Ellsworth American. [volume] (Ellsworth, Me.) 1855-current, 1880-09-02
Prom the n. Y. Tribune.
Some Points for Maine Voters.

the right on financial questions. has an idea
tina; he is cutting down four cords Of wood
in order to get one for himself He thinks
that the bondholders originally insisted on
being paid in silver Of q certain weight and
hneness, but now do not want il, and induce
Secretary Sherman to store up 500, ,0O0. 900
in the Treasury. The bonds. he thinks,
ough, to be paid in grecnbacks as they fall
due. for the holders would prefer grcenbacks $
to silver, and the Government could prin,
notes as long as holders Of bonds would
take them in preference to the silver stipu-
lated.
The voter has been deceived. II he will
20 Cut this week and cut four cords Of wood
from his farm he will find that he has the
whole Of j, himself. and il not obliged TO
pay three cords, or one cord, or . single
stick Of it, to ANYBODY. Whether he cuts
the wood or lets it alone. he will have to pay
taxes on his property, jus, as other men do
who have property which Government pro-
tects.
IL is not true that any class Of Govern
ment bonds Was ever issued under such a
contract that they we're TO be paid in silver
Of q certain weight and fineness" II the
voter will require his informant To produce
| the act Of Congress authorizing such an i.-
sue of bonds, or any bond bearing on i,
such a stipulation. he vill find that be ha.
been deceived. No such bond ever existed.
and no such act vas ever passed. What
did occur Is this: The United States. need
ing to borrow money. issued bonds promis-
ing to paw dollars in United States coin. aud
at that time. as for wears previously. silver
dollars were not in circulation. II was the
| necessary and universal understanding that
gold dollars were to be paid. because no
other coin dollars were in use. or could BY
any possibility be collected in sufhcicn,
quantity 90 paw even 4 small fraction Of the
loans Many years later, silver having de-
preciated. misguided OF dishonest men pro
posed TO coin great quantity Of silver dol
lars, imagining that in some way, by means
Of such deprecated coins. people who had
debts TO paw could manage 10 rob their
creditors. They forgo, tha, nobody could
get those sj-cent dollar. out Of the Treas
ury without paving il the value Of gold
dollar for each Of them. A no one wanted
60 pa, that price. the silver coined has &C
cumula;ed IN the Treasury. For the Gov
ernment 10 use these coins IN paving back
money which. when Il was borrowed the
Gosesnmeni expected TO pay and the leaders
expected To have paid IN gold. would be an
act Of palpable dishonesty. The voter in
Maine. We presume, does not want 10 rob
HI. ncighbor. who bought United States
bonds upon the facts then existing
Neither j. IL true that Secretary sherman
has on hand. or a; any time has had. s2oo. :
0Oa 900 in silver. The standard silver dol
lars. which form the only part Of the silver
on hand ,hs; could lawfully lie used in paw
ment Of debts. amounted August | to si6.-
ls2.1sl. Congress has made it lawful. bu;
cannot make !, honorable. to use these COINS
IN payment Of bonds.
We are paving of from 5000, 900 to
sl0.OoO,D 600 OF 9 per cent bonds each month
from the surplu. revenues VI the Govern
meni- A; greater or less rate these bonds
have been bough, in as fast q. there was
none, in the Treasury; Why Because.
had the sum been KEEP, in the Treasury until
the bond. fell due. a disastrous scarcity OF
currency would have resulted. In order to
avoid locking up several hundred millions
unnecessarily. the present Administration
has paid the debt as fast i, could by buying
the bonds, and meanwhile has taken advan,-
age OF the improved credi, Of the country 10
substitute I per cent for 5 and per cen,
bonds TO . very large amount The latter
is the operation of refunding. which the
voter Of Maine wants 10 stop. His trouble
is that he does no, understand tha, the deb,
is nov being paid of as fas, a. possible, and
al the same time refunding is cutting down
the rate Of interest on the remainder unpaid.
The voter Of Maine thinks it would be
we'll 10 destroy the public credit by com
pellIng creditors 10 receive either deprecated
silver or deprecated notes for their bonds.
For. though the notes Of the United States
are good as gold to-day. they would be
worth grea; deal less than gold. or silver
either, II the Government should issue
enough more Of them 10 pay" the bonds
which become redeemabie next year. In
like manner. though in less degree, the sill
YER dollars would become worth less than
they are If the Government: should empty
into circulation $40. 900 900 Of them. Either
course would be no, only dishonest but
foolish, because the country makes and
saves more money By maintaining high
credit. SO tina, 1t can constantly reduce the
in,eres, on its debt. than il could make or
save by robbing Its creditors.
Let US suppose that the voter Of Maine
has a teDan, who rents a farm worth &c.
"" al ftIil1i VI SOoo ttdl hlitf pay
ing rent for twenty wears. has the tenant
right to take the farm Us his own and kick
the voter off from his own property But
the bondho,der has loaned his money, Just
as man leases farm, TO be paid so much
yearly for the use Of it. In forty years the
inieres, paid will amount to twice the origi-
nal sum, and yet that sum originally bor-
rowed will remain due a, the end Of the
forty years. exactly as the voters farm will
still belong to him, even though another
man has paid for the use Of il forty years in
succession.
Apply the golden rule DO as you would
have others do unto you. Then the voter
in Maine will find no difficulty in seeing
tha, the policy Of the Republican party has
been both right and wise. For honesty is
really the best policy for nations, as for in
dividuals.