The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1878-04-01
Western Financial Sentiment.

1t is significant fact that the greenback
delusion is losing strength in the West and
does not command the support of so many
people as it did year ago. During the win
ter it did seem that the whole West had gone
daft over the money question, but that was a
mistake, mistake that arose from the con-
foundng of the silver men with the green
back men. Between these a temporary ali-
ance was formed to effect the RECOMMENDATION
of silver. That done the alliance came to an
end, and the silver men are now ranging
themselves with the resumptionists. A
change has certainly taken place in Western
sentiment, and the majority of Western peo-
pie are disposed to cry halt to further fnau-
clal legislation. A disposition is manifested
to let Secretary Sherman have his own way
and to put no hindrances in his path to re.
sumption. This feeling finds expression in
the resolutions passed by the "Hard-money
League of the West" an organization which
has its headquarters in Chicago, and extern
sive rami6cations in all the Western states.
Perhaps the league is little in advance Of
the popular sentiment of its section, but
there is reason to believe that its purposes
command an increasing support and that its
declarations Of doctrine voices a sentiment
that is gaining strength every day. In fact
the greenback fever which has appeared here
has had its run in the West and is passing off.
The Eastern advocates of "absolute moneys
may find themselves left alone by another
year, for the new NATIONAL party will lose
more in the West than it can gain here. In.
deed, the declaration of the League given
below, embraces so much sound financial
sense that it must co nmand the support of
the intelligent majority of the people of all
sections of the country. This is the plat
form of the hard-money men of the West:
The emergency that made it necessary for the
Government to force upoo the people an ire.
deemable paper currency having passed away,
to now perpetuate the system as permanent
inadcial policy would be violation of the
spirit of the Constitution, and of the spirit of
the laws and pledges under which our war cur.
rency was issued, and, as the experience of the
world has proved would necessarily be followed
by still further depreciation, to the great injury
of all legitimate business, and TO the suffering
of the laboring classes, upon whom the evils of
depr. ciated currency inevitably fall most
heavily.
National hoaor, and both national and indi-
vidual prosperity, demand a return to the
standards of value recognized in the Constitu
tion. and with our present paper curreucy
almost at par with coiD, to delay such return
and authorize new issue of irredeemabe paper
would only lead to further depreciation, till, as
in all past experiments of the kind, paper will
become worthless, leaving US without any
reliable circulating medium, and entailing des
tructiOn on all industry, and misery and power
ty on the masses of the people.
We have now abundance Of money to supply
all the wants of trade; our paper money L.
rapidly approaching the uniformity and stabli-
ty OF the coin standards; if left free from fur
ther legislative changes, it will soop, By force
of national laws, go into general circulation,
and general confidence and prosperity will be
restored to the country.