Oxford Democrat. [volume] (Paris, Me.) 1833-1933, 1878-10-01


country.
Fourth-Eyery year as the spring
business closes and summer comes upon
US, there is vast accumulation OF mon
ey that lies idle for three or tour months
ST the financial centres; in the vanlts of
the banks. in the safes of capitalists, in
the treasures OF railways, AMI in the
strong boxes OF insurance companies.
During that period one fourth OF
the year-there are from one hundred
and fifty 10 two hundred millions of idle
dollars in New York and the other great
money centres, and these dollars all be-
long 20 rich men. Your inter-converLi-
BILE bond would provide an admirable
mode for these capitalists to take large
amount of interest from the government
at season when they cannot get 1t
from any other source. But question
whether ii would be quite fair TO tax the
whole people during the hot months OF
summer in order TO insure 10 the wealthy
capitalists of the country good income
on that large sum of money which
would otherwise be idle while they are
enjoying the mountain air and the sea
breeze.
Fifth - The inter-convertible bond
would lead y postponemeut in the pay
menl of small bills and debts IN the do
mesIic business OF supply in every day
lie. In oGT present system large sum
of money is carried 81 all times on de-
posit without interest When bills are
presented from the butcher, the baker
or candlestiek MAKER the man having
money on deposit not drawing interest
readily pays them. for there is no profit
to him in putting off his creditor. But
once teach every man who has surplus
of ready money that he can deposit II
with The government and draw interest
thereon. and the inevitable tendency is
10 place il there and keep it there
as long as q creditor can be denied,
avoided or evaded. The advantage
in all branches of trade and labor
Of promptly paying small bills, not
drawing interest, is incalculable.
The inler-convertible bond would stop
this at once, and would array the avarice
and cupidity OF The mOneyed class against
il. The interest paid by the government
would 10 into the pockets OF the rich
and the iuter-convertible bonl would
again make the government al accom-
plice With The capitalist N withholding
his honest dues from the working man.
the government meanwhile payirg The
rich man interest on the money that hon.
esiiy belonged in the poor mans pocket.
SxIh--Is 1t not apparent, from the
considerations thus hastily summarized,
thai DO form OF currency could DO &C.
vised which would be SO constant and
SO oppressive as the inter convertible
bond, In the taxation ID would impose
on the people7 Ii would make the gov
eminent the constant repository OF the
rich. who would use II as the resting
place tor fortunes, waiting more per-
manent aud more profitable Investment.
In short. the whole scheme would end
in making the government answerao!e
for interest on money that Tor the time
could not be used in any other invest
meus. Ii would incur the general odium
of Isxing the many tor the benefit OF The
few, OF exActing from me poor COZ
lribulion 10 pay interest on the rich mans
money, AZ 3 time when the government
did not need 1t and could not use II.
You urge that our party should nave
taken ErOnnd in favor oi the GOVeIn-
meLl's issuing Of al The paper note cur
reuuy. the same 20 be legal tender every
where and for every purpose" Your
language Implies more than you really
meant u convey for your every where"
is necessarily limited 10 our own country,
and you proceed yourself 10 limit the
legal tender for epery paTpOSS" by de-
clariug that the principal and interest Of
Your lnter-ooRvertibie bonds shall be
.,uaid -. cOIn." The moment you take
The ground that the principal and interest
OF the bonds shall oe paid in coin, you
separate yourself absolutely and lrrecon-
cilaoB irom the advance guard OF the
greenback school OF 6nsnclers WHO re-
fuse 10 incur any obligations 10 pay coin.
And sou will observe that while your
theory proposes 10 pay both principal
and interest OF your bonds n coin, you
provide Do way 10 secure The coin, out
maze Your paper money legal tender for
customs and all other duties.
You seem TO approve the wisdom oi
republican Legislation 10 SO far IS 10
make government bonds payable IN
coin, but you fail 70 20 With the sape
legislation in providing an efficient and
cer,sin mode II securing the com.
neta "a Is As among the most gtaring de-
!eCIs VI your inter-conyerll6le IheGTJ -
one among many that render its adop
ton bY the republican party impossible
Moreover the scheme would have proved
lamensably insufficient 10 sppeAse the de-
mAud OF the "iat" money dyocstes.
Il would not even have proved a"sOp 10
Cerberus," and 20 have resOrted 10 1t
would Justly have exposed the ,republi-
csa party first TO ridica.e and then 10
disaster.
But 50 long as you acknowlefge the
yslut Of coin as means Of steadying
your :, stem Of inter-converIible bonds,
whyiare you not willing 10 admit lhe
people ~ the tree use OF cOin - u means
OF. asadying all values? We are pro-
ducing more gold and silver than all the
res, on the world. We are having bal
anceg u trade 10 our favor that must
orlng gold To Us from foreign countries
In large amounts, and unIe.s We make
extraordinary efforts to prevent 1t We
snail md ourselves on the specie basis
whether sc desire it or not. The in
crease Vi the precious metals lrOu our
own mines and from beyond he seas
will enlarge the volume OF our currency
neslthiully and 10 precise accordance
with those demands OF trade" OF which
we heal 80 much from the advocates of
irrsdeemsble paper. r...
Nor can agree with you-diflering
with full Difference and respecl-Ihat the