The Portland daily press., 1878-01-29

L A'NOA JiCluOuJ auu
managed to secure a victory in the guberna
| torlal election in his own State, which prove
TO be an enormous accession of capital to th
party.
However, the weakness of the Democrat
stand ird bearer in succumbiug to the demand
OF Ills associate was fraught with evil conse
quences. His immediate friends in Congress
were obliged to initiate his example and thu
10 Tut themselves on record as hostile to tn
IaIflment of the pledge of the government
hey sugar-coatsd the pill with good man,
Speelous pretexts and lame attempts at expla
nation, but that didn't deceive anybody. Un
questionably they were glad that at that iunct
ure there was President in the chair who's
pen was as ready as it hal been before to in
scribe veto that should protect the national
honor. But unfortunately the evil consequences
OF devious courses of policy survive the trflin.
advantages sought to be derived from a resort Il
them. The advocates of an rredeemable cur
rency maintain that the Democratic party i:
bound in virtue of its consent to repeal of tn,
resumption act to assist 10 hindering redemption
IN every way possible. One of the modes is by
further dilution of the currency, by legaliz
ing coin made of silver aud pewter, and they
insist hat the faithful must accept the doctrine
and llvs up to it. Now thers being no Indiana
election to carry for the present and no exigen-
cy demanding an unconditional surrender of
tne right of private judgment, the most inhu.
Initial of the Northeru Democrats refuse abso.
lutely to incorporate SUCH heresy into their
profession of faith aud there are ominous NUT
terinpS and thraafanino anooprr fba;r NUorAo...
brethren in view of their coutumacy Perbaps
out of these elements of contention good may
come. The best thing that could happen would
be for the Republicans to enter upon the occu.
patton of the vantage grouad which lies open to
them and give blttle to the enemy in the name
of honest money and the payment of
the uttermost farthlng of the public
debt. With such principles they can hardly fail
to win, and even if defeat were possible it would
involve no loss of honor or self respect and
would simply prove the precursor of future and
enduring triumphs. The party that cham pions
the highest standard of rectitude cannot long
remain in minority in land so full as ours of
academies, churches and memorials of heroic
struggle in defense of the flag, which demon
strated the exalted loyalty of the people of the
Union.
There is, moreover, another and most poten.
tial reason why so little alarm is felt among
capitalists at the prospect of the adoption of
silver bill. 1t arises from the conviction that
it is not in the power of legislation at the pres
ent time to force deprecated currency upon the
country. The coinsrs can multiply the stuff
ad libitans and they can force the public credit
ors to take it, but they cannot make it worth
par, nor bring par, ror can they oblige
anybody to merchandise or any
kid of property, for it except for its
actual worth in gold, whether it be
ninety cents or dollar, or more or less. In
other words gold will be the measure of value
all the same and silver will be huctuating
commodity, daily bought aud sold at prices de-
pendant solely on it's temporary plentitude or
scarcity. AS soon as it becomes established
that silver is a mere article of traffic. it will be
worth more in the bar than 10 the coin and then
its owners will stop carryingit to the mint Mear-
time we shall have attained gold basis and
things will go on pretty much as If there never
had been any effort to suspend the laws of ma
ture by the proposal to substitute sham dollar
for real one.
In either case-whether this notable design
is accomplished or baff1ed-what is to ba the
fate of the men who stake their political future
upon it? The people to bs sure, have short
memories or else they are extrem mely forgiving.
There are.scores of persons in public life to-day
who at some time or other in their career have
been the objects of such intense popular exc
Grafton that their resurrection seemed well nigh
impossible, and yet they have managed to work
their way out of obscurity by patiently waiting
till their sins had been forgotten. 1t is only by
some such chances as these that the apostles of
adulteration will escape being stoned. The
people in whose name they are performing
their incantatons will be the first to learn that
the whole project in all its parts, parcels and
particulars is a "delusion and asnare", and they
will not feel at all amiable towards the visiona-
ries who have led them on to the pursuit of such
an igniS ytatuas. False systems of finance inva-
riably inflict the heaviest penalties upon the
multitude for the simple reason that they
have no means of self protection. Men of capi-
tai can easily accommodate themselves to any
order of things that may be established no mat
ter whether it is founded in error or in wisdom.
1t is not in the moneyed centers of the East that
the disasters of silver bill would work mis-
chief, but in the homes of the producing
classes. The farmers and artisans would very
soon discover that while they were parting
with the fruits of their toll for debased coins,
they would be obliged to give the full equiva-
lent in genuine metal for everything they had
to purchase. As soon as they were brought to
realizing sense of this inevitable fact, it is the
most natural thing in the world that they
should turn upon the bliod guides who lured
them into so disadvantageous position, and
make them feel the weight of their displeasure.
1t would be well for those who are putting them
selves on record on this momentous question to
reflect that there is hereafter. 1t is the es-
sence of craftsmanship to forecast and make
provision for the future. If the history of every
country under the sun, and of every epoch Of
civilization teaches any lesson SO conclasively
as to render it truism, it is, that all devices
and expedients to improve the condition OF the
people by foisting upon them an unstable
and depreciating medium of exchange result
in hopeless failure, and SO far from promoting
the object aimed at, invariably produce effects
detrimental to the general welfare.
YARMOUTH