The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1878-09-17
Our New York Letter.
The Greeaback Craze in M Maiue-Resump- :
tion cannot be prevented-The Manly
stand of the Maine Republic ans.
NEW YORK, Sent. 16. Is

When a third of the voters of Maine 90 crazy,
what may we not look for in the way of politi-
cal delirium in other portions of the country9
1t has for long time been supposed that the
sophistries of the advocates of an irredeemable
currency could not possibly extend beyond the
section of country which has been so long and
deplorably affected by them. The "Ohio idea"
was started at the West at q time when the
controversy between real and artificial money
bet tween debt paying and repudiation-was
serious one, and the result of it for the time
being, at least, somewhat doubtful. There can
be no question at this late day about the practi-
cability and certainty of resumption, and all
attempts to thwart it will prove as futile as
Mrs. Partington's efforts to mop up the ATTAIN
tic with her broom. In reference to the bald
proposition to cheat the public creditors by re-
fusing to recognize the obligation to
pay the national indebtedness in full,
there may be some cause for apprehension in
view of recent occurrences, that the popular
reprobation of scheme of such ineffable base
nsss will not be as universal as it ought to be.
But when the lines come to be distinctly drawn
between the paths of honor and dishonor, when
there is but issue and the right and the wrong
are so clearly defined that there can be no al
Tentative but to adopt the one or the other the
sober judgment of the people may be trusted to
reach satisfactory conclusion.
That faith in the popular integrity and good
sense is widely prevalent and tenaciously
strong is shown conclusively by the fact that
the ebullition of restlessness which disturbed
the current of affairs in Maine the other day,
has occasioned no appreciable diminution in
the demand for or the value Of government Sc
curities The discount on legal tenders has
not increased, and the belief that return to
specie basis at the appointed time will be
consummated does not appear to have been in
the smallest degree shaken. Capitalists are
usually acute observers of the signs of the
times; they are quick to take note of any omens
OF disturbance. But they evidently regard the
breaking out of the grsenback epidemic in a
new place as perfectly harmless freak. There
was period when it might have been produc-
tive of great mischief. That time has gone by
long ago. The government has more notes out
now than can be kept in circulation. The bank
vaults are choked up with them. As soon as
the little difference between gold and paper
ceases to exist there will be couple of hundred
millions Of the precious metals interfused into
the currency. That will be initiation enough to
satisfy any body who has the smallest concep.
tion of the functions Of money or is capable of
reasoning on the subject of finance.
Luckily for everybody this greenback dis
temper did not become violent until methods of
treating it had been discovered that prevented
1t from being dangerous. 1t is sad indeed to
see towns and counties in one of the most in
tellgent States of New England infected with
it. The spectacle tends for the moment to
weaken our faith in the capacity of the people
to govern themselves which is the corner stone
of our political system. But then when we
turn to the record of the past twenty years and
find that the same communities that are now
enveloped in clouds of error, have invariably
led the van in the maintenance of sourd prin-
ciples-have been the foremost aud firmest ex-
emplars of patriotism and humanity-we have
strong grl und for entertaining the hope and ex-
pectation that the present alteration will prove
as temporary as II is unaccountable.
But even if it were otherwise-if this strange
mania should threaten to be chronic-it cannot
stay the tide of prosperity which has just turned
to flood. Whether the Greenbackers adhere to
or renounce their fallacies they will come to
naught all the same. The. logic of events will
settle that While they are theorzing about
the impossibilty of the restoration of the specie
basis, resumption itself will decide the question
against them. Daring the Rebellion certain
General was sent with force to aid the naval
officers in capturing Fort Fisher. Ie failed.
Gen. Grant turned to Gen. Terry, "Here
Terry said he, "go and take that fort" The
officer who hadn't succeeded meanwhile re-
paired to his home. While there he addressed
multitude of his fellow citizens in explana-
tion of his failure. He proved to his own salts
faction, if not to theirs, that the Fort couldn't
be taken, and that it was waste of life to
attempt it. He had hardly finished his Grafton
when news came that Fort Fisher had been
taken! That same General is now endeavoring
to persuade such multitudes as he can gather
to listen to him that the American people can't