The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1878-09-17


his eloquence have had time to die out they
will convince both him and his hearers that
they can and aoA, by setting about the doing
OF 1t. The argun,entum dd honaineDl is
homely but effe2tive sqaelcher of figures Of
false rhetoric.
The Republicans of Maine have led the way
in many great battles for the right. They have
invariably achieved victories that have in
spirited their brethren in other States, and in
fused vigor and courage into the great organi-
cation which has done so much to elevate and
purify the moral tone of the Republic But
they have never shown the qualities of pluck
and manhood which challenge admiration and
deserve success more conspicuously than in the
late campaign. They preferred to encounter
reverse rather than surrender an iota of prin-
cple. OF course the result that has happened
was foreseen aud repeatedly foretold. They
fought against desperate and hungry coali-
tion, bat they did not temporize with dema-
gogism, nor dsviate by so much as a hairs
breadth from the strict line of honesty to catch
passing breath of appreciation. Who can
doubt that by thus preserving their honor un-
tarnished they have prepared the way for fu-
ture triumphs greater If possible than any they
have hitherto achieved. There are no elements
OF permanency in the sort of alliance by
which portion of the State governments has
been wrested from them. The Greenback
chimera will never survive another election.
1t is an effete and useless shibboleth. The cur
rency question will dispose of itself before
next summer. 1t is preposterous to suppose
that the people will ever consent to return to
an era of irredeemable paper, when they have
once heard the chink of gold. And for that
matter, if they were ever 80 willing the thing
couldn't be done over again. Finance Is poll
icy to be regulated by principles, not by votes
All the ballots in the world cannot change the
actual value Of dollsr, nor make 1t count for
any more or any less than its equiv alent 10 the
useful commodities for which is is exchange
able. This proposition Is go selt-evident that
there would bs as little occasion to assert Ii as
to assert that two and two make four, If the
public mind had not got good deal bewildered
by the extraordinary circumstances which led
to the original forced loan Of the COVE ernment
In the shape OF an issue Of demand notes.
Those were readily accepted in payment Of
debts which the national Authorities were COM
pelled to incur in the equipment of armies.
They were given Id exchange for the munitions
of war aud nobody hesitsted tn take them,
because they represented the faith and honor
of the nation. If instead of radeemiug what
are already out the device should be resorted to
OF Ignoring the obligation to protect them, and
then enlarging the volume Of them, the gov
eminent would be placed in the condition Of
confessed insolvency and its notes would very
properly be refused. Any advantage which
could accrue to the exchequer by fleeing the
public creditors in this disreputabls way would
be more than counterbalsnced by the dishonor
and shame of 60 barefaced an act of repudi.
alton. Greenbacks are held in favor because
everybody who takes them feels perfectly con-
fident that they will be paid. Once let it
be established that there is no Intention of re
deeming them, and the element of converti-
bility which constitutes their present intrinsic
value would be eliminat ted aud they would very
soon cease to be received as money.
There is no essential difference between gov
ernment and individuals in respect of the
modes by which they can sustain their credit,
except in this, that government in an over
whelming emergency can make its promises to
pay legal tender for all debts public or pri-
and not to present or future transactions. 1t
would be impossible by any such expedient to
force any man to part with dollars worth of
property for such consideration. Gold will
hereafter be the standard of values, and no
possible benefit could under any circumstances
arise from perpetuating deprecated currency,
for it will only pass for what it is actually
worth, whether it be the 800 cents, which an
American dollar bill is worth to-day. or the
8 or cents which is the present equivalent of
the paper dollar of Buenos Ayres The Ameri-
can Republic has been true not less to its inter-
ests than to its honor by preparing to redeem
its issues in the recognized money of the
civilized world. A different course would have
subjected it to humiliation and obloquy. The
national prosperity as well as the national
pride is involved in resumption, and whoever
seeks to hinder it must be reckoned among the
enemies of the peace, prosperity and honor of
his country. YARMOUTH.