The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1879-08-07
Observation-Disclosures.

RODUCToRY-REsUMPTIoN
A year ago, specie resumption was great
bugbear, which most people dreaded. Many
who knew that resumption was duty and q
necessity were not the less weighed down with
fear, and wished that the cup might pass from
them. Solemn warnings filled the air. Things
were going to sell for a trihe The monster
resumption, was going to grind up the peoples
bones, and drink their life-blood. For pitiless
money-lenders it was to be day of bliss. The
rich were to be made richer the poor were to
be made poorer; and labor was to be crushed
and starved.
The day of doom came six months ago. and
we are yet alive. Not one of the frightful
things foretold has come to pass. Less prop
erty has been forced to sale than in any preyi-
Gus half year for long time Prices are
higher, ON the whole, than they we're year
ago. Money has not grown more scarce, but
for every safe and honest use more plentiful
More men and women are at work for living
wages than at any time from 1872 to 1879.
The rattle of mills is heard, and the blaze of
furnace-fres is seen in all parts of the land,
where in July last all was still and dark. The
number of failures and the losses by failures
have diminished greatly. New farms by the
thousand prove that toll brings fair pay to
farmers; new mines, new shops and mills, new
railroads and new houses, in all parts of the
land, give work to multitudes, and bear wit
ness that life and hope have come back to in
dustry and trade. In short, the weary years of
sinking prices, PROSTATE industry and stagnant
trade are past and the country has plainly en-
tered upon new era of steady recovery and
sure return to prosperity.
No man will suffer himself TO be cheated
twice by the same lying guide-post. The peo-
pie of this land have too much sense not to
profit by the practical lesson in finance which
events have taught them. Many, who have
been deceived by predictions of the harm to
come from resumption, have turned their
backs upon false guides, and have set their
faces toward the truth. They have seen the
dangers of resumption vanish like ghosts, as
we get near them. Every word of hope,
spoken in behalf of public faith and honest
money, they have seen verified The old
teaching of conscience and common-sense-
that honesty is the best policy-has been
brought home to the mind by the experience of
the past year, Now, surely, q brief, clear and
simple exposition of the fundamental truths
of finance, as they bear upon practical and
pending questions, may be welcome and do
good.
For there are still multitudes who spurn the
teachings of common-SenSe and experience.
Even now there are men who say that ''re-
sumption cannot be maintained, or that 1T
will cost horrible sacrifices Specie payments,
they assert, involve endless risks, do harm to
labor, and tax the people for the sole benefit of
bankers and bondholders. More money is
needed, they still cry; or the paper of the ma
tion in place of bank notes, or unlimited coin
age of silver instead of gold. The banks, they
claim, wrong the people by getting double
interest They insist that the Government
alone ought to issue notes, and that its paper,
made good solely by its stamp, will be cheaper
if not redeemed at all, and the better if put out
without that limit as to quantity which re-
demption involves. To these claims, and
others like them, many voters still give ear.
these things are those who said that resump-
tion was impossible or predicted that direful
woes unnumbered would precede or attend it?
Are these false guides, who have not once been
right in five years past, still to lead men OF
intelligence?
The series of articles on the A 3 G of FL
nance will show what resumption is, and what
it has done. 1t will show resumption can be
maintained without loss, or cost, OF doubt;
that it ought to be maintained because it is
wise as well as honest, and cheaper than any
thing that can take its place: and that it
brings as It's friends have predicted, grow
ing prosperity, solid footing for work and
trade, a special help to labor, and the exact
stimulus that is needed to lead the worker to
save his earnings, and thus to lift himself to
greater independence. The simple truths of
finance, plainly stated, will make it clear that
the volume of currency can be rightly regu-
lated only by redemption; that the banks give
in service more than they get in value; that
those who camor most loudly for "relief'' only
want more chance for the few to fleece the
many; and that the country really needs, not
more tinkers at its laws, but more rest and
quiet, and good faith toward all.