Ellsworth American. [volume] (Ellsworth, Me.) 1855-current, 1876-02-24

II inc 10 Tue political economist
and the village trader, of the demand be.
ing greater than the supply and a conse-
quent rise in the price. Had the govern.
ment Oeen able to conduct the war on a
gold basis and provided the coin for its
necessarily large and lavish expenditure a
rise IN the price of laber and rise in the
Value OF commodities would hahe been in.
evltaoie And the rise Of both labor and
commodities in gold would have been for
thetime as marked as in paper, adding OF
course. the depreciation OF the latter to its
scale oil prices.
While the delusion of creating wealth
oy the issue OF irredeemable paper curren-
cy may lead To any number OF absurd
propositions the 4d, coates OF the heresy
~seeii ~ W la,e selIeu uo"n on TWO meas
uies-ot ra'ue' one measure composed OF
wv Paits ~ aooiish the hatlohai
oahh' anu 'heil nave the government issue
iesa'-'euue,s ~ ohce 10 t.e amount Oh the
oa"A c'''uia.io"' anu auu 10 the Noiume
!, ,o'ii '''le ~ l''he thereafter according TO
the "a,'s VI u aue' ine Two propositions
q, =, 80 ,nsepa'ao'y eo'hected that snail
u',Hues ~, '.eni ,oSe'hei'
i"e na'ioua' oa'IA system Ar. 'halrman
MaS oue VI tlc iesuits oi the war ana the
0'eui, VI i's o''s'" oeioi'Ss 10 tue iate sal
'iiou 'nase' tneh Secretary OF the lreas-
utS' huu II may NOT oe uhprontaole just
mere 10 rccaii 10 tue Nous" the clrcum-
s,aIces "nici at tle tithe hiade the nation
al u'"As nee 10 tpe government
~ 'ic ou'oieaA W the war thefc were con-
s'ucI cIaoly over thousahu state banks oil
various uesrees ol responsibility, or IRE
sPohsio''''., scattered throughout the
Iou"'Is' ihtit charters demanded the re-
ueu'p'l'li VI 'hc'' oti's Ill specie anu uh-
uc' Tue pressure oi THIS requirement their
a2eresate cifculatloh was kept within de-
cent UNITS out ths amount OF It was in
most instances iei' 10 the discretion OF the
'He0tots' anu not lew oi theSe banks Is
sued zen doliars OF blllS Tor one OF specie
III thelr vaults. with the passage OF the
ieSai tehueF act however, ioiiowtd by an
enormous issue OF government notes. the
STATE banks would no longer be required to
redeem 10 specie, ana would therefore Mt
once uoou the country with their own bills
ana lake from the government its resource
IN that direction. To restrict aud limit
their circulation. and 10 make the banks as
helpful As possible IN the great work OF
sustaining the government iinancies, the
national bank act was passed
ms act required, in effect, that every
BANK should loan It's entire capital stock 10
the government; or in other words. to in
vest 1t In government bonds, and then Oh
depositing these bonds with the Treasurer
OF the nited States, the bank might re
ceive not exceeding ninety per cent. OF
their amount In circulating notes, the gov
ernment holding the bonds for the pro-
lection oi the elIl-hoider IN case the bank
should iaii. Ana that. in brief. Is precise
ly what a national bank 1, to-day. | do
not say the system Is perfect. do not
leeI called upon to rush 70 is advocacy
OF 10 Hs defense. | do not doubt that
as we 90 forward we may hnd many
points ~ Mhlch the system can be i'm
proved. But this an bold to main
ta'l' mat coh'iasted with any other sys-
teih OF oahhlhS TINS country has ever had,
! : iniiilea,uf aoIy superior; and whoever
ashs' as some Democrats now do ior It's alb
with view ot getting back any
y stem OF state banks, :, blind leaders
t',i " Wy """P uitGn OF dlHorder ana ms
'e' waits tue ioiIo"erS' II the people
, e'e' oc - o'ihueu as 10 take that
80 s''p'
" oe utPlofeu' DIT onalr-
~ MAJ '''t many caLuiu men nave coicei'-
81 .'ie no'ioh t'ia' y "ouiu DC saving 10
~ poopi' - az o"nAs coulu De dispensed
van anu 'iI circulating 'heuluul oe lur-
'',"Iu " "io government ISSUING lesal-
:, , ~ hot S'op mere 70 argue that
Nn'' "ou'u NC ia 'loiatioi oi the govern
p'euSc ho' ~ issue more IMAM louF
hunuteu nIlilohS vi It's own notes mere
!! Ieuia' tnaI that pieu@e j. OlhdlnS III
ho"or uH'h ieSal-tehuers are fedeemaoie
III com ou presentation. anu "heh that
I,o1ht y ieacheu there VIII oe no desire as
mere VIII certainly De no necessity, ior The
government ISSUING additional notes.
Inc great ana 10 my mind uuanswera-
oie ooJects 70 th!s scheme IS that II places
lhe currency wholly Ia the power and un-
ier the direction OF congress. Now, Con-
Sress aIWays mas oeeh ana aI"ays VIII De
governed oy partisan majority, repres-
enting one of the political parties OF the
country anu the proposition therefore re-
.,'nI. - So ~ IniS tna' 'ho e'Lou'a'ilS
'i. ~ au'' iIs'cau VI ia' 4 hAeu' "etei
',','a'c nh onai actet' snaii oe shiileu' anu
iin anu man pu,a'eu aecoi uins 70 'he
!, poseu pCi'II 49, u ulo pa.H p'oiess,
~ n, na,l i'i'", W iIa'c soiiic huo" ieu2e Vi
VI. lN'i Ns Eenei al c"ai
"o.ei' e i's Pe,son"et, rs scope' ~ 'In.'', II
7, ma ol ttu "no'e, tnat .
"a o pau .V'ao ~ cut; anu upilsn.
oouy VI ,l,e' .n nan ~ any Scts c.cu'I
! - IL,
~ p"s,l1'y oo"ee'e Vi 10 assei,.oiase
y. te>pect"oie seh'le'Iien III 'he ,hiteu
o.ate9 sN more utterly UNITED 10 determine
.,ol'i tl"ic - '.,'ie .ne amount oi c'rcuia-
n ton iefui'eu ,he wants oi tfaae'
nu', lnueeu' no oouy Vi men couiu De III
= 'u't.u VIM ma power. Even IL II were
posslole 70 trust 'helr uiscretioh, thelr IN
eesIi's w"uIu pe constantly uhuer suspi-
,loh' - tlley performed tneir uutles VIII,
tie purify " an aiSei oi iisnt' they coulu
10. ", suceeSsiuI'y iepei thosc charges whlch
away ioIloW where .ne temptation TO 90
wfohS Is powerful anu tne way easy. TX
PefIencc Mouiu very sooii demonstrate that
no no, more corrupt ot corrupilhS ue'ice, no
wiluer or more visionary project. ever en-
tered 'he Orain Oh lhe schemer or the empl-
rlc.
II the people of the United States were
fully awake and aroused TO their interests.
and could see things as they are, instead
OF increasing the power of Congress over
the currency, they would by the shortest
practicable process divorce the two, COM
pletely and forever. And this can only be
done finally, efiectually, irreversibly, by
the resumption of specie payment. Why,
MIR. Chairman, it is hardly an exaggeration
to say that, ever since the government was
compelled to resort to irredeemable cur