Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1875-09-28

L
necessary measure Of financial policy, to the enc
Of making and keeping the volume Of currency
equal to the wants of trade. What day Of JUDI
lee there would be among the thieves and rascal
| who think they can gain, not only wealth, bu
respectability, by stealing rs much as possible o
the public money bitches must be dug, EN-
oankments thrown up, railroad and steamboa
lines subsidized, for the very purpose Of spending
money, that the volume Of currency be made
ana Kept equal to the want of trade. What
millions. Money will be no object to the country
| The more spend the better, for greenbacks must
be got out, in obedience to the mandate, to make
and keep the volume Of the currency equal to the
adopt financial policy, making it the duty of the
| the Natl Government to put out new issues of
| currency in any way that will serve the object
quickest, and unlimited extravaganza will be the
| necessary inevitable consequence. There never
was government ever so careful which did not
by the emission Of large quantities of irredeema-
Bile paper money, run 10 the voten of prohigacv
| and corruption.
InlS7S, when the business crash occurred, there
were in the aggregate moro legal tenders and
bank notes out than ever before. Including frac-
tonal currency there were 49, 0O, 900 more than
in 1872, over S29, 600 900 more than in II, over
S50, 900, 900 than in TO- S5S0O00 900 more than in
6S SIG ,O0O, 900 more than in 81 and even il we
! count the compound interest rates into the volume
OF circulating currency, we find that we had in
S9OoOO0O more than in '72, over S29, 900 600 more
than IN : more than ISL 100000 more than in
40, over 100000 more than in IS; and yet
Just the last year mentioned has generally been
called the year of unexampled prosperity, and
when during all those years the currency had
reached its greatest volume that collapse came
which the infationists would have US believe was
caused by contraction.
currency will furnish the relief we need. Though
the banks in business centres are full of money
laying idle for want Of employment, we want more
currency. tell you business can have as much
as 1t likes without any further act of the govern
ment. You can issue any amount of currency,
but the currency will not initiate cents worth,
end yaa xke e}azsyr for more currency do not lit
finger to create more. On July lst of this year
new currency had been issued to new and old
banks amounting to $3.50, 900, but according to
letter addressed to me by the comptroller Of
currency $23,579, l34 Of legal tender notes have
been deposited with the treasury, for the purpose
of retiring national bank notes, under the act of
June 20, "a, while under the redemption system
created by the same act 81, 900, 900 of nation
al bank notes have been retired by far the largest
part of this reduction taking place in the west and
south, which we were told were starving for more
circulation. BY September Is that figure had
risen to neatly S29 100000. The business Of the
country is, they tell US, suffering most terrible for
want Of currency. Laborng men are to q very
large amount creditors of the country. venture
to say that there is neither manufacturer, nor a
merchant, nor professional man of means in this
assembly who is not debtor. and among his
creditors are, in 80 cases of 100. his fellow work
men or mis- servants to whom he owes wages for
part of a week or q month. 1t has been calcu-
lated by good authority that the wages thus con-
stantly owing for an average OF half q months
service or work amount in the whole country to
$3.50, 900 600, and who is it that owns the deposits
in the savings banks, amounting to $3.50, 600, OOO!
Not the rich, but the lRboring people and persons
of small means who put their surplus earnings
there for safe keeping. 1t is estimated that the
same class has in national and private banks and
in trust companies another $500, 600, 900 and that
nearly $l300O0,000 is owing them in other kinds
Of debts. There is then the sum 81 200, 900, 900
owi ing to the laboring people and men Of small
means, constituting their savings to that amount.
That class creditors, and you pretend that for
their benefit you will expand the currency. Gold
being Is per cent. premium these savings have q
value of 81 020, 600, 900 in gold. Expand the cur
rency until gold is 81 per cent. premium and You
the gold premium to so per cent. and you have
stripped them of S420 600, 900 their hard earned
money. But if you initiate the currency under
the present circumstances what will be the condi-
ton of things' The world will see the spectre of
a republic looming behind so reckless financial
policy. The faith of mankind in the integrity
of our government giving away, our credit will
be shaken to its very foundations.
So you must not be surprised if, in general
alarm about threatening dishonesty, you see the
private corporations also. flung by hundreds Of
millions into the market, producing crash more
fearfa and destructive, and a paralysis more
deadly to all of our economic interests than any
people earth can remember for generations
past.
Is it not time to stop such monster schemes Of
mischief: 1t is evidently not more money that
we need. What do we need, then Confidence,
confidence which will induce timed capital to ven
ture into enterprise. And what is the first re-
quirement to restore confidence Stability, when
the capitalist is assured that the dollar Of toor
row will have the same value as the dollar of to-
day. and finds full security in anational and fixed
monetary system. Then, and sooner will he
literally trust his money to those who want &C.
lively to employ it and promise q fair return.
No other can restore that confidence which is the
first prerequisite Of new period of prosperity.
But the resumption of specie payments it must at
last come.
Mr.. Schurz concluded Us fellows.
/ solemnly appeal to every good citizen of this
State to be mindful of his responsibility. On your
action on the 18th of October hangs great decis-
ion. If the people of Ohio strike down the infa.
ton movement in their midst, that will be its fnal
overthrow. If this fails and the advocates Of
barbarsm and ruin rush VIGOROUSLY into the
field of next years great contest then who knows
but that future generations may have to look up
on the Tooth anniversary of American indepen-
dence, the time which, before all others, should
fill the National heart with the nobest aspira-
tons, as of the blacklist years in the history
of the republic.