Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1877-07-19
Gen. Garfield on the Paper None!
EaIIacy.

In the report of an interview with Gen Garfield
published in the Cincinnati Gazette appears the
following:
1.-The paper money fallacy,' said he, "reappears
with perfect regularity under all forms of govern
ment, and nearly always follows the same process
of development. la Ono we have fought through
the first stages and must 90 on. Ten years ago
started in this State with Pendletonlsm, 10 pay
the bonds in greenbacks. The idea took, and the
initiation wave swept the State. The republicans
got frightened and let down their platform little.
They got beat, OF course; they always do when
they lower their standard. The next year we got
down to basis principles, put sound financial
plank in the platform, and beat them. That set
tied Pendletonism but we drove the nail through
by the Coin act of 1869, and chnched 1t. But
nothing is settled 10 tins country as long as we
have rredeemable paper. The democI acy with
out blush TUNED back on their record OF sever
al years, and, instead of Pendletonism, we had
Bill Allenism.' But as an educator the campaign
of 1879 was the best one we ever had Before 1t
was over everybody understood just what he
meant, and with that understanding the people
sustain us. Now, | cannot believe that all that
education was thrown away. | do insist that the
people sound on the subject and there should
be no letting down on our part. l am not siren
uous for specific day. Let us move on as fast
as possible toward specie basis and if when the
day draws near we not prepared, We can do
as other debtors do-take short extensions-but
let there be no step backward But the plain facts
before the people and the popular common sense
will decide for US"
OBSERVATION-DISCLOSURES is, however, q crest
dread Of contraction.
Gen. Garfeld-It is because the people think
an early settlement of the question would derange
prices; but that evil came long ago. Prices fell
to coin basis the panic took effect. Resump-
ton would bring certainty in business transactions,
which would more than counterbalance all posi-
BILE disadvantages resulting from coin basis at
an early day. 1t is uncertainty that kills. There
will be no certainty till the question is settled
right.
ics and arrived at the conclusion that the worst
of the present trouble is past. Said he: The
four years are drawing near close, and see
abundant evidence that the upbuildng has COM
menced. The agricultural interest Is very pros
porous; farmers all through our sections are bet
ter fixed than ever before. It's the same every
where Farmers pay up their taxes and every
thing else more promptly than ever before IN
Ohio. | am surprised at the reports l get from
manufacturers that deal in agricultural imple-
ments They have sold out their entire stock on
hand for cash, and do bigger cash business than
ever before But when you come to railroads and
iron, that interest will necessarily lag behind
Others. Farmers are first out, and all others must
follow in due time. Now it strikes me that, with
the great agricultural population of Ohio already
on better ground, and with the positive certainty
that resumption will not injure the farmers an
iota il is poor time to lower our standard and
scare the weak brethren by promising them a
long period of uncertainty.