Oxford Democrat. [volume] (Paris, Me.) 1833-1933, 1878-08-20
Es-Speaker GroO's Exposure Of
the Green6ack Fdtt0cIes.

OF the leading candidates for the Repub-
licau nomination for Governor of Penn
sylvania, and he mas been the first to
take the field in behalf OF his successful
competitor, Col Hoyt. In his speech at
Oil CITY last Saturday, Mr. Grow made
plain, straight forward appeal to the
masses for sound money and the honest
payment of the public debt. 1t comes
from one Of the leaders of the Republi-
can party, in State where the Green
back craze has made thousands OF victims,
and il means that the Republicans or
Pennsylvania nave placed themselves
sauarely on the side of honesty and good
faith.
This speech is the keynote of the Penn.
sylvania campaign, and was admirably
adapted for the purpose, being full OF
terse, homely sentences that 60 straight
to the marrow Of things. What for In
stance could drive the truth home quick
er to the average citizen than this CON-
parison Of the coin dollar and the green
back
The paper reads on its face, | promise
10 pay real value; the coin declares on
IFS face. | am real value The coin dol
lar needs no indorser The paper one is
worthless without it The coin dollar
runs through the commercial world by its
own inherent strength and bears upon its
face its real value The paper dollar
has not strength enough to stand alone,
and bears upon its face only promise
which. if its fulfllment is to be inde6n-
itely postponed, is as worthless as the
rags Of which it is made.
Or this brief answer TO the people who
want greenback mills IN every county
The mere fact Of coming money by the
Government, or the stamping OF engraved
paper by is printing presses,no matter to
what extent, does not thereby make money
plenty. For however much the Govern
mout may have in its vaults, it can pay
out or put in circulation only the amount
OF It's actual expenses. Ii its actual ex-
penses are 100000, that Is all 1t can
pay out, and it collects in taxes and re-
turns to it, Tresury during the year that
same amount
Here is short sermon on the "Tar
prices" which so many are regrctting
Flush times, as they are called, come
not from increased coinage or additional
printing, but from increased demand and
consumption of the products Of labor
The flush business times Of the war were
not because the government issued green
backs, but because 1t paid annually over
a thousand millions of dollars for labor
and its products instead of, as now, less
than three hundred millions. The sudden
demand caused by the war for almost ey-
erything increased the consumption, and
thereby enhanced the price War prices
can be continued only by continuing the
war that produces them.
And here is a terse description Of what
statesmen Of the Butler school call "under-
consumption After depicting the "over-
consumption" or extravaganza which has
resulted In bankruptcy and ruin, Mr.
Grow says
The craftsmanship which excuses such
state Of things by calling 1t under-con-
sumption, is akin TO that which claims
that money worth nothing makes ooun-
try rich. There Is q remarkable instance
Of under-consumption in the case Of the
! Pcodigal Son, when he fed upon husks,
but it was the necessary and inevitable
result Of extrayagant and riotOus living
Tue ex-Speaker attacks the Democratic
party As the exponent OF a policy oppres-
sive to the workingmen Of the country.
lie says
1, Is neither wise craftsmanship nor
real economy,in times OF great depression
in business, ior the Government 70 stop
all ou;lays for necessary and indispensa-
| Die public works Not that the Govern
meut should create necessity for ex-
penditurcs, but when that necessity exists,
why not give to unemployed labor the
benefits resulting thereirom in the times
of its greatest need, especially As the
Government would have the advantage,
in ssch times, of oheapneSs in doing Is
work? This kind OF craftsmanship was
most conspicuously illustrated by the
DemosC attic party in the last Congress,
and upon such record it appeals to the
people for a renewed lease OF power
With this pungent sentence he meets
the Free Traders
With the land filed with unemployed
labor, who would suggest the importation
of more lsborers IS a remedy for business
ills? Yet 10 bring the products OF their
labor to supply our market has the same
effect upon unemployed labor as would
the lmportationof the laborers themselves.
One Of the most important portions OF
this address Is that in which Mr. Grow
disposes Of the Greenback proposition to
tax Goyerment bonds. In discussing
this subject, he calls attention TO de-
cision OF Chief Justice Marshall, the ap-
p.iestion Of which 10 this question will
be fresh to some OF out readers The
decision was that bonds and notes Of the
United States were necessarily exempted
from taxation by State and municipalities,
because state Governments have no right
70 tax any of the constitutional means
employed by the Government to execute
it's constitutional powers To these
words of the great Chief Justice Mr..
Grow adds:
Local taxation Of Government bonds