Ellsworth American. [volume] (Ellsworth, Me.) 1855-current, 1874-04-23
THURSDAY. APRIL 3, 1874.
The Finances.


The vital question of the day is the Pub
lie finances it absorbs all Others and
very justly deserves, as 1t is rec Giving, the
calm consideration of American statesman.
The proper remedy for existing evils chal-
lenses the highest intellectual endow-
ments. totally exempt from the bias of Sec
tional interestst, and alike free from the
influence of individual or associated
wealth. The public good and the public
credit should be the foun lation of the
structure that will secure healthy COM
merce and a solid prosperity. The Re-
publican party owe IL to the country that
the policy BY which they have brought this
great country aud its more powerful peo-
pie to the highest pinnacle of national
greatness, in the enjoyment of a stable
freedom from the usual Entertainments up
on their rights which so often affiict other
people under different forms of govern
ment, in the blessings of liberty of speech
and action. restrained only Icy the execu-
ton of wholesome laws operating to Sc
cure public tranquility and the great right
of enjoyment in the manifold privileges
which attach alone to a government found
ed upon the sovereignty of the people.
should take no step backward. What has
been accomplished should not only be pre-
served. hat perfected
II seems that the remedies prepared by
their respective advocates, are an eXpan-
sion OF the paper currency by the one, and
a resumption Of specie payments by the
other. WIN either reach the disease with
which the great commercial. Agricultural.
aud manufacturing interests on the one
hand, aud the credit of the Government
on the uibcr. are threatened: Both classes
agree That the resumption of speci pay
meHts-iu other words. the business oper-
aiions of the country on a specie basis,
win "A convertible currency, is the surest
way 10 a solid prosperity. and the safest
escape from commercial embarrassment
and arrangement of the public credit. The
Government has 10 power TO directly
relieve individual distAss or provide for
the damage 10 trade resulting from in
diyidnal or Incorporated spccUlations II,
Incidental power of relief rests solely in 3
>trict economy in administering the Gov
eminent. and the protection OF its own
credit. Keeping these general truths in
mind, let Us apply the facts.
* j. well known. the Government re-
criyc- IT, revenue in two kinds of values
the oHc currency, the other gold-bearng
t. each other different Stauda d.. The
currency i again divided into direct
liability on the part Of the Government.
designated a legal tenders; the other
conditional Inability known as the circula-
tjou the national banks. so far a the
security to the holder. IL is not affected BY
this or that mode OF liability. nor is it per-
tiuent To the question under discussion.
Keep constantly in mind that both classes
desire 10 reach the same end. solid
specie basis. The Government has. or
Will Ice authorized 10 have. in circulation
Si00,o6J.000 in legal-tender nolcs. Ii is
liable also ior the redemption of the ma
iinual bank currency 10 the amount OF
5 80 .332 So. besides fractional currency
amounting 10 Sl7.S.61i9. The addition
of these immense sums VII satisfy the
most hopeful that neither the Government
nor the country has the ahilityto assume
the responsibility. at present. Of their re-
Gcmption. Ii not able now 10 redeem,
VII. aH increased liability. by the expaa-
sion Ia legal tenders or bank bills. improve
The condition: The gold in :he country is
diminishing every year by the balance in
Vur foreign trade being against the United
states. The facts of themselves require
Io argument TO convince even the most
>snguInc that the road 10 the universal
t,>iItTa,un. thu resumption OF specie pay
r4eu.>. docs not lie IN the direction OF ex-
lau>ion. er. in other words. as>umin. an
decreased liability. Ii the cNpan>ionist is
sincere IN his desire TO see the country re-
e-ored % that healthy condition which pre-
It'd prior 10 the accumulation Of the
siupendouS debt. even In the distant fu-
lure. his policy will never reach il, and
consequently his desire will never be graft
fed. No man or government ever did or
ever will eXtinguish their moneyed obliaa-
lions by increasing their Indebtedness. |
think it will be seen. with very little as
sistance from reflection. by the collection
and statement OF these figures and facts.
HAT resumption, even ia the future. will
NOT and can not be ever reached by eX-
pans.on Of the currency and the conse-
queHt increase of the Government. lia-
b.iities.-- Republic.