Ellsworth American. [volume] (Ellsworth, Me.) 1855-current, 1868-03-20

tate steadily and safely toward specie pay !
ment. We shall thus. without diminish
ing the present volume of gr enbacks, he ,
enhancing their purchasing
power, making the money Of pensioners.
soldiers, and day lahorers far more valua-
BILE to them, month by month and year hy g,
year. and in the end render paper dollar
the full equivalent OF gold dollar. Then,
when the Government shall he paying its
greenback creditor in gold, there will GER
tanly be no ohiec:ion TO paying the bond
holder in gold also; and no one proposes TO
do TIA day earlier!
Third. Does any sane man doubt that
the imitation of the currency would speed
lily result in its depreciation II go. he
shuts his eyes to the prominent facts ofhis-
tory. to our own experience as a nation,
and to the plainest deductions of common
sense. An excess Of irrelee,nable money
at once raises the price of all commodities
necessary for daily consumption. Cloth
ing becomes higher and sood becomes
higher without corresponding incl case on
the part of those of limited means to put
chase these articles. The rich can stand
it, but what would become of the poor?
The man who lives by his daily toll would
far beyond any increase he could hope to
secure for his labor and it would fOOn be-
come struggle for existence with him and
his family. | do not think any imagination
can picture Or fOretell the misery that would
be inflicted on this country if the currency
should be inflated to the extent necessary
to pay the fivc-tweEties in grecnbacks, az
advocated by the gentleman from Afassss.
chusetts, Mr.. Butler, and the gentle
man from Ohio, not now a member Of this
House, Mr.. Pendleton And in this
connection desire to attribute any Of the
dullness now prevalent i'll business circles
t" scarcity Of money, We have over
seven hundred million dollais Of paper
money now IN eircu!atio,. nearly three
times as much as the entire bank circula-
tion of the United States prior to 1861,
i while it is quite notorious that the money
markets in our chief business centers We're
rarely known to be easier. or more abun-
dainty supplied than during the whole o
this winter. Moreover, business Of all
kinds in France and England at this time
| is far dulle: tlian with us; and vet. in both
those countries the plethora of money is in
excess of what was ever knC wn before
The bank of France alone holds a surplus
of $200.O00,000. aud a corresponding
amount is held in the hank of England.
and by the large banking houses at Frank
fort on the NJ aln. In view of these facts |
it seelns to lne that no delasion is so absurd
as to suppose that any relief could come :
from an inilation Of the currency. Misery,
wide spread and hopeless, would be its
only and inevitable result.
Fdurth. Nor do see how any gentle
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