Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1878-06-22
From the Boston journal.
An Unnecessary Plank.


The National Greenback party OF Maine
at its recent me- ting IN Lewiston adopted
the most of the resolutions of the Indiana
Greenback Convention. Among them the
following appears
1--WE declare our fealty to the American none
tary system; the abolition OF all bank lssucs the
free and Unlimited coinage OF gold and silver; ,
and the issuing by the government OF full legal
tender paper money, receivable for all dues, and
payable for all debt, public aud private, IN accord
snce with existing contracts and IL amounts sgH-
Gent to meet the a0ants Of trdde IN gce eqDioyDe
to oil ia6or, and to enable the people 10 do 4 cash
business, and TO rehece them from the debt systsla
Which has made the industrial and c0mmetctdt
classes the slaves and drudges oi The credit mong
of the world.
The reckless men who are managing the
GreeDback movement are confident that
they can delude thousands OF honest men
into supporting the Greenback party Y
the means of such vague and Yet ilaltering
generalities as the above. These mana
hard times and are longing Tor II change to
more prosperous days. They think that
these classes of men will be deluded into
the support of the Greenback movement
through such vague promises and utter
impossibilities as are Swallowed form in
the above resolution. We are inclined to
think that few thoughtful men will be
caught with such. They will demand
something a little more explicit. They
will ask these managers such quest ons as
the following; "Who is to determine the
amount of greenbacks necessary to meet
the wants OF trade and give employment to
all labor, enable people to do "a cash bust
system ? How is this money TO be issued
and TO whom? DO the (ireenback leaders
propose to have such issues made direct y
to the people pro rata. or by what method
do they propose 10 get this issue into the
hands OF all those upon whom it is to con-
fer so great and numerous benefits? Is
the government to go into the banking
business and loan all those who need
money greenbacks without collaterals ?"
The inquirer will lind the leading adyo-
Gates of the American None try System"
greatly embarrassed by practical questions
like the above. or very evasiye in their
answers. leading him to conclude that they
have not adopted any plan for the dstr
button OF so general blessings as confer
ring upon the impecunious all the money
he needs and paying the notes of that nu-
merous class who have capacity for CON
tracing debts that is only surpassed by
their inability to pay them.
The only practical way Of getting ihi,
mass of national currency in circulation i,
to insist upon paying the six per emit bonds
by new issue Of greenbacks. An issue
OF greenbacks sufficient for that purpose
would reduce the purchasing power of such
currency as compared with the greenbacks
ofto-day, from 50 to 10 per cent. Indeed
ifsuch notes were made fiat or absolute,
monty never ID be redeemed. they wonld
not be worth ten cents on the dollar i,
cOin-no better loanthan the old Coutinen
tai currency. or French asSigaul. This
would afford no relief to business or IN.
debtor class 1t might bear heavily upop
SO many of the credit mongers of the
world" as hold our bonds but unfortunate
ly rich men are not holding that class r.
property to any extent. In this con,t,r
the most Of the ) 20s are h,ll by insur
ance companies and savings banks Trn.t
funds. the small estates elttj dependar,
classes. and the accumulation of old ana
helpless people have been put into those
bonds. A portion OF the circulation of
,Nassonsl banks is based upon these bonds
t64 tlfe stock of such institutions belong
largely 10 Peeple of limited means To
render worthless the mass of the six per
'osutIibsnds b. i wing green backs or treas.
NY notes 70 pay Ssn. would deprive
tent IF hQgsasds IF persons holding life
insurance. policies. sAsia6s hsnk deposits
and others having srnAlfyums invested 10