Ellsworth American. [volume] (Ellsworth, Me.) 1855-current, 1878-07-25
The Farmers and the Greenback Soph-
istries.
From the n. Y. Times. !

| IL rom the y. l. Aimcs-I
Itis one of the pecularties of the spread
of the Greenback heresy that il appears 20
take the strongest hold upon the minds ol
the rural population. The farmers oil the
country are. as a rule, an hoUtst and In.
dustrioua class. with strong convictions
and q fair capacity for reasoning, but they
are not close students Of political or finau-
cial problems, and 1t Is not altogether to
be wondered at il they are carried away bv
plausible Arguments addressed to the in
stinct OF self-interest. Their real self-in-
| terest must be 10 harmony with that OF
every other Industrial class and that Of the
entire community, for what ponduces TO
the permanent prosperity Of one class en-
| gagged iE Industrial or commercial pursuits
must benefit s,l. But II is easy TO show on
the surface of things an apparent antagon-
ism, and disparity Of advantages, due to
certain anomalous circumstances,a and many
minds do not penetrate beyond these to the
underlying principles which are universal
| In their application, and work out like re-
snlts for all. Mr. Solon Chase, editor OF
/ Chase's Chronicle. at Auburn. Is an excel
/ lent example of the rustic philosopher, who
without any pretension to being scholar
or deep thinker. has acquired just that
sort of superficial information and that
I
| to produce effect on his rustic audience.
| What he deems to be his arguments are
! few 10 number. and easily taken In, aud by
! constant reiteratioa 10 plain phrases, ac-
compsnied by homely illustrations, he has
| given them an air Of authoritative deciara-
| tions OF absolute truth.
Wha, with him and these within tae cir
| Gle OF his influence passes for reasoning Is
used with similar effect throughout the
country districts OF all the States, and hence
it Is that we hear OF the spread OF the Green
| back doctrines among the farmers, who as
men of property aud OF common sense re-
pudiate the wild theories and claims so
often put forward in behalf OF working
men. One Of the arguments OF which Mr..
Chase and philosophers OF his school make
great use is that contraction of the cur
rency has depressed values and brought
down prices, to the loss OF ell producers,
while holders OF money and OF securities
have been benefited by 4 corresponding in
crease In their value; that resumption, of
specie payments will not only confirm thi,
result, but aggravate II and that further
Tissue of greenbacks would. on the other
hand, relieve the pressure, cause values to
rise. produce activity In business, and give
an increase of wages aud of PROFITS by
which all Industrial classes would be ben
Gifted. This has a certain plausibIllty, but
il Is utterly delusive and the more danger
Gus for slight basis of indisputable fact.
Nobody can deny, for instance, that the
gradual appreciation Of the legal tender
notes toward par in gold has produced a
fall In prices, but that Is different thing
from a shrinkage OF values. Values, or
the ratios OF the utility OF different COM
mobiles. cannot shrink, aud are not
.ha h,. t.ll .f which aTp
merely the terms In which they are ex-
pressed. The aggregate amount or value
OF farm pruducts or manufacturing prod
ucts !. not changed with variations in the
unit by which they are measured, aud
general fall or rise OF prices does not IN
jurc or benefit any one. The same amount
amount OF atrrtIy,-at ov rs.> ~. sIoA =s'-'s
oul. a. denominators OF the amounts and
money serves only As means OF eHectlhg
the exchange. During the process OF aI-
probation OF greenbacks to par there were
losses which could not be escaped, as the
adjustment OF prices was gradual and
continual process, and at nc point COM
ple,e. Where a commodity was bought to
be paid for In the future, or an obligation
assumed 10 be fulfilled in the future, the
prices remaining the same while the unit
of prices Increased, there was loss. lhe
sum total OF such losses has been very
great and the encouragement 10 enter
prise enormous, but, this was the penalty
Tor having departed from the standard and
4 necessity OF returning TO II, which the
advantage of stability and security, when
il Is reached, will greatly outweigh. Bot
this painful process Is now substantially
over for the greenbacks are within small
fraction OF par with gold, and il IS rot true
that with a value currency by these dlsas-
t...,A .lttna hlf
We shall have stability OF prices, exact JUS
tice In the exchange OF commodities and Oh
legations, and neither loss nor gain attrib-
utable TO the condition Of the currency.
The abandonment of resumption, after the
agony is al over and an infatiot OF the
volume of greenbaChs, would raise prices
only by renewed depreciatlon; the high
prices would not signify Increased values
or gain 10 anybody; aud We should go
through speculation and f-veri-h activity
down to disaster more terrible than We
have yet experienced.
The farmers have also been Induced TO
believe that they are worse OF than any
other class, have lost more by spprecia-
ton Of the greenbacks. and would gain
more by plentiful issue OF paper curren-
cy. la point of fact, they are to-day the
most prosperous class in the country, and
have most TO gain by q resumption OF spe-
Gle paymenis. There is a statement still
gong round, credited TO this paper. repre-
sentiuy the farmers OF the country as
distressed. down-trodden, and worried
class. for whom there is no relief but
through the possession of the soil by new
owners who shall let il out to tenants. AS
We have repeatedly declared, this dees not
express our opinion, or the opinion OF any
thoughtful student, Of the condition OF the
country. Although we have repeatedly
explained that fact. repudiated all respon-
sibiIity for the statement, and denounced
the persistency with which We have been
credited with 1t, ",tn invincible vitality II
still turns up Ia Gresuback organs, cred
tied to the Times. as though 1t were an ex-
preston OF It's opinion. In fact, the con-
dition Of our farmers Is hopeful, and what
they need to assure their prosperity, Is not
higher prices fof eyerythiug-what they
buy as we'll as what they sell-which you'll
not benefit them, but stability OF values
and the same standard of monetary meas
urement here as in the foreign markets
which substantially control the prices OF
agricultural products. They are the great
| est losers BY fluctuations and uncertainty
| in the currency, on account OF being the
| first among producers and the last among
| consumers Ia the circuit OF the exchanges,
and affected by oil the intermediate manip-
ulations. Others speculate on changes,
actual and prospective, due to variations
| in the currency, and they pay 1.-THE profits
| Of the speculation, while with q specie ba-
| sis and q gold standard. these variations
| could not occur, and they would receive
and pay only just and legitimate prices.