The Portland daily press., 1878-07-30
TUESDAY MORNING, JULY 80.

TUESDAY MORNING, JULY 80.
form it. 1t is difficult to conceive of a body of
grown men giving expression to ideas so replete
with arrant nonsense as these, but there is the
record of what they said and did. If their theo-
ries are tenable, retrogression and not progress
ought to be the law of our race, and barbarism
is preferable to civilization.
But when we come to the question of finance.
we encounter different kind of absurdity, and
one which at first blush is not gate SO palpa
BILE. The greenback is in the minds of many
Americans the symbol of loyalty. 1t original
ed in the great struggle to maintain the integri-
ty of the Union. 1t has always been a favorite
with the multitude, and ever since the rebellion
was happily ended it has been steadily appreci-
ating In value. 1t is not to be wondered at that
currency which is associated with sentiments
OF the loftiest patti iotism, and which every body
feels to be good should stand high in popular
regard. Although there may be question as
to the expediency of the governments issuing
money, We have got this and as much of it can
be safely kept aloat as continues to be worth
par In specie. That is the legitimate and prop
er limit of its circulation. AS soon as it depre-
ciates there ought to be curtailment OF it.
What with the legal tenders and the national
bank notes we have had for long time re-
dundsncy of paper money. That is why 1t is
such stupendous folly to clamor for an in
crease of either form of circulating medium.
The national banking system was created to
meet the emergencies of war. The banks es-
To hod nd 10 &c
government bonds when it was of the utmost
Importance that they should be taken. To de-
prive these institutions of their franchises after
they have served the useful purpose for which
they were designed, would be an act of ingrati-
tude and bad faith for which there would be
neither defense nor pallation.
But with these two classes Of bills and what
specie has been let loose by the near approsc
to the coin standard it is as plain as can be
that there Is more money in the country than
it is possible to find profitable use for. That is
why such enormous sums have accumulated
and are at this moment lying idle, in the vaults
of the banks of New York and Boston. Now
what preposterous witlessness it is to wish for
any addition to volume of currency so great
that employment for it cannot be found. Green
backs can be borrowed at two per cent interest
per annum, which shows conclusively that there
are more of them already than there ought to
be. If there were hundred millions less of
them it would be an advantage to every citizen
Of the Republic who lives by honest industry
and especially to those who work for wages.
A deprecated currency is the worst possible
thing for the laboring classes, for the nominal
increase in the amount they receive is far more
than counterbalanced by the greater cost Of
everything they consume.
II the Nationals had entered into their COM
bination four years ago they might have wrought
ifreparable evil. Then was the time that the
scale was pretty evenly balanced between the
friends Of q sound and the advocates of q
vicious currency. President Grants veto Of
the initiation scheme of April 1874 was the
first step In the right direction. The 'resump-
ton act of January 1875 proved to be much
more eficacious in perfecting the restoration
than 1t was expected to be. Now fortunately
We have reached that point where there can be
no recession. We are virtually on . specie
basis at this moment and we shall have all the
Initiation the country will bear without the in
Prevention Of Missionaries or charlatans. That
will not be enough yet awhile to give occupa-
tion to the boarded wealth which capitalists
are unable to get interest for. There will be
unwonted activity In all the avenues of COM
rnerce and industry during the coming autumn
The land is enjoying an epoch of prosperity
far exceeding any previous experience of ma
tional thrift. Before frost comes everybody
who has any energy or capacity for usefulness
will be so busy that there will be nobody to
attend the Labor Conventions and conclaves Of
the Nationals except fellows whose aversion to
work is only parslleled by their independence in
it. There will be no Greenback party after this
present The Republicans are really RESPONSE
BILE for the legal tender currency and it was an
obligation that rested on them to bring it up to
par. In doing this they simply fulfil the final
condition of their lease of power.
That the demand for the repeal of the Re-
sumption Act should have been most impera-
tive from Democrats seems in perfect keeping
with the whole history of public events since
the accession Of Lincoln and Hamlin. That it
should have been successfully resisted by Re-
publicans goes to show that the welfare and the
honor of the country are safest in Republican
hands. We shall not have to wait long to see
1t demonstrated that to have repealed the Re-
sumption Act or to have faltered in the least in
the hard and toilsome but indispensable pro-
gress towards solvency would have been the
most fatal of mistakes; and that courage and
perseverance are sure of.reward in the end.
YARMOUTH.