Ellsworth American. [volume] (Ellsworth, Me.) 1855-current, 1878-07-18
The stirring appeal for money of tn,

The SURFING appeal for money OF the
Secretary OF the Greenback State Commit
tee, has not been in vain, IL we can Judge
from the fact that outside talent has al
ready begun to be introduced into the State.
Considerable skill will be necessary in Sc
lecting orators who are not so strongly
tinc,ured with Communism As to be obnox-
ious to the thoughtful property-holders OF
Maine and the first selection, q Mr.. Miller.
from New York. seems to meet that re.
quirement in some degree, " we can Judge
by his first speech, delivered before a green
back mass meeting in Portland. recently.
Mr.. Miller took tor his text, 1.-The neces-
sity of low rate of interest, with plenty
OF money" a subject on which we are oil
agreed. and passing over the fact that such
a condition of things has been pretty well
attained already. he dilstes on the burdens
OF usury and the danger of large individu-
al accumulatlons. After citing some Of
the extraordinary instances OF the the ac-
cumulatlon Of wealth in our country, he
proceeds:
NnmtlulnE ~ our system tends 10 produce
that result. and that something il usury. The
annual surplus production is only about three
per cent; II the rate OF interest were three per
cent. capital would absorb the whole, and Ia
Dor would earn only bare living; at six per
cent. the rich grow richer and the poor poorer.
No such rate Of interest can be paid. The at
tempt to pay il, brings on, once in about sew
en- YEAR, n crisis. which is simply the break
down Of an impossible undertaking. That II il
impossible, is shown by the fact, that IL Column
bus had sold the American continent in l&Sa for
5000. and taken a note Mt six per cent COM
pound interest, payable in 1879, that note
would now amount 10 the inconceiv able sum
Of four irillions- II young man should buy
farm for 1900. at simple interest, and save
and pay three per cent. the average surplus,
for thirty-three YEAR,. he would find that his
debt had doubled, and be turned out Of doors,
in his old age, beggAr. II Is labor which bears
all this burden. - What we want,
then, Is low rate OF interest; we want money
10 be plenty and cheap.
In the matter of surplus production there
is quite difference between the conclus-
ions arrived at BY Mr.. Miller and those ar
rived At by Mr.. David A. Wells, who has
made that subject a matter OF as careful
study as any one in this country. Accor-
ding to Mr.. Wells. the surplus is ten per
cent. OF the production which IL divided
between capital and labor. The vast ac-
foundations Of oar savings banks show
pretty conclusively that the careful labor
ing men have not failed In obtaining their
share OF the surplus.
We fully sgree with Mr.. Miller in want
ing low rate of Interest. but when he
gives rs an Illustration the fact that deb,
of $1,000. where only three per cent. inter
est is paid. will double in thirty-,hree
years and the man be turned out OF doors
in his old age" we would suggest that il
presupposes both very poor farmer and
an equally poor farm. We cannot suppose
that he intended to prove by his illustrs-
tons thst the laboring people were unable
10 pay any rate of interest, however small,
Tor that line OF argument would lead Of
once TO the most extreme communistic doc
trine.-that Of an equal division OF proper
ty. There must therefore be some rate be
low Elk per cent. that would be what he,
and all Of US desire TO see. Does anyoue
doubt that our present financial system Is
surely and steadily approaching that rate
Immediately following the war, with an
Inflated currency, our banks could obtain
from % TO 10 per cent for loans tina, now
yield from to s per cent. only, and our
Government was compelled TO pay 10 per
cent. interest on its bonds, which II Is now
able 70 replace with others bearing ;, ~,
and per cent BY our present system.
therefore, We md the rate OF interest re-
duced about one-third, and the interest &C
count OF the Government reduced from sl4S-
100000 to g.! 10000. Beyond doubt. We
are already attaining the result that Mr..
Miller says is SO desirable. and any change
ues, Increase the rste OF interest, and i'm.
pose additional burdens on the poducers
OF the country.