Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1878-08-01

enable the soldiers wife to pay for shelter and for
clothing, that will feed the soldiers child aud that
will carry on the business anu move the machIn-
erv of society. (Appause.)
Do you say to me, had the government constitu-
| tional authority 10 do that.
Let me make frank answer. sm speaking
| you remember, to-day, not for your convention,
but TO it. Frankly stating the truth As | under
stand it. leaving time to be the judge, approving
OF condemning what say, by the truth OF folly OF
my words
Had the government constitutional power TO
| clothe that bill with the legal tender quality In
| time of peace answer, emphatcaly, II had not,
| has not.
Whyi
| The Constitution of the United States authori-
yes the government TO coin money and to regul tte
| the value thereof. You coin metal, you do Tot
coin paper. Words must be DteI preted by the
| meaning With which they were used. The gov
ornment had authority to coin money; ii did not
have authority 10 print paper.
You may refer me to that other clause of the
Constitution where it SAYS thst no State govern
ment shall emit bill of credit, and that there fore
| by accepted laws of Interpretation the general
COVE nme ut NAV emit bill of credit Certainly.
But it is a bill of credit. 1t is not money. The
very meaning of the word Gle lit implies That it is
| promise to pay, based upon faith, i-'ned a. a
credit and not as money.
Thea, whence came that power TO clotle the
bill with legal tender quality: Simply here. 1t
the exercise OF the last, the ultimate power of
| the government IN saving its life.
Let me illustrate have no right TO kill you,
no right to take you by the throat a. You leave
this hail and stab you to the heart That would
be murder.
But if were to spring at my throat and try
TO take my life, then, should have the right by
the hight that have to 1--we, TO do anything that
should save my life. As With men, so with ns-
tons. (Long apD4use.l
When we were in the throes of the rebe lion,
when treason was springing at the nation, throat,
when treason striking at the nstions lie, we
bad the right 10 do anything that shonld save the
nation alive, and keep the laud of our father, one
and indlsisiOe. (Appause)
Thus the greenback currency was born. | am
not here to at ack it. Blood stained With the
memory of many battlefield, tesr-bedewed, as it
passed through the hand of widow and orphan, it
stands to-day with sacred memories clustering
around it. ! love that greenback of the war so
well tina; will not put into the sreenback family
n bastard greenhsck born in the time of peace.
daughter and spplsuse)
Thus the greenback currency was born W hat
is it This greenbsck. which hold in my hand
does not say "rhs is two dollars" This bill
simply says, the United States will pay the
bearer two dollars" This make : it note, prom
ise to pay This note for the reason have given
was clothed with legal tender Quality. But 1t Is
sull note, as much a part Of the national debt
AS is the bond. The difference IL only that the
bond is the promise to pay certain amount on
given day with Interest III the meantime at a GER
tain given rate; while the greeuback Is a note not
bearing interest, promising 10 pay without Il day
fixed
Then came the next step in legislation, The
government pledged itself by the act OF 1875. to
pay these notes i'll coin whenever presented
aud after the first day OF January, 1879. The
note which did not have any fixed date of pay
ment before that law now has date when 1t is
due.
What makes the value Of any note what makes
the value of this noe! am no believer in the
idea that by any process of Legislation you can
and OF itself.
A gold dollar is worth dollar the world over.
because it has the actual value in it, 1t is good
in London. 1t is good in Poitla IL Is good in
China. (Cheers) But doubt whether China
man would take even this greenbsck, if he could
not read English aud did not know what it was
lie would simply say that 1t Is little piece of pa
per. Then whence comes the value Of this note
1t is what is printed on it. Ii is not the paper it
self. 1t is the promise.
What gives the value to promise Two things
First, the ability of the mao who makes tie prom
Use to keep the promise, aud second, his wiling
ness. You may be unfortunate enough to have
one of my notes. \ Nv if | am worthless, my
noe is not worth rush. do not care how good
the paper or how elegant the writing. Ii am
good and you can collect my note, then that note
is good in your hands. But here comes in another
element and that Is my willingness. | may be
able to pay and yet so unwilling to pay that you
may have TO sue me to collect my note. Then my
note in your hands is not worth its face value.
II GU must discount its real value and take OFF first
the delay in getting your money, and second,
what you have 10 pay lawyer to collect It,
The greenback is note. There are just two
elements that enter into It's value First, the sbil
lty of the government to pay this mole and sec
ond, the Willingness of the government to pay 1t.
Now, am not right Go back TO the dark days
OF the war There WAS an hour when it took two
hundred and eighty five dollars of grcenbacks to
buy one hundred dollars in gold. You remember
1t. 1t takes to-day one hundred dollars and fifty
cents in greenbacks to bay hut dred dollars n
gold. (Applause.) Now the gold is Just the same
to-day that it then. 1t weighs no more it
wei ns no less. 1t is no finer; it lacks no fine
ness 1t Is the same. SO these greenbicks are
precisely the same, printed in the same FORM on
the same paper and substantially from the same
plates.
What has made the difference When it took
500 in greenbacks to pay 500 in gold it was be
cause the people doubted the ABILITY of the United
States government ever to pay that note, and they
discounted the doubt, and the Inference III value
between the note aud the gold just the ex-
preston OF the general doubt aud disrus,. ZAP
plause) To-day they know the ability OF the
United States. We crushed the rebellion we
kept the republic. The nation to day lives be
cause the republican party has lived aud wrought
and We know that as we saved nation, so we
can pay our debts. (Applause.)
But there Is still difference 10 value between
greenbscks and coin. difference not great but
still so marked (because | wish to be perit city
ence can be permanently wiped out between now
and the first of January next we may not be able
with absolute certainty, to resume and maintain
specie payment And simply for this reason
that all men in money matters are prudent and
even selfish. Whenever there are two kinds of
currency they will get rid of the poorer and hold
the better. 1t your neighbor has got two quarters
one with hole in it and one without, he will pay
away the quarter with hole in it before he pay
away the quarter without the hole-especialy if
be is an honest believer IN the greenback doctrine
daughter and applause)
Thus if there shall be any appreciable difference
In value between the greeDback and the coin dol
lar for which that greenback calls the rst day
of January next, we may not be able to resume
simply for this reason-that the who have
the greenbacks might go for tue gold, get the gold
aud hold 1t, and there might be nothing left with
which to pay the balance of greeDbacks and so
the government might have to suspend resump-
ton.
We might as well face this possible contingen cy
here and now. We have not only got to be W IL
| ling to resume the first of January but we
| have got to resume that paw every
man the dollar that is due him whenever he pre-.
sens his greeUback.
Now, again, right here, and as Saint Paul said,
| 'this time without inspiration" Possibly when a
man speaks fsr the republican patty he may speak
with inspiration but when he speaks for hms pl {