Oxford Democrat. [volume] (Paris, Me.) 1833-1933, 1879-07-29

tax is not sufficient, you can increase it.
But, it is said, the Government might issue
these circulating notes and save interest.
In doing so, however, it would lose at once
the taxes collected from the banks; il
would violate the public faith, pledged in
an express provision OF the law creating
the public debt, that the amount OF United
States notes should not exceed $500, 0O0,-
600; it would make necessary larger re-
serves to maintain resumption on the in
creased amount of United States notes, and
would eventually lead to the abandonment
of the idea OF specie standard, and again
launch the country on n sea of irredeen-
able money, with the inevitable result of
wild speculation, panic and bankruptcy.
Can il be that the shrewd, sagaciouS peO-
pie of Maine cannot see that by yielding
AN inch 10 these dogmas that threaten tho
public faith and specie resumption they
open the sluice-way TO reputation aud
communism? Let us, in due time, as their
charters expire, deal with these national
banks as may seem best for the public In
terest, preserving always the public honor
and the specie standard.
This platform says
''The volume OF our money should not vary
with the chance production OF the precious
metals or the caprice OF corporations
This dogma is an absurdity on It's face.
Money is only needed 10 buy productions
and the quantity, value, and demand for
productions create a necessity for more or
less money in precise proportion to their
amount fixed volume of paper money
is what the GreenbackerS have hitherto
complained Of; and one Of the chief merits
of the system of free banking *, that IL
gives an opportunity for the cbb and flow
of currency, the increase or dimuntion Of
the volume depending, not upon the caprice
of corporations, but upon the demand and
necessity for currency. In this respect
national bank-notcS have greatly the adj
vantage of paper money issued by the
Government. which can only be paid out
according To the wants and necessities OF
the Government In the conduct of public
business. The true doctrine is, that vol
ume OF paper money, always redeemablc
in coin and maintained at par by ample re
serves, increasing and diminishing accord
inc 10 the demands of business, should be
provided by the National Government un-
der general laws, free and open TO all alike.
Our present system, consisting Of gold and
silver coin equal 10 each other, and United
states notes and bank notes always re-
deemable, comes nearer the ideal form Of
money than has ever heretofore been de-
yised by man,
one Of the members Of Congress from
the State OF Maine, the Hon. G.. W. Ladd,
is reported TO have paid his attention 10
me, in a speech In this city in the follow
ing language:
"Mr sherman has sold one hundred and
ninety millions OF four per cent. bonds In ono
day 10 hl6odEuokers who were choking the
country, and he should oc impcached."
BY this act in a single day, the Treasury
Department saved 10 the people OF the
United States the sum Of $1,000, 600. The
.'blOOdSuckcrs" 10 whom he refers are
those who purchased the forty millions Of
ten dollar rcnnding certificates, who form
cd in long lines in front OF eight hundred
post Offices in the United States, each de
handing the sum OF one hundred dollars
or less of those certificates in exchange
for United States notes, aud the purchasers
OF $50, GOUO0O United States bonds taken
by banks 10 De sold again TO citizens and
corporations throughout the United States
and in Europe. bearing the lowest rate of
interest at which the United States has
ever been able 10 negotiate it, securities.
The proceeds wore, within ninety days.
applied 20 the payment of bonds upon
which for sixteen wears the Government of
the United States had been paying five per
cent i'm gold. These "bloOdSuckers are
among the most prominent and cntcrpris-
ing and Industrious citizens Of the United
states, anxious and willing ga trust the
Government with their earnings. in the full
faith that the promises made 10 them upon
their bonds and certificates will De faith
fully redeemed, and yet they are denounced
by this Congressman with terms of re-
proach, and |. for doing what the law COM
manded me 10 do, and which, | proudly
say was able 10 do. through resumption
and confidence In the public faith deserve
impeachment There must be- something,
fellow citizens. in this craze, which de
StroyS the reason Of men.