The Portland daily press., 1878-08-23

money, and now we can get it at 4 per cent
At the close OF the war we paid S143 781 ,591. 9
in interest. Now we pay S92, $50, 1902 81.
saving OF Sol, loo, 789.40. Who is ashamed O
TINS showing? But then it is said that tn
ponds are not taxed. 1t Is said that one cas
pay taxes on property and another class doe
not. Who is there that ever got anything GU
OF the government without paying for it. Th
government gets the benefit of the bonds no
Deing taxed. The government only pays 4 pc
cent for,lts loans, but if the bonds were take,
tne nation would have to pay per cent. ant
tn1s would come out of the states indirectly
You can't have cake and eat it too. If the bond
are taxed, the government cannot,,sell them fo
per cent. AS to contraction, there has beer
no contraction. L wish there had been. Th,
new party say they want more money. The!
want piece of paper made absolute money
The folly of the fiat money was illustrated
with some very plain home thrusts.
The reason why we have lived SO long with
eut paper money is that our fathers had suf
Iered so sadly that we knew better than Z,
depend upon it. Some of the Continental
moaey was worth from to 9 cents on tn,
dollar. When we of Maine took up thi
money on the basis of eleven dollars to one
then people cried retraction, but we made g
good thing out OF it, for we got the trade Of
Connecticut. People from that state came
here because they believed in solid basis
All the great men have given their testimony
on one side. This is because they have profited
by what they have seen and heard. We should
learn from them and not go through the same
experience in regard to this paper money.
In 1889 France was free of kings. The people
were free. Then they wanted a lot of money
Some opposed it, but the hot headed ones said
we must have 1t, as it is the opposite of despot-
ism. 1t is free and easy mode. The money
was issued in small quantities until 100000 600
francs were issued. and it was not worth the
paper it was printed on.
The issue of this paper money was likened to
the effect of Intoxicating drinks on the human
system. A few drinks quicken the pulsation
OF the heart and things look brighter. But
when the effect begins to pass off the heart
beats are slower and the feelings are despond-
ent Just go with the country when excited by
this inflated currency. All is well when it is
going up, but the return tide is what does the
mischief. 1t is the money lender who feels
the hard times. One of them has been NOM
mated for Governor. To be sure he has never
taken more than per cent, but has always
been willing to take little something in the
way of commission. Money is but circulat-
ing medium of trade. We know how to do
business better than they do in France. We
can buy car load of corn in Chicago by the
use of check, but in France they would have
to send the money. Thus we do not need as
much money as in France.
Reference was made to the Initiation of cur.
rency in Portland after the fire, when every one
borrowed money and built big buildings, which
so soon deprecated after the excitement was
over
The speaker next referred to the national
banks. To-day we can get ldxuries which
kings and queens hundred years ago never
thought Of This state of things is because we
have combined our capital and the banks help
Us to do this thing. The banks are not allowed
10 issue any money at all. The government prints
the bills, and after the banks have made q
deposit of ST. 10 for each dollar they can have
them, and after the Office rs of each bank sign
them they are issued like their own notes. The
bonds deposited by the banks make every bill
good. If any man has dollar bill on bank
and the bank goes up the dollar is good by rea-
SOP of this deposit. The banks did not want
to buy these bonds, but they we're obliged to.
The banks made plenty of money during the
war by reason of paper initiation, but now they
do not make such great sum. If, however,
the currency is inflated the bankers will begin
to get rich again. If greenbacks should be SUBJ
stituted for bank notes this country would lose
fully So, 100,0 900 in actual money.
Mr.. Reed closed his very able speech with
few words of advice to the audience. He adj
vocated a careful and candid consideration of
The important issues and action based on
this consideration. Owing to an engagement
at Springvale in the afternoon Mr. Reeds re-
marks were necessarily cut somewhat short.
While he was speaking the band from Gray ar
rived accompanied by a large delegation from
hat vicinity. They were received with much
enthusiasm.
The chairman read telegram announcing
that Senator Blaine would be in attendance in
The afternoon and then the meeting adjourned
Until O. clock.
The Afternoon Meeting.
In the afternoon the attendance was greatly
mere ased. Teams from all directions came in
Dad ed down with people while the several
rains and steamboats, brought large numbers.
Previous to the commencement of the meeting
Chambers band gave concert in the grove
which was greatly enjoyed. Senator Blaine
arrived from Portland on the afternoon train,
md was met at the depot by large concourss
If people. A carriage conveyed him to the
grove where the meeting was held at 2 o'clock.
8's appearance on the platform was the
signal of loud applause from the entire
Hon. J. III. Drummond called the meeting
10 order at 2. 10 p. NJ, and in few words pre-
vas too well known to need any introduction.
Senator Blaine was received with great
ethuaiasm, and spoke with great power for
ae space of about two hours. His speech was
the same as the one he delivered
It Biddeford, aud which was fully reported in
he PRESS of yesterday morning. Notwith-
tanding the fact that he was obliged to lean
IN table throughout the entire delivery he
vas able to held the closest attention of the
audience throughout. The applause was hearty
snd of the solid metallic Sort His al1usion to
Mr. Reed was received with shouts of applause
from the entire audience. AT the close of his
remarks he left the stand to take an extra
rain for this city.
HON. j. c. BURROWS SPEECH.
Hon. J. G. Burrows of Michigan was in
reduced as the next speaker. He said that he
vas not prepared to speak of the Democratic
party as they would not like it. Probably the
do not want any more said to
hem after what they have heard. But few
words may not be uncalled for. This party is
made up of members of both parties especially
rom the Democratic party. After the Demo-
ratio party voted for Horace Greeley they will
yote for anybody. The Democrats may call
themselves Greenbackers, but they are not and
hey W i'll not vote that ticket. The new party
,all themselves Greenbsckers, but they are
lot, and they are trying to destroy the green
back by removing its date of payment. They
claim that they do this to keep them from
retiring the greenbacks. But this cannot be
lone. The only difference between green
back today and greenback next January is
hat now they are worth 99a cents aud next
January they will be worth 100 cents.
Applause.)
The greenback was made to pay the soldier
IN the field of battle when we had no other
These greenbacks were taken in
good faith and now the question is whether we
will carry out our part of the contract. We
promised after years to pay these greenbacks
% 1879 Every man who tries to get rid of
ibis contract is dishonest man. The dis
anguish Senator not from Maine but from the
United States, for we all claim him (spplause)
says that Maine is too honest to do this thing,
assure you that my own state will do nothing
Of the kind. (Applause.)
The Greenbacker is determined TO rid this
country of every dollar of redeemable paper.
[n my state there are two wings Of this party.
One OF them with Brick Pomeroy at the head
says we will have fiat money, absolute money.
The other wing says that we will have a
promise to pay, but will not do it. A large
class of people are in favor of the former. 1t
IS redeemable never and payable never The