Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1878-09-02

been in the six previous years II wss S50, 900 ,O0o
greater than it WAS in 1870. In fact the panic Of
1873. like oil its predecessors occurred when there
was an inflated aud increasing volume Of currency
and credit. ~
National Banks are as much necessity to bu 81
ness with us are railroads for transportation. The
question 10 whether you will have secured or unse
cured ones. Do you want to 20 back TO the wild cat
system Of State bsnksf II you do this and stop
resumption BY the issue Of greenbacks, II will be
. sorry day. The volume of currency must be
regulated by trade. The substitution Of green
backs for National Bank notes makes Q complete
divorce between the business Of the country and
the volume OF its circulating Medium. Now un-
der free banking the volume will increase or dun
inish according to the demands Of business. Un-
der the proposed system Of issuing ali our paper
money directly from the treasury. the volume
must depend upon the uncertain caprice Of Con-
gress. There never was and never will be leg
islsture wise enough to hx by any arbitrary rule
the proper volume Of circulation. What would be
sufficient for month may be insufficient too
great for the next, the tickle and changing opin-
ions Of Congress are an unsafe basis on which to
regulate the value of ell the business transactions
Of the county.
The resumption act did not provide for the des-
truction of the greenback currency; amazing - it
see ms now the democrats voted against 1t Tor that
very reason. As construed by the administration
the act left 800 600 900 OF greenbscks to be kept
in circulation. BY an act of the present Congress
S346, 900 900 are to be kept 10 circulation after re-
sumption. While | do not believe that the govern-
ment should turn banker and 20 permanently Iato
The business Of issuing paper currency. sm will
ling Tor the present. NJ least, to msiatain rs many
Rreenbscks 10 circulation as can be kept at par
with coin, and no more. The greenbackers want
to destroy the greenbsck aud make il worth little
or nothing. want 10 help it aud make 1t rs good
rs suy dollar in the world You want dollar
that will not shrivel up in your pocket; one that
you can keep over night; one that Is as good in
ONO - in Boston. Twenty years ago, when .
man travelled from Ohio 10 Boston, he stopped
aud rebsted Eastern bills, Is Western bank bills
would not he taken at par out Of the State where
they were issued. Now what does . man care
what osnk his bills are fOmi He knows that
government las 81. 10 for every such bill issued.
and he Cares not If the bank fails.
Ia Ohio we are fighting this sane battle. We
can feel for this and other hard money States.
When you In Maine help TO elect democI atc
House Of Representatives you vote to do away
with resumption altogether. Your democrat
&c representative may be q hard money mAu but he
will vote with his party aud that party calls for the
repeal OF the resumption act. Those who believe
10 honest money should stand together 10 this
great battle. We have some old fashioned no.
tions and some do not like them. We believe
that II inches make foot, that l6 ounces make =
pound, and that 100 cent? make dollar. Any
pound or depreciste the dollar, are ranked dis
honesty, as great nation 10 Try and dodge itself
out OF de0t is dishonest.
The speaker closed With an sllusion to Repre-
sentative Hon. 1hos. y. Reed ss . sound hard mou-
ey man of much ability. who should be returned
to the seat lie so ably hled during the last ses-