Ellsworth American. [volume] (Ellsworth, Me.) 1855-current, 1878-08-08

permanent resumption, my valued friend
Secretary Sherman to the contrary not
withstanding.
We have now got still another thing In
the way OF legislation. On the 31st Of last
May we passed = law 10 Congress. no,
only permitting but making It the duty OF
the Treasury Department to reissue the
treasury notes as fast as they may be re-
ceived and redeemed. fear that this law,
which thus directs the reissue Of the green
backs, may be a great obstacle to efYectual
and permanent resumption. For If the
government ls to be compelled to reissue
Its notes after II has once paid them, then
1t may have to provide means to pay
them a second, and even = third time.
This makes Of the Treasury Department .
great National Bank Of issue. Let me
frankly add another thing, for In the severe
necessities Of this discussion I would not
| by silence seem to approve what to my con-
/ science and Judgment appear wrong, do
not believe the federal government was
ever intended to be a great National Bank
Of issue. (Applause.l
believe the teaching OF the old Demo
| cratic party, In which at the feet Of Vice
| President Hanlin sat as boy. believe
this government should not needlessly Gre
ate and foster great nionopolies. do not
believe h should turn itself Into that great.
est Of monopolies, 3 great National Bank
| OF issue that may stand, II possibly Il should
fall into the hands OF bad men, ready to
throttle the industry of men at any time.
| (Applause.) l believe that government
| governs best which governs least; which
trusts to moral snd natural forces which
leaves trade and commerce TO furnish their
] own methods Of business and means OF ex-
change. (Applause.)
Nay. believe more, that when the ques-
| ton OF the legality of the reissue OF treas
| ury notes, or OF new greenbsck issue In
| time OF profound peace, shall come before
the Supreme Court OF the United States,
| that these greeubacks OF peace will be de.
clared an Illegal exercise OF the law max
Ing power. (Appiause.)
Towards resumption we have thus far
| journeyed. Our faces are set towards it.
Our pledge Is given Tor IL. We have reso :
lutely and patiently come thus far. and
pray that We may resume on the first OF
next January. (Cheers) Were IL not for
! this silver bill and that bill of May 3lst.
1872, believe we should have resumed as
| certainly as that to-morrow's sun shall
rise. | pray and trust that we shall even
now. II my fears are only born Of my anx.
iety. none will be more glad than |. Re-
sumption is my purpose. For ways I care
little. For the eud care much. Gap
plsuse.)
It Is possible these things may have post
poned for a time the day OF resumption.
Let Us honestly face that possibility. But
in no 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 a dollar every
whereI Are you for getting out OF the
body polite this forced quantity that WAS
injected during the necessities of the war !?
Or are you, on the other hand. for a con-
tinued. enlarged aud repeated Issue OF
greenbacks. without resumption and with :
out redenptlon1 (Cheers.)
You may try 10 compromise these things
you will try In vain. (Applause.) It is one
OF those matters on which. at the last, com
promise Is impossible. You cannot settle
1t by legislative delay. You cannot pay he
debt except by paying the debt. This is a
very simple proposition, but | believe a
| sound one. (Applause) II you hold my
note and, when 1t becomes due, pay you
by giving you another, have paid the first
note, but | owe the second one and my
debt Is precisely the same. (Applause.)
The government cannot discharge its
debt By writing scross the face of the bill
this Is dollar and this pays a dollar"
Whenever the government does tina it has
repudlated. Ii Is long word and hard
word, aud word you don't like. Gap
plause)
Yet. gentlemen, believe we are locked
up 10 this simple alternative. We must
some day, pay the greenbacks, once and
forever. We must get them out OF the way
and finally take them out OF the politics
and business of the country as an uncon-
sttutional exercise OF the law max ing pow
er In time of peace; or else some day
We shall repudate these greenbacks, hard
as the alternative seems. (Applause.)
Do you d"ubty | know many OF YOU do
can see incredulous looks all over this
vast audience. l see nen who have fol-
lowed me to this moment with apparent
approval, who do not believe that contin-
ued use Of greenbacks as a permanent part
OF the financial system of the government
will inevitably result 10 final reputation.
Let Us go back TO history. 1t is strange
that precisely the condition OF things
through which we are passing to-day, was
passed through In this land OF ours just
one hundred years ago. Just one hundred
years ago this year in the colony OF New
York the legislature Of my native colony
passed a law fixing the minimum pric, 4
wages at which man could be hired
More than that the laboring party OF to-day
does not ask for. Just ninety eight years
ago this year the legislature of the colony
oil New York passed law fixing the max
imum price at which the necessaries of life |
should be sold, only putting the condition
that the law should not go into operation
until II had been ratified by two or three |
adjoining colonies. Just about ninety five |
years ago, IL l remember the date correct
ly, the Congress of the Continental States |
passed "A law. making 1t a misdemeanor Tor |
any IDan to refuse To receive the green |
backs OF that day-the tobacco-leaf cur |
reney. just ninety y-seven years ago, If |
recollect the dates correctly, the colony of
Massachusetts nxed the maximum price at |
which the necessaries Of lite were to be |
sold and the Continental Congress supple
mented the act by making IL n penalty for |
any man to refuse to receive the continen-
tai currency. There you have the whole |
theory of the National party-regulstiou OF
the price OF wages and OF the necessaries
Of life by process OF law and by Law COM
pelling men TO take greenbscks in payment. !
(Applause.) Yet what Is the story OF his
tory
have here In this pocket book Qhere is
not much in it, for IL 10 lawyers pocket
book aud the lawyers down our way do
not charge large fees and therefore do not
yet fiCuJ lLauSutci IL uaNc ucfc ull1
of the old tobacco leaf currency. Let me
read it to you, il you doubt the danger
wherein we stand--'Tbe United States
Do you remember the name Of the nation?
Did you ever hear of 1t before? The
United States. Eight dollars. This bin
entities the bearer to receive eight Spanish
milled dollars or value thereof In gold aud
silver according to a resolution fixed BY
Congress at Philadelphia. Sept. &c, l77S."
This was just one hundred years ago.
Why was that bill printed! Because
your grsndfathers and mine, when they
were ashling to save the land, had no sur
plus means. They had NO coin and printed
that bill, the greenback Of the revolution
sry war (Applause.) What Is the bill
WORTH The same promise that Is on your
greeIback Of to-day Ii on this, the green
back Of the Revolution. (Applause.) The
same nation made it. The same great
price Of liberty preserved was paid for It's
issue; and yet 1t Is not worth to-day the
paper6t was written on. (Applause) 1t
aud all It's kindred issue were repudiated
by this government, simply because when
the war closed our fathers were met with
this Questlon-shall we pay 1t, or shall we