The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1878-08-01
The Greenback Convention.

The Greenback convention in this city
yesterday followed, unfortunately for it,
close upon the great Republican convention
of Tuesday, and the spectators of both
however charitably inclined, could not but
draw comparisons unfavorable to the
National party. 1t is unnecessary to en-
phasize the distinction, for it was broadly
apparent. The Greenback convention
named as its candidate for Congress respect
able gentleman of mediocre attainments
who, it is perhaps unnecessary to say, is
quite unsuited both on score of native
ability and practical experience to represent
this or any other district in Congress. Mr..
Cove is man of defeated aspirations. He
was once candidate for office before the
Republican party, but the people who
know him best did not choose to support his
claims. There is no reason to believe that
they have changed their minds.
The convention, respectable in numbers,
was not decided in action nor clear in pur-
pose. Those who led and addressed it set
forth with distinctness and vigor the sad
economical condition of the country, con-
dition which we all recognize and most of
US heavily feel. The results following the
use Of redundant and irredeemable paper
currency, the promotion of speculation and
extravaganza, and Encouragement of legiti-
mate business, honest labor and economy;
the overtrading and fast living that always
accompany paper initiation; the increase of
debt; the raiss % of the rate of interest;
the fact that period of initiation has been
followed by loss of confidence between
men, shrinkage of values, the depression of
business, lack of employment, and wide-
spread disaster and distress-these were set
forth with vigorous earnestness. Indeed
we cannot escape acknowledging them. The
wisest political economists, men who have
devoted their lives to the study of finance
and the economical conditions of society,
have predicted that these results will in
evitably follow time of paper expansion,
and that the only way to remedy evils Of
this nature is in a speedy return to sound
and stable system of currency redeemable in
and equivalent to coin. But the Greenback
orators, curiously enough, urged
return to the very system which
has brought us to our present bad estate, and
argued that irredeemable paper money, re-.
sponsible as it is for the evils under which we
suffer, offers US an escape from our difficult
ties. The old, bad maxim that ga hair of
the dog will cure the bite" was reiterated
with fanatical persistence. The whole hide,
indeed, was demanded as a remedy. This
amazing contradiction was especially insisted
upon by Mr.. Cove, who gsve an illustration
of the falacy known as non sequiter that
would delight the heart of any logieian
searching for frightful examples.
The Convention was made up of two ele-
ments, the one honestly believing that re-
form of our currency is necessary, the other
and larger vehemently insisting that facilities
foa robbery shall be extended. Every propo-
sition to deprive the bondholder Of the money
that the government pays him according to
the contract it made with him in its distress
years ago was received with approval and de-
light. The suggestion that the government
shall dshonor itself by repudiating its obliga-
tions and breaking its faith was received with
marked favor. The gauntlet thrown down
by the Republican Convention of the day be-
fore was defantly picked up, and the issue
Joined. The Republican party gladly accepts
the contest, and in the words of the heralds
at old-time tournaments, cries, "God defend
the right" &f.. t..F