The Portland daily press., 1878-09-26
THURSDAY MORNING, SEPT. 20.

try, and you proceed yourself to limit "the legal
tender for every purpose" by declaring that the
principal and interest of your nerconvertble bonds
shall be "payable in COIN" The moment you take
the ground that the principal and interest of the
bonds shall be paid in coin, you separate yourself
absolutely and irreeonciably from the advance
guard of the Greenback school of nanciers who re-
fuse to incur any obligations to pay coin. And you
will observe that while your theory proposes to pay
both principal and interest Of your bonds in coin,
you provide no way to secure the coin, but make
your paper money legal tender for customs and all
other dues. You seem to approve the wisdom of Re-
publican legislation in so far as to make Government
bonds payable in coin, but you fail to go with the
same legislation in providing an efficient and certain
mode Of securing the coin. note this among the
most garing defects of your interconvertibe theory
one among many that render its adoption by the Re-
publican party impossible Moreover the scheme would
have proved lamentably insufficient to appease the
demands OF the Stat" money advocates. 1t would
not even have proved "sop to Cerberus," and to
have resorted to it would justly have exposed the Re-
publican party first to ridcule and then to disaster.
But SO long as you acknowledge the value of coin
as means Of steadyng your system of inter- convert
ible bonds, why are you not willing to admit the
people to the full advantage of free of coin as
means of steadying all values? We are producing
more gold and silver than all the rest of the world.
We are having balance Of trade in our favor that
must bring gold to from foreign countries in large
amounts, and unless we make extraordinary efforts
to prevent it we shall find ourselves on the specie
basis whether we desire it or not. The increase of
the precious metals from our own mines and from
beyond the will enlarge the volume OF our cur
rency BEAUTIFULLY and in precise accordance with
those demands of trade'' OF whichwe hear go much
from the advocates of irredeemable paper.
Nor can agree with you-difeIing with full defer
ence and respect-that the "best European
thought is fastening to the doctrine you advocate
In the three most enlightened and powerful nations
OF Europe, England, Germany and France, 1 ques-
ton if single authority can be found that would
advocate or even tolerate the idea of the Govern
meut issuing paper money and declaring it to be le-
gal tender. France under the terrible pressure Of
her war with Germany never issued single dollar
paper money, and she forced her great bank back
to specie payment promptly possible after the
contest closed. "The best European thought" far
as can read its expression contemplates paper
money except that. which is redeemable in coin at
the will of the holder. If you can give any rec
ognzed authority in any of these countries that ad
vocates different doctrine I shall confess myself
obliged to you for the valuable information.
You express the belief that the policy of the Re-
publican party this question twill insure south
ern Bourbon rule for the next dozen years. That
ofcourse belongs to the future and each of us may
indulge his hopes and his fears, his apprebensions
and his speculatons concerning it. But did it
occur to you that your own financial theories are
precisely those which the southern Bourbons are
now advocating with zeal and almost with unanim-
ity? The southern Democrats who are resisting the
demand for irredeemable money may be counted on
your fingers while its advocates in their ranks are as
the sands on the sea shore. Among the many evils
to be feared from the southern Bourbons coming
into power not the least would be the triumph of
these identical hereses in finance to which you are
lending the great weight of your respected name.
There are thousands of millions Of property in the
northern States dependent for its value upon the
maintenance Of public credit and the assurance of a
sound currency This is not the property of the rich
merely but of all classes; of every man who has a
deposit in a savings bank of every man who owns a
state, municipal railway security; of every man
who has policy of insurance ON his house, or his
ship, or his life; Of every widow or orphan whose
bread derived from trust funds OF every pension
er whose fuel and whose food depend on the monthly
stipend paid him for service and suffering in the
war. For all these classes aud others that might
enumerate, scattered in the northern States from
Maine to California the southern Bonrbons are not
Uue dppOluttu SudruidDS uOT PROJECTORS
But it becomes alarming when we see their efforts
aided and abetted by your weighty and eloquent
words, by your great and venerated name.
In all great struggles in the political world issues
become generazed and details are left GU OF sight.
So 1t will be with this financial question. There
can be but two sides to it, one for ''honest money!
the other for "wild infation the for maintain
Jug the faith and honor Of the nation the other lead
ing to the verge and possibly leapng over the preci
pice of reputation; the one composed mainly Of
those who stood by the government in the hour Of
its trial. the other deriving its chief strength from
those who sought to destroy the Union of the States
In the party for honest money there will in the end
be many Democrats; and am sorry to admit that
irredeemable paper has found of its ablest ad-
vocates in the ranks of the Republican party.
I am with great respect,
Yours very sincerely,
j. G. BLAINE.