The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1865-01-12
The Initiation of Prices and the Remedy.

The Imitation of Prices and the Remedy.
PORTLAND, Tuesday, Jan. 10, 1885.
To the Editor Of the Press;
Itstruck me this morning 10 reading your
article on "the Banks and the currency" that
the writer wandered from the point; grasped
az the shadow rather than the thing itself.
lit had been stated that distrust in the
notes, certificates and bonds Of the Govern
ment were 10 great measure the cause OF the
high prices of gold, and that this distruss
arose from the fact that 1t has not YET oeen
demonstrated to the world that the people on
this United States have the ability and deter
mination to pay their debts 1 think 1t would
have given the true cause OF the difficulty.
When the list of incomes of $1,000 and up
wards was published, hoped for and sought
TO find editorials, or communications treating
that strange exhibit with manly, truthful
earnestness; but In this hupe have thus far
been disappointed. Your correspondent u.
NJ, Jr." fred his shot which judged from
the street talk, made much auttering among
the bipeds that he hit. but this subsidized and
the matter has since been undlsturbed.
Now In all seriousness let ma ask, have we
as a people shown the candor in making re-
turns of taxable property, business, incomes
that the world has right to expect from men
who lay claim to honesty, and boast Of their
ability to pay their debts Has 1t yet been
demonstrated that we ean pay the interest on
the national debit think not. We feel, and
we think we know that we can do so easily,
but have we made the true exhibit that will
carry conviction to other nations? What is
the netfondl pGtrimony? How many dollars
do the yearly national savings amount to p
These are the facts that we need to knosv, not
guess at. The nation has never before adop-
ted any system to develop these facts, and 10
my mind tits this want of true data that's the
real cause of the great advance In gold and
all kinds of property,-doubling the entire ma
tional debt and the every day expenses ofthe
individual. o0g 9A
. Ifit was shown from reliable data that the
yearly savings of the people as a nation.
after paying all expenses of living, amounted
to sum adequate to pay the interest on the
prospective national debt, and furnish fair
sum towards extinguishiDg the principal, the
effect would be immediate on our national
securities; and gold would decline mora rap
idly than it advanced. Such data can only be
furnished by truthful and manly compliance
with the laws.
If an individual wants credit, he must show
that he has got the means to pay with, or that
his vocation is bringing sufficient profits to en-
able him to discharge the debt at maturity,
and he must also obtain the confidence of the
creditor SO that his statements shall be believ-
ed. This, his established character, or friend
ly recommendations may produce; but should
the man involve himself with serious business
difficulties, and require an unusually large
credit, common sense would dictate that be
produce his books, his title deeds, his every
thing for careful examination, else, If credit is
given him it will be at such price as to
threaten bankruptcy in the end.
Is it not just SO with our own beloved ma
ton? We require extraordinary credits:--
what have we got to pay withP Not our houses,
farms, shops, lands, railroads, or even our ma
tiona state or town bonds, for lift comes to this
and all are sellers, whence would come the
buyers. We have the -patrlmony Of the ma
ton, the true earnings of the people, after de.
sum of thisP 1t is ignorance of this sum that
has given the gold spectators their advantage.
Show to the world the facts, and if then it
shall appear that we can easily pay the inter-
est on our debt. and fair share of the prin-
cipal each year, you will no longer see
our Government bonds selling in London at
Al, with interest at the Bank Of England at
Z per cent. No, money would come to our
shores In cargoes. We should drain the COZ
iers Of Europe until the rate of interest and
the value ofthe precious metals were equal
lied on both sides of the Atlantic. Merchan=
disc, army and navy supplies, and all expen-
ses of living would be reduced one half
In my opinion full and honest return of all
incomes Is the most important step that the
people can take. This, with the same truth
full returns of all business, and a full compi-
ance with existing laws, will speedily furnish
approximate data to put US right before the
world, show what revenue can be relied upon,
lessen the rapid increase of our debts, reduce
values, and explode the gold combinations
provided always, that the government and the
people have SO far the confidence of our own
capitalists, and Of other nations as to set at
rest all fears ofrepudiation. VIGOROUSLY false
returns OF incomes is not the best way to OBJ
tain that confidence 4 . g a' 1s.i N VA
have dwelt on the subject Of incomes for
this reason: The men who have incomes to
return, are the men who, in the. nature of
things, SHOULD give character, good or evil, to
a community; and If integrity is not found
there, where shall it be sought? rfn
Hstreet rumors are true, there are many men
in the nation who should read and ponder the
story recorded in the 9th chapter OF Acts, and
they would do SO with profit to every, indi-
vidual OF the toiling millions of the nation;
provided that story should work repentance,
and repentance should bring forth fruits.
The time is upon us when every man should
prepare his income returns for the past year,
and Il this be done with the integrity that
each man has right to expect from his neigh
DOR In other matters, great good may be
done to the national character, to every state
ana town, to generations who are to succeed
us, and whose labor it will be to pay of these
oeots.-and last, but by no means the least, to
eacn individual conscience, in the knowledge
Oh outy aone' and the path of rectitude pur-
sueu' S.
Election Of q. 8. Senator. w
Agreeably to assignment, both br.ncbo, If