Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1878-11-07
The Waterloo of Repudi ,tiOn.

Iuo w atcTlOO VI hcpuul .tious
The Battle of Tuesday was Waterloo
TO the repudiationists OF all sorts. At the
close Of the fight they were a broken, dis
comfited organization, their banners in the
dust, their leaders beaten. and their hopes
destroyed. This is result at which the
people without distinction of party may
and do heartily rejoice.
From the time the rebellion closed, leav-
ing the country loaded down with a gil
gantic debt incurred in defending the life
or the nation, and an inconver,ibe and
deprecated currency, there have been
those amongst US who have advocated re-
podiation In some form of the obligations
OF the government to its creditors. The
hard times of the last few years gave them
. special opportunity to pour their perni-
cIous doctrines into the ears of the people.
They grew upon the general distress.
They Taught the laboring poor man that
the government was the cause Of the de-
preston 10 business, that it only had to is
sue more paper money to make times good
again, and that what was needed was to
send men to Congress who would vote for
fat money. They advocated paying the
bonds Of the government in deprecated
paper, thus cheating its creditors and sink
log ito own credit. They encouraged
war between the rich and the poor, teach
Ing these two classes to regard each other
As enemies, though their best interests lie
entirely in keeping friendly relations at
Ill times. and particularly when business
h dull, employment scarce, and capital
hnds more profit and security in lying in.
gsrt than TO engage in active operations
'aOpe Of the most potent elements in
keeping up the hard times in the country
has been the wild agitation OF greenback
demagogues in relation to The currency
making capitalists timid about investing in
any but enterprises OF an unimportant
character, and retarding the return OF con.
fdence which is necessary to IA restoration
Of business activity and better times.
- We know how it was in Maine previous
to our election. Every man was APP
preached with insidious appeals to tram
pie upon his manhood and vote for the
shame Of his country. These appeals sue
ceeded in duping too many voters. most OF
them well-meaning men but deceived by
the specious pleas Of the repudiationists
But let ~ be thankful that the result OF the
election In Maine reused up the intelli.
Gent and honest men of other States Ia
activs conflict with the financial heresy
mongers. and thus aided to achieve the
grand victories for sound currency and
The preservation OF the national credit
which were achieved last Tuesday. Our
loss was their gain; and not theirs alone,
for next year the soft money delusion will
have run its course and the republican
party Of Maine will be stronger for the
good fight 1t made this year for sound and
honest principle at the expense of temper.
cry defeat. "When the election in
MAINE, saiu the Tribune warned lntelll.
gent and conservative men that the foes
Of the public faith were powerful and dan
gerous, there was swift change in pub
lie opinion. Instinctively, thousands whC
had been playing with the greenback par
ty dropped it. as if, while inspecting
grotesque and curious toy. they mad lounC
. deadly adder concealed within. A
once thousands who had leaned TOWARD
the democratic party abandoned it. They
saw that the only hope of maintaining the
public faith, or defending the nations in
dustry and commerce from incalculablt
losses. was in upholding the republican
party"
This tells how the Maine election af
fected other States, and how il helped t,
bring abou. the Waterloo of Reputation
over which fervent thanks and congratu
lations are going up all over the country