Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1878-09-30
Paper Money and the Labor Dues.
ton,


In his speech at the New York republican State
convention, Senator Conkling said
Our paper money. which was deprecated to less
than half the value Of coin, has at last virtually
touched par, and the necessities of life greatly
cheapened.
On the Both of June, lS64-fourteen years ago
the paper currency of the country, on its face,
amounted to 1885,, u.s. S4.34 Each paper dollar
was then worth in coin 80 100 cents The total
value Of the currency in coin WAS then 1922 ,6is, :
264 a. On the Both Of June, 1873. this year, the
paper currencv Of the country, its face.
amounted to $685., 597 ,27527. This is Sl45, l2l,-
6O907 less paper currency now than fourteen
| years ago. Each paper dollar is now worth more
than q standard silver dollar and is worth in gold
80 "a cents. On the let Of June last each paper
dollar was worth in gold 30 4-l00 cents. AT this
lower rate the total value OF the paper currency
on the Both of last June, in gold, was 1854. 1885,
69l.62. In other words. in 1873, the paper cur
rency less by $l45 900 600 than in 1864 Is worth
in gold 1892 600 900 more; or, In still other words
more than twice as much This fact besides
| showing vastly improved conditions. teaches many
lessons which the experience of mankind has
proved again and again, and which have baffled
every attempt to refute or vary them since the
morning Of time. What is the difficulty now
Business is stsgnant; capital is afraid, and labor
lacks employment. Capital is always afraid when
labor lacks employment whenever capital is net
afraid there is brisk demand for labor Capital
shrinks and is dormant, and labor lacks opportu-
nifty and reward. This is true, and true the world
over. 1t is true here. The fact % TO our own
country is overstated oftentimes, however 1t has
been asserted again and again that 5000 900 peo.
pie in the United States, laboring people who
| want work, are out Of employ. Can any man who
thinks, credit such statements In oil the Uni
ted States there are 100000 people, male and
female. usually engaged in manual industries
TO- 900 900 all told. Three millions out Of employ
would be nearly one in every three Throughout
the country usually at work, but now forced to be
idle. Everybody knows this cannot be true. The
5000 900 calculation allotted between 200 900 and
300 900 unemployed lsborers to Massachusetts,
900 TO Boston alone. A recent canvass of
Massachusetts shows about rs. 900 in all the State
of both sexes, and this was in June, before the
starting of many mills now running. Massachu.
sets has, Of course larger proportion of uneu-
ployed persons than any State out Of New Eng
land because artificial industries, as distinguished
from agricultural and ordinary labor, greatly pre-
dominate there, and are the Industries most Grip
pied now. But apply the Massachusetts ratio to
every State and the number Of persons in all the
land unemployed cannot exceed one tenth of g.
100000. Then, too, we must not suppose that
every man not at work is and has been unable to
find work. There is one class of men seen by
farmers and others throughout the country who
are not all out Of employ solely because work and
wages cannot be found. But count all, and the
picture has been over.painted. The truth Is bad
enough, and sad enough; business is depressed
and honest, honorable labor 10 suffering.
Can these evils be cured by such projects as are
now urged upon Us This is question to be con-
sidered without heat, and it may be discussed
without hard Names and without suspectinR the
integrity of those who hold other views. 1t is
said we should have new and large issues Of paper
currency. What forf Is not currency piled up
in every bank and money centre and depository !
Cannot money be borrowed in millions at the
lowest rates of INTEREST," When all the paper and
coin in the country Is put into active circulation
will there not be abundant currency? Confidence,
stability, and assurance that credits aud values
will not be tempered with, will unlock capital and
put money in circulstenj but schemes for water
| ing the currency and shrinking its purchasing
power. and thus changing bargains and transac
tons, will brighten capital and make it hide. Ii
| has been we'll said that the most cowardly thing
is million dollars. except two million.
| What is TO be done with new issue of paper
1t 10 to be paid, we are told, to bondholders.
What are they to do with it Win they give it
awayi They viii keep it or loan it. What good
will that dor If put into circulation it will dilute
and depreciate the whole currency and put up
prices for the poor to pay, and the wages Of labor
| will not advance fast enough to keep up with the
| advance of prices of food and commodities All
borrowers with security can borrow at the cheap
est rates of interest now-this is all they can do
| after more greenbacks are issued. But to pay oil
bonds with paper currency will stop so much in
| terest Yes, but what stands in the way Gold
il too dear In the first place, this would be fal
rennd;ston. Wbyi The bonds themselves fol
| vssrs ave said on their face. and laws and reso
luton, in every solemn form Of plghted faith
have said. that the bonds should be paid in hard
money-in coin. Savings banks, trust compsnie,
and individuals have bought these bonds for wild
avs and orphans and soldiers on this plightec
faith The bonds are uot held by the rich mos
of them are held by or for those who are no
rich.
ple in Congress assembled, said when they asked
money for bonds, that more than $500. 900 900 o
legal tenders never should be outstanding. Th
was TO saw the bonds should never be paid by
legal. tender notes. This pledge obtained The
money, and there il stands, to be kept in honor OIL
repndated in dishonor But this is not ALL Th,
lCousttutlon. as expounded by the highest court
and by every democratic Judge in the court, doe,
not warrant such a proceeding. Legal-tendel
notes were pronounced valid when issued to Dor
row money 10 time of war, to carry on war, unde
the provisions of the Constitution ordaining pow
er for such purposes, and only for such purposes
Now no war exists-peace prevails, and severa
provisions Of the Constitution challenge such
scheme.
A Washington lady recently sent one of bel
husbAnds coats to the yellow fever sufferers, and
being Of frugal mind, she pinned note to the