Ellsworth American. [volume] (Ellsworth, Me.) 1855-current, 1878-09-26


benefits thereof be restricted to the citizens
Of town. Do you know where that idea OF
q non-exportsble dollar came from? "a
voice-'Lowell." Great lauRhter.) No,
farther of than that. can read you that
very sentence from book written by John
Law two hundred years ago, when he
started the Mississippi scheme that blasted
France for quarter OF . century. There
are other things that are nOn. BILE
damaged -four, spoiled cotton, rancid but
ter, added exgs-they are all noU-export-
able. Laughter and applause.) But I
have never heard . tradesman thank God
for the p0trescence that made them so.
Our currency has been non-exportable for
certain that no nation would take 1t except
by law. We want q currency that can
walk like an American all over the world.
"a voice-''EiOw about the monetixation Of
silver?'') Don't be impatient.
The National Ds.ks.
A little while ago somebody asked about
the national banks-a little more difficult
question. Senator Thurman and many
leading Democrats In the West have con-
fined themselves chiefly TO the abolition OF
the national banks. and the issue Of s324,-
10000 Of greenbzcks to take the place OF
their notes. Now that Is debatable ques-
ton. aud as you are reasonable men let Us
debate il. II 1t were just as good would
be In favor oft; II II were better would
be still more strongly In favor Of Il. What
are the objectionsf Ny first objection to
that proposition is that IL ts q nat violation
OF the pledge. promise and faith OF this ma
tion, that Ii would never increase the green.
backs above $500 600 600. II you make
this change you will Increase them. "a
voice-''Too thin'') Is good faith too thin
for your (Great applAuse.) You are too
thin for an able bodied, honest man.
(Grest laughter and applanse.) Suppose
that trouble be got over, suppose there
~ere no obstacle In the way ofthe public
faith, have another objection to IT, II
you issue e32& 900. 900 more OF greenbAcks
on top OF the e346 .000, 900 now out you
make redemption impossible; and ali who
believe In the resumption OF specie pay
ments ought TO oppose IL for that reason.
Why do ] say that: The United States
Treasury can now resume specie payments
on the promised day. (Applause.) 1t
could do 1t sooner. In 1875 we were told
We could not resume; that We could not
ge, the gold TO resume: that the moment
we tried 10 accumulate the coin 1t would
Increase the value OF the coin and decrease
the value OF the currency: but In the face
OF all such cassandra prophecies, we have
accumulated and have to-day In the Treas
ury unappropriated tor any other purpose,
el35 900 900 Of coin waiting. "a voice
''What about the interest on itr) Ger
tainly We lose the interest, bu, II costs
something TO be honest. (Great applause
and three cheers.) In the next place, while
that has been aceumulatiug the value OF
our greeubsck has been going up constant
ly from Is per cent. discount when the
law was passed until to-day in the market
OF America our greenback Is worth 30 34
cents on the dollar. What coin we have
will certainly be enough to complete that
work. but II IL were not, we can readily ac-
cumulate. under the law, 5000. 600 n
mouth more on top Of that until the day OF
resumption comes, so that We are perfectly
able TO resume under the Law as 1t now
stands. There are the National bank notes.
1924 .00O, 900 OF them out They are CON-
PEELED TO march abreast OF US In the work
Of resumption Of specie payments. TIE
1000 National banks are all harnessed to
the car of resumption. and when We re-
sumo they must resume. II you abolish
them you take away their help. you put
the whole weight OF the 500, 900, 600 on
the treasury aud you break 1t down. There
is another objection l have TO abolishing
the National banks and substituting green
backs for their notes. Now We have the
National banks 10 a shape where they pay
q good round share OF the taxes, and AN
glad Of 1t. They ought to pay it. Since
their organization they have paid over
500 600 900 Of taxes to the State and the
nation. Last year they paid GIG 600 600 OF
tax, - 900 600 10 the States aud e1,COo,-
0OO to the nation. Their stock Is taxed by
the States, their circulation Is taxed by
the nation, their deposits Are taxed by the
nation, and q man who holds National
bank notes on the day OF assessment is
taxed his shsIe. How about the green
backs? There are eSt6. 900, 900 OF green
backs that escape taxation. A rich man
can gather them In on the day OF assess.
ment and escape taxation. The substitu-
ton you talk Of would lose ELI 900 900 .
year to the States and the nation and put
1924 900, 900 out Of the reach Of taxation.
Q thing fairly TO be complained OF and
object 70 1t for that reason.
Now | object " the substitution for still
another reason. The National Bank notes
rs they now stand are the only portion Of
our financial machinery that gears the sup
ply Of currency TO the laws Of supply aud
demand. Abolish them aud put out e324,-
0OO, 900 Of greenbacks, and the volume of
your currency depends then upon the votes
Of Congress. You might IS well hope to
regulate the movements OF the solar system
by acts OF Congress as to regulate the nec
esssry volume Of currency by votes OF par
tisans in Congress. No men are wise
enough to do it, and II they were, dare you
trust so delicate . thing as that TO partisan
votes 10 Senate and House? Ii you have
SO much faith rs that In Congress your faith
exceeds mine. (Laughter.) There is anoth-
er thing about il, fellow citizens. II you
abolish the National banking system. you
leave it = mere group OF brokers' shops,
nothing more than that. The banking bus
iness OF America, farther than the circula-
ton Of notes. is - vital and necessary TO
the trade OF the United States rs the rail-
road is TO Its transportation. Do you know,
fellow citizens. that one Of the modern de-
vices for avoiding the use Of q large amount
OF money Is the bank? What proportion
Of the business Is carried on In actual mon
ey? In England they tell US only i've per
cent. Of the trsde 10 carried on by the act
uai use Of money; 06 per cent. by drafts
aud checks and commercial bills, and these
are handled by the banks. In this country,
not less than 80 per cent. Is carried on In
that way. Would you have shaving shops.
irresponsible and independent, or the pres
ent System, that holds them all 10 the grip
and contrOl Of the lawf
do not hesitate to afarm that while 1t
may not be perfect system the present
national banking system is the most per-
feet this country ever knew, and to abolish
il is 20 10 back TO the wretched old system
that prevailed before the war. How WAS
it then! No man dared take paper money
without studying the bank reporter by the
hour. No merchant in the West dared
start East until he had culled his currency
and picked out few Of the best to bring to
New York aud Boston. Money was not
good out Of the limits Of the State in half
the States OF the Union. How many men
here have 10 the last six months taken out
their pOcketbooks 70 see what bank of what
State their money was ONT You don't care
| whether Ii Is on . bank In Maine or Cali
fOrnia, Ohio or Massachusetts,. for the bank
has the stamp aud symbol Of the Govern.
ment upon IL, and 10 - national ss the fiag.
| applause And you know that behind
every dollar bill II Ito cents locked up 10
the Treasury Of The United States to secure
you agsinst l0ss. You don't care il the
bank u broken, wound ap. g0De; y0u don't
care II 100 tons Of nitr0-gly lyce1ins has blown
bank and officers 70 st0ms. It 10 secured
y III -