The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1879-09-02


which is against their own present interest,
while the working men favor imitation, which
is more detrimental to their interests than to
those of any other class. We believe we are
not mistaken in regard to the general 1acts OF
this conundrum; and its explanation is both
hopeful and discouragng-hopeful because
bankers see that their business can be prema-
nently prosperous only as the community is
prosperous; that to this prosperity hard money
is indispensable, and they are therefore willing
to forego large present profits to secure fair
permanent fts-dscouraging in that la
boring men, voters, can so delude them
selves as to favor rag currency which gives
sharpers the advantage of them at every tiuc-
tuation, and which oppresses and breaks down
business, the very source from which they OBJ
tain their livelihood. Rag money is in fact
industrial suicide.-Argus, Feb q. 1876.
WHAT IT THOUGHT OF SILVER.
While silver is perhaps the best known me-
dium for the adjustments of small balances, it
is too unweldly for the heavier class of busi-
ness transactions. If made unlimited legal
tender it would soon become deprecated, for
contracts would speedily take the turn OF
stipulations for gold or government. currency,
and thus the very good sought for by Mr..
Bland would be defeated. But if made legal
tender for sums not exceeding say fifty dollars,
and coined upon a basis at once just and rea-
sonable, only good would come OF it.-Argus,
Jan. 26 1878.
Argus, Jan. 8, 1873.
The silver resumption clause would to prac-
tical banking prove more disastrous hasco
than Secretary Richardson's five dollar re-
sumption xperiment,-because it would In
volve millions of loss to the Government.-Ar-
gus, January 16, 1875.
WHAT IT THOUGHT OF RESUMPTION.
There is not particle of excuse for delay
fin the resumption of specie paymentsl unless
ha fo
in suspense. The delay is hurtful to every
legitimate interest of the country, and helpful
only to the stock gamblers, who have so long
rioted in gain at the expense OF the people
Argus, July s, 1873
Mr.. Sherman aid lots of wise editors and
stump orators are talking glibly about resump-
tion ON the first of January next, as though it
will be as little difficult as some other wise
men think it will be to make fiat money equal
to gold They had better read Mr.. Poor's
book and learn disadvantages, Aug. ~,
1878.
WHAT THE ARGUS THOUGHT OF BUSINESS
PRosTRATIoN.
The chief causes of the present prostration
of business, which is almost universal are OBJ
vious enough. First on the list stands ire
deemable paper money American rag
money not only stimulated ourselves to ex-
haustion, but they have produced similar
effect abroad by stimulating and then stagna-
lenders and then ceasing to pay.-Argus June
2S, 1875.
The law Presumption act) is practically a
sham.-Argus Feb. 10, 1876.
WHAT IT THOUGHT OF woRKINGMEN's cANDI-
DATES.
A "Workingmans" candidate for, say the
office of Governor, is more than likely to be
a man who has never had any experience in
public duties, or some demagogue who uses
fha yi,,oD IN a SteDOlnO
stone to his own advancement and Its suDse-
quent BETRAYAL. Because man has become
skilled in some particular branch of labor or
has, by any means, become popular among ms
fellow laborers, it no more follows that he
would make good Governor than that sue
cessful financier would make good general of
an army, or an eminent college professor a
practical bank president, and if by any turn of
the political wheel of fortune, such an un-
trained man should be selected to an impor-
tant OF responsible position, it requires no very
far-seeing intelligence to see in the light OF
past experience, the bad results which are
pretty sure to follow.-Argus, Jan. s, 1878.
WHAT IT THOUGHT OF BoNDHoLDERs.
The feelings of hostility and hatred towards
those who happen to hold their means wholly
or in part invested in Government securities,
which are entertained by large class at the
West and South is to say the least, unfortu-
nate and bodies little good to the country
.
that the holders of some of these bonds pur-
chased them for less than par, some as low as
40 cents on the dollar. By the same logic the
man who in 1862 bought property for SAC ,,
and now charges rest at the rate of $10,C. } is
equally an object of hatred. And it is a Won
der that the virtuous editor does not rise up in
indignation and arm against the perpetrator OF
this outrage.-Argus, Apr 10. 1878.
WHAT IT THOUGHT OF GOVERNMENTS ISSUING
MONEY.
The great disclosures at Washington, ON which we
commented very recently, proceeding with re-
lentless persistence and growing Importance. The
utter u1isafety of trusting Governments with the
issue of paper to circulate as money is being demon
strated more and more every day.-U. ). Econo-
mist.
The Economist then shows that there can be
no such risks from the coming of gold and sill
yer as come from the attempt to make money
by printing promises of the Government on
paper, the latter being process to which no
power as vast as it is dangerous to the public
welfare.-Argus June 1, 1876.
WHAT IT THOUGHT OF THE LEGAL TENDER DE-
CISION.
The Republican party is ''looking to the re-
sumption of specie payments'-the same as 1t
has been for the past ten years-and rowing
the other way! 1t packed the Supreme Court
to reverse a hard money decision, and only last
Winter added twenty-siX millions to the vol
Our readers will remember the interest and
excitement that attended the discussions upon,
and the subsequent decision by the Supreme
Court cf the United States, establishing the
standing of the legal-tender notes $50 called;
and how that President Grant, under authority
from Republican Congress, packed the Su-
preme Court by the appointment of two new
Justices to secure reversal OF the former right
eous Judgment and the setting up of false law
in place of the true.-May 4, 1868.
The publication at this time of the protest of
Chief Justice Chase, Justice Clifford and other
associates against the proceedings to reverse
the legal-tender decisions, so called, brings
freshly to mind facts which, with the changes
since, are certainly of an encouraging charac-
ter.-May 7, 1873.
WHAT IT THOUGHT OF THE NATIONAL PARTY.
Recent events have demonstrated beyond
the shadow of q doubt that financial questions
are to form a by no means secondary element
in the future politics of this country. The prom
inent and influential men of both parties hav
disagreed upon the money question, and though
the conservative elemen thas thus far succeeded
in shaping financial legislation it is impossible,
nor it good policy to shut ones eyes to the fact
that the country contains large class OF pee
pie thoroughly imbued with extreme and in
some respects d"noerous notions as regards cur
rency matters, I'd who manifest a persistence
and courage i'll proclaiming their views worthy
of a better cause.-Argus, Apr. 10, 1878.
WHAT IT THOUGHT OF REFUNDING.
The four per cents will probably never be-
come very popular in Maine. Our savings
banks offer quite as safe investments, at bet
ter rate; but in the Middle and Western States
where confidence in savings banks and kindred
institutions has lately been SO sorely tried, a
new investment which promises safety is pref
ty sure to be popular-and we look to see "a
large increase in the subscription as soon as the
people come to an understanding of the matter.
Argus, Jan. 20, 1878.
WHAT IT THOUGHT OF BILLS OF CREDIT.
The fact that bills of credit which afterwards
became worthless made the revolution a sue
cess if they did that, would hardly justify us in
attempting to obtain sound currency by SIM
liar means We certainly need to avoid any
experiment predoomed to failure, for such fail
ure would fall most heavily upon the classes
that already suffer most severely-the produc-
ers of the country.-Argus, June q, 1878.
WHAT IT THOUGHT OF CURRENCY AGITATION.
Some of the gold and silver men seemed
doomed to mutual disappointment. The former
thought gold would go up when silver was
made "an equal yoke-fellow with gold" while
a class OF silver men were mortally afraid of
the resumption of specie payments. Gold, in
stead of going up has gone Down, and on Sat
urday brought only one per cent. premium.
The next notch will bring greenbacks to par
with gold, which will be practical resumption
This extremely desirable result, for all honest
interests, will soon be an accomplished fact, II
how q, foolish AGITATION and leQlSla-