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

ness supply OF every day life. In 00r pres
ent system . large sum of money is carried
at all times on deposit without Interest,"
When bills are presented from the butch
man having money on deposit not drawing
interest readily pays them. for there is no
profit 10 him in putting of his creditor.
But once teach every man who has sur
plus OF ready money that he can deposit II
with the government and draw interest
thereon, and the inevitable tendency 10 to
place IL there and keep 1t there as long as
creditor can be denied, avoided or evaded.
The advantage in all branches Of trade and
labor Of promptly paying small bills, not
drawing interest. Is incalculable. The in
ter-convertible bond would stop this at
once. and would array the avarice and Gu
pidity OF the moneyed class against 1t.
The interest paid by the government would
go into the pockets OF the rich and the
inter-convertible bond would again make
the government An Accomplicc with the
capitalist in Withholding his honest dues
from the working-man,-the government
meanwhile paying the rich man interest
on the money that honestly belonged 10 the
poor mans pocket.
Sixth-Is 1t not apparent. from the con-
siderations thus hastily summarized. that
no form Of currency could be devised which
would be so constant ami so oppressive as
the iDter-convertible bond, in the tax alton
| IL would impose on the people? Il would
make the Government the constant reposi-
tory for the surplus money Of the rich.
who would Use II as the resting place for
fortunes, waiting . more permanent and
more profitable Investment. In short, the
whole scheme would end In making the
Government answerable for interest on
money that for the time could no, be used
/ In 9th. t.., n.
the general odium Of taxing the many for
the benefit OF the few. of extracting from
the poor . contribution to pay Interest on
the rich mans money, a, . time when the
| Government did not need IL and could not
use IL.
You urge that our party should have ia
| ken ground In favor Of 1.-The Governments
issuing Of all the paper note currency. the
! same 10 be legal tender everywhere and for
every purpose" Your language implies
more than you really meant to convey. for
your everywhere" is necessarily limited
to our own country. and you proceed your
self TO limit the leg al tender for euerg plr-
pose" by declaring that the principal and
Interest OF your inter-convertiblc bonds
shall be payable in Coin" The momeu,
you take the ground that the principal and
Interest OF the bonds shall be paid in coin
you separate yourself absolutely aud ire.
concilably IRON the advance gusrd OF the
Greenbzck school OF dnanciers who refuse
10 incur any obligations TO pay coin. And
you Will observe that while your theory
proposes TO pay both principal and inter
est OF your bonds In coin. you provide no
way TO secure the coin, but make your pa
per money legal tender for customs and
all other dues. You seem to approve the
wisdom OF Republican legislation in so far
as max (,Dyernmant hApI. Ia.
coin. but you tail TO go with the same leg
isiation In providing an efficient and GER
tain mode of securing the coin. | note
this as among the most glarlng defects OF
your inter convertible theory-one among
many that render Its adoption By the Re
publican Party impossible. Moreover the
scheme would have proved lamentably in
sufficient TO appease the demands of the
ma a -. money adyocs;fsto JtrJypds.' dhti
to have resorted to II would justly have
exposed The Republican Party first TO ridi-
cule aud then 10 disaster.
But so long SIS you acknowledge the val
ue OF coin as q means of steadyiDg your sys-
TEN OF iiuter-converiible bonds. why are you
not willing TO ADM. the people TO the full
advantage of a free use OF coin as q means
OF steadying all values. We are produc
ing more gold and silver than all the rest
trade in our favor that must bring gold TO
US from foreign countries in large amounts,
| and. unless We make extraordinary efforts
| TO prevent IL. We shall nnd ourselves on the
| specie basis whether We desire IL or not
/ The increase Of the precious metals from
! our own mines and from beyond the seas,
will enlarge the volume OF our currency
| BEAUTIFULLY and In precise accordance
with those demands OF trade" Of which
/ We hear so much iron the advocates of ir-
| redeemable paper.
Nor can agree with you-dldering with
| full Difference and respect-that the best
| European thought is Fastening" to the doc
trine you advocate. In the three most en-
| lightened and powerful nations OF Europe,
| England, Germany, and France. l question
( II single authority can be found that
| would advocate or even tolerate the idea
] OF the Government Issuing paper money
| and declaring IL 10 be legal tender. France
under the terrible pressure Of her war with
| Germany never issued 9 single dollar OF
| paper money. and she forced her great
| bank back 10 specie payment as promptly
as possible after the contest closed. The
best European thought" SO far as | can
/ read its expression, contemplates no paper
money except that which is redeemsble in
| coin at the will OF the holder. lf you can
| give me any recognized authority in any OF
these countries that advocates different
doctrine shall confess myself obliged TO
you for valuable information.
You express the belief that the policy of
! the republican party on this question will
| insure southern Bourbon rule for the next
dozen years. That Of course belongs to
| the future and each OF US may indulge his
hopes and his fears, his spprehensions and
his speculations concerning it. But did IL
ever occur to you that your own financial
theories are precisely those which the
southern BouIbons are now advocating
with zeal and almost with unanimity? The
southern democrats who are resisting the
demand for irredeema6le money may be
| counted on your fingers, while its advocates
| In their ranks are as the sands on the sea
| shore.
Among the many evils to be feared from
the southern BourbOns coming into power
not the least would be the triumph Of these
Identical heresies 10 finance to which you
are lending the great weight OF your re-
spected name.
There are thousands OF millions of prop
erty ia the northern states dependent for
its value upon the maintenance OF public
| credit and the assurance Of q sound cur
rency. This is not the property Of the rich
merely, but Of all classes; Of every man
who has u deposit In savings bank; of
every man who owns state, municipal or
railway security; OF every man who has a
policy Of insurance on his house, or his
ship, or his life OF every widow or orphan
whose bread Is derived from trust funds !;
of every pensiOner whose fuel and whose
food depend on the monthly stipend paid
him tor service and suffering 10 the war.
For all these classes and others that l
might enumerate, scattered 10 the northern
| haip IN Gxlifnrnia ha