Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1881-01-18
Pay the Bonds.

Pay the Bonds.
1t would seem that the proposition TO re-
fund the seven or eight hundred millions Of
United States bonds now maturing. could
meet with little favor by the mass Of the peo-
pie In this State that their interests demand
ed that these bonds should be paid, not re
funded to remain burden for a generation
at least. and perhaps for generations.--hor-
ernoT Haisfed.
In one part Of his message Gov. Plais-
ted discoursed upon the evils of taxation.
Taxation, he said, bears heavily upon the
people. Il Expresses them severely IL
drives some to despair and others from
their homes into new countries.
Now turn from what Gov. Plaistcd says
about taxation to what he saws above
about paying the bonds There are, he
says. some seven or eight hund'ed mil
lions (Secretary Sherman says sG37 $50
OO0) now maturing, and these bonds
'should be paid and not refunded, ii
these bonds should be paid instead OF re-
funded, as Gov. Plaisted recommends.
they could only be paid by an enormous
increase Of taxation. The government
has paid during all the years since
the war closed. only some ten hun
dred millions Of the principal of the
national debt. and according to Gov.
Plaisted the people have been taxed al
most to death to pay what they have
paid.
But suppose the advice of Gov. Plaistcd
Ii followed. then we must raise between
the present time and July lst next, the
sum, rs he says. of seven or eight hundred
millions Of dollars sum nearly equal
To all that has been paid upon the
principal of the public debt since the war
closed. or course If the bonds are paid
Il must be done by taxation. That is the
debts. Now IL it has been hard and
burdensome thing for the people to pay
of ten hundred millions of the debt in
fifteen years, pray what kind of a burden
will it be tor them 10 pay off seven or
eight hundred millions within the next
six monihs9 Will there he anything hard
or distressing about thatP That is the
problem which Gov Plaisted places be-
fore the people of Maine for their consid-
Grafton.
The suggestion Of the Governor is to
pay this large sum in fiat money. Issue
irredeemable. inconvertible. rag money.
to pay it off. Set the printing presses at
work and turn out money by the ream TO
pay the debt. Deiraud the public creditors.
Cast overheard the public credit and make
the nation spectacle of shame and dis
grace to all the world. Rival the rebel
confederacy in the issue of worthless
notes. Bring down ruin upon every in
dustry in the land. Cheat the honest
farmer and the laborcr by obliging them
to accept fiat money for their products
and waces-two classes which above all
would suffer from the use of such money
Turn back the progress which resump-
ton of specie payments has made, and
bring on madden era of initiation than
We have yet seen.
If Gov. Plaisted would have the bonds
honestly paid that mature by the lst
Of July. he would have to do it by such
taxation as this county never yet
has seen.
II. however. he proposes to pay in fiat
money. he has uggested-eonsiderin
that the country has returned to honest
money. and that his scheme would deluge
it with another imitation tlood-one of the
widest schemes that could enter the inn
agination Of man. Fat money is not pay
ment, it is robbery. 1t is apromise never
to be redeemed. Either Gov. Plaisted
propose. to pay the bonds in this worth
less stuff. or in the honest way and if in
the honest way. by honest money. re-
deemsblc in gold. he has suggested such
q necessity of taxation as If carried into
effect would create universal bankruptcy.