Ellsworth American. [volume] (Ellsworth, Me.) 1855-current, 1879-01-16

resumption act will add materially To the
volume OF our circulating medium. and
sooner or later under an 'ndiscriminating
and uniiorm coinsge act. they may OF them
selves fll the void. In the meantime,
whether Unhed Safes Treasury notes. in
multiples of live. ten or tweriy dollars, or
National or State bank notes of like
amounts shall supply any deficiency. Is a
question which agitstes the public mind
The only authority found in the Constifu-
ton In relation to the former, is the au-
thority given Congress In that instrument
ito borrow money upon the credit OF the
United States The objection urged
against using the notes OF the National
banks, Is that these institutions are based
upon = principle mai iiestly unjust. and
which practically gives TO the capitalist
double or treble interest on his investment,
and thereby increases the burdens Of the
people who receive In return no valid com
penssiiou. a siugle examination OF any OF
the reports ot the Comptroller OF the Cur
rency during the last ten years, will eX-
hibit t,is matter Ia It's true light. Take for
instance. the standing of these institutions
on the 3Oth of October last. In the istest re-
port which has fallen under nv observa-
ton. and the exhibit In round numbers Is
As follows:
Bank capital. S4s6.OOO. 900
Invested In bonds. Az OoO, 900
Loans and discounts. $50 .O0O. 900
AgGreg sting. aside from in
vestment In real estate, 81 2I2.W0 900
An amount upon which they are draw
ing interest equal 10 nearly .hrre times the
amount OF capital invested And a. com
pensation for paying the interest on this
enormous amount at bank rates. the public
receives the benefit OF circulating medium
of national bank notes Of s30l 900 600, In
view Of such facts. II the authority to issue
treasury notes to A fixed amount. and suf-
hcient for the necessities of business under
the constitution Ia clear and unmistaksble.
there viii be no doubt as To which method
the people will prefer. As before remarked
Il Is not YOUR special business to legisla'e
upon national matters hut you have the
right To indicate to our Senators and Rep
resen,stives in Congress, by resolution or
otherwise, what YOU believe to be the
wishes of your constituents, and for their
best interests.
CONCLUSION.
The circumstance under which | have
been called to assume the duties Of The
Chief Executive officer of III. Stat, pre-
vent me from entering into details "a 10 the
Industrial and refnrmatory in.titutians
placed under our supervision. For partic
uiar- 10 reference 10 these matters. must
refer YOU To the reports OF he several on
ccrs IN charge of them. which will be sub
ntt.d for your Inspection a. IA early "A date
a. practicable. The Importance ~ making
suit4hle appropriations for the successful
management and well-heing nf these insti-
iutious will be apparent to you all. While
urging upon you the importance Of strict
-conomy and a careful scrutiny into the
necessity al anv and all oi your appropria-
'ion4, II mus, not he forgotten that liberal
ttv even In some directions. Is true econo-
my. and that the best interests Of the State
NAV he best sub"rved by judicIous eXpen r
dtures
The position. gentlemen. to which have
been So unexpectedly called by your votes.
ia one of grave r-sponsihilIty. l shall en-
deavnr :, discharge its duties to the best 81
nv ability seeking only the interest Of all
our pe"p'- irr--p.-c'iv. Of political factions
or local In.cr.-'s You will have nv &, =
operation hy The ,ppr"val of a., iudicious
enactmru'> having tor their object ihr pro-
/ motion Of education. the suppression and
prompt punishment Of crime. the curtail
m"ut of Unnecessary expenditure. and ~
every measure that reasonably promise, 70
lee r. the burdens OF taxation, or tina; l.
designed la amcllorate the sufTerings and
/ add 10 the prosperity aud comfort of our
people.
On your part. am sure you viii be act
uated by the same purposes aud will devote
your best energies 10 secure these results
| trust that your deliberations will be har-
mnuious and that the sc-rbity Of party
spirit will be forgotten In your desire 10
{,
and 10 make this Legislature OF which you
s,e members. spiCunus for its economy.
inds-try, sobriety, and tor its wise and ju-
dtc,uus snactnents.
ALoNZo GAgCELoN.