The Portland daily press., 1875-10-08

but of our private corporations aso flung by hun
dreds Of millions into the market producing a
crash more fearful and destructive and paralysis
more deadly to ali our economic interests than apy
people on earth remember for generations past
But ask you with all candor and soberness. busi-
ness men, farmers, lab0rers, honest and patriotic
citizens of all classes, is it not time TO stop such wan
ton schemes of mischief? There being an abundance
of money in the banks that lies UNEMPLOYED. it is
evidently not more money we need.
HOW TO RESTORE CONFIDENCE.
What do we need then? Confidence; confidence
which will induce timid capital to venture into en-
terprise. And what is the first requirement TO re-
store confidence? 1t is stability, above all things
Stability of current values which renders possible
business calculations of reasonable cerainty When
the capitalist is assured that the dollar of tomorrow
will have the same value the dollar of to-day. and
this stability of value finds full security in rational
and fixed monetary system, then, and no sooner will
he literally trust his money to those who want act
lively to employ it and promise fair return Let us
understand the teachings of our own history There
are many among us who remember the great crises
of 1887 and 1857 in the United States In both cases
the country was flooded with Unsecured, unsafe bank
currency, and feverish speculation prevailed Then
crash came; speculation collapsed; the bubble of
fictitious values burst the rotten banks broke and
their currency was swept away; business was par
alyzed; people were in distress, as they are now.
What remedy was applied? The natural, the only
efficient remedy and it applied itself. No fresh in
fusion of more unsafe money. No. Just the re-
verse. When the self-acting contraction of cur
rency and credit had done its work, business enter
prise began once more to feel firm ground under its
feet. Business men had less of that which called
itself mouey, but they were sure that every dollar
they did have not only called itself dollar but was
dollar and would remain dollar. Examine the
crisis which broke out two years ago in September
1878. That crash did not contract our CURRENCY On
the contrary, what there was remained and shortly
after the volum, of greenbacks was increased $780,
100000 by successive issues from the so-caed re-
serve. Money did not disappear as it did in 1887
and 1857. There was more of it tian before, and
yet the general stagnaton and suffering continue,
and the future appears to us dark and gloomy with
out any sign of improvement. Yes, we have more
money than before; but who of you can tell me
what that money will be worth twenty days after
the opening of the next session Of Congress? Who
of you tell me what wild antics that money may
play with the fortunes of all of US, if those who
clamor imitation shall obtain control of the
tonal government year hence? My fellow citizens,
all sane men agree that of the great problem which
oppresses there but ultimate solution 1t is
the return to a specie basis
RESUMPTION THE ONLY RATIONAL REMEDY.
Whatever other schemes may be devised, they do
not even pretend to have permanent final settle
ment of the question in view. The resumption of
specie payments is the only rational one for other
system will remove current values from the reach of
the arbitrary power of the government. No other
can give to current values that stability without
which no safe business calculation can be made No
other can restore that confidence which is the first
pre'requsiteof new period of prosperity. But the
resumption of specie payments is also the only
possible solution. 1t must at last come. Even the
infationists, while wildly seeking to throw difficult
ties in its way, still admit that finally it must
1t is inevitable fate Is it not the part of pru
dent men, then, to move resolutely and with
tagging frmness in the direction of an end so de-
sirabe, and also inevitable? shall certainly not
attempt to deceive you by denying that when
try is once cursed with an irrSdeemable paper mon
ey the resumption of specie payments is not easy
process Like the cutting out OF cancer, it is an
unpleasant and difficult operation; but if health is
to be restored the cancer must be cut out 1t is
of those evils which cannot be cured without pain,
and cannot be permitted to linger without peril.
Delay will only prolong the suffering and increase
the danger. An attempt is made to deceive with
wel-sounding catch word. They call gold the bond
holders money, and our irredeemable paper money
| the peoples money. Can that be the peoples
money whose value in the peoples hands is apt to
vanish into nothing, and is sure to vanish into
nothing if much more of it is issued? I too
am in favor of peoples money, but it is of another
kind. No, it is not right that the people should
have money of less value than the bondholder. 1t
should be equalized; but you cannot take from the
DOn0lOlder his gold unless renudiata Our ms
tional obligations, which, as honest and patriotic
Americans, who have the honor of the country at
heart you will not do. Neither you bring the
bondholder's gold down to the level of your paper
money, as long as that paper money remains what it
now is, or is made even worse. But what you can
do is to lift your paper money to the level Of the
bondhoders' gold, so that you can get gold in ex-
change for it. That can only be done by return to
specie payments; then it will indeed be the peoples
/ moneyand the bondhoders will have no better. 1t
will be truo peepio'c acroy, for then your dollar
will be and remain real dollar; longer lying
piece of paper whose value depends upon the tricks
/ Of demagogues, and about which you have to in
/ Qure every morning what it is worth.
AwoRD TO HARD-MoNEY DEMOCRATS.
word now to those Democrats who, in their
hearts, still adhere to their old, good creed, and
would spurn the false doctrines of their present
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