Oxford Democrat. [volume] (Paris, Me.) 1833-1933, 1874-04-21
Currency Question.

that we append them. AT session o
the Board OF Trade OF that city. las
week, Hon. W. w. Thomas opened tbs
subject by introducing the following pre-
amble and resolutions:
Whereas. In the opinion of this Board
the passage and approval of any act TO in
crease the issue OF the paper currency OF
the country would not only tend To VIC
late the faith Of the people of the United
States aud annul the nations sacred
pledge, but would have The effect 10 az
gravate the evils consequent upon the
uncertainty in the fluctuations in values
OF labor and commodities. thereby in
dieting grievouS wrong upon every
class OF people by raising the prices OF
all articles of consumption without effect
Ing corresponding advance OF wages
thereby doing special injury 10 every
man and woman dependent upon wages
or salary. Therefore
Res0ired. That tho members of Con
grcSs from this State be and they are
hereby requested to oppose the passage
oil any act tending 10 the expansion of
the paper currency and to use their in.
huencc TO promote n return 10 specie
payments at the earliest possible day.
RcSolred, That the members OF this
Board do hereby appeal 10 the President
OF The United States 10 refuse his approx
al to any and every bill which involves a
violation OF the national honor TO which
an irredeemablc currency must neceSsa-
riiy lead, sooner or later, and 10 inter.
pose his veto TO defeat any measures IN
consistent with The promotion oil the
nations honor and integrity.
ReS0ired. That n copy OF the toTego'
inc preamble and resolutions be trans
United 10 each of tho members OF Con.
gress from this State. aud TO the Presi-
dent Of the United States, under the
official seal Of this Board.
Hon. john Lynch said he agreed in
general with the resolutions, bu: was in
opposition to them in some particulars.
tie deprecated any further imitation Of
The currency, but rs much OF the business
OF the country was based on the national
bank currency ne thought the govern.
ment was bound by lis acts not 10 inter-
lcre 10 the detrimcn. OF :hat currency,
and neither 10 increase nor decrease il.
The matter should be regulated by the
laws Of trade and no. BY the laws CT
Congress. Congress has no right 20 cx.
egcise governmental supervision over
tie business OF the country, or 10 regu-
late private banking transactions. We
should not advise Congress to take any
steps in this direction. The growing
business Of the country may demand
more currency. and ii is not wise 10 pro
ties, against an increase. We mus,
place ourselves on the solid ground of
specie resumption, ana provide for the
redemption Of government notes.
M Thomas lhougAi the proposed
action Of Congress in Increasing the cur
reacy by sl),090.0p) is intended to force
a postponemeut Of a return 10 specie
payments. and so protest against such
action is urgently called for. The meas
ure proposed viii stimulate our imports,
already too large. and work other evils.
True, Congress can neither restrict nor
create wealth 5u, il can do great deal Of
mischief. Our expenditures arc al,ogeth-
or too large, and 4 further increase OF
currency Increases those expenditures.
Gov. Washburn thought we ought 10
consider these resolutions in the light o,
existing circumstances. Congress eyi.
IDENTIFY intends to indefinitely postpone a
return to specie payments. This is The
evil which stares Us in the lace. and the
evil against which we protest. The
business ofthe country is paralyzcd, and
values are unsettled by the dread Of fur.
Their expansion. In many particulars he
agreed with Mr., Lynch, and differed
from him in others with great difidenee.
lie had no objection 10 4 system OF tree
banking, but il should be coupled with
the condition of certain redemption.
Let the legal knder act be repealed It
was q great mistake Of the Supreme
Court in affirming that act. The 80 call
ed reserve should have no power as
curreny. and we should be explicit in our
expression on that point. OIL course all
spectators and debtors desire IN in
crease. But the alienation oltheir evils
would be but temporary, for initiation
would bring about renewed speculation
with its attendant ills The resolution
asking for veto may not be advisable,
tor ii suppOses that the President will
sign 4 bill violating the national honor.
Mr.. Lynch explained that he simply
wished Congress to let the matter Of III
crease Of banking currency alone. and
let the laws OF trade regulate the matter.
Il is sufficient for them to provide for
resumption. He thought tile present
condition ofa1airs largely bro lght about
by the attempt 10 force resu nption by
contraction Of the currency n 1866
Business hal become established and in
vestmeu.s made on the new basis, and
contraction unsettled all. threw laborers
out of employment aud injured manu-
featuring. In time stocks were affected.
The road tc resumption is evidently not
by contraction. There are towns in the
South and West as large as Portland.
where there is not single bank. These
places demand and should have banking
facilities. The only solid ground is OPP
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