The Portland daily press., 1878-07-18
That Forgery Once More.

lu0 NelD Era IN lis latest issue says that
a parenthesis around the words "based on
coin," which it attributed to the PRESS, was
accidentally omitted by its compositorS and
proof reader. The same omission has oc.
Cured in the Era office once or twice before.
Even with the parenthesis the impression
conveyed would be that all the words given
appeared in the PRESS, as will be seen by
the revised and amended quotation, which is
in these words;
The Portland Press has most contemptible
opinion of paper money based on coin. That
paper says:
The battle of paper money, (based on conn.,
has been fought and lost many times. The
falsity of the theories held by its advocates
has been repeatedly exposed. 4'n4
rms gross error OF paper money, (based on
conn., is continually making its appearance, like
some other fallacies that have been repeatedly
disproved. The weakness of the scheme (pa-
per money based on coin) has been demon
strated By argument. Argument failing to
prevail over sophistry the scheme has been sub
jected to the test of experience, and has in
every case resulted disastrously. History is
full of the suffering and ruin wrought by an
irredeemabls paper currency.
If this quotation is not deliberate forgery
it is deliberate Misrepresentation, an at
tempt on the part of the Era to misead its
readers as to our position by perverting our
meaning. 1t says all the words except those
in the parenthesis are from the PRESS.
That is true, but the words in parenthesis
exactly reverse its meaning. 1t was not an
argument against paper based on coin, but
an argument, published as long ago as May
9th, against the position taken by Senator
Gordon of Georgia in his speech favoring the
repeal of the resumption act. To make this
clear we reprint the entire article, caption
and all:
AN OLD FALLACY REIvEvD.
The speech of Senator Gordon on the re.
peal Of the resumption act is certainly the
most eloquent if not the most forcible pre-
sentation of that side of the question which
has been made of late. But it is merely
fresh presentation of arguments the fallacies
of which have been demonstrated again and
again. The speech and the columns Of green
back papers but offer anew the propositions
which were advanced by large and power
full party in England in the first years of this
century aud so triumphantly overthrown by
the famous Bullion Report" The battle of
paper money has been fought and lost many
times. The falsity of the theories held by
its advocates has been repeatedly exposed.
The political economist when called upon to
discuss the old question which has so often
been settled by the general acquiescence of
mankind feels much like the astronomer who
is called upon to defend the truth of the Co
pernican system against the assaults of the
Rev. John Jaspar, the Richmond clergyman
who says that the sun moves around the
earth. He knows it because he has seen it,
as our Greenbackers know that paper will
discharge all the functions of money because
they have seen it. The resolution passed by
the Richmond congregation does not seem
more ridiculous to the political economist
than the famous resolution offered in the
British parliament that Bank of England
notes, then at twenty per cent. discount, were
equal in value to gold, or the claim made by
the Nationalist that our Treasury notes,
irredeemable and superabundant, as as good
as coined money.
| This gross error of paper money is continu-
| ally making its temperance, like some other
fallacies that have been repeatedly disproved.
| The mechanical falacy of a perpetual mo-
| ton has been exposed time after time, but
| every few years it is again brought forward.
Men of intelligence can be found to-day who
| have invested their money in the Keely motor.
| Men can be found who like the Virginia
| clergyman, believe that the earth stands still.
| The history of these is the same. They
| are thoroughly discussed, and people come to
| one mind upon them. For years there is no
| thought of dispute. Then, the reasons which
| led to general acquiescence having been for
| gotten, some man starts up and reopens the
| question, and it has to be argued over again
Such is the history of irredeemable paper
| money. That experiment has been tried by
| various nations at various times under favor
| able circumstances, and it has always failed.
| The weakness of the scheme has been DEM
onstrated by argument. Argument falling TO
| prevail over sophistry the scheme has been
| subjected to the test oi experience, and has
in every case resulted dsastrously. History
is full Of the suffering and ruin wrought by
| an irredeemable paper currency. The argu-
meut Of the Nationals has one fatal weak
ness. 1t is based upon the assumption that
men will readily exchange their goods for
stamped bits of paper that pass from hand to
! hand and are made by law receivable for
| debts. The fact is, demonstrated by hun
| dred trials, that men will not do this for
long. The scheme is like many other schemes
based on what men might do but never have
done and never will do. The experiment
has been undertaken again and again and
has always resulted in disastrous failure. 1t
| has brought distress upon every country
where it has been tested. With the expert
ence of the whole world against us we are
asked to make the trial once more. Let us
be guided by the teachings of history, and
avoid scheme which has always wrought
ruin and disaster to the people who have
adopted it.
All men must see that the NeD Era, even
if honest in its declaration that it did not
intend forgery, has attempted to deceive its
readers by deliberate Misrepresentation. II
they continue to put confidence in its state
ments they are of very forgiving and forgetful
| natures,