Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1878-08-13

war. That activity was caused by an enormous
and what would in ordinary times be an uunaturs
consumption of material products. That activity I
existed in spite OF the gIeenback currency, and no
on account of it. Were those prosperous times
for the lsboring man. SO they were for you, Mr..
Chairman. While he was simply doubling the
amount of bis wages, you were increasing your
gains ten-fold For him the gain was temporary {;
for you it was permanent He was merely the
channel through which wealth flowed to your
Golfers. So it is always in times of speculation
The increased earnings of the poor are dissipa,ed
in increased cost OF living. The increased accu
mutations Of the wealthy added to their hoard.
Time would fail to enumerste all the evils that
the success of your party would entail upon the
poor man. But there is one consideration which
your position induces me to urge upon your atten-
ton. You are one Of the Trustees of Savings
Bank and in that capacity bound to protect
the interests of its depositors. Those depositors
came chiefly ION the rsnks of the poor The
Savings Banks of this country cities of refuge
whittier widows and orphans flee with the meager
pittances that have been accumulated by their
own industry or by the exertons of those whom
they have lost. The deposits in That institution
worth to day nearly their face in gold. Make
them payable 10 a degraded currency, and they
shrink TO one half or one-fourth of their present
value. | may 90 further than this. venture
the assertion that the success OF the cause for
which you contend would endanger the safety OF
every Savings Bank in the State. The reason is
obvious. The funds of those Institutions are
chiefly invested in bonds and similar securities
The value of those securities depends upon two
things; the value of the money in which they are
pay able, and the confidence of investors. Deple.
ciste that money and so destroy that confidence,
and YOU reduce those securities state of worth
lessness. Need | say what result will follow ,
The same result, Mr.. Chairman. As if you should
remove the foundation of your house in the ex-
pecra'ion that the supeistructure would remain
suspended in the air.
/ Mr.. Chairman, the republican party was organ
lied for the relief of the poor and oppressed.
When it uttered an appeal for sufferers in bond
age, IL awoke no response in your breast. The
war Of the rebellion = struggle of those who
respected labor against those who despi-ed it.
Your sympathies were with the latter. Ii the la
boring Of Maine feel to-day oppressed and
burdened they know that they will not ind their
fought against the interests Of labor. Ia the APP
peals winch you and your party make to them,
YOU undervale their intelligence. They desire
better times They long for revival OF bus
mess. They appreciate the evils of the present
and are anxiously looking for remedy. But
they want a remedy that shall be permanent and
complete; not one that shall leave them in worse
condition than they in now. They would not
value a relief that should be as short-lived as
your conversion to republicanism.
National prosperity, when it rises like bubble.
bursts like a bubble. Any Improvement, to be
permanent, must be gradual. In the path of that
Improvement, both gradual and permanent, we
have been steadily advancing. You, Mr.. Char
man, and your coadjutors, would plunge US back
into the darkness from which we have be- gun TO
emerge. Yours, etc,
REPUBLICAN,