The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1878-08-24
Something for Republicans to Consider.


floor, all equaz-aUp poor.
-
Something for Republicans to Consider.
Some Greenbackers, Of Democratic ante
cedents, it may safely be asserted, take de-
light in saying to the Republican party,
"You issued the greenbacks; you contracted
the national debt; you are responsible for
these things" That is true; and no Re
publican cares to deny it. Only Green
hacker Of Democratic antecedents will taunt
us with it. Certainly, Republicans who so
eagerly supported those measures will not
now turn about and attempt to throw the
responsibility upon other men.
The Republican party did contract the ma
tional debt. The Republican party did issue
the greenback. And why? Because the
Democratic administration of Buchanan had
LETT the Treasury empty, and in order to pre-
serve the Union the incoming Republican
Administration had to borrow money. 1t
had to pay and support the soldiers in the
field. 1t had to clothe and feed them. 1t
had to buy immense quantities of munitions
OF war. AS it did not have the money to
pay for service and material it was forced to
borrow. A Democratic rebellion put that
necessity upon it. Endeavoring to do justice
to all men it borrowed whatever money it
could, and promised, as any honest man
would, If he were able, to pay interest upon
that money. 1t issued interest bearing
notes. Even then 1t could not command
the fqaa nf %hpco
cratic sympathizers with the South went
about declaring that the notes would never
be paid, that the man who invested in them
was fool that parted with his money with
out consideration. 1t was indeed evident
that the bonds would be insecure investments
unless the Government succeeded in putting
down the rebellion. Only men who had
faith in the ability and resources of the Gov
ernment-a faith that came from patriotism
and was surely the evidence of things un-
seen lent their money and took the Govern
ment notes. But it soon became evident
that the accumulated capital of the country
which happened to be in loyal hands and not
engaged in other investments, was not
sufficient to carry on the war. The country
thought it could endure no heavier interest
charge. So the Government, under plea of
supreme necessity, in the exercise of the
war power, and in the belief that the preser-
vation of the Union was the highest law,
made forced loan upon the people. 1t
issued hundreds of millions of non-interest
bearing notes, and required the people to
take fnQcQ in for
for material Of war. 1t gave solemn prom
Use that these notes should be paid as soon as
it was able to pay them. And the people,
believing the Government would keep its
promise, took these notes. But all the while
the Democrats, that is, the Southern-sympa.
thizing wing of the party, declared that the
notes were worthless, and would never be
paid. These declarations were then regarded
by Republicans as evidences of disoyalty
and of sympathy with the enemy. The sug-
gestion that the notes would not be paid,
would not be redeemed in the coin dollars
or the value for which they were given, was
looked upon as the suggestion of traitor.
That is how the Republican party incurred
the debt, interest and misunderstanding.
Does any Republican propose to repudiate it
now? Does any Republican propose to
break the promise that the greenback note
shall be made equal in purchasing power to
the coin dollar? We cannot believe it, for
the Republican party has up to this time
gone far to fulfill its promises. When we
came out of the war the public debt was
~, 756, 100000. On the first of June last it
was $2,035 100000, that is, $721 200, 900 less.
1t had been reduced in little over a decade
one-fourth. And meanwhile the interest
charge has been reduced nearly one third.
At first 1t was $143,O0O,0O0. Last year it
was only $97,O00,OOO. Not only this, but the
greeuback dollar note has been increased in
value until it's purchasing power is now 994
cents. Its value has been raised half. The
Republican party certainly has no reason to
be ashamed of that record. And Just as GER
tainly the men who contracted the debt and
denounced as traitors all who expressed dis
belief in its payment, have no justification
now in refusing to pay it.
What more do the Republicans propose to
do9 They propose to increase the value of
the greenback dollar-note one halfcent.
That is, they propose to fulfill the promise
made in the war. What reason has any
Republican to evade that promise? The
additional half-cent,-fve cents on a thous-
and dollars,-will not add perceptibly to the
burden Of private debt. 1t will not percepti-
bly, reduce prices of commodities, for they
have already reached specie basis. The
country is in excellent condition to pay. 1t
has upwards of $780, 900 of gold. coin, and
it is continually adding to the store. It has
immense crops and great balance of trade
In its favor. For the first tiple in years it is
retaining the product of its mines instead of
sending it abroad. When will it be In bet
ter condition to fulfill its promises? What
hardship will the fulfllnle mt work? What
reason is there why Republicans should re-
fuse to discharge that promise? Why should
Republicans give weight to the predic tions of
their adversaries, the traitors and copper
heads of the war, by refusing to make their
Government notes good? These are ques-
tlons all Republicans will do we'll to seriously
ask themselves.
Concern ling Handbills.