Daily Kennebec journal., 1879-07-28
who is Honest?

Has II been honest To dOuDle ueDts Dy
changing the value of the dollar? The point
| of difference between the advocates of the
system and its opponent is as to the honesty
of the act and the results of such a change.
The one claimed that the debtor must pay by
a larger measure or dollar than he borrowed
| by that the only honest dollar to pay was a
| more rdiuabie dollar than was borrowed, and
| that the only way to bring the country 10 a
sound business basis was by making debts
contracted in one kind of currency, payable
in another E. II. Gore IN National Tn
bune.
There are many people who remember,
| if Mr.. Cove does not, that the value of the
dollar was first changed by the issuing of
greenbacks, in favor of the debtor class.
When we had imitation of the currency and
greenbacks were worth only 80 cts. in
gold, then the man who had contracted a
debt when coin was the only legal tender.
was enabled to pay off that debt by giving
80 cts. on the dollar. On every dollar he
saved 81 cts. by the change in the value
of the dollar. Now we ask Mr. Cove if
that was honest? five are going to dis
cuss the honesty of the greenback ques-
ton, let us go back to the beginning and
see how initiation operatedin in regard to the
debtor and creditor classes, and inquire
whether it was honest to oblige the credi-
tor to take 80 cts. on the dollar for what
was due himP What does Mr.. Cove say
to that? Did he raise his voice against it
when il was done? And was he not a
member of the republican party at that
time
1t is to be said in defence of the issuing
of greenbacks by the government that il
was occasioned by the stern necessities OF
war. There appeared to be no other re-
source for maintaining the armies in the
field and preventing the rebels overturn-
ing the government. This. then, was the
justification for the act, and in our opinion,
it was sufficient. We supported it whenit
was done, as a war measure, and we stand
by it now as an act justified by the emer-
gency.
But it was an act nevertheless which
bore extremely hard upon the creditor
class, and if the sole intention had been to
compel them TO take, through deprecated
paper, less than their dues, it would have
been nothing less than robbery. But the
government was in a strait. 1t had to
provide present means to carry on the war
or succumb to the rebels, without regard
. +la a. tko+
upon individuals or the debtor and credi-
tor classes. 1t was not the purpose of the
government to legislate against the cred
itor, but it had to save the nation as best
it could, and if by its measures the credi-
tor class suffered, that was their misfor-
tune, to which they could only be recon-
ciled by the consideration that If the
government failed all would be lost. and
that it was better for them to lose part
than to lose the whole
Now it was just as much an act of ne
cessity and duty for the government to get
back to specie payments, if it could, after
peace came, as it was to issue greenbacks
in time of war to save the life of the nation.
A nation without credit is in pitilul con-
dition. And n nation that does not re-
deem its promises, does not pay its notes
and bonds, oan have no credit The gov
ernment gave its notes by the hundred
millions of dollars during the war, and it
was bound by the constitution and in hon
or to redeem them according to promise
not by issuing other promises to pay and
compelling the people to receive them,
but by paying in coin, the money of the
constitution.
But because in the process of getting
back to specie payments the debtor class
is pinched somewhat, Mr.. Cove cries out
against it and accuses the government and
the republican party of purposely laying
burdens upon the debtor for the benefit of
the creditor class. A more unjust accusa-
ton was never made. 1t would have been
equally as just to accuse the government
OF acting peculiarly for the debtor class
when in the extremity of war it continued
to issue deprecated paper in which debts
could be paid for 80 cts. on the dollar.
The debtor had his favorable opportunity
then, and if the creditor happens to be
favored now, there is no more reason to
cry out against the dishonesty of the gov
ernment in the latter case than in the for
mer. The war caused immeasurable hard
ships. among which was the great sacri-
flee of precious lives. the creation of the
national debt and the evils of debased
and fluctuating currency. Mr.. Cove should
denounce the party which brought these
woes upon the countryside democratic
party-instead of falsely accusing the gov
ernment and the republican party of
bringing disasters upon the people; but
having cast his lot with Eben Pillsbury
and men of that sort, he has smothered his
patriotic impulses. turned traitor to the
noblest party this country has ever seen,
simply to get and keep an Office through
the combination democratic -greenback en-
| terprise. Is that honest?