Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1870-08-08

as it would democratic majority IN me
House of Representatives, would be a puoHc
calamity. The republican party Is the guar
dian of the public credit. 1t stands 1ortl tiie
recognized defender, not only OF the poiicy'
but OF the necessity, of paying our pohus a'
cordng to the letter and spirit OF the contract
yery few of its members, on their own re-
sponsibiity, have given their adhesion 10 tha'
onalified repudiaton-which in certain con-
tinpencies may become actual reputation
known as the '.greenback theory" But with
one great wing of the democrats this doctrine
has long been an established tenet. Its author
was formidable candidate for the presiden-
tal nomination two years ago. There are
furthermore many democrats who do not stop
at this point of dishonor, but advocate open
and absolute reputation. Some OF them adj
vanced their doctrines on the floor of Congress.
Finally the party itself, as an organization, is
uneauivocaly committed both by the action
of its national convention in 1868, by the ac-
ton of its representatives in the present Con-
gress, to taxation of government bonds.
We need only hint at these things, for the
position of the democratic party Is too well
known to require much calculation. 1t IS
not clear that the leaders would dare to tam
per with the public credit, if by any misfor-
tune they should come into power. 1t is Ger
tain that they would not be allowed to. The
| first attempt of the kind would be followed
by storm of popular indignation that
would sweep them from the offices winch
they defiled But VIC are not to consider
what the democracy would dare to do, but
what they desire to do; not what democratic
victory actually signifies, but how 1t would be
interpreted by our foreign creditors. Look
ing at the matter in this light 1t is not difhcult
to show the danger that menaces us in the
event of democratic triumph this fall. The
foreign banker feels that the democratic party
is the enemy of the faith OF the American
government. 1t matters not whether tins feel
ing be warranted or not. We are to deal with
it as a fact We may protest that demo-
cratic majority in one branch OF Congress
could not change the policy of the govern
ment. We may protest that an entire demo-
cratic administration could not repudiate the
national debt Oue explanations would have
no weight in the market against the conyic-
tons of Europe, against widespread ana
powerful prejudice, strengthened as it is by
record of the democratic party itself Europe
| knows that the continued success of the re-
publicans means the prompt fulfiment OF our
obligations according to the full spirit OF the
contract. She accepts the declarations OF the
democrats themselves that their accession to
power would he followed by an entire rever-
sal of our financial policy. The delicately
poised needle of the money market stands
ready to be DETECTED by the slightest influence,
and is liable to be swuns entirely out OF Its
normal position by even a rumor of a demo-
cratic revival in America.
The situation is a very grave one. we
would not excite unnecessary alarm or mag
nifty the danger that is before us. But 1t is
much better to look the matter squarely in
the face than to shut our eyes and believe
there is no danger. The prospect of re-
publican defeat this fall is very sim. but 1t
must be remembered that the market is now
much more susceptible to the effect OF political
changes than in time ofpeace. Every citizen OF
the United States is interested not only morally
but pccuniariy in securing heavy republican
majority at the coming election. Every citi-
zen is interested in rendering the victory as
sured at the earliest possible moment. The
two elements of our commercial standing IN
Europe, we repeat, are high interest and good
credit The first element, of course, cannot
be changed. 1t is therefore upon the second
that we must concentrate our efforts. All
of our national energies should be bent to-
ward the preservation of our credit abroad,
toward rendering our bonds absolutely secure,
toward maintaining our competition against the
securities of rival states. We think that we
have shown that this can only be done by the
continued exclusion of the democratic party
from the control of the government"
Let the republicans of Maine ponder
upon these words of wisdom and be active
in sustaining the organization upon which
the national credit rests. Let them frown
upon all irregular, disorganlzing schemes,
that will weaken the party, and move for
ward with one purpose, sustaining only
such men as stand squarely in the republi-
can organization. This is the path of duty
and safety.