Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1878-10-28
Nth this money; he opened his box and found II

L Laughter anu appihu-t.l NOW IL Is saIu ny tue
story teller that that old man was a magician, and
that be deceived the eyes of the whole people
Who is that old man now in this country 7
Laughter and applause. He has long beard
fcontinued laughter. but that is the only crcum-
stance of identification. E
Well some simple people in a remote Italian
province once went to the Pope to convey their
homage; and the Holy Father pleased with this,
said, "My children, before you 90 to your homes,
IS there anything that can do for you that would
improve your condition 2" They replied-foi they
lived by tilling as husbandmen-that there was
nothing that they would like much or that would
he of great advantage to them, except this. That
the Holy Father would direct that they should
have two crops in the year. Laughter.l II was
willingly granted by the Supreme Pontiif, and AS
they were taking their leave he said, "My good
children, will do even more for you than you
have asked. Not only shall you have two crops
in the year, but vour year shall be twice as long
as it is now" lGreat laughter.] Doubtless they
thought that "length OF DAYS was in their right
hand, and in their left hand riches and honor"
And so il it must be whenever magician or
Pope gives fiat money I; he must give us fiat
trade fiat TODD, and fiat gements all through
Laughter and app'anse.l But we come much
nearer to this business of fiat meney. it seems to
me, IN the proceeding which | dare saw we all
remember in our childhood, of the children in
the pursery, pettioDing their mother to be al
lowed TO play grocery store fiaughter and there
they had nothing but fiat money. Laughterl
They drew upon their mother for the sugar
llaughterl. and the plums and the raisins and the
almond and the oranges, and made great array
of groceries. And then each customer among
the infant band made their money in shape and
in denomination and value to suit themselves
[Laughterl. And that Is exactly what the fiat
money 10 to be. We are all to be children and
based upon all the property of the United States,
Just as these chidrens stock of groceries
based upon the illimitable wealth of mamma
But even this playing at fiat money, although it
never produced financial distress or reverses to
the infant band, had some i'll consequences. When
you buy groceries with fiat money, and they are
all of the edible kind you are apt to eat too much
of them. And 50 the nursery was soon distressed
with the vomiting mp OF the fiat accounts bv ex-
tensions of the stomach and contractions of the
bowels [great laughter, and finally mamma in.
teivened as the good Providence will have TO do
for us. and took in hand the grocery and the
sa esmen and all the customers and put them 10
bed with good dose of rhubarb and msgnesia
Great laughter to work out the fiat system, and
not to try it again till they had forg its pangs
[ Laughter and applause.
: If we can have good Providence to take care
of our finances. and see that all the property Of
the United States comes forward just il is needed
bv everybody that wants the money. we viii get
along little while. until the whole Nation, sick
at head and faint at heart, comes back to good pa
per money. COnVettlDle into pOlu anu SILVER, ana
gold and silver, as the money of its trade. Ap-
plsuse. But the astonishing thing to me is that
there should be public men protesting confidence
in the people who should 90 up and down the
land expecting to use reasons that insult the peO
pies intelligence, or Influences that corrupt their
morality do not believe that the common bash
of institutions, which is common honesty,
common sense, common courage, common sympa-
thy with one another's burdens, is ever to be
turned adrift under any such preaching as this.
If, indeed, in a matter of finance we could sup
pose that this shjectncss Of poverty OF ideas of
strength of will, of self preservation, should de-
part from our financial wisdom, why, it would de-
part from the other forms of the institutions in our
day. We need not fear that the people, when
they know what it is that this physician or that
financial Pope is saying to them would put much
faith in their wisdom or instruction.
UNLIMITED INosEAsE OF aREENBAcKs.
But, gentlemen, there is another form of fnan-
cial doctrine which is not so easily dealt with,
and which deceives or begniles good many peo-
pie. mean the notion that unlimited amount
of the financial paper of the Government. re.
curing in some form or another an adhesion to
value may be put out as q saving 10 the people
in regard to interest and other burdens The
principal issue on this matter seems to be between
Whist is ca lied volume of the notes of the Unit.
ed States sufficient to furnish all the paper mon
ey of the country, and the satisfaction of the
bank note, which now furnishes about one half of
it. But all these reasoners do not proceed far
enough in their inquiry. There is no mode by
which any money can be paid out of the Treas
ury of the United States except upon an appro.
priation of Congress. There is no mode in which
il can be paid ont except upon the reception into
the ownership of the country, or into the Treas
ury of something which takes its place. Now the
whole amount-so much is our taxation reduced
by Republican Administration one after another
of that $3.50 900 900 or $40 000, 900 will make
the circuit of payments and receipts. and we have
already more Of the money of the Government in
this form of United States notes than is neces.
sarv to complete that circuit.
You must then, either have a continuance BY
which large expenditures Of the Government are
to be made for the purpose Of giving vent to a
greater volume Of these United States notes than
is now on foot, or you must provide that they
shall be used in the redemption of bonds. Well,
expenditures are not the Policy of the Democrat
ic party. They are not the policy of the Repub-
lican party. Economy and reduction of the ex-
penses of the Government to the lowest proper
leve commensurate with the maintenance of au
thority and strength and the performance of the
of those parties. Are you then ready to issue
this money in discharge of the bonds of this coun
try Certainly not upon any other basis than
such as the holders Of the bonds submit to and
snch is equivalent to promise Of paper money
that s understood to be and is felt to be com
WIN tuc uuC mOUey OF the
world. If you say you will pay your bonds
that are now on their promise payable either
presently or in the future by something which
is not payable at all-that / can understand. II
YOU say to the holders of those bonds, Bring
them in and take rs bonds that say on their face
they never should be paid"-that can under
stand but l, understanding them ss one, neces
sariy must see that it means nothing but q re-
pudation of the public debt, and these people are
too intelligent-if they mean to repudiate the
obligations of the public faith-not TO repudiate
them directly; they are too intelligent to plav
this false game of hide end seek that deceives
nobody. That brings 1t Immediately into the
range of fat money, or Of money not intrinscal
" valuable and not representing anything that is
intrins cally valuable. The true currency of the
country, be it United States notes or bank notes
in such volume IS the financial wisdom of the
country can direct, compatible with every dol
lar Of them being redeemable in gold and silver
keeps up the activity of exchanges, but does not
undertake to do what any Government will moi
be permitted BY the people to do for one instant
What do the people trust the Government with
whether it be monarchy, despotism, or
free country like ours what do the people trust
the government with, in respect to gold and silver
Nothing but the weighing refining and stamping
of it. Any Government that undertakes to de.
base will soon be at issue with the people and com.
nit q crime sgainst the State. Let us under stand.
The reason that gold and silver measure value Is
that they have value. The reason paper money
can be used to measure value, is that it measures
gold aud silver. and Is geabe with it and
Tins ueaaure value. Rut how ran vnu ,naa