Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1878-04-10
For the Kennebec Journal.
Knox and Lincoln Railroad
BOnds-A Lesson for Greenback-
ers and Regulators.

Some time ago, in a letter to the journal, we
predicted, that although there was in some places
talk of repudisting the town bonds issued in aid
of the Knox & Lincoln Railroad, "these towns upon
mature reflection would do no such foolish and
damaging thing"
That we were correct in our prediction 10 seen
from the fact that all the cities and towns along
the line have held their annual meetings and all
with great unsnimity voted to raise the money
and pay the interes! coming due upon the bonds.
One fact however is worthy of comment These
bonds that were worth in February last l02 and
1903, notice have during the past week been
quoted as sold 10 Boston for about 80 Ii SIN
ply shows conclusively that Honesty is the best
policy" There is not the slightest for this
decline Of some seven eight per cent, on bonds
bearing six per cent interest, payable semsn-
nuslly, and we believe it is entirely owing to the
nonsen sical talk made by certain indiscreet men,
prior TO the election, which has caused sort Of
unloading of these bonds and reduced the price.
Again it is said, whether truly or not | do
not know that party has been actively at
work for the past month between Bath and Rock
land for the purpose of dscrediting these securi-
purchases at the right moment. Our advice to all
parties holding these bonds would be, not to sell
below par, for they will undoubtedly before many
days be back to that figure and in fact to-day you
cannot purchase a Dsmsriscotts or Newcastle
bond from any Of our citizens who are fortunate
enough to have them, below that figure.
We have heard ether causes assigned for the de-
cline in these bonds. such as savings banks that
held large amounts desiring to get ready" have
sold large quantities &C., but give this no credit
since any bank could at any time prior to the past
ten days have satisfied any depositors by paying
them with these bonds at par.
AS we have already indicated the decline has
been the result of unwise injudicious damaging
talk about reputation, which caused certain tim
id men, mot the Banks to rush to Boston and
"Sell out" Ii should be here stated, that origi-
nslly, these bonds put upon the market,
very foolshly) for from So to &c. SO that hold
er who obtained them at that price, who has drawn
per cent. interest, now, under q scare, feels if
he can unload at 80. he is not doing badly at all.
We predict that in very short time, when these
securities are again worth l02, these tmd ones
will realize they have not only sold, but "been
soiu. ftii oui1 PloFcs INV dangerous are
many of the doctrines of the present day, in re-
gard to political fnsncering. The individual,
who ever attempts to abrogate or discredit any
of his liabilities, when able to pay them, places
himself in the most unenvious position, and ruins
all future credit for himself. SO with q nation.
state or town; the moment there is any Shylock-
ing, any attempt at reputation, or of paying in
any other way than the stipulations, that nation,
state town gets black eye. loses its credit, and
never amounts to much thereafter.
Finally, we would like to ask the greenbacker
of the present day. if he has ever stopped to in
quire what the effect upon the people must be,
provided the nation assumes the right to issue the
circulating medium of the whole country, with no
Intrinsic value behind it. aud no obligation to re-
deem it No individual can obtain money coin,
paper. without rendering value received; why
give to the government an advantage withheld
from the people To our mind nothing ever
dreamed of financially. by the widest theorist be-
gins 10 be so damaging this method. Every
dollar so issued by the government, is taking Just
that amount of advantage over the people. Our
idea is, that if either party needs the advantage
now, it is the people, not the government, and We
trus, the masses will investigate this matter for
themselves, when they will discover how blindly
they are being led by these latter day fuanciers.
DAMARIsCoTTA Apnl 6, 1873 H.