The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1878-08-27
TUESDAY MORNING. AUGUST ~.
Our New York Letter.
The Maine Election Importance OF the
Contest-The Greenback Agitation and
its Effect ON Business-The Advantages
of Resumption.

NEW 1ORk, aug ~, 1910
The advent of prosperity to the country will
be greatly accelerated by a decisive victory for
hard money in Maine on the 9th of September.
The doctrines of the advocates of an irredeem-
able currency are Improbable and cannot
prevail, no matter how strenuously maintained,
nor how numerously supported. But the agi
tation of them retards the outlay capital
and the restoration of productive industry, and
it is of the utmost consequence that there
should ba such an emphatic expression Of disap-
prevail of them by the popular voice as to dis
courage the continuance of claugor so profit
less and mifchievous.
1t is too provoking a thing to be borne with
patience that just when nature is contributing
SO nobly and effectively to relieve the public
distress, when the granaries of the land are
OVERLOOKING with the sources of comfort and
wealth, when so many favoring circumstances
combine to render it simple and easy matter
to fulfil the national pledge of resumption, and
when every principle of arithmetic and com.
mon sense points to the necessity and demon
strates the feasibility of purifying the currency
of the last vestige of the faint which must
always rest upon it while it is worth less than
its face, there should be heard in any quarter
the faintest breath of opposition to the COM
pletion of the work of financial regeneration,
now so nearly accomplished.
The difference between paper and coin is
already reduced to such mere trifle that the
assimilation can be perfected without aLy
further sacrifices. The hardships which a re-
turn to specie payments involved have been en-
countered not because the people were willing
60 Ddu~a by% 49, ln,l L, ~.
themselves. Values declined, failures occurred
business decreased in spite of every effort to
avert by artificial means results that were in
evitable from the beginning. The clamor for
an increase of paper money while these events
were happening was Ineligible enough. 1t is
easy to understand the motives, and natural to
sympathize with the feelings of individual dis
tress which impelled the importunate appeal
for initiation while the panic was at its height
or during the years 10 which wrecks were being
multiplied all along the course over which it
swept. fortunately the counsels of wisdom
prevailed, and the welfare of the many was
not imperilled in the vain endeavors to afford
succor to the comparatively few. The country
was saved from further plunge into the whirl.
pool Of irredeemability, out of which it had
been rescued against its will by the force of
friendly currents. But now that all the tribu-
lations and privations incident to the attain
ment of secure harbor have been met and
overcome, what preposterous folly it is to turn
back at the very moment when the troubles
are at an end, and the rewards of persever-
ance are in full view.
OF course there is no possibility of relapse
into the old errors of illimitable debt and ex-
pansion. The schemes of the greenback theo-
rists will come to naught, no matter how Wig
orously they may be pressed, nor by what null
titudes endorsed Finance is altogether too
practical subject to be dealt with by the will
of majorities. We shall have hard money and
a redeemable currency all the same whether
the masses vote for or against them. But
time is An important factor in such matters;
and in that respect it will be a great gain to
have an early and decisive affirmation through
the ballot of the infexible determination of the
citizens of America to reject the sop histries Of
false guides who seek to dissuade them from
paying their debts and living within their
means.
These considerations invest the coming cleo
tions with momentous importance. Maine has
the honor of leadership in the grand campaign.
1t is contest eminently calculated to quicken
into activity every pulsation of loyalty and
patriotism. We ought to show the world that
the American people are too proud to perpetu-
ate deprecated currency and too sensitive in
respect of their good name to shirk the literal
fulfllment of every obligation of their govern
ment. The vindication of the national faith at
the polls is the only thing remaining to be
doneto establish the claim of the Republic to
rank among the most honorable as we'll as the
most powerful of the nations of the earth. 1t
is impossible not to feel sense of humiliation
that the promise ito pay on demand" of the
United States of America has none of the
attributes of circulating medium, for the very
disagreeable reason that its essential declara-
ton is falsehood Promises to pay forsooth!
When? Where? How? The time not speci-
fed-the place not designated-the equivalent
not named. Thank Heaven that reproach is
about to be removed from the fair fame of the
great Republic, on whose permanency rests the
hope OF mankind of sustaining the right of
self government How exultant we shall all
feel upon and after the 1st January, 1879
when 1t can be truthfully declared that the
dollar that was issued in our hour of dire
calamity has become through the virtue and
integrity of the people as good as gold
Resu mption will be the beginning of our
millennium. Instead of wishing delay of it it
Is strange that there is not an impatient eager
ness on all hands for the advent of the ha DIV
hour If the achievement were infinitely more
difficult than it will be it would be worth all
the self sacrifice it could possibly occasion.
But in this case duty and expediency point
with equal clearness 10 the same direction. To
recede would be as sad mistake of policy as
OF morals. The right way is the best way, and
any deviation from the path of integrity is
simply postponement of an event which
must precede the restoration of the country to
anything like substantial and enduring thrift.
Any attempt to vitalize our industrial system
by the devices of charlatanry will Inevitably
prove melancholy failure. The body polite
is in no condition to be trifed with. 1t needs
wholesome nourishment, rot enervating stitau-
lants. Property of every kind has been
brought down to its actual gold value.
There was never SO much before in this
Unien as there is to-day. We could pay
the national debt in full and still have
great deal more left than the sum
PoooOooiOuS
day the rebellion ceased But there is no need
OF haste in relieving the Government of its liza
bilities. At least tive-sixths of them are held
by its own citizens and they appreciate them 60
highly that they are taking them every day at
lower rate of interest than money has ever be-
fore commanded in this country. They consti-
tute the principal avenue left for the invest
ment of moneys that are required to be used in
the purchase of securities that are held to be alb
lutely safe. 1t is a noticeable and gratifying
fact that in spite of the murmurings of malcon-
tents and dismal forebodings of reputation
among the disciples of communism the bonds
OF the Government continue to be negotiated in
large quantities at four per cent. per annum,
That is a remarkably significant commentary
on the ominous threatenings of the disturbers
Of the public peace who go about haranguing
mobs and melting the spoliation of the frugal
and industrious who have succeeded in amass.
ing more or less wealth.
There is no doubt whatever but that the cap-
sku1i