Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1878-08-22
Gov. Boutwell, at saccarappa.


Portland Press reported him as follows:
In commencing a discussion of the currency
question. Gov. Boutwell, invited sny one present
who Il id not think be did to ask him questions.
He commenced with the Gierubsck platform of
Maine, and read toe clause referring to the ns-
tional banks aud declared himself opposed 10 the
doioK away with Them. 1t the banks were 10 close
up business what would become of Investments
A worse financial pane would fellow than has
been seen ior maas day. The difficulty lie u want
of confidence on the part of those who have money.
There is money enou III, bat the question Is what
shall be done with 1t SO that Il shall pay Interest.
Mr.. Noncompliance is confidence IN real
estate
Mr.. Boutwell-Resl estate is not convertible in
money al auy time, especially at the present lime.
In 1860 the business Of issuing bank notes was
carried on 0y States, aud The general government
had no benefit from the issue When the national
banks were established toe State banks ceased,
and now the government derives revenue from
the Issue of the curreucy. lhs was a clear gam,
and was accomplished by the Republican party.
The greenbackers say abolish this system ami give
Us greenbacks. Here | should hSe to ask some
one who makes this cry, what the e eeubacRs shall
be redeemed in if at all shall II be gold OF silver,
or Issued with purpose to redeem them
Mr. ongonery-Suppose they be redeemed
like gold and SILVER.
Mr.. Boutwe-Which is not al all.
Mr.. Moutgomey-Ih They are redeemable
MIR. BOutwel-ln no place on this earth Is man
bou nd TO redeem gold or silver dollar They rep
resent their own value.
MIR. Montgomery-We propose to redeem green
backs the same as any other money
MIR. BoutseI-A gold dollar represents so much
value. hat is, the bullion of winch it Is made Is
actually worth 50 much. Ii costs labor to mine it.
Ii cannot De created by any nat You cannot make
II IN your paper null here priuI it In Wasning-
ton. Ii his friend the questiouer wishes to put all
tits machinery IN motion then there wall be no
limit TO the supply of paper dollars, and the sup
ply wall be worthless ss II was IN Continental
times. There is II difference between dollar
earned by hard labor and one made with puut-
ing press.
MIR. M0ngomery-Nil ill you tell the difference
between god aud paper dollar;
Gov. BOutwe-Ies, SIR. Gold and silver
money because they have vaiue IN them and the re
Is unit 10 the SUI ply, and TO he labor II costs to
produce them. Wnh the 100, 900 printing presses
in the county there Is no unit to the supply Of
paper curreDcy. The effect of such an increase
of currency will work on no class as badly AS the
poor man. The nch men will invest their money
carefully and not keep 1t, but tue laborers wages
will grow less and less. Labor advances last aud
fails fret. No more fraudulent scheme to rob the
poor man can be thought of.
A. To the payment of the bonds 10 greenbscks.
You gteenbsckers say that the greenbacks are as
good god; then why do you claIn that the
holders Of bonds purchased the N with deprecated
money You are Inconsistent. You know well
enough that siuce January. 1852 greeubacks have
not been as good as gold, and no rational msl will
claim otherwise. Many of the bonds were issued
before the premium gold Was 10 per cent ha #
OF them before gold was l2ts. Wuo now dares to
risk the reputation of the country by declaring
that these bonds shall be paid other than IN coin !
The credit vi this country Is what saved her when
she was threatened from enemies within the camp.
By paying IN gold instead of greenDacks, the
country hs. saved 500 00O, 900 already. In 1869
the per cent. bonds were selling Al 81, per
We hsd an interest account then oil 1888 00O, 000
thought We should get money cheaper, ana ac-
corolngiy issued bond. at lower rates. and they
were taken, and per ceut. bonds were soon at
par. $500, 900 00O iu 5, 4 a and per cent bonds
were SOLD, anu $500, w a year saved Oy reduc-
ing toe interest on tue public deDt
In 1859 1t was voted to pay these bonds in coin,
aud Was 1t not good thing 10 do Does uot my
friend Montgomery think So Ii be does not be
differs not from the of the South who raised
their baud against The country xuu sought lis de-
struction. Every scheme winch Invites a change
Is a T. aud. care not unuer what name 1t appears.
Montgomery-W men did we PROMISE To psyi
The Repuolicau party has declared that 1t shall
be paid coiu, aud The holder, OF the bonds never
expected tLat they should be pad Otherwise. Ii
we redeem IN paper and then do not redeem the
money. Is not that robbery Even bonuhoders,
aud they not all blosied, have some rights.
Touching the exemption OF bonds from TAXA
tion, he SAID that the Constitution OF the niIed
States gave Congress n fign. TO borrow money
without limit. Ii States could be allowed 10 lax
the boLds issued BY congress 10 raise money, any
one of tue states, il hostile to tue measure tor
which tue money is 10 be used, could levy such a
nigh them 10 drive tuem out of The mar
ket. How quickly New York would have done
this during the Wal, Or Kentucky. The power
must be supreme IN Congress. 1he interest Is So
low that the government gains considerable out
of 1t.
In answer to q question, he said that the issue
of the Bland dollar rs legal dollar, whie moral
~ dishonest, Vas legally honest. The act OF 1869
Justified the ISSUE but IL was bad policy, for 1t nad
y tendency to deprecIate the Currency. Green
backs are by lar the best currency ii tney are re
deemaole III gold otherwise they are anything but
good.
given to the speaker.