The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1865-10-27
Let us Return 70 speoie valuos.

ID
1t is plain that we cannot get on So We
are violating the most Obvious precepts of pru-
dence, the best established principles OF econ
omy. We areas actually mad as our fathers
were in 1885 and 1S38-as England was in IS
24-25,-or during the earlier South Sea spect-
lation. True, we are not specializing as then,
In timber lands and city lots, in South AIneri-
can mines and ioint-stock Companies for whole
sale baking, brewing, washing and ironing, not
even now Specializing much in oil wells and
Southern lands. 1t is a pity that we are not.
1t is pity that the plethora Of currency does
not seek to invest itself in remote enterprises,
and fanciful values, and leave the supply OF
the necesSnries Of human life to the normal
development of wholesome, trade. IN h
When speculator has, or can get money,
he takes care to buy what will sell again, for
more than it had cost. He may think an oil
farm, corner lot, share in a steamboat,
stock in mandatory viii sell SO as to yleid
him profit, but none of these being artlctes
OF prime necessity, he is not sure they can pe
sold at all. But he knous men must buy cot.
ton cloths, coal, molasses, pork, corn and Hour
SO he concludes to invest in them, lie uses
all his green-bacls, the fiuts of his earlier toll,
or earlier lucky speculations, and still there
remain cotton, coal, pork and -four, which bat
for his interference would come, to the cousum-
err burdened with only the cost oftheir produe
ton and transportation. 1t viii not do fo
him to let these commodities Nip by him arAt
ruin his market, so he prepares to Eorestalli
them. .,
He goes to the Banks to get more money.
The banks lend him all their charter and the
law permit til EN- to loan, and as his enter
prise requires more still, get together thei
stockholders and increase. their capital stock
so as to enlarge the accommodation, and al
the same time stuff his pockets with al the
defunctnotes of certain expired Banking Cor
porations, which upon taking up, by a happy
conceit, they omitted to burn. ..r.a
In a recent trial in this city, wherein it was
sought to be established that certain granite,
of real estate was of unsound mind, one
fact, offered to prove the allegation, wa.
that on certain time he carried an old re-.
ceipted bill, which had been used as a WRAP
per OF bank check, to the city collector and
tried to pay his taxes with it.. May it moi
be accepted as a symptom of what we have
characterized as the madness of the times.
that these promises to pay, Of association
that have voluntarily terminated their corpo
rate powers, are everywhere offered and accep
ted as money! 'n5 as+ tlo siii nen a9
Thus reinforced with capital the bold oper9
ator returns to the market Up go prices il
accordance with his calculations. The loui
that was eight dollars, in his thrifty hands be-
comes twelve. The ton Of coal that at tel
dollars paid mine-sllare, laborer and transpor
tation at highest rates, without ever lying ar
hour on his wharf or yard (for he has neither
but by merely getting included in his invosce,
can never now warm shiyering widow thai
has not fifteen dollars to pay for it.
We do not wish, however, to blame the
Spectator or the Banks. Certain disturbed
conditions Of the currency inevitably prouo1:e
specaIdtSOns, which come about by the opera,
ton of the natural laws of trade II a man
finds himself in possession OF $1,000 which he
has no impediate occasion to spend, it is not
only dictate Of interest, but Of prudence for
self renrooeI,os hin, j., ~
aJzo,, ,r;cl.ay ,,.,,7 >
finds t,o I,arhet An ~ ~o,1Td ro..
pound we do NOT lrro,v ,,,,,v he s,,o,,Sa ~ =,
ronroacbod e,r ,,,,.t;r,r i, ~ -
credit into that -. - 'l.s
selling again atooctg an, 49, +,,,,, g..
ing his money on the sec,,ritv Of ! paiobboyss
farm. or of a bond Of the limited States.
And as to The banks.--if between their
amenability to the State laws. unaer which
thew came into existence. and n tba nst;o,,aa
laws under which they derive their6cf5,al now
ers. a loop-hc Il was left in the construction ~
a financial system hastily devised FIR oo,ast
national DANCER. where Iaroe nrotits .co,,ld bo
made by eyadine the rastr;ctiva agency &c
each of these superintendeucies. the sUate,a is
to be blamed for it.
The general government. adopting the ma
tional currency scheme as an experiment.
fearful of trespassing upon State rights, anx-
iogs to conciliate rather than to coerce the ex-
listing banks. had no restra;r, i, hover b,,t t,at
oftaxation. 80 it tinidlg delayed the operation
of other than its authorized curre,,cv9 IN
july 1866. If instead of nroviding that