Ellsworth American. [volume] (Ellsworth, Me.) 1855-current, 1878-07-11

| Republican party; they charged that that
| party had legislated only in favor of the
rich men and bondholders, aud against the
poor man. which will presently show Is
not true. and thus induced hundreds Of
/ thousands of the unfortunate men Of the
country to leave that party and join with
them in this hue and cry against it, which
has been kept up TO such an extent. that II.
together with our losses. have destroyed
all confidence among our business men and
reduced hundreds OF thousands of them to
bankruptcy, has stopped all enterprise and
work. and has brought hunger. misery, and
want To the door Of every laboring man In
| the land
We have had no prosperity In the coun-
| try since the financial question has been
the all-absorblng one in politics. and We
will not have any until that question Ia set
| tied and out OF the political arena. Our
laws now upon the subject of finance. with
| the addition of the one have mentioned TO
prevent the further retirement of our green
backs. are about as perfect as we can make
them under our Constitution. except on the
| question o! lowering interest.
But Instead Of the committee coming for
ward with measure such ss have men
toned, which would settle the financial
question and restore confidence TO the
country, IL has brought us a bill which
II enacted into a law,will in my judgement,
unsetue the finances and ruin and bank
rupt more than one halt OF all the men now
engaged in busisess. The bill provides
Tor the complete destruction OF our national
banking system, retiring the bank
and substituting = new issue OF Treasury
notes In their place. five had neither ma
tional bank money nor Treasury notes, and
- RI EIfafK Il IL
system, there slght be some propreiy in
the discussion of the question as to which
system we should adopt as best for the
county; but the national banks have been
established some hfeen years since as a
part or our financial system, aud they hav-
ing grown up and become so Identified with
all the business Interests Of the country,
the people pay aud receive most of their
money through them In the shape OF checks
aud drafts. and now owe them for bor-
towed money nearly a thous aud millions of
dollars; and they are so solvent thst no
man has ever lost a cent By reason OF their
money not being good. their notes 10 day
are equal In value 10 gold. anI a cheaper
snd safer currency for the people than
Treasury notes, either In the shape of our
present .rcenbscks or IN the form as pro
vided for In this bill. The difference be
tween our present greenbacks aud the
Treasury notes provided for Ia this bill is
this: our gr.eubacks are legal-tender..
while these treasury notes are not. Then
why should We destroy these banks? VIII
the breaking 81 them down and the subsii-
tutins Treasury notes for their notes make
money any more plenty In the country
Certainly not. il we Issue no more Treas
ury notes than the bank notes we destroy.
and that Is all this bill provides for.
VIII the breaking down OF the banks
make money any cheaper 10 the people?
No; but on the contrary II will make L
dearer. VIII Il make Il any better or safer
10 them? No; but II viii make Il less safe.
VIII IL restore confidence among the peo-
pie! No. but It will tend to destroy IT,
Then what more will It do: II will force
the banks 10 Wild up aud collect their
debts from the people, and the people not
h~s"r rransrsfl Ia nav them will no rnnl-
PEELED 10 sacrifice their property, which
will ruin asd bankrupt more men than the
panic o. 1873 destroyed. know that the
friends of the bill DENY these facts, and say
that they are not true: and on the contrary
assert that the national banks are a burden
upon the people, and that the whole sys-
tem Is nothing more nor less than legal
ized robbery of them that they should be
broken down aud Treasury notes which
they style as the peoples money, should be
issued In the pace Of the bank notes. and
In the name OF the laboring people of the
country they demand that this bill shall
pass.
In every qiest ton where the laborIng
man's Interests are at stake my sympathies
are with him, and / shall always be found
advocating what believe TO be for his true
interests, for know when | sustain the Ia
boring men ! am sustaining the true inter.
g . n 4
they shall decide who is their true friend,
the cohmittee or myself. am aware that
the national banking - stem is not popular
with many. and 1t is because the system
has been So grossly Il srepr,s"ni,d hat
II Is not propeGiy understood.
Ny first objection to breaking down
the national banks is this it il more safe
tor the country TO have the government is
sue its money through the banks than to
issue il direct 10 the people. The greatest
trouble that is found in administering the
affairs OF Government where large amounts
OF money are involved. is TO prevent its BE-
ing improperly used. Greenbacks are
money as soon as they come from the print.
Ing press. 10 keep up our present issue OF
them severa. hundred people are constant
ly employed in the Treasury Department,
in printing them. These persons SO en-
ployed are generally appointed through
political influence, and are therefore not
always the best men for the place. The
routine of this work Is so extensive and
complicated. that no committee of Congress
could trace it through and discover wrongs.
If any were committed. Our only safety ia
the honesty OF the men who manage and
control 1t. The responsibility of this m-
meuse work OF issuing and watching all
this money, and preventing overlssues OF ii
rests with the Secretary OF the Treasury
aud his subordinates, all OF whom are un-
der his control. II either he or his chiefs
under hn having control Of this work are
dishonest. a ring could be formed in that
Department that could overissue niliious
upon millions Of these notes. ard 1t could
not oe discovered until after the wrong had
been perpetrated, and the Government
made responsible for the amount thus over
issued.
II We could always have such u man at
the head of the Bureau Of Engraving and
Printing IS the present chief OF tnat bureau
Hon. Edward McPherson. the country
might feel safe that no oveiissue would be
made ii he could prevent t; but when the
| Dext administration shall come into power,
| II our friends on the other side of the Hall
shall elect the President, Mr.. McPhersOn
| Will be one Of the trst men whose hesd will
fall from the executioner's block. II the
man who shall thus dill his place is honest,
then all may be we'll, but II dishonest, or
In the slightest degree Negligent in the per-
formance of his duties. the Government
may b. swindied out OF millions, and the
whole business interests OF the country
| parai, zed. We should therefore not un-
derIake to increase our Government issues
OF money beyond our present greenbacks.
Natioual-bank money is as good money
AS greenbacks, Tor the reason that Govern
ment bonds worth their face In gold are
deposited with the Secretary of the Treas
ury by every national bank as security for
each dollar OF money Issued by the bank.
These bonds being deposited with the Gov
ernment as security for the bank notes
makes the Government responsible ior the
redemption OF the bank-notes, precisely as
it il responsible for the greenbacks hence,
the Government being responsible for the
redemption Of each makes them OF the same
| vAtup