The Portland daily press., 1878-09-06
The History Of the Greenback and its
Future.

During the war waged to crush the Re-
belion the United States Government found
itself without money. 1t borrowed, giving
its interest-bearing notes for the value it re-
ceived. But its credit was so bad, there
being strong doubt that it would be able to
maintain its existence-to keep life within
itself-that it could no longer, without ruin
GUS sacrifice, negotiate these notes. 1t abb
sorbed the available capital of the country
and borrowed abroad. Its bonds were found
in every foreign market-but at discount.
Then it appealed to the patriotism of the
country. 1t said: "Give us of your sub
stance; furnish us the services of men; pro-
vide us with garments to clothe those men,
with food to feed them; give us iron to make
into weapons of war; supply US with means
to put down this rebellion that is threatening
the unity of the nation do all these things
and we will pay you. We cannot give you
an equivalent for them now, for we are poor
and are borrowing on every hand. But we
will give you our notes. Trust us. We
pledge the faith of the Government that the
notes shall be paid; and to protect you, as
far as possible, against present loss, we will
compel all men who acknowledge our author
ity to accept these notes in discharge of debts
due them from you."
That was what the Government did. And
the people responded to the appeal. The
soldiers took the notes in payment of their
services. Men gave to the Government all
things necessary to the prosecution of
great war, and took these notes. Creditors
willingly took them from debtors, believing
that the Government would keep its prom
ises. That was the understanding between
Government and people. And the people,
having faith in the ability OF the Government
to put down rebellion, and faith in both its
ability and willingness to pay back the mon
ey it had borrowed and give an equivalent in
value for the services and material it COM
manded, readily accepted its notes. These
notes for long time were at a great dis
count-at discount because some of the
people, like the man who is to-day candi-
date for Congress from this First District of
Maine, did not believe that the promise
would be kept, or that the Government could
subdue the Rebellion, and went about saying
that the war was oppressive and unjust and
ought not to be prosecuted.
But the great majority of the people had
faith in the Government, and believed that it
would pay the $400, 100000 of due bls-com-
monty known as greenbacks which it
issued 10 its necessity in exchange for mate
rial of war and personal service. And so the
greenbacks passed as currency, and men took
them in exchange for the commodities they
had to sell, for the products of their toll and
the fruits of their enterprise. In order to re-
assure the people the Government solemnly
promised that this issue of notes should
never be increased, and repeatedly assured
the country that the noles would be paid as
soon as possible.
Thus the greenbacks were issued-a forced
loan levied upon the country, loan which
the people submitted to in their patriotism.
1t remains a forced loan to this day. For
sixteen years the promise to pay which each
bill bears has been disregarded. Now the
Republican party which carried the war
through to victory, which incurred this debt
proposes to pay it. And any man who acted
with the Republican party through the war,
who applauded the incurrment of that debt
and pledged himself to its discharge, is
recreant. .cowardly and dishonest if he shrinks
from its payment. All that resumption
means is that the Government shall honestly
meet its obligations, that it shall return in
in the time of its prosperity what it took by
force in the hour of its necessity. The pay
ment of that debt will distress no one; com.
merce will not be deranged nor industry
disturbed by an act of justice and common
honesty. On the contrary we shall all be
benefited. There is no valid reason why this
debt, long overdue and for which we have
now the means of payment, should not be
paid. Aud next Monday the people of Maine
will be called upon to say whether in their
opinion the Government of this country
shall honestly fulfilled its obligations or dis
honestly evade them. There should be no
doubt as to their verdict