Ellsworth American. [volume] (Ellsworth, Me.) 1855-current, 1875-10-14
TIE Nations Credit.

The credit or the nation depends on its
ability and disposition to keep its promises.
III IL fails 10 keep them, and suffers them To
ceprecate, its credit is tainted, and it must
pay high rates Of interest on all of its
loans. For many years We must be "a bor-
rover in the markets of the world. The
Interest bearing debt Is over 81 700. 900. Ii
we could borrow money at the same rate,
with some of the great nations OF Europe,
we could save perhaps = per cent. per an
hum on this sum. Thirty or forty millions
year we are paying on account OF tainted
crect. The more promises To pay AN indi-
viduai issues without redeemlng them the
worse becomes his credit. 1t is the same
with nations. The legal-tcnder note for
30 is the promise oi the United States to
pay that sum in the money OF the world
IN coin. No time Is fixed for its paymeut
II Is, therefore, payable on presentation,
on demand. 1t is not paid it is past due
| and 1t is deprecated to the extent OF Il
per cent. The country recognizes the nee
essities OF the situation aud waits, and is
willing To wait until the productive busi-
ness OF the country enables the Govern.
inent TO redeem. But the Columbus tiuan-
ciers are not satisfied. They demand the
Issue OF more promises. This Is imitation.
No man can doubt the result. The credit
of the nation will inevitably suffer. There
Will be further depreciation. A deprecia-
ton OF IL. per cent. dminishes the value of
the present paper currency from iilty to
one hundred million dollars. Its effect on
business would be disastrous in the ex-
treme. The present legal tenders have q
certain s.eadiness because there is q limit
fixed TO their amount. Public opinion con
ides in that limit. But let that limit be
broken down aud all is uncertainty. The
authors OF thl, sphp believe, n
good thing. When this subject was un-
der discussion a few years ago, the Cincin-
ndt1 Enquirer said 'the issue of two thou
sand miIIion dollars OF currency would on
~ put IL IN the power oi each voter to Sc
cure $500 tor himset aud family to spend
In the course OF lifetime. Is there any
voter who thinks that it is too much. more
than he will wantl" This shows what the
platform means. Ii means imitation without
limit, and iahation is the downward path
torepudation. II means ruin to the nations
credit and To all individual credit. All the
rest OF the world have the same standard
OF value. Our promises are worthless as
currency the moment you pass our bound
aTy line. Even iC this country yery ,x-
trn>he sections still use the money OF the
woa'd. Texas, the most promising and
nourishing State OF the South uses coin.
California and the other Pacific States
and territories do the same. Look at their
toudhion. Texas aud California are not
the least prosperous part of the United
states. This scheme cannot be adopted.
The opinion ol the civilized world IL against
It, The vast majority OF the ablcst news
papers OF The country are against it. lhe
best minds OF the Democratic party are
against Il. The German citizens OF the
United states, 20 distinguished fur indus
try, for THRIFT, and for >oundnc,s OF iudy-
In"nt IN all practical money affairs, are
unit against it. The Republican party j.
against II. The people of ONO will. am
confident decide in October To have moth
Ing ~ do with lt.-Govcrnor Hayr..