Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1870-03-07
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AUGU 8 Il "A,
Monday Morning, March Z, 1870.
THE END At HAND.

4 AL u " " Il L<1AfO.
With gold at twelve per cent premium
only. and paper dollars steadily travelling
upward in value, while coin begins to
make its appearance in business transac-
tons, and government bonds are at par in
the market, there is no doubt that the re-
sumption of specie payments all over our
land is close at hand. For nearly eight
wears we have have been suffering the evil
effects of deprecated currency, at one
time our credit getting so low that a green
back dollar was worth but thirty-eight
cents in coin, but at last we are beginning
to feel the solid ground beneath our feet.
With an Administration at Washington in
which tn people of this and other nations
have confidence. pledged to economy. pay
ment of the national debt, and return To
the specie basis at the earliest day practi-
cable, we commenced a year ago the i'm
provement in our finances which has
brought them to their present gratifying
condition. Good crops of cotton and
wheat and the general prosperity of the
country have afforded the means by which
we have succeeded in accomplishing so
much, but with an Administration like that
before the present we should yet in spite
of good crops and abundant production
be stumbling along with gold at high
premium and bonds at a ruinous discount.
A. of Canarol nf fn the
Presidency the people Of the United States
pronounced in the most emphatic manner
possible their determination to pay the
national debt and make greenbacks as
good as gold. This was the principal is
sue of the campaign. The democrats
stood on the platform of reputation.
When Seymour WENT to the wall and Grant
was elected it was notice to the national
creditors that their demands would be paid
to the last cent In the spirit of that de-
cision at the ballot-box the Administration
has been conducted, and now we have the
fruit at the end of a year in the reduction
of the national debt nearly ninety millions
dollars, gold at only twelve per cent pre-
MUM, bonds at par.
But this statement of the progress which
we have made financially is incomplete
unless we take into consideration the adj
vantages which we gain thereby in efforts
to fund the debt and being enabled to re-
duce taxation. Taxation is sure to be re-
duced at this session of Congress, and so
we believe is the debt sure to be funded
upon favorable terms, but neither could
be done to advantage if at all. while our
credit was twenty-five or thirty per cent.
below par and the national debt on the in
crease. One good step in advance makes
the next less difficult We shall have the
best Of right to claim the most favorable
terms for our funded securities when we
get ready to offer them in the market of the
world.
Standing Inpon specie basis or near
10 it, there are adjustments to be made IN
currency prices to conform to existing con-
ditions, but in relation to gold, The real
ton The rise of paper money to the gold
standard appears to occasion shrinkage
of values, but this effect is produced in
appearance only, the actual value remain
ing unchanged When dollar in currency
will buy as much of anything as gold
dollar, currency prices must be less than
they are when paper is at discount, but
the change is occasioned by the rise of
the paper money and not by the fall of the
commodity purchased. Those who are in
debt will not find it quite so convenient to
pay in specie as in deprecated currency,
but from what we have seen it is plain that
prices will adjust themselves to the new
order of things in due season, and upon
the whole the return to specie will be hailed
with satisfaction by the large mass of the
people.