Ellsworth American. [volume] (Ellsworth, Me.) 1855-current, 1878-10-10

II is argued by many that It is Impossi-
BILE tor the Treasury Of the United States
n resume

by Senator Bayara Or Delaware.
II is argued by many that It is impossi-
BILE tor the Treasury Of the United States
to resume
SPECIE PAYMENT
on the lst Of january next. The Secre-
tary of the Treasury says he can do so: l
am not here To say whether ne can or not.
| think be Is In post OF great responsible
ity and am disposed to aid him. tie is
not there by my voice, but he Is now the
custodian of your Treasury. and mine, and
1t is madness and folly for Us to undertake
to act in a manner hostile. unfsir or hurt
ful 10 his efforts to serve Us. but" say
our friends In the West, 1--WE are In favor
of specie payments. We admit the people
must have an honest ysrdstick. sn honest
measure of value. but we DO not wat II too
soon. We cannot have IL just now; It must
come from natural csuses; the country
must grow into IT," Now, IL We Cannot
le.ume upon $3.50 200 900 notes how can
we upon 500. 600 ,oo0y So, must say
that the man who tells me that he IL in
favor of doubling the volume OF the de-
mand notes OF the United States. and in
the same breath that he IL In favor of early
resumption OF specie payment, bewilders
me-if he does not intend Indefinitely to
postpone resumption must wonder at his
creduility or | must do worse-suspect his
honesty Il prefer to take the frst
course, because. in this matter, no man
who considers the vast spd varied matters
OF human government but will feel the
strongest disincliuation ever to impute bad
motives To those who differ with him. II
u a dark business. at best: do not know
that We always understand our own mo-
lives, | sm very sure, that, with the best,
We are oftentimes mistaken; and -, IL
seems To me that Va considering such a
subject there ought to be The widest. kind
est. broadcast respect shown tn all honest
differences of opinion.
The proposition TO double this volume OF
Treasury notes Is an indefinit. postpone
meut of specie payment. and 1t also en-
trusts to the Congress of the L nited states
to an accidental msjoritv-the control OF
the volume, and. of course. the value OF
the money, the medium OF exchange In all
our bargains and contracts. An old and
frequent SAT Ing IL that 1.-THE world il gov
erntd too much but | do not think in all
the schemes OF pateruai government, oi
which We have heard so much In Europe,
that anything quite SO far-resching and
controlling ever Was Imagined as such a
power 10 a majority Of Congress. Every
mans contracts, every mans hsrgains,
every mans sales would be subject to the
will Of the majority OF Congress. Are you
ready for that' Do you believe that that
is the proper ruler or. IL IL not self Inter
est that should control your contracts and
agreements This Is a country governed
by parties; sometimes one being succ-ss-
ful. sometimes another. Sometimes mru
go in upon the heels OF an election, prom
isinx prosperity to certain classes, aud the
..fr and ali Il IN a
pend upon the ebb and flow of political
power. Their IL no stability in that: moth.
! ing an American can Approve OF.
TUE GREAT STRENGTH or The COUNTRY
! Is that IL permits men To exercise u,eli
| powers freely. according Ia the measur,
God has given them. There - no bar %
| rank. SET. fary oT prsjs,itC. D. - the ton
| Interference OF the Government that per
mits the citizen 10 rely upon himself, re
/ stricted only by general laws to protect so
| cieiy. Heaven help us il the time shal
| come when the value OF every mans 'aru
] aud every contract he makes j. Ia be deter
mined by some accidental majority in Con
Z gress that may change every two years
| The doctrine Is so disastrous. 80 fatal 1,
sound credit aud prosperity that ali .h,
have read history or studied finance SEE
bb- NAt iA4Aa anu tAN aA4btl W a.
/ public aud private credit aud confidcnc,
between man and man. Al the bottom o
all human dealings lie certain simple priu
ciples implanted there by the Author OF oui
being. One OF these Is iruth-no,hing thai
| Is not based upon truth can long subsi-t
| and honesty Is but one form OF truth. Th.
reason why gold and silver are accepte,
| among men As n standard OF value j. no
\ merely because OF their attributes, thei
| indistuIctibiiity. their durability, bat be
| cause these metals truthfully represent -
much human labor expended In obtaining
! them. and are worth 30 much a. commod
| titles because 1t cost. 30 much 10 procur'
| teraied they are TO longer true. bat ar,
false. But II uaadalterated they consil
tute value Ia themselves, are exchangeabl,
Tor all other values and arc honest equiya
leafs.
| PAPER MONEY
Is form OF credit most useful and d.sira
Bile when II keeps its promise aud procure,
the value IL represents when presented il
payment.
| When II is secured aud made cousertlbl,
| Into value 81 the will OF the holder. nothing
Is so convenient or practicable. II Is thef
an honest, credit money. What Is credit
eredo. | believe; or.di., he believes. Th.
msn who gives you credit trusts you. II
means faith. IL means confidence; and, Il
the promise Is Meier 10 be performed &c.
cordlng TO its terms, what then. Can any
| one here tell the the difference between a
counterfeit aud the oristnalt Let the read
you here something on this subject. 1, /.
a. 10 the Issue OF paper money by govern
meni-and was written by 4 very thought.
fal and intelligent man, Sir. Charles Mo.
ran.
Government paper money, instead Of rep
resenting existing results Of labor ready to re-
deem the paper money on demand Of the hold
er-, only represents property and lives con.
sumed or Destroyed and labor unproduciise )
employed.
''iiow can such paper issues long perform
the functions OF money when even metallic
money cannot perform them unless constantly
redeemed with the useful results Of labor and
| with useful services.
Government paper money Is a conclusive
proof Of impoverished and embarrassed finance,
snd every subsequent issue Is An evidence Of
Increasing embarrassment and poverty.
The holders lave no power to enforce psy.
ment by legal measures. No individual ear
| enforce The most sacred claim Ak .insi = govern.
| ment.
The amount and times Of the issue cannot
be regulated by the wants Of the community
but solely BY the necessities Of the Govern
ment.
Az coo Woto paper Uty OIL
fers none Of the guarantees and attributes Of 4
successful medium Of exchange, and it, issue
should never be permitted BY any people thai
| have voice in their government and any re.
gard for their own interest and Well-being
There is not, l believe, y single example Oh
record OF the power OF creating money out oil
| cheap materials having been exercised BY 4
sovereign state for any length Of time OF
through any season Of public difficulty without
| having been abused"
Now it is proposed. by those to whom !
have referred, to abolish money OF value
and not resume its use at all, but to issue
/ paper certificates Of the Treasury which
are to be called absolute" money, that Is
absolutely never TO be paid at all; and
that Is the sort OF talk IS set up In the in.
terest of the labOring man as opposed q
the capitalist. How sickening md base
does II seem 70 be In this country to hear
these cries raised OF class against class OF
| our citizens.
WHAT Is CAPIrALf
The accumulation Of labor. What created
CapitalS Labor and nothing hut labor