The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1878-09-02
GEN. GARFIELD AT YARMOUTH
A Sound Hard Money Speech.
A Plea for the Maintenance of the
Nations Honor.

large and enthusiastic Republican mass
meeting was held in Yarmouth Saturday after
noon. A stand for the speaker was arranged
on the Academy grounds, where the meeting
was held. Yarmouth Band, which was in at
tendance, furnished fine music for some time
before the meeting was held. The meeting
was called to order by Daniel L. Mitch ell of
Yarmouth at o'clock, and DR.. W. W. Thomas
of Yarmouth was announced as presiding
officer.
DR.. Thomas taking the chair, made a few
remarks upon the importance of the currency
question, and then introduced Gen. James A.
Garfield of Ohio as the speaker of the day.
Gen. Garfield was received with hearty ap-
plause and his arguments for honest money
met hearty response from his hearers, who
were not chary of their applause. After speak
ing of the importance of national questions to
every village and town in the land, the speaker
said that this country is just now at the close
OF the war; By this he would have it under
stood that there are different stages of a great
war. There is the war of arms. This was
ended when the last prisoner was exchanged.
Then the war of diplomacy, which was ended
when the fishery award at Halifax was made.
The chief war legislation was closed when the
reconstruction act was passed, but we are still
in part of the war-the war finances. The
patriotism which stood by the guns during the
rebellion was no greater, than the patriotism
which enables men to stand by the sacred
pledges of the government made during the
dark days of the war. A man who refuses to
pay. or half pays. government debts is not
patriotic 1t was during the dark days of the
war that we said to the rich of this land: "Send
US money to carry on the war. If you will, we
'You shall be paid" In 1862, in a great
emergency, the greeDbacks were issued. The
limit was put at $400,00O,000 Every act of
Congress said that the volume should not be
increased, for to increase would diminish the
value. 1t was on this condition that every
enough, but, without limit, it was seen that
it would be worthless This point was illus
trated by the speaker very forcibly. This law
that an increase of supply and not an increase
of demand will cause a depreciation in value is
as old as the hills and as sound as possible.
all these safeguards, prudent
men were afraid that resumption would not be
effected. Almost every Democrat in Congress
voted against the issue of greenbacks. The
Republicans voted for it because the govern
were made payable in coin, SO that we should
have something in our hand to pay the interest
with. When greenbacks were issued in 1862
there was scarcely man in the country but
what said they should be redeemed, and that
too in coin. Now there has come up party,
the members of which claim more wisdom than
this generation, and they claim it's all wrong.
If knew they were right and was wrong,
would still insist that the nations promise
should be fulfilled to the letter. The Republic
l4.,1 hnxa
should have been done before these hard times,
and then we should not have felt the depression
SO much. After trying time and again, in 1875
the resumption bill was passed. Senator Thur.
man, the leader of his party in the United
States Senate, said that the law would not
bring resumption. The Democracy fought it
generally, but it was successful. We have
almost resumed. The scrip has gone out of use
and we have silver change in its place. We
are now within half cent of resumption,
Nth slsGoooO o.h.e OF do coin in the
except to redeem our paper currency.
Why should we not resume? But just here we
lind the Democracy opposed to us again. Three
years ago che Democracy denounced the re-
sumption law as inefficient. Now they de.
its enactment strengthened the public credit
and increased the coin reserve. The moment
that greenbacks are equal TO coin there will be
added to our effective currency the whole vol
ume of our coin. The Democracy would pre-
vent this. They denounce US for making the
greenback better. They seek to make it worse.
If the farmers and laborers of this country
want their money to shrivel in their hands, let
them help to prevent resumption. If they
want it to become as good as the best, and to
the law as it lis. The Democrats not only want
the gold in the tire asury issued. but they want
524,000,000 more greenbacks issued, making
resumption impossible. In all they want an
~ oh TO lie 10
that it is in opposition to the constitution and
to the pledge of the nation, In their demand
for the permanent substitution Of greenbacks
for national bank notes, the Democrats have
turned their backs upon all their old traditions.
Every Democratic member of the Supreme
Court have declared that even our present issue
of greenbacks is unconstitutional The major
ity of the court defended the issue only as
war measure. The Democrats are wrong when
they assume that the poor are the debtor class
and that legislation for resumption Expresses
the poor. There are 100000 poor represented
in savings banks by deposits amounting to 81
377 900 900, and this vast amount they loan to
well-to.dO business men who need capital.
The poor man says, "While live can man
age to keep my wife and family from the poor
house. When die want to leave them some
thing that will accomplish the same result
He invests in a small life insurance policy.
The life insurance companies report 774,625
policies representing 81, 922, 000 900. The prem
sums represent $445. 100000. This immense
fun is loaned by these poor people, the insured,
to the men who carry on the great business of
our country. The Treasury Department shows
that registered bonds of the country represent
ing $452, 000, 900 are held in the United States
by 275 500 persons, and Of that number q 1884
hold less than $4,000. the amount running
down to $50 apiece. In one Of the Ohio coun-
ties the coupons OH all the bonds held by resi-
dents were collected by a county bank. Of the
whole number eight held over 900, and 1888
held from $2500 down to $50. OF tho whole
number 60 were widows and 121 ministers and
laboring men. These are the so-called "bloated
bondholders." The point, then, may safely be,
and it has never been answered, that the poor
people are the creditors and the moderately
rich are the debtors. The comparatively poor
contribute small sums. that like the trucking
streams flow together and make great rivers,
that are afterwards loaned to the rich through
the banks. The borrowers are few compared
with the great number of small lenders, hence
anything that depreciates the value OF a dollar
strikes at the small bondholders, savings bank
investors, insured people and labOrers, who
every week are creditors for vast amount OF
wages. Let us suppose for moment that at any
given hour all labor should suddenly cease,
How much would be due on accumulated
wages? The amount would equal $4,000, 0O0
Suppose we reduce the value of the greenback
paid o those laborers 10 per cent, making its
value 80 cents on the dollar, the loss would be
$4,000 900, a lost that ia irretrievabe since the
money, whether it be more or less, must be
spent at once for whatever it is worth. Webster,
that perhaps greatest of New England
Senators, said: "Of all the contrivances for
cheating the laboring classes of mankind,
none has been more effectual than that which
deludes them with paper money" In reply to
all ass atlantis we base the policy OF resumption
upon these impregnable grounds: First, the
public faith demands it; second, tho highest
interest of labor and capital alike demand q
stable currency; third, the chief hardships OF
resumption have already been endured, and
we cannot afford to retrace that weary road.
The present depressed time is perfectly
natural, and just what we experience about
every 20 yoars, and always follows paper
money imitation. This initiation is like soap
bubble. It's beautiful for time, but when the
bubble bursts there is nothing left. So with
the Greenbackers-tt; ey are trying to get rich
by cutting sharp corners. They curse the
money power, but do not stop to consider the
case. If this paper money that is desired was
| issued how could you get it? Do you know any
other way than to earn it? If you DO you
know dishonest way. Every one who seeks
| to get rich by the tricks of the printing press
| is either deluded or dishonest. Now, for
| fact, the Greenbackers charge that the business
| distress of tie country has been caused Dy the
| operations of the resumption law, and oy
| what they call "The merciless policy OF con
| tracing the currency, boarding gold and IN
creasing the value of money" This charge is
| both reckless and unjust. ask every mar
who believes in this allegation to wrestie Win