Oxford Democrat. [volume] (Paris, Me.) 1833-1933, 1878-08-20
A Hand-Book for the Times.

Mr.. Henry v. Poor, who some months
since published q treatise on money and
its laws which attracted The respectful
attention of publicists, has just written
book which he entities Resumption and
the Silver Question:" and which sppro-
priately bears the subtitle "A Hand
Book Tor the Times" In II Mr.. Poor,
proceeding from the propositit ms set
forth in his first and larger treatise on
the money question, states with force and
clearness the great and irreconcilable dis
Linction between currencies Of banks and
bankers which are instruments arising
out OF production and trade. represent
existing capital and are discharged by iIs
use. and Government notes which do not
arise out of production and trade, have
no relation to The oxtent of tho latter,
which do not disappear by their nso, and
which instead OF representing n cores
poBdiDg amount of existing capital rep
resent its waste. The distinction between
these kinds OF paper, so necessary To an
intelligent understanding OF the currency
question and 80 important TO be borne in
mind DUNG the discussion now going on
in this State, is sharply and emphatically
drawn. and entities the author 10 the
thanks and respect OF all advocates of
honest money aud honest instruments OF
credit.
There are some theories advanced and
some conclusions drawn by Mr. Poor
which will not meet with ready ac-
ceptance by thinkers. which indeed
fatty contradict the assumptions OF the
most eminent political economists and
must be received. il at all, with extreme
caution. But in the main the book is
right, honest in purpose, healthy in inhu-
ence. strong and close in argument, and
folici.Ous in expression. The chapter on
the silver question sets forth fairly and
moderately the results which may DO eX-
pected 10 follow the RECOMMENDATION OF
that metal, and the chapter on the Green
back Party gives an exposition OF the
purposes n that now political organize
ton and the consequences of iis possible
triumph which should be read By every
voter in the land. The author points out
that If Congress should provide for al
isspe OF Government notes IN place of all
other currency the effect would be the
same. so far as production and trade are
concerned IA it it should. without the
possession OF dollar Of eXpoTtable cap
ital OF any kind, undertake TO draw all
TIE bills OF exchange between the United
States aud other Countries and he pgTtI-
nently asks how this Government cur
rency is 10 be issued and got into oIrcula-
IA, ON nv a
lures, So il could not be got out thst way.
1t is OF course not 10 DO given away, Tor
then it would have no purchasing power
Whatever. IL must be issued IN pay ment
OF the public debt. II would then 70 in
to the hands OF tho rich OF the "bioalsd
bondholders' whom our Creenback
friends so eagerly denounce The poor
man would get mono OF II except IN ex-
change tor services. and he would have
g. take il at its nominal value for what be
has 10 sell, that is, his labor. Tho rich
would entirely Withdraw from the opera
tions OF production and trade among a
people which had proved itself unit 10 be
trusted with the money OF others. and
thus all great industries which depend tor
their prosecution upon accumulated cap
ilal would come 10 "A stAIi-slill. As ill.,
dustry declined those dependent upon
labor would be compelled to live upon
their past acquisitions. and to sell day by
day something OF what they possessed.
As none but the rich could buy, all the
valuable property OF the country would
before long pass iuto their hands, and the
transfer now going on at fearful rate,
because of a redundant, deprecated and
Irredeomsble Government paper curreu-
cy, of the property OF the poor and middle
classes TO the rich would be greatly ac-
tolerated. We should end as all other
nations have ended, in general impover-
ishmeDt and ruin.
Mr.. Poor also points out that bad cur
rency always iurnishes an occasion 10
desperate and revolutionary characters
TO arouse the passions OF distressed
people aud excite war OF classes -
When period OF distress follows the
explanation oil the trouble most readily
accepted IL that il has been caused By tue
avaricu and seltishness OF The rich who arc
engaged in II conspiracy against the poor /;
and from this the conclusion is logical
enough that the latter should r6si~. Ivy
every means in their power. even revo-
luton. The utterances OF tho Greenback
orators are but echoes OF the terrible
harangucs OF Marat and ST Just. tho
revolutionary leaders. They are con-
ceged in the same spirit, couchod in the
same inlsmmstorY language, and will II
needed, bring about the same terrible
result.
This book OF Mr.. Poor's, so strong and
ouispoken in exposition and warning
deserves the attention OF every sober
thinking man. Press.
Resumption aud the Silver Question. by
Henry Y. Poor. New York ii. V. & IL. " Poor.
Mr.. Poor is q native of Oxfoid County,
snd his carefully prepared volume should
be largely read by his friends and &C
quaiu!ances in this section.