Daily Kennebec journal., 1873-11-04

where elections occur, with results tritle
confused. Holding elections during a
panic is not favorable to steady and Sc
rene voting, and ought to be prohibited
bv law. What State will call a consthu-
.ional convention to consider the matter? ?
FINANCIAL SCHEMES.
Reports of various kinds of financial
schemes to be presented to Congress are
freely circulated. The most of these pro-
vide for continuation of our deprecated
currency; some of them even favor an in
crease of its volume. These projects
come from sources that are more interest
ing in promoting the plans of spectators
than the public welfare. There is not
railroad enterprise suspended for want OF
funds, nor a gambler in stocks or gold or
any of the games of hazard that Wall
street abounds in that is not In favor OF
more currency. Whoever believes in finan-
cial ballooning is firm advocate OF infla-
ton.
Along with the reports that these
schemes are coming before Congress go
others representing that they are sure OF
influential support and adoption. These
statements are probably without any foun-
dation whatever, but are made to give an
air of responsibility to the projects behind
them, in order to gain public attention and
confidence. We suggest that it would be
as well to take but little notice of such re-
ports at this time. They serve to farther
distract aud confuse the public mind, which
is already sufficiently distracted and con-
fused.
The intelligent, honest men of this
country. including that large and substan-
tial class who WELD large capital in COM
mercial and legitimate business of all
kinds are not in favor of financial balloon
ing. They know its perils and seek to
avoid them Their opinion is fixed upon
an early return to specie payment. They
believe that the country should no longer
be subject to panics and convulsions
through the agency of an irredeemable
currency which fosters wild speculation,
and hair-brained enterprises. The war
closed eight years ago, and it is time that
the currency which it called into existence
had been brought to the gold standard.
In all cases where the currency of a
country is detcrioriated there must be res
olution and action to get back to the true
standard. The plunge must be made at
some time. When the currency of Eng
land became deterioriated by the process
Of clipping the coins, the nation shivered
and hesitated and suffered long time be-
fore it took the final step that restored the
currency. but when it was done the
country felt relief at once, the Minister
under whose auspices It was accomplished
rose in the public estimation to high
pitch Of popularity, the loss which the
government bore was more than balanced
by the stability impaired to business, and
fnsnciers only regretted that the job had
not been performed earlier.
We are now in q condition favorable to
the resumption of specie basis. The re-
duction of the premium in gold, the in
crease Of our exports, the turn of foreign
trade in our favor. the decrease in prices
of commodities and labor which are inevi-
tably coming through the monetary panic
present opportunity and enforce the argu
ment for returning TO specie. The mind.
of the only men who are worthy of being
listened to upon this subject, to whom We
have referred above. are fixed in the con
clusion that the time has come to take thu
step that will place us on solid ground.
We trust that the republicans in tn
coming session of Congress will show
united front for specie payment, deter
mined opposition to every project tha
looks in a contrary direction. Let u
see them 60 about this task with the SAM
boldness and wisdom that they manifested
in graphing with slavery and rebellion
facing its difficulties with an honest pur
pose to give the people currency as goo,
as gold, and they will achieve solid sue
cess for the party and personal popularit,
for themselves. 1t will require courag,
10 take the first step, but once taken tn
worst will be over. President Grant heart
lily desires the restoration of the currency
The administration will give its powerf,
aid to promote the object. When it is a
tempted the opposition will howl An
croak and timid men may be frightened
but pluck and perseverance will prevail
If the republicans falter in the discharg
Of this duty, they will deserve the col
demnation which will surely overtak
them. The people demand forwar
movement. let Congress not fail to kee
step with the popular will.