Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1878-09-02
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daily kenuthef Journal
GEN. GARFIELD IN MAINE.
Great speech for Honest Money.

field OF OHIO, addressed large mass meeting at
Yarmouth Village this afternoon. DR.. w. w.
Thomas presided, and after q few remarks
upon the importance OF the currency ques-
ton, introduced Gen. Garfield, who was
received with warm applause. Ia opening he
SAID that we were just now at the close of the
war. By this he would have il under stood that
there are different stages OF great war There is
the war of arms; this was ended when the last
pri sonet exchanged, there was the war of
diplomacy, which was ended when the fishery
award at Halifax was made. The war of legisla-
ton WAS closed when the reconstruction act was
passed bat we are still in the last wharf.-the war
of hnance. The patriotism which stood by the
guns during the rebellion was no greater than the
patriotism which enables men to sta I'd BY The sa-
cred pledges Of the government, made during the
dark days of the war. man who refuses to pay
or help pay government debts ls not patriotic.
1t was during the dark days Of the war that we
said to the rich of this land lend us money 10
help the If you will we will pay when we
are able. We said this to them, In 1861
q great emergency, and the greenbaeks
were issued The limit WAS put at $500 ,O0O, 900.
Every act Of Congress said that the volume should
not be increased, for 10 increase would diminish
the value. 1t was on this condition that every
greenbsck WAS taken. The money was poor
enough, but without q limit 1t seen that 1t
would be wor bless. This point was illustrated
by the speaker very forciby. This law that an
Increase If supply and not increase of demand
Will cause depreciation IN value, Is rs old as the
hills, and rs sound as possible.
Notwithstanding all these safeguards, prude Mt
men were afraid that resumption would not be
effected. Almost every democrat in Congress
voted against the issue of greenbacks. The re-
pubiicsns voted for II because the government Was
IN = very hard place. The duties were made
payable in coin 80 that we should hsve something
TO pay the interest on our hands. When the
gree nbacks we're issued in 62 there WAS scarcely
man IN the country but what said they should
be redeemable, and that, too, in COIN.
Now there has come up party who claim more
wisdom than this generation, and they claim that
it is all wrong. If knew they were right and
was wrong, | would still insist that the nations
promise should be fulfilled to the letter. The re-
publican party ought long ago to have resumed.
1t should have beeu done before these hard times
and then we should not have felt the depression
so much after trying time and again.
In 1875 the resumption bill WAS passed, Sena.
tor Thurman, the leader of his party in the U 5.
Senate, said that the law WAS unconstitutional or
else he wonld favor 1t. The democracy fought 1t
generally, but 1t was successful. We have par
TALLY resumed. The scrip has gone out Of use
and we have silver.
We are now within half cent of resumption,
with $l3j 900, 900 of coin in the treasury and NO
other demand Tor it. Why should we not re.
sunei But jdst here we find the democracy op-
posed to us again.
resumption law as inefficient; they enounce
it for It's efficiency. They know that its enact
ment strengthened the public credit and increased
the coin reserve. The moment that greenbacks
equal TO CON, there will be added to our eff
fective currency the whole volume of coin.
The democracy would prevent this. They de-
nounce US for making the greenback better.
They seek to make it worse. If the far .ners aud
lsborers Of this country want their money to
shrivel IN their hands, let them help to prevent
resumption If they want II TO become IS good 40
the best and to remain stable and secure, they
must hold on 10 the law As 1t TO-
The democrats not only want the gold in the
treasury Issued, but they want SPA 900 more
issued, making resumption lmpossIoie. 10 all
they want issue of $500 900 600. My objection
to this is that is in opposition to the constitu-
ton and to the pledges Of the nation.
In their demand tor the permanen at substitution
of greenbacks tor national bank notes, the demo-
Gratis have turned their backs upon all their old
traditions. Every dc .socrstic member of the
Supreme court has declared that even our pres.
ent issue of greenbacks is unconstitutional. The
majority OF the court defended the issue only as
WAL measure. The democrats are wrong when
they assume that the POOR are the debtor class
nd that legislation to protect creditors Expresses
the poor. There are 2, 500 900 poor people rep
resented 10 savings banks by de poslts amounting
to 81 ,377 900 Co., and TINS vast amount they
loan to well to do business men who need
capital.
The poor man says, while | live can keep
my wife and family from the poor house; when
| die l want to leave them something that
will accomplish the same result" He invests 10
a small life insurance company. The life insur
ance companies report IA 623 policies, represent
ing 81 10000 900. The premiums represent
$40 900 900. This immense sum is loaned by
these poor people, the insured to the who
carry on the business of our country, and make
US q nation The treasury department show, that
reg istered tonds of the county represent S45l,
900 900 held in the uted states by 215 900 per-
sous, aud Of that number Fl 1854 hold less Than
$40 600 the 4 NJ dawn tn - ~
Ia one of the Ohio counties the coupons on ell
the bonds held by residents we're collected by the
county bank OF tue whole number eight held
over Sl5 900 apiece and one bundled and eight
ty eight held from $500 down 10 $50. OF the
whole number sixty were widows and one hun
bred aud twenty lone ministers and labor my
men.
There are the so-called "blosted bond holders
The point then may be safely made, and it has
never been answered, that the poor people are the
creditors and the rich debtors. The comparative
ly poor contribute small sums that like the trick
ling streams flow together and make great rivers
that are afterwards loaned to the rich through the
banks. The borrowers ale few compared with
the grest number Of small lenders hence anything
that depr, cistes the value OF dollar strikes at
the email nOndholders, savings bank investors in
sured people and laborers, who every week are
creditors tor = vast sum of wages.
Let US suppose fog a moment that at any given
hour all labor should suddenly cease; how much
would be due on the accumulated wages The
amount would equal Sl20,0OO0 OO Suppose
reduce the value of the greenbstk paid 10 these
lsborers ten per cent, making its value 30 cents
on the dollar; the loss wonld be Sl2 90 00U-s
loss that Is irretrevsble, since the money, wheth-
er 1t be more or less, must be spent At once for
Whatever it IS worth.
Webster. that perhaps greatest Of New Eng
lands Senators, said: "Of all the coDtrivsnces
for cheating the labOring classes OF mankind, none
has been more efectus than that which deludes
them with paper money" In reply to oil asssil-
ants we base the policy Of resumption upon these
impreg nable grounds First-The public iaith
demands it, 2d-The highest interests of labor
aud capital alike demand stable currency 3D.
The chef hardshiPs of resumption have already
beer endured, and we cannot afford to retrace
that weary road
The present depressed time is perfectly natural,
and just what we experience about every twenty
years, and always follows paper money-inhsliou
This initiation is Ike soap bubble; 1t is beautl-
full Tor time, but when the bubble bursts there is
nothing left. So with the greenbackers; they are
trying to get rich by cutting sharp corners. They
curse the money power but do not stop to consider
the case.
II this paper money that is desired was issued.
how could you get ~ Do you know any other
way than to earn iti If you do you know dis
honest way. Every one who seeks to get itch oy
the tricks of the printing press is either deluded
or dishonest.