Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1879-07-24
Mr.. Sherman's speech.
CONTINUED from First Page

We presided over the birth of the green
backs, and guarded them in the cradle. The
democratic leaders denounced them as a
fraud, with the mark of Cain on their brow,
worthless, to be bought some day by the
cord. We have crowned them with honor.
They are no longer deprecated, bat may
travel the circuit of the world equal to the
best coin ever issued from the mint.
GREENBAcK Policy IN MAINE.
The policy of the modern greenbackcr is to
dcprecate the greenback, to destroy its pur-
chasing power, 10 make it depend, not upon
the intrinsic value of the coin into which it
can be converted, but upon some imaginary
value given it by law. The people of Maine
will have to choose between those greenback-
ers who strictly preserve the national faith
seek to maintain the greenback at par with
coin, and those who with utter disregard of
the public faith, wish to restore the old state
of affairs, when the greenback could only be
passed at discount, and could neither he re-
ceived for customs duties nor be paid upon
the public debt. They would revive the old
distinction between the bondholder and the
noteholder, when a lOO-cent gold dollar was
paid to the bondholder and an S0-ccnt ire
deemable note was the pay of the laborer.
We would have one money for all, and that
good money, each dollar of which will buy
100 cents worth of food and clothing
One would suppose, fellow citizens, that
our greenback friends. after all their prophc-
cics had been proven to be false alarms after
we have secured and enjoyed for a brief
period the blessings of Il sound currency re-
deemablc in coin, would be content to let
well enough alone; but dropping the rcsump-
ton act, they come to the front with new
set of dognas, and invite on them contest
with the republican party.
PERHAPS the falrpst Way in which | can re-
ply to them is by first quoting the platforms
of their party in Maine and Ohio, where the
chief political contests of this year are to be
fought. The first clause of the Maine plat
form is as follows:
1.-THE convention c0ngratuatcs the people
of Maine that the increase of coin and bonded
Indebtedness of the government in time of
profound peace from 81 100, 600, 900 in 1860.
to 81, 200, 900. 900 in 1879, is fact so start
ling as to alarm every friend of the country ;
that the reduction of the rate of coin interest
and at the same time increasing the principal
to such an amount as to vastly increase the
coin interest continually, under the pretext of
economy, by the reduction of the rate of in
terest, is such a fraud upon the people as to
merit the most severe condemnation.
This is a curious medley of deceptive state
ments, the purpose of which would seem to be
to show that the public debt was increased in
time of profound peace from 81, loo, 000. 900.
in 1865, to 81, 900, 100000, in 1879, while in
truth and in fact, the interest-bearing debt. in
1865, was S2,3Sl $50, 294 Sc, and now that
the reminding operations are completed, il is
l,191, G43, 700. 1t is true that the debt in
1865, was not all payable in coin; S2l7 ,024.-
lG0was in the form of compound interest notes
bearing per cent. compound interest, and
$3.50, 000, 900 was payable in Treasury notes
bearing currency interest at the rate of $40
per cent /; but the latter having matured
was converted eleven years ago into per
cent. coin-bonds, n decrease of the rate of in
terest of $40 per cent. In fact the interest
bearing debt has been reduced since 1865 in
the sum of 1888 1886, 594 sc, and the annual
interest charge on this debt has been reduced
from S150,977 697 81 to 1888, 773.11s 80.
The statement rs made would be absolute
ly false, but for the eqAivocation upon the
words 'coin interest.
Now all our interest, though nominally
payable in coin, is in fact paid in currency
Our friends who never mislead, or hardly
ever make their statement technically true,
but Really false, for the interest hearing debt
has been reduced near $500, O00, 900 and the
yearly interest S67 100000.
Exactly how our greenback friends can say
that the reduction Of the rate of interest under
the pretext of economy sis such fraud on
the people as to merit the most severe con-
demnation," is past finding out. The truth
is that the intelligent commercial world. cx-
cept only the greenbackers, has been full of
praise and wonder at the remarkable success
of the government of the United States in
the reduction of its debt and interest No
nation in the world, in ancient or in modern
times, has in so short II period so greatly re-
duced the immense burden of debt that
weighed upon us at the close of the war as
we have; SO that now the tax on whiskcy and
tobacco will more than pay the entire inter-
est of the public debt.
But they say that this administration has
increased the Understanding debt, and they
point to the monthly debt statement for proof
l have already explained how this was tenn
pOrarily done in the process of refunding the
debt. But on the debt statements hereafter
the ten-forty and five-twenty bonds will dis
appear or cease to bear interest; so that our
greenback friends will not hereafter be mis-
led by this operation nor be able to mislead
others.
Again, they resolve as follows
"That we favor the unlimited coinage of
gold and silver. 10 be supplemented by full
legal-tender paper money sufficient to trans
act the business of the country
We have now unlimited coinage of gold
and there is but little, if any objection to an
unlimited coinage of silver at its market
value.
TO quote from Nr. Grochen:
SIT was for the interest of commerce gem
orally, both in India and Europe, that the
whole of our commercial transactions should
be based upon an aggregate of silver and
gold together, rather than that II should rest
only upon gold"
81. 81, 4. ~ ,