The Portland daily press., 1875-10-11
Maine Dem0cratSand the Currenc,

LII is q common reIndrk IndC Cne democracy
of the East are practically a unit for hard
money and specie resumption. The Demo-
cratic platforms of New York and Massachu-
sets declare emphatically for resumption.
quite as strongly in favor of national honesty.
But if the Democracy of New York and
Massachusetts prove as recreant to their pro-
LESSONS as do the Democracy of Maine their
sincerity may be seriously questioned. In
this State there is an obvious inclination with
many Democrats toward soft money and a
strong objection to contraction and resump-
tion. Reference is not made to that oblqui-
ty ofjudgment which finds nothing to choose
between the Ohio platforms, but to the out
spoken advocacy of the dangerous financial
heresies of Allen and Cary INDUCED in by the
Bangor Commercial and one or two other pa
pers.
To the support of the Commercial has
come of late that staid old organ the Maine
Democrat. That journal commenting on the
form, opines that the Democracy of the Com
monwealth do not favor the specie resump-
ton act, and goes on to say that 'the act has
already created alarm in the business circles,
and produced not few expansionists." 1t
adds "the impression is that il the act is rig
idly enforced the contraction of the currency
will OF necessity be so rapid as to produce
wide spread disaster instead of promoting the
business interests OF the country" Without
commenting upon that ignorance which con-
founds legitimate business with stock.jobbing
circles. and the needs of the producer and
consumer with those of the middle-man, it is
but fair to say that journal which considers
contraction reaching through four years to
be hasty and productive of disaster cannot be
called an advocate of specie resumption as
that term is commonly construed.
After quoting approvingly from Hendricks
GAINESVILLE speech, and remarking that the po-
sitions therein are held by the STANDARD, the
Belfast Journal, the Commercial and other
Democratic papers in Maine, the Democrat
takes exceptions to the course pursued by the
World, and declares for the retirement of the
national bank notes, and the issuance of
greenbacks in their stead. That is, 1t de-
clares for forced loan of hundreds of mill
ions in time of profound peace, for COM
pulsory in place of an optional paper cur
rency. 1t advocates, and claims that it rep
resents the Democracy of Maine in so doing,
a vast increase of the national debt, a further
disturbance of values, longer continuance of
the ''good times of speculation and stock
jobbery. In order that no doubt may be left
of its position it commendingy prints the fol-
lowing:
"That the contraction of currency heretof
made by the Republican party, and the further
contraction proposed by. it with a view 10
forced resumption of specie payment has al
ready brought disaster to the business of the
country and threatens bankruptcy We de-
Aend that-t the -nnlia% hao oshaRdaRaa-. that
to the wants Of trade, leaving the restoration of
legal-tenders to par in gold to be brought about
by promoting the industries of the people and
not by destroying them.'
Ofcourse the Democrat declares that it is
a hard-money paper. All debtors insist that
they desire to pay their honest debts. But
the Democrat is hard-money only in name.
Its method of reaching resumption is that
foolish and inefficient one of ''growing up 70
the currency" a remedy which Russia has
ried for thirty years, during which time its
commerce has quadrupled, and found to be
failure; remedy which wealthy England
tried and found to be failure; a remedy
which Austria has tried for half century,
and found to be a failure. The DEM
Ocrat closes by defining its position
thus: ''We here present brief of our views
in harmony with the Democracy generally
as opposed to all attempts to force resump-
tion OF specie payment, as not only unwise
but unjnst. There is another and a better
way to reach specie basis, and that is by
stimulating and promoting the industries of
the country, pruning gradually away the
evils of our present currency system and
building up material prosperity" 1t may be
remarked in passing that the only evil the
Democrat finds in the currency is the exis-
tence of national bank notes, and that the
"pruning" means the substitution of green
backs for these.
In view of these and similar declarations it
is question where the Maine Democracy
will be found in the fight, between the Ohio
and New York wings of Its party. Hereto
fore it has been supposed that the East would
60 into the national convention solid for re-
sumption but the indlcati ons now are that
the Maine delegation will be found arrayed
on the side of Allen ard Cary.