Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1879-08-01
Scion Chases Reply to Sherman.

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is as the feeble sound of pop-gu to the
roar of the heaviest cannon. Ii is as des-
titute of honesty as ability. An honest
man commands respect though his opin-
ions are wrong and his reasoning weak ;
but Mr. Chase is dishonest as well as
wrong and weak in argument. Let us
notice a few points in his reply rs we find
them reported in trade-anddicker pa
per.
He SAYS ''now bonds are better than
'.any other investment because the bond
''holder's dollar is all the time growing
bigger" This is the answer Mr.. Chase
makes to Secretary Shcrman's statement
of the rapidity with which the four per
cent bonds were taken up. Is there an
honest farmer who reads the papers that
does not know that the explanation is Il
falsehood? The boudholder's dollar is and
always has been-cXcept in the case of
some short-time bonds-a gold dollar. 1t
varied but little in value during the war,
no more than gold varied in other coun-
tries, and has varied but little if any in
value since the war. Greenbacks have in
creased in value relatively to gold from
80 cts. to 100 cts, but the gold dollar is
or ga.
Again Mr.. Chase remarks "Mr. Sher-
IMAM says that the poor mans dollar
buys more to-day than it dill in 1875. So
ait does, but it costs more labor to get il,
''while the bondholder's has been in
''creased in value, not by labor, but by
"law." The paper dollar is the ''poor
mans dollar" intended above, and Mr..
Chase admts-because to deny it would
be too glaring an untruth-that it buys
more to-day than it did in 1875. That it
costs more labor to get it is true, but the
same labor, though bringing less money,
will give the aborer better living than
in 1870 The last assertion in the above
quotation from Mr.. Chase's speech is
.'whopper." The bondholder's dollar he
asserts has been increased in value "by
law" Now the resumption act, which is
the law referred to, was an act to bring
the greenback up in value equal to gold.
1t was not an act to raise the gold dollar
the bondholder's dolar-in value, but
it was an act to raise the poor mans dol
lar-unti it stood equal in value and hon
or to the gold dollar, and this it has ac
complished Uncle Scion puts the cart
before the horse, and he imagines the peo-
pie to whom he talks will never know the
difference When the votes are counted
next September he will know that they
are not so easily deceived as he thinks.
Another point which Mr.. Chase makes
is in regard to keeping coin reserve in
the treasury. to redeem greenbacks as
| they may be presented for payment from
time to time. lie says: ''John Sherman
sis very particular about the coin re-
''serves The coin is all locked up in the
treasury and the grecnbacks in the banks.
''If You had note drawing interest and
1.-THE money in your pocket to pay it,
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wouldn't you pay it and stop
1.-THE INTEREST,"" Not by any means
il the note was not due AS the bonds are
not-and we were liable to be called upon
any day or hour to pay large amounts out
standing against us in bills payable on de-
mand Any sound business man who de-
sires to keep his credit good, will take
care that he is able to pay his current bills
before he attempts to take up notes not
due in order to save interest. The keep
ing of a reserve for such purpose is
therefore necessity, but it pays more than
simple or compound interest, because it
maintains at the highest point the credit of
him who keeps it. which is worth more
| than interest There is no man or compa-
ny doing large business and employing
many workmen that is not obliged to keep
a reserve to pay them-if he does pay
them. 1t is by the reserve that when pay
day comes he is able to pay his hands. and
they in turn are able to pay their weekly
or monthly bills for the support of their
families. But suppose such "A company
were to follow Scion Chase's idea about
keeping no reserve, and in consequence
failed to pay his workmen and everyday
expenses, what would be the result WHY
the unpaid workmen would be unable to
provide rent, bread or fuel for their fami-
lies the grocer would have no business
the farmer would be unable to sell his but
ter even at II IL cents pound; women
and children would be destitute of the
means OF support; and the company itself
would 90 Just where the greenback party is
going and ought to go next September
to destruction. The reserve of coin kept
by Mr.. Sherman sustans the credit of the
nation, so that gold is wanted only to a
very limited extent and greenbacks circu-
late IN preference to it, The talk of the
greenbackers against the reserve is folly,
and it will not take men who have bust
ness of their own to attend to, u great
4. n, 4 I A.