The Portland daily press., 1876-02-22
Concerning Finances

Last evening the hall of the NJ. c. M. A. was
well filled by a very apprecative audience, that
assembled to listen to the lecture of Rev. w.
B. Hayden on Enhances" The following
brief abstract will, we hope, convey slight
idea to those who were not present of the abl-
ity with which the lecturer treated the subject.
Not particle of matter in the universe is
allowed. to be at rest. The disintegraton of
the rocks upon the mountains, by storm and
avalanche, the bodies of man, plant or tree so
soon as they become inactive, are taken up by
some force of nature and again called upon to
do duty. AS it is With the works of God, SO
with the works of man. He must work wheth-
er he will OF not. 1t is necessary to the growth
OF the mind and the perfection of the man.
Labor Is conceived by too many of us as curse
Every desire that is planted in the human
breast is a force that urges US to work. Pre-
sumable activity and useful employment is the
normal condition OF man. Contentment with
ones occupation is the lesson to learn. By this
we do not mean stolid indifference. The masses
are not to be elevated by escaping work, but by
doing work well. So it is with the individual.
The greater light and education men acquire
the less are they satisfied. Look at the ad.
vances the people of our own country have
made compared with the down ,rodden classes
principal is based the hope of society. Organic
mutualism reigus in every community. So soon
as the functions of one class, however humble,
stop the social machine is at stand still. And
as civilization advances this dependence de-
velopes more and more. Society is every day
becoming more and more as one man. The
sodity of interests is asserting itself. Non
ter what our occupation, in some way we affect
the whole organization, and we in turn are in-
debted to the highest and the lowest. No work
done in society is to be overlooked or despised
Especially is the question of finance of interest
to the producer. Amid the general outcry
against paper currency we must not overlook
its many good points. When properly manag-
ed it expands and contracts, according to the
requirements of trade.
1t is convenience and not ia itself value.
One credit system has been abused, stretched
too far, and this is the entire cause of the pres
ent prostration. A paper money not any mo-
ment redeemable, is curse. 1t is falacy to
suppose. that such an expanded money adds
anything to the wealth of the country. The
spring of 1866 was the proper time for our
country to have resumed. Credit was very lit
tie extended, the government knew about
what the war debt war. and gold was only at 10
per cent. premium. But untoward counsels
prevailed. 1t was said the country needed
time to get ready for resumption. At that
time there was $350,000.000 in specie in the
country. When it began to be known that it
would not be needed for resumption it was ex.
ported upon the average of $500, 1000, 900 per
month. Recently it has fallen to $l5OOOOOOO
per month. No one thought of getting out of
debt but larger and larger liabilities were
assumed. Such recklessness in expenditures
by railroad corporations, and in public and
private enterprises was never before known.
The government Las set the bad example of
not paying its debts. There has been no time
since the war when resumption would not have
not the gold to do it with we should have bor-
roWed it. A greatly contracted currency is not
to desired. The amount should depend upon
the amount of capital and the wants of trade;
capital unencumbered by debt.
In order to manage the circulation of the
currency the government must become bank
er. A national debt and bank can both be
managed, but they must not be tinkered by
every aspiring politician. The normal condition
of our country is to be out of debt. A uation
al bank is not according to the policy of this
country. The difficulty, however, lies not with
the bank ITSELF but with the politicians Upon
proper basis all banks should be required to
redeem at call ard all usury laws should be re.
peaed.
When we have recovered from our present
situation the general business will be found
to have been absorbed into fewer hands. The
little corporations and small capitalists will
have succumbed to the larger. The difference
between capital and labor must be found to
have widened and the difficulties of lettering
ones condition enhanced. The lines of society
must be more rigidly drawn. However much
we may lament this it is our duty to look the
question fair in the face. Its evil tendencies
can be in part avoided. We must have gold
for bottom, keep out Of debt and pay no in
terest, put all the Migrants at work. and insist
that The towns, cities, counties and government
shall pay off all their their debts. Debt should
never be allowed to become chronic.
Such in brief is the substance of the lecture
and its sound doctrines cannot but comm end
themselves to those interested in the subject
and who is not?