Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1878-06-24

find no justification for il except the abso-
Lutte n, cessiry for means to uphold the
government. He foresaw the evils that
would follow the issue OF the legal tenders
proposed, and stated them fOrcibly in his
speech They were: that 1t could not in
crease confidence in the ability or integri-
" of the country; it was confession OF
bankruptcy; ii was bad faith; it encour-
aged bad morals; 1t would inilct stain
on the national credit; it would change
the values of property, and the greatest
loss would fall upon the poor. On infla-
ton and its result we copy the following :
Again, sir. il necessarily changes the
values of all property. 1t is very well
known that al over the world gold and
silver are recognized as money, AS cur
rency; they are the measure OF value.
We change it here. What is the result
Imitation subsequent depression, all the
evils which follow from an inflated cur
rency. They cannot be avoided; they are
inevitable the consequence Is admitted.
Although the notes, to be sure, ass pre-
cisely at par, gold appreciates. property
apprenticeship kinds of property. saw
in newspaper the other day, state
ment, and believe il has not been con.
tradicted, that the c0niederates are now
Just in this position; their notes, which
are made legal tender there, are
piled up 10 their banks mountain high
rs high at any rate as the banks-and the
people are living on shin plasers, and
real estate has appreciated finy per cent,
and, indeed, can hardly be Purchased at
all That is the CONDITION that has fol-
lowed there. They are at the end OF
their course we are ust at the beginning
of ours.
Again sir, a stronger objection than all
that have to this proposilion-1 am stat
ing the objections which ever ybody must
entertain, because ! suppose these facts
are palpable-is that The loss is TO JdH
most heaciiy upon the poor. believe it
never was disputed, 1t cannot be in the
light of experience, that those who are
injured most by an inflated currency are
the idb0rilg meH-the poor. The large
capitalists can bear it but there are small
capitalists in this country whom it will
vastly iniure. When you speak of cap
italist, in the common occupation OF the
term, YOU mean itch man; but every
man who is free OF debt, and earning
something, and earning surplus. is II
capitalist and the great number of capt.
talists together make up great whole,
and these are the men who suffer by
the disorder OF affairs-the poor laborer,
in the first place, more than all the small
capitalist, il may 50 call him. next; the
rich capitalist the last OF ali. Such is the
necessary result and consequence always
of a system OF this kind.
Aud yet the greenbackers, who want
to render irredeemable paper currency
permanent make their appeal to the labor
ing men for their votes--lhe very class
whom such currency Injuries more than
any other class in the community. Sena.
tor Fessenden felt that the existence Of
the nation was at stake, and TO save it he
was willing to resort to any means that
would accomplish the purpose. even as II
surgeon would amputats the limb of a
patient to save his life; but he had not
the audacity and dishonesty as greenback
ers have TO say that such currency would
relieve the poor, much less to seek their
votes on such miserable, deceptive plat
form as the Maine greenback convention
adopted. To continue the greenback cur
rency in time of peace, alter the nation is
able to resume specie payments, is as sui
cidal as it would have been not to have
resorted to greenbacks when only that re-
source could save the nation from death
1t is worthy of mention as showing the
modesty of Mr.. Fessenden in regard ia
knowledge of finance as compared with
the leaders of the greenback movement.
that while they assume to have all
knowledge of the mysteries of the sui
Ject, he SAID IN the very speech from
which we have been quoting in this anti,
Gle, that after all the study he had tried 10
| give this subject, aud with all the advice
he had tried to get from experienced
men, he was obliged to come to the con-
| cluson that nobody knows much about
the question of finance. Think of this
from one of the ablest statesmen of the
country and long the Chairman of the
Finance Committee, and then think of
Joseph l.. Smith claiming to have mas
tered the whole subject of finance in onlu
St1 weeks!! And then think of the Scion
Chases, the Foggs, Rusts and Perrys
holding forth to the intelligent people of
Maine as infallible guides in financial
matlers!! Il!
Let the republicans of Maine heed the
opinions of William Pitt Fessenden in re-
gard to greenbacks, and rise up vigor-
ously and unitedly against the demagogues
and iguoramuses in finance who are lead
ing the way to general bankruptcy and
ruin.
WASHING TON CORRESPONDENCE.
WAsHINGToN II I,,na On