The Portland daily press., 1878-03-05

Die rights OF property. There would be yery
little encouragement for men to accumulate
wealth by untiring industry If they were not
perfectly secure against being despoiled of II
by legislative trick and device. Hence, society
could not commit more fatal mistake than to
inhict penalties upon the workers and bestow
rewards upon the drones In the body polite
But on the theory that every mans estate Ia to
enjoy immunity from coniscation or depreda-
ton, one is at loss to comprehend what can
be gained by the warfare the Western and
Southern politicians are confessedly urging ON
between the people of their section aud the mer-
cnants and bankers of the North. II there is any
more money created, whether it bs gold, silver
or paper, 1t will certainly find its way into the
coners OF the bankers aforesaid, and cannot be
20. OUT OF them except by furnishing what is
DeheVed at the time to be an ample guarantee
Oh repayment. The more legislation we have
or the silver bill order the mora distrust
there will be aud the harder it will grow
to procure funds. This is a state of
thing that is particularly distasteful to the
capitalists They want to keep their money in
circulation so that it may earn interest. Bat
then, how much harder it is upon the people
whose means of borrowing are crcumscribed
because of the prevalent lack of confidence.
Ihe rich have no occasion to worry about silver
bills and empirical legislation. All they
nave to do is to button up their pock.
cts, lock their strong boxes and wait for
the return of the tide of common sense.
meantime the multitudes who are depend
ent on their occupation for subsistence are
unable to realize any gains and continually
grow poorer and poorer until they fail and pass
out OF view. The government bonds are held
mainly by corporations; the Savings Banks
have large quantities of them; so do the Ma.
tional Banks Whatever loss may result from
the policy OF allowing these to be redeemed in
SILVER Will fall much more severely upon the
classes who are in moderate circumstancesjthan
upon the more aff1uent. The silver bill in fine
will do no good and much harm. Its most mig.
chlevous tendency-apart from che blow It
strikes at the national pride-will be to perpet.
uate the condition of uncertainty and dis
quietude which is at this moment stupefyinQ
every industrial faculty throughout the land.
1t would be difficult after such an expert
ence as we have been having for four years and
half to energize the currents of mercantile
and mechanical activity iu any way, but tinker.
ing with the currency Is the worst possible
method of dealing with proposition which Is
of Importance enough to tax the best Thought
and the most judicous counsel that can be
brought to bear upon it.
Thus far the reconciliation project has pro.
ddced no appreciabls effect in monetary circles.
But it would be unsafe to assume that it is not
destined to work many essential changes in the
financial situation. At this moment every.
thing in the way of business is SO literally stag
nant and lifeless that nothing can vtalize il.
1t has reached the lowest depth of depression
and unproftableness and there it lies, incap-
able of rising and with no further descent to
reach The burning fagots of insolvency
crackle around daily holocaust of victims that
lie stretched upon the consuming pyre, Their
numbers have not decreased as vet, but the
latest martyrs show by their attenuated forms
and dolefulness of visage marks of the struggle
they have undergone while writhing in the
tolls OF pecuniary embarrassment. They have
been hoping against hope, struggling against
fate, until strength, means, courage. all have
taken flight, and for while heart and faith
fail them. People who are in such a dilemma
have no inclination to speculate about the
workings OF silver bills, or to pay much atten-
tion to what is going on at the National Capt.
tai. We had revival last fall and everybody
felt confident the worst was over. Then came
this silver agitation. 1t set iu the moment
Congress convened and from that time to this
the dullness has been growing more and more
dreary. Now the apathy and languor is so
complete that there is not animation enough In
the mercantile community to arouse popular
sentiment of evaporation against those whose
Interference has caused an indefinite postpone
ment Of the restoration of better times. The
day OF reckoning is merely deferred; it will
surely come, For the present there is nothing
Tor men in trade to do but to curtal operations,
reduce expenses, keep their losses within as
narrow limitations as they possibly can and
wait till the distemper has worn itself out.
YARMOUTH.