The Portland daily press., 1879-06-06
The Portland Convention,

Nine hundred and two Greenbackers, includ
counting themselves up and resolving that
they number thirteen hundred and thirty! 1t
was highly appropriate act for convention
of inhationists. 1t was of piece with all the
rest of the humbug and nonsense and dishon-
esty that characterized the proceedings of the
Portland convention from first to last.
Look at the platform. In the first speaks OF
"the increase of coin bonded indie btedness ol
the government in time of profound peace from
S1,1O0,OOO,OOO in 1866 to So, 900, 900 900 in 1872
To say nothing of the understatement
OF the first sum, there is not a
well-informed man in the country who does
not know that in 1866 there had already been
issued $50 millions of 7.30 notes, which the
holders Of them had the option of converting
at maturity, and which they did convert into
coin bonds. Nor is there one who may not
know, who ought not to know, that the in
crease of coin indebtedness ceased with the
conversion of those notes; that the coin bonds
in June, 1868, eleven years ago, reached the
amount of 2O63 millions, and that it has been
reduced since that time.
The convention went wildly astray when if
used the phrase 'the reduction of the rate of
coin interest and at the same time increasing
the principal" The nominal increase which
was authorized in time of war ceased in 1868,
and the act under which the rate of interest
was reduced was not even passed until 1870.
The silly dishonesty of the whole statement
may be shown by very simple statement.
The intarQgt maid bv the OOvarnnant in the
year 1866, that is, upon the debt as it was in
1865, amounted to 1873 millions. If that sum,
instead of being chiefly, payable in gold,
coin value at the highest quotation Of gold dur
ing the whole year would have been greater
by millions than will be the interest on the
debt when the refunding operations already
effected have been adjusted. The annual coin
interest on the debt it stood at the end of the
fiscal year 1S67-68 amounted to S121 500, 12S. 1t
has been reduced one-fourth sincethat time.
The audicaous imagination displayed in the
preamble to the resolutions also colors the plat
form itself. but the seven points OF the reso-
lutionS are weak in comparison with the bold
two favors the immediate use of the coin in the
Treasury for the reduction of the bonded debit
Really? Could not somebody have whispered
in the ear of some member of the committee that
the Treasury had already called every bond
the Government has right to pay until 1881,
for payment in coin? The ignorance displayed
by men who propose a new departure in
finance would be startlingly funny if there
were not other men more ignorant still who
will believe them.
The party is sham, its convention and its
principles are sham, and it has for candidate
for Governor the gentleman who tnsuccessfully
tried to pursuade the Republicans in the pres
ent State Senate that he was pretty good Re-
publican and not much of a Greenbacker, when
their votes would have made him Governor.
The Republicans of Maine with one half the
tact that is ordinarily displayed in the conduct
of their canvass, can defeat both the opposing
parties together. 1t is the easiest thing in the
world to show that the leaders are attempting
to cheat the people by telling them old and
worn-out tales, which in the beginning were
groundless. The game was played successfully
once, but the Republicans will have only
themselves to blame if it succeeds second