Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1873-10-02

backs or dollar on his bank notes. That Is
Republican money. Now, my fellow citizens,
what was the cause of that panic No more
patriotic and no better men ever lived than
Jay Cooke & Co., take them either morally,
socially, or in any other way You choose.
They were high-minded patriotic men, They
did service to their country in the time of
war. But they were too sanguine. They
Thought the Northern Pacific Railroad was
kind of raiiroadto heaven, guess, laughter,
and they wanted to build it through. Well,
my friends, it was bad investment, and the
whole panic through which we have gone in
the last week or two has grown out of the en-
terprise of bankers and business men in in
vesting large sums of capital in unproductive
railroad property. That is the whole secret
OF 1t. And yet during all this time these
banks have not failed because they were in
solvent. They failed because they could not
realize currency upon their property and
now, when their statements are being exhibit
ed, it is shown that all these banks have assets
to pay every dollar OF their indebtedness.
Well, now, my friends, when panic comes
and panics will come at all times, they come
in seasons of prosperity, they come In seasons
| OF adversely, they come as the thief comes at
| night-still, quiet; the most sagacious man
4 cannot tell when q panic comes; if he could
| w -
panic comes, it comes all at once, and the
people are alarmed; everybody suspects
everybody else. and in those times there is no
way whatever except to pause while, re-
fleet, consider, be patient, careful, husband
your resources, and then 60 on again And
that is precisely what is being done now.
entirely and heartily approve of the course
that has been adopted by the national banks
in the City of Cincinnati, and in other cities,
in which they have made kind of quasi sus
pension, refusing to pay out the great mass of
their money TO their depostors. That is all
well enough. Public opinion will sustain the
banks in doing this thing; but they must re-
member that they have corresponding duties
to perform to the people. A bank may, for
its own protection, and to advance the best
interests of the public at large, for a time de-
cline to meet their full obligations, but if they
do they must be careful to do all their just
duty to the public. They must see that no
pay roll is stopped for want of money to pay.
They must see that no man who has money
due him for labor shall go hungry to bed
They must supply currency, and the very
moment the panic subsidies they must resume
payment, dollar for dollar, and pay every
check that is honestly presented if it is pr op
, erly due. l thank God l can see, although
not prophet, that the sky is clearing. Tn,
!, panic is over, trust. No doubt it is ipjur
ing some here and there. inficting some dam
= age, but my countrymen, we must be pre-
l. pared to meet these periodical panics. Th,
= beauty of this panic, after all, is that it ha
not hurt the people, the laboring masses
: The old panics did, Now, the men who sui
G fer are the high bankers, the wealthy men
The peoples money is in their currency, tn
measure of their daily toll, and as long as tina
l. is good they can laugh and grow fat. say
T. then, that the Republican Party, in the man
;. agement of your financial affairs, in gradu
% ally reducing the public debt, in gradually re
l. ducing taxes, in furnishing you with uationa
s banks instead of the old State banks, in gY.
:, ing you greenbacks-for these reasons, al
) well as for abolishing slavery, and saving
5 your country, and putting all men on an equa
, footing, has deserved your gratitude.
Fellow citizens, there are some defects in
. our banking system that will mention. The
i first is, that greenback, although mighty
0 good, is not quite so good as gold. Now ]
. never will be content myself until the Repub-
lican Party make every dollar of greenbacks
J in the pockets of laboring men as good as the
:, best gold coin that was ever coined. l know
the people and bankers sometimes say it il
going to contract the currency, but that i.
IL all humbug. 1t is like Judge Thurman
Q speeches. We can 60 back to specie pay
=. ments; we can 60 back until our money i
equivalent to gold and silver coin, and thel
+ we have the best currency in the world.
e will not debate this difficult question; but
9 tell you, my countrymen, whether you arr
Democrats or Republicans, that the people o.
> inis country ought never to cease to agitate
this question until their money is as good al
Z gold and then they are On a sure rock, an
eternal foundation. In all ages and in all
countries it has got to be an axiom in fnan-
cial matters that gold alone is the standard of
value, and the planetary laws that govern the
universe arc not core fixed and absolute in
their sway than that law which demands that
everything shall be measured by the gold
standard, and the very moment you make
your paper money as good as gold coin then
you have got currency that you may live
by, die BY, and leave to your children and
widows without fear or favor.