The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1875-07-31
THE PRESS.
MORNING, JULY 81, 1875
FOR GOVERNOR,
GEN. SELDEN CONNOR.
Quack Remedies.

1t is very strange, but there are men who
talk as though they honestly believe that
prosperity can be restored to business and
industry by some species of legerdemain
which bears no more relation to cause and
effect than can the laying on of the hands of
a quack have to do in effecting the speedy
cure Of a confirmed invalid. The other day,
a leading citizen of another state said that he
had been considering Judge Kelley's policy
for an elastic currency through the medium
of convertible 3.65 government bond and
providing for the payment of half the tariff
on imports in greenbacks, and had come to
the conclusion that the adoption of that pol
icy, by some magical influence, would speed
lily throw off the lethargy which now paralys-
es every kind of business and intuse into
every department of business an energy never
before witnessed. When he was asked TO ex.
plain Ey what means this policy would bring
about this much wished for revival, he could
not tell. 1t was only a prediction, a financial
''wobble'' which had got into some visionary
peoples heads. How an issue of converti-
BILE 1865 bonds is going to quicken business, is
one of the things which no person can tell.
The banks whose vaults ale full of money
would like in dull times TO put their millions
into bonds, the interest of which the people
will be taxed to pay, but aside from being
good thing for the bankers, the money will be
OF no more use in the treasury vaults at
Washington than in those of the bankers of
New York. Our friend also declared that if
half the duties could be paid in greenbacks,
that moment, greenback and gold dollar
would be of the same value. But when cues
toned as to what agency would bring this
about, he could not answer. Indeed, the
average mortal who gets touch of DR.. Kel-
ley's mania is unable to give reason for his
belief
The Kelley-Pendleton people declare that
there is no money in the country and predict
that business cannot be revived until most
everybody has some money of some kind.
But, we ask, how can this convertible bond
theory place greenbacks in the pockets of the
moneyless. They have no bonds to sell for
greenbacks and they cannot purchase bonds
until they get treasury notes from some
source. To the average practical mind, un-
schooled in the mysteries of Kelley finance,
there can be but one means by which green
backs can be legislated into the pockets of the
moneyless, and that is to provide for an issue
of enough millions of paper money to give
each moneyless man as many hundreds of
dollars as the infationists think necessary to
infuse life into the business interests of the
country. Such proposition may appear
foolish, but it is sensible compared with Mr..
Kelley's scheme, and is practical, which his
is not. There is but one way to feed hun
cry man. and that is to give him bread. 1t
will not appease the hunger or restore the
strength of A to give dinner to B. There
is but one way to put money into the purse
of a man who has none and has nothing that
will buy money,-to give it to him; and it
won't help his case particle to give another
man who has money an opportunity to invest
the same in bonds.
There is money enough locked up. 1t can
be obtained at city banks at lower rate OF
interest than for years, on good security. The
reason it is scarce in the country is that, the
lumber, the grain. the hay and other produce
those living there have, will not buy money.
And, except by giving fixed value to the
currency, it is beyond the power of Congress
or political parties to revive business or make
| a demand for the products of industry.
None but demagogue will pretend that they
can.
There are doubtless many means by which
| the business and industrial interests of the
| country can be revived. In every community
| there is still want of confidence. One man
| trusts another quite as much as ever, but the
! debtor has to pay roundly for the favor. The
| general credit business was never SO costly as
at the present time, because the feeling ol
uncertainty fixes prices to cover the supposed
| increased risk from loss. On the other hand,
| there never was time when the ready dol
| lar would accomplish greater wonders. The
obvious method for each one to help restore
business is to labor to restore confidence.
Just now confidence can be best strengthened
by paying as one goes and making haste to
| pay all possible outstanding dues. The man
who allows his note to go unpaid beyond the
day stated on its face, the one who says he
will settle his grocery bill tomorrow and does
not, the one who runs in debt for better
clothes, furniture, horses, etc., than he car
afford to pay for and does not pay for, is ac
lively engaged in postponing the day of bust
ness prosperity. The remedy for hard time:
which all can apply is to pay as you go ant
pay all you owe.