The Portland daily press., 1878-07-31

| ence IN value between the greenback aud the
COIN dollar for which that greenback calls on
the hrst day OF January next, we may not be
able TO resume, simply for this reason--that the
men who have the greeDbacks might go for the
gold, get the 6 old and hold it, and there might
| % mounting left with which to pay the bal
ance OF ,,reenbacks, and SO the government
mignt nave to suspend resumption.
we might as well face this possible contin-
| gency mere and now. We have not ONLY got to
be Wiling to resume ou the first of January
but we have got to be able to resume so that we
| can pay every man the dollar that is due him
whenever he presents his greenback.
NOW, again, right here, and as Saint Pau
| SAID, thls time without inspiration" Posi-
bly, when man speaks for the Republican
party ne may speak with inspiration, but when
he speaks for himself he certainly speaks with
out it. daughter and applause.) believe
the Legislation of the last year has made it far
more difficult to resume next January aud
must have been without it. We had two cur
rences when we started the year, the green
back note and the gold dollar. Now by legis-
lation we have also the silver dollar, worth in
its bullion value ten per cent less than the
gold dollar. | fear this is not help to permaa
nent resumption, my valued friend Secretary
Sherman to the contrary Notwithstanding.
We have now got still another thing in the
way of legislation. On the 3lst of last May
we passed law in Congress, not only permit
ltus Due m1hiuk IL Luo uuty OF tn6 treasury
Department to reissue the treasury notes as fast
as they may be received and redeemed. / fear
that this law. which thus directs the reissue of
the greenbacks, may be great obstacle to eff
fectual and permanent resumption. For If the
government is to be compelled to reissue its
notes after 1t has once paid them, then it may
have to provide means to pay them a second,
and even third time. This makes of the
treasury department a great National Bank
Of issue. Let me frankly add another thing,
Tor IN the severe necessities of this discussion
would not by silence seem to approve what
to my conscience and jadgm ent appear wrong,
do not believe the federal government was
ever intended to be a great National Bank of
issue. (Applause.)
believe the teachiog of the old Democratic
Hamlip sat as boy. l believe this govern
ment should not needlessly create and foster
great monopolies. l do not believe it should
turn itself into that greatest of moncpoes, a
great National Bank of issue that may stand,
# possibly it should fall in the hands
industry Of men at any time. ZAP
plsdse.) l believe that government governs
best which governs least; which trusts to moral
and natural forces: which leaves trade and
commerce to furnish their own methods of
bus1cess aud means of exchange. [Applause.)
Nay, bel eve more, that when the question
of the legality of the reissue of treasury notes.
or of new greenback issue in time of profound
peace. shall come before the Supreme Court of
the United States, that these greenbaeks of
peace will be declared an illegal exercise of the
law making power. Applause
Towards resumption we have thus tar jour
neyed. Oar faces are set towards it. Oar
pledge is given for it We have resolutely and
patiently come thus far. aud L pray that We
may resume on the first of next January
(Cheers:l Were it not for this silver bill and
that bill of May 3lst, 1878, | believe we should
nave resumed as certainly as that Tomorrow
sun shall rise. pray and trust that we shall
even now. If my fears are only born of nv
anxiety, none will be more glad than |. r.
sumption Is our duty. Resump tiOn is my pur-
pose. For ways care little. For the end
care much. tAppl.use
1t is possible these things may have post
us honestly face that possibility. But in DO
event let courage or purpose fail. (Applause.)
But here we are and here the roads part.
Shall we have an honest coin dollar? Are
you for dollar that shall be dollar every
where? Are you for getting out of the body
polite this forced quantity that was injected
during the necessities of the wal? Or are you.
on the other hand, for continued, enlarged
and repeated issue of greenbacks, without re-
sumption and without redemption? (Cheers
You may try to c1mpromise these Thugs, you
will try in VAIN. (.pplause.) 1t is one of
those matters on which. at the last, comprc-
mise is impossible. You cannot settle it OF
legislative delay. You cannot pay the debt e5.
cept by payin6 the debt THIS Is u very simple
proposition, but believe a sound one. an.
plause.) If you hold my note aud, when it b.
comes due, pay you by giving you another, /
have paid the first note, out l owe the second
one and my debt is precisely the same. (AI-
plause,)
The government cannot discharge it's debt
6y writing across the face of the bill this is a
dollar and this pays dollar" Whenever the
government does that it has repudiated. 1t is
long word aud hard word, and a word you
don't like. applause J
Yet, gentleman, believe we are locked up
to this simple alternative. We must some
day, pay the greenbacks once and forever
We must get them out of the way aud finally
take them out of the politics aud business of
the country as an unconS .itotoLal exercise of
the law making power 10 time of peace; or
else some day we shall repudiste these green
backs, hard as the alternative seems. Zap
plause
Do you doubt? know many of you DO.
can see incredulous looks all over this vast au-
dlence. see men who have followed me to
this moment with apparent approval, who do
not believe that continued use of greenbacks as
permanent part of the financial system of
the govern mant will inevitably result in tioal
Reputation
Let us go back to history. 1t is strange that
precisely the condition of things through
which we ara passing today, was passed
through in this land of ours just one haujrei
years ago. Just oae tundr-d years ago this
year q tie colony OF New York the legislature
OF my native colony passed law fixing the
minimum price OF wages at which man could
be hired. More than that the laboriDg party
OF today does not ask for. Just ninety-e,eht
years ago this year the Legislature of the colony
of Nrw York passed law, fixing the m ,x
mum price at which the necessaues of life
should ba sold. only putting the condition that
the law should not 90 into oper alton until 1t
had been ratified oy two or three adjoniug COL
Onip9 ahout NJ NAT va IF I
remember the date correctly, the Congress of
the Continental STATES passed law, making it
m'sde meanor for any m an to refuse to receive
the greer backs of that day-she tobacco-leaf
currency. Just niuet5-5even years ago, if
recolect the dates correctly, the colony of
Massachusetts, fixed the maximum price at
which the necessaries of life were to be sold
and the Continental Congress supplemented the
act by making il penalty for any man to re-
fuse to receive the continental currency. There
you have the whole theory of the National
party-regulatiOn of the price of wages and of
the necessaries of life by process of law aud by
law compelling men to to take greenbscks in
payment. (Applause.) Yet what is the story
of history?
have here in this pocket book there is not
much In it, for it is lawyers pocket book and
the lawyers down our way do not charge large
fees, and therefore do not get rich) Laugh
ter il have here bill of the old tobacco leaf
currency. Let me read it to you, if you doubt
States"-D0 you remember the name of the
nation? Did you ever hear of it before? "rhe
~ nited States. Eight dollars This bill en-
titles the bearer to receive eight Spanish
'miled dollars or value thereof in gold and
''silver according to resolution fixed by Con-
''gress at Philadelphia, Sept 26, ITS "
This was just one hundred years ago.
Why was that bill printed? Because your
grandfathers and mine, when they, were fight
ing to save this land had no surplus means.
They had no coin and printed that III, the
greenback of the revolutionary war. GAP
plause.) What is the bill worth? The same
promise that is on your green back of to-day is
on this, the greepback of the Revolution.
(Applause) The same nation made it. The
same great price of liberty preserved was paid
for its issue and yet it is not worth to-day the
paper it was written on. (Appause) 1t and
all its kindred issue were repudiated by this
goverDmeLt, simply because when the war
closed our fathers were met with this question
shall we pay it, or shall we issue more P
And Congress, led by the greenback Democrats
of that day, said issue more,' and they issued
more, and at last the government repudiated
all. (Applause
L know of no way Of reading the history of
to-day save by the history of the past know
that what has been may be again. l know
that if my fathers had resolntely said, not
dollar more shall be issued, and had resolutely
said we will fund it in bonds, bearing low
rate of interest or we will try to pay it in coin
when certain day shall arrive, that this issue