Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1878-08-29

I v
up If democrats VINO have become tired OF con
| stant defeat aud who are ready to go anywhere
except iuo the ranks Of the hated ADohtionists.
The issue is squarey met by the republican
| leaders, while the democrats have evidently aban-
dOned all hope IN the campaign. Ii l. probable
that ON election day good many wanderers from
both the old parties will return to then nlleg lance
| aud II Is as certain a. prophecy that when the
votes arc counted the result will be the reelection
| OF Gov. Colnor and republican Congiessmen.
secretary Sherman on Mr.. Thur
mans Surrender to the Green
hackers.
| lrredeemabe paper money is only justified bv
wal carried to the extent Of natioaal peril when
/ the life Of the nation is at stake. II ought to he
| iedeemable As soon the public exgencies wi !
permit. 1t is not money, but the promise to pay
money. These are axioms Of political economy,
| the tu'h OF which all experience has demonstrated.
| We issued thls money only IN the mids' of such
| peril. our error, If any has been that we have
| delayed too long the measures of resumption.
| Now, when they are almost complete, and gold
| and silver aud paper money are practically con
vcrlble one INTO the other, when there the same
money for The bondholdei and the noteholder The
| tich and poor, when silver can be had for notes
| and gold 10 ample stores awaits the dav of re-
| SUMPTION we republicans should not debate the
question Of the repeal of the resumption act.
| With all our promises record, we should not
| be deluded by the cry of fiat" money. Precisely
what is the meaning Of this phrase do not know
| but presume it means money that is not meas
| ured by any other that is not redeemable in any
other but has its origin, force, sanction and value
| IN the mandate Of the Government, and will vary
| day 10y day III purchasing power. -.
| As between this kind OF money and the old
greenback regenerated, res ored, convertible into
coin, the standard OF all value and the medium of
| all payments | am for the grcenback against
fiat money. A great nation ike ours, rich in
varied resources, with free people of remarkable
intelligence, Is not driven to resort to any expe-
dent. which would affect the public credit or the
| public dobt or disturb our harmonious relations
| IN trade with foreign nations but should adapt it,
| mouey TO the money of the civilized world, make
| it as good as any Other money, and maintain its
standard of value As high as that OF any coin
issued from the mint
Some of you who believe in "fat" money say
YOU desire the result but it is clear that you
can only maintain this money at par with coin,
| either by careful imtstion of its amount or by
actual redemption IN com when demanded. Ii
that Is what you mean by fiat money, then we
Will not disagree, but it is well known that those
| who advocate fiat" money want to increase the
amount beyond sum thai can be maintained at
| par with coin, and who seek thus to cheaper
money by making 1t less valuable than coin.
| can imagine how n man deeply 10 debt and
hoping to escape bankruptcy. may desire to cheap
On the money IN which his debt is to be paid but
| why should laboring man, whose daily toll i
| measured ny Tue money ne receives, ucslle To
| cheaper that money Why should a farmer,
who sells his productions for money, desire to les
| sen Its purchasing power' Why should pru-
dent, thrifty, industrious man, engaged in any
| occupation who hopes by his thrift AID industry
to accumulate for himself a competence, desire to
nave his labor measured by money OF unstable
value 1t is the interest of every one engaged 10
industrious employments who Is not a speculator
| OF broker, to have fixed standard of value. Ii
any of you who labor are farmers, mechanics, OF
b..lo Of fha ln.u lola a,f,
have hope from deprecated money, you will be
greatly mised.-
SENATOR THuRMAS's MISTAKEN Pos TON
Senator Thurman, my colleague for many years
in the Senate, was one of this class of democrats
and, although our financial measures did not ex-
acty please him and he generally voted against
them, yet he freely said. like Mr. Bayatd and
others, he desired resumption and stood by the old-
jackson democracy in favor of hard money. The
exgencies OF party tactics have led hun recently
to make a speech to which, with entire respect for
him, desire briefly to reply. So far as he seeks
to show his consistency and concurrence with his
fellow democrats, It IS domestic matter, and
will not interfere, but some of the positions taken
by him must contest lie says:
81 think do them no injustice when | say that
the leaders of the republican party in favor OF
directly the opposite course-that is to saw they
would retire all the greenbscks in order that their
places might be filled with national bank notes.
Senator Thurman is greatly mistaken in this
position. As ! have already showL the repub
can party is not in favor of retiring the greenbacks
IN der that their place might be filled with ma
tional bank notes. No doubt some republicans
like some democrats, are in favor Of the United
States Withdrawing from the business o! issuing
paper money, but the republican party has never
taken such u position, and now distinctly main
tains the right and duty of the Government to
keep in circulation such amount OF United
States notes can be readily maintained at par
with coin. In every law authorizing these notes
there is a limit fixed to their amount. During the
war the guarantee was made, and never has been
violated, that the amount should not exceed
S400 000, 900, and no authority has ever been
ferred upon any officer of the Government to
dnce the amount below $500 100000, but now the
minimum limit is fSed as have already stated,
at S3i6,6Sl 0l6. In his speech at Hamilton, Sen
ator Thurman openly advocates increasing the
amount OF United States notes outstanding from
S3i6. 900 600 to S66S 900 900 by issuing United
states notes in place of the national bank notes
outstanding. lie declares that the principle fea-
| ture of the democratic platform is the proposed
substitution of greenbacks for national bank
notes. He would thus render specie payments
impossible during this and, perhaps the next gen.
Grafton, and TINS at time when specie resumption
which he has so strongly favored, is the eve of
success.
The Position OF THE REPUBLICAN PARTY
DEFINED.
The position Of the republican party is in favor
Of ereenbacks restored to their noima copdition
Of paper money, equal TO coin and redeemabe in
cola on the demand of the holder while the posi
ion Of the democratic party. ~ stated hy JUDGE
Thurman, is IN favor of the issue aud maintenance
10 circulation of 5000 600 600 of United States
notes without any provision whatevef for their
redemption or their conversion into coin. This is
sue !, distinctly made, and for one di. tnctv &C
cept il. We t,vor paper mOntv redeemable in
coin, and the largest amount that can be main
tanned at par with coin, while be ftvors an amount
of paper issned directly by the Government, not
convertible into coin, with no provision for its re.
dempi ion, and TO an amount that no one has
claimed can he maintained al par with coin. He
says II IL Just as easy TO maintain SG6s, 900, 900
greenhacks al par with coin As it is to maintain
-346,0O0 900 greenbacks aud $500 900 900 ma
uona Bank notes at par with coin But he for
gets to state that the bank notes are payable in
| greeBbacks and not in coin and that they are to
| be redeemed by the ban&s at their li.k aud ex.
pense, and not by he United States No coin re-
serve l. needed by them for such redemption. The
issue OF these notes aids in maintaining the United
states notes at par with coin instead of obstruct.
| ing IT, The bank notes are not in any
sense the notes OF the Government They are the