The Portland daily press., 1876-01-28

with others? Dana gives two nations that
have free trade in money-England and Hol-
land In 1874 the British parliament made q
court of twenty-four directors to manage the
price of money, and they are in power now. If
the directors sit half hour over their time the
money market is excited. They have led in
this Fabulous race for free trade. Once they
were for protection. They became free traders
by reason of a turn in events. The statesman
ship of Great Britain is the most intelligent in
the world. They rule for British interests.
They will be protectionists again if Englapd's
interest demands it. We are the court of d.
rectors for Maine.
This state don't believe in free trade among
individuals. He was not speaking of free
trade as it applied to natural affairs. The con.
centrated wisdom rejects the wisdom of Sir
Robert Peel in 1874 with its twenty-four direc-
tors, and Mr.. Chase has inaugurated system
Of finance which regulates the issue, the rate
OF interest, etc. in our national banking laws
These laws provide that per cent is the legal
interest of the United States and the national
banks. Congress says to the 1900 national
banks you shall not take over per cent. Thus
the state by this law it now has flies in the face
of the laws of the federal government.
Now come two important questions The
House must be satisfied that the present law
| has increased the rates of interest.
First. Can the money lenders afford to ask a
| higher rate of interest than six per cent. The
national banks control about $17,0OOOOO. The
last ItFOTG SHOWS du average ulVluonQ OF IL per
| cent. In this state The Portland banks have
| been paying 10 and II per cent, with SURPRISES
| ranging from "a to go per cent The earnings
| OF those banks are beyond those Of the old date
| banks by one-third. If the effect of Mr.. Pixies
bill is to reduce the rate of interest one per
| cent. who is to suffer?
| Second. Can our people afford to pay these
| increased rates-this tax upon the Industries
| can you build coasters lumber, or farm with
money costing 9 or 10 per cent? No.
Mr.. Pike did not desire to cast greater
| gloom npon the situation. He was sure we
| were not so prosperous as the census showed.
He quoted the Superintendent of the Census
| to the effect that deduction of SO per cent
must be made when the census of 1870 is com.
| pared with 1860. Maine gained 80 per cent.
| Is she better off now than then? If so is it
more than one per cent. year? What shall
be said of the years since 1870? They have
been years of decay. Ask the lumberman who
thanks God if he can meet his payments We
are passing through the vale of our financial
| tears. The war SO glorious when we were
| passing through it, must now be paid for. Il
has done good, but millions cannot be de-
stroyed without result. Then the manner
with which We have pitched into railroads.
Then the deluge of corruption has shaken con.
hdence on every, hand. Then our policy to.
| ward the South has been suicidal. We canno,
expect to prosper as brothers when we strive to
rise at the injury of others. The recklessness
| OF the state governments of the South has
! been demoralzIng and has swept away millions
of capital. The currency question of which we
talk SO much is mere bagatele. We shall
| doubtless come to gold. 1t can be done only
by contraction. He favored it, but he would
| denUunce those who styled our excellent cur.
| rency as rag money. We have not yet got ovel
| the financial depression. 1t will last longer
In 1919 it took five years to recover. In 1881
| the country did not recover the revulsion o.
that time until the log cabin campaign brought
| a change. There is great deal IN the Micam.
Der philosophy which he trusted our people
| were pursuing.
Mr.. Pike then paid his attention to the taxes
paid We are taxed at the rate of 81 per cent
in Maine. He quoted David A. Wells and Mr.
| Sewall of Oldtown to show that we were drift
| ing into bankruptcy and all sorts of bad. Mr.
Pike drew very gloomy picture of the situa
| ton and the tendency of the hour. Would
| the Legislature impose further burdens upor
labor and industry by causing it to pay SIS OOO'
| 600 year of interest He would say nothing
as to contest between labor and capital He
did not believe in that Distinction but he would
protect producing capital against accumulated
capital, and that is what we are called upon tc
| do.
| Mr.. Haines Of Augusta, dissented from the
| position taken by the gentleman from Calais
His argument was the best possible for thai
side. Neither did he share his alarm for the
| future. he then gave notice that he Should
take an early occasion to review the gentle
mans position, and moved that the House sd.
| iourn