Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1878-08-16
Hon. Galusha A. Grow on Finan-
clal Issues.

Hon. Galusha A. Grow Of Pennsylvania opened
the campaign at Oil City, Pa on the 10th inst.
with very effective speech upon the currency and
revenue. Upon the currency he said
FELLOW CITIZENS: Political opinions become
effective the adm nisiatlOn OF public affairs only
through the fundamentally OF some political or
ganzation success ful at the ballot box. Hence,
Is important for the voter 10 consider the prevail
ing ideas which form the nucleus of parry orgaui
cations, and eiully to scrutinize their proposed
legislation, The two questions ia goveTume Dtal
adm nlstraton which more than all Others affect
the industrial Interests, are those of currency and
revenue, each reaching, 10 its influence, all the
business relations of life, at home aud abroad.
Whence comes the necessity, and what are the real
uses, for money Without 1t trade and commerce
could not be carried on, except by the actual
change of the commodities themselves produced
bv person for those produced by another The
fficulty of carrying trade in that way Induced
the adoption of some medium of exchange that
should be recognized by all as OF u certain value,
at which 1t should be received in exchange for ali
kinds of property. Hence came circulat ing me.
dunn called money. 1t may be paper or it may be
coin, or both.
LEGAL TENDERS.
Here is piece of engrossed paper which reads
on its face, The United States promise to pay the
bearer twenty dollars" No time is fixed Tor tAe
payment. In legal phrase, therefore, 1t Is PAYABLE
the day after issue. When 1t was issued the law
msnds, except for duties on imports aud interest
on the public debt. Why were they excluded At
the time the Government was in life and death
struggle for existence. Half n million OF men
schooled in the traditions of q heroic ancestry
stood with arms in their hands for its destruction
Its treasury was empty, and its credit shaken. AT
such a time II appealed for a loan OF money with
which TO clothe. feed aud arm its defenders on the
battle field. Without these munitions of war, no
matter how brave their hearts, their arms would be
! | cd in 1aath
to this appeal the capitalists said I'VE will loan
our money and trust to the future for rs payment
and, IT need be, will stake all on tue life of
the Republic-bat during the struggle foI its exs-
tence, if we part with our money, we must be sure
OF an income, for the support OF our families, 10
something that will not depend for it, market aue
upon the contingencies of the battlefield" TO
meet this reasonable demand the Senate amended
the House bill, which provided for unlimited legal
tenders by excepting the interest the bonds and
notes of the United States. When the amended
bill came up Tor action in the House, Thaddeus
Stevens, who had charge of the bill chairman of
the Committee of Ways aud Means--l remember
well his words The Senate having provided Tor
| the payment Of interest in coin | think we ought
to make one hand wash the other; so move to
amend by requiring the duties Imports to be
paid in coin" aud 1t was agreed to without a dis
sentng voice. The dsagteements between the
| two Houses were hnaliy adjusted AID took shape
in legal form i'll the Act authori log the issue OF
| legal tenders, passed Feb uary %, 1867 Section
! is in these words THAT all duties on imported
| goods shall be paid in coin; and the coin 80 paid
shall be set apart as special fund and shall be
applied as follows Fnsl To the payment Ia coin
OF the interest the bond. aud notes of the Unl-
ted States Second, To The purchase or payment
Of per centum of the entire debt of the United
States to be made within each fiscal year after the
first day of July, A ID. 1862"
The NATIONS PLEDGE.
III is is the pledge of the nation TO nav It's debt
interest and principal, in colo the rate of one per
est hour of the countrys history, and is a con po-
Dent part of It's act making paper legal tender.
viii the nation redeem IL plgh,ed faith and pae,
in the day Of its safety ana power. as it promised
IN the night lime OF Its disaster and peril
! Does the promise to pay the face OF this note
simply mean that when presented for that purpose
smother piece of paper, exactly like it, is TO be
gwen IN exchange. and in that way the prom Sc is
TO be cancelled II nations or individuals owe a
DEBT with no time fixed for its payment, common
hones'y requires that 1t be paid Just they
are able Since the close of the war the nation has
psid over seven bundled millions of its unmatnred
Indebtedness, and has |, # these overdue notes I'M
pad Should an individual refuse to pay his cur
rent expenses or overdue notes, while using his
money 10 cancel unmatufed mortgages, because he
could save Interest thereby, be would be called
dishonest, as well RS niggsruly in business know
OF but Que rule of honesty aud that applies alike
to nations and to Individuals.
NATIONAL BANK NOTES
Here is another piece of engraved paper OF the
same size and general appearance of The legal te