The Portland daily press., 1879-07-25
SacCarappa.


treated to two stirring speeches from Hons.
Daniel F. Davis and T. B. Reed Previous to
the meeting the Saccarappa Band discoursed
hne music in front of the hall, and also played
several selections during the evening.
| AS the speakers arrived, accompanied by the
town committee, they were greeted by hearty
applause. Especially cordial was that given to
our candidate for Governor.
Promptly at o'clock the chairman of the
town committee called the meeting to order in
few appropriate words saying it gave him
great pleasure to introduce him whom the party
at its convention chose to nominate as its
standard bearer in the coming campaign and
he trusted the nomination would be ratified at
the polls
Mr.. Davis speech occupied some over an
hour in its delivery, and was devoted almost
wholly to the discussion of the all-absorbing
topic-the finances. He was very conservative
in his argument, and Stunned all petty per-
sonalites of many campaign speakers. AS he
warmed up" on his subject words fell from
his lips with telling effect, and in manner
tending to convince an audience of their sin
certify. He said the question of finance is one
which has puzzled many wise men of this
country as well as those of others. Some ques-
lions are easily solved-those of the war, of
Slavery, can easily be understood and salts
factory opinion to all be at once expressed.
Here as well as everywhere are men of various
opinions, those of Greenback persuasion loudly
demanding the issue of a large amount of
greenbacks to take the place of outstanding
government bonds regardless of the danger
which such course must entail. These
government notes are promises to pay made by
it in its hour of need in order to raise funds TO
sustain itself. The manner in which these
notes were issued was constitutional one
and these promises were everywhere current
When the amount of these notes issued
reached 35o000,000 then further issue was
stopped because they began to depreciate in
value. We had the experience of our fore
fathers to warn us against the unlimited issue
OF paper money, also the fact that the people
feared them, for many thought the govern
ment would never redeem these notes. But
when Congress agitated the subject and made
the primary steps towards speedy resumption
OF specie payments then these at once in
creased In value, and on January /, 1879, when
resumption was a declared fact the wheels of
business at once rolled on-all believed in the
stability of our government and its ability to
pay every dollar it owed. To-day dollar of
one kind is as good as one of another kind and
a general feeling of confidence is established
Greenbackers tell us we need more paper
money. The hard times of which they
complain began at a time when we had a
larger volume of money per capita than any
nation of Europe. These hard times were
mainly caused by the effects of the war, when
three millions of men changed from producing
property to destroying it, and at the close OF
| the war we entered upon system of specula-
ton. In 1868 to 1878 more than 10000 miles of
| railroad were constructed at cost of 81 ,600-
100000; everybody went to trading in houses,
lands, stock, and here in Maine our BOYS went
away from their farms and sought the large
business centres for speculation; stores and
shops increased, while farming interests and
producing decreased. This continued, every
body running in debt, until 1878, when the
crash came. Then the hard times began This
was the case with the nation as well.
1t has been stated that national banks are
expensive. Banking is free as water; any cor
poration that can raise $4,000 can start a bank
They can then buy bonds, and they must buy
certain amount in order to do business
These banks are taxed in three ways to the u
S. Government-frst, its circulation; second
on its deposits; third on its capital. In 1877
these national banks were taxed $6,99S 900, in
| addition to that the towns taxed them In
five or six years these banks have paid a little
over per cent. as taxes. In this way we
reach the Government bonds, which are not
taxed in any other way. Now in these banks
we have a perfect system Of banking You
know in State bank times that their bills were
current only in limited territory, and when
any of them failed the people had to bear the
loss. Now if you take one of the national
bank bills, you know it is good, no matter
where the bank is located, and you never will
lose so long as the government has money with
which to pay its bonds
will admit there is a burden in the bonds
But in the time of the rebellion we had to have
money; men were not obliged to loan their
money, and we had to hire it on the best terms
we could, and we had to agree to pay interest,
and to have them untaxed. For instance, if
the agents went to the money loaners, they
were met by the question, What interest will
you pay? VIII they be taxable? If so, you
must pay us enough to pay the interest and the
taxes beside. A noted justice has decided,
also, that bonds can not be taxed unless the act
authorizing their issue declares they shall be-
There is not government in the world that
taxes its bonds Now why this hardship? In
this country, where you have all the rights of
citizens, we have also the duties of the same,
and as the government in its need states that
its bonds shall not be taxed, we as good citizens
should see that its promises are faithfully car
ried out.
In concluding, the speaker dwelt for a mo-
ment upon the subject of State rights which is
now being agitated. He asked, Are we a ma
ton or confederation of States? This is a
question for citizens of this country-not for
Greenbackers, Democrats, or Republicans. If
you look over the Constitution you will find
the most bitter discussions have taken place
over this question of States rights. The war
of the revolution brought us together and we
adopted constitutions but afterward local
and petty iealousies arose.
In the days of John G. Calhoun the question
of state sovereignty was revived, but was put
down by the old patriot Jackson. From time
to time since, this question has been taken up
by the South and agitated. This was the ques-
ton settled by the late war. hoped this was
then settled, but the late Congress has again
thrown it up to us in all its former bitterness.
1 had hoped it was settled. 1 had hoped that
the two sections would again be united for this
great question had been settled first, by 1.-The
constitution; second by the petriot jackson;
third by the bloodest war the world had ever
known.
The band then played Kellers American
Hymn, after which Mr.. Reed addressed the
gathering He humorously alluded to the
Democratic Greenback coalition. He said
that after listening to the able argument OF the
speaker who preceded him, now we want to
hear the Democratic candidate; they have
shown him around several times but he was
dumb. By they candidate 1 mean Joseph L.
Smith. The other man is only set up to catch
few whom in polite language we call ''honest
Democrats He paid high tribute of praise
to the late William Pitt Fessenden in relation
to his action in Congress on all matters relat-
ing to finance Mr.. Reed spoke about half an
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