the new
theory to insist upon giving full effect to the
resumption act, in order that they might re-
fer to SO signal an instance of the fidelity of
the government TO its plighted word, as a guar
anty of the sacredness of an established limit
and of every other promised safeguard relating
to the proposed currency, by which they might
seek to invite confidence in their monetary sys-
tenn.
The question in regard to the resumption act
is test of the character OF the American
people. For one, l do not doubt that the test
will be nobly borne and that they will assert
their pride in the good name and fame OF their
country, their honesty, intelligence and stead
fastness, by adhering to the act and thus
honoring the pledges and action of the govern
ment, fulfilling promises to pay, and effectualy
putting an end TO an irredeemable currency
and the innumerable mischiefs and annoy ances
caused by it. The danger lies in the betrayal
OF the sentiment of the people. The indica-
tiOns are multiplying on all sides that the
of honest money and alone deserves the sup
port of all who would defend that cause strenu-
Ously and with whole heart.
The importance attached by the Convention
to securing Republican control of the next
House of Representatives is fully justified by
the imminence and magnitude of The danger
to which it calls attention. The number and
amount of the claims from the battle-ground of
the war, that have already been brought to the
notice of the country, and the persistency and
ingenuity with which specimens of them have
been urged, may well excite the apprehension
that most grievous and unjust burden will be
thrown upon the government when Democratic
ascendency is assured. The time has not come,
and never will come, when claims for the value
of property injured or destroyed in the enemy's
country by the Union armies in their operations
ito weaken, cripple or defeat the armies of the
so-called Southern Confederacy," constitute
just demands upon the public treasury.
The resolution of approval of the manner in
which have discharged the duties of the office
to which have been three times elected, and
OF generous compliment to myself, which the
Convention was pleased to adopt, affords me
sincere qualification, as evidence of the highest
character that my purpose and efforts to faith
fully serve our noble state, and my earnest in
terest in its welfare and advancement, receive
aappreciative recognition. 1 accept with CRATE
full owledgmsnts the renewed trust repossd
in me. and will, If elected, guide my admins
tration of the office by those principles which
have proved acceptable to the people, and by
the conditions which the hardships Of the pres.
ent time require to be observed.
am, very respectfully yours,
SELDEN CoNNOR
Messrs. G. A. Boutelle, Alden Sprague, Rnfus
a Prime Gam mittaa