The Portland daily press., 1879-08-26
AS Good Now as Then.

| The Greenbackers who predicted that re-
sumption would be failure, that it would
be followed by widespread ruin and distress,
that it could not be maintained, have proved
| false prophets. Let us now listen to a true
prophet and the words of warning he uttered
fourteen years ago. The prophecy given be-
low,-not put forward as a prophecy, but as
the opinion of a man who had made finance
study-has been fulfilled nearly to the let
ter. 1t is from speech delivered by the
Hon. Hugh McCulloch at Fort Wayne in Oc-
tober 1865, that time the Greenbackers are
fond OF referring to as the era of prosperity:
l am not one of those who seem disposed to
repudiate coin as measure of value, and to
make secured paper currency the standard
| On the contrary, belong to that class of per-
sons, who, regarding an exclusive metallic cur
rency as an impracticable thing among an en-
terprising and commercial people, nevertheless
look upon an irredeemable currency as an evil
which circumstances may for a time render
necessity, bnt which Is never to be sustained as
policy. BY common consent of nations, gold
and silver are the only true measure of value.
They are the necessary regulators of trade. L
have myself no more doubt that these metals
were prepared by the Almighty for this very
purpose, than have that iron and coal were
prepared for the purposes in which they are be-
ing used favor wel-secured, convertible
paper currency-no other can to any extent be
a proper substitute for coin. Of course it is
not expected that there shall be dollar in coin
IN reserve for every dollar of paper in circula-
ton. This is not necessary. For all ordinary
home transactions paper currencyis sufficient;
but there are constantly occurring periods
when balances between countries, and in the
United States between its different sections,
naust be settled by coin. These balances are
insignificant in amount, in comparison with
the transactions out of which they arise, and
when vicious system of credit does not too
long postpone settlements, they are arranged
without disturbing movements OF coin. When
ever specie is needed for such purpose, or for
any other purpose, the paper currency of the
country should be convertible into it, and cir
culation which is not so convertible will not be
and ought not to be long tolerated by the peo-
pie. The present inconvertible currency OF
the United States was necessity OF the war;
but now that the war has ceased this currency
should be brought up to the specie standard,
and l see no way of doing this except by with
drawing portion of it from circulation.
have no faith, SIR in a prosperity which is
the effect of deprecated currency, nor can
see any safe path for us to tread but that which
leads to specie payment. The extreme high
prices which now prevail in the United States
are An unerring indication that the business OF
the country is in an unhealthy condition. we
are measuring values by false standard. we
than is needed for legitimate business; the ex
cess is used in speculations. The longer the
initiation continues the more difficult Will 1t be
to get back to the solid ground of specie pay
ments to which we must return sooner OF later
If Congress shall, early in the approaching
session, authorize the funding of legal-tenders
and the work of reduction commenced and car
rird on, resolutely, but carefully and prudent
ly we shall reach it probably without serious
embarrassment to legitimate business; If not
xva ball how q bria nario1 of hollow and
ductive prosperity, resulting i'll widespread
bankruptcy and disaster.
But, while 1 feel anxious about the present
initiation, and its effects upon the business and
morals of the country, am hopeful that, by
wise legislation, 1--WE shall escape financial col
lapse, and 1 am confident that grand future
is before the United States. am hopeful that
the currency may brought up to the specie
standard without those financial troubles
which have in all countries followed protracted
and expensive wars. By the experiences of
the past four years we are led to the conclusion
that our people have latent power that al
ways manifests itself when required, and is
equal to any emergency. l have faith, sir,
that as we have to the astonishment OF the
world, raised immense armies, larger, appre-
hend, than any single nation ever brought into
the field, and met the enormous expenses of
the war without borrowing from other nations,
we shall also be able without a financial crisis
to fund our surplus currency and interest-bear-
ing notes, bring back the business to specie
standard, and place the credit of the country
on the most stable and satisfactory basis. Ii
we do this we shall accomplish what the sound |
est thinkers in Europe have considered an i'm |
possibility, and what no other people but the |
free and enterprising people Of the United !
States, occupying the grandest country in the |
world, could accomplish.
But should we be disappointed in these hope |
full expectations, should no early check be put |
upon the issues of paper money, should prices |
still further advance and speculation be still |
further stimulated and the result thereof be
extensive bankruptcy, depression and hard
times, the grand destiny of this country and |
this Government will not be affected
The United States occupy the best portion OF |
the temperate zone of continent, stretching |
out their arms to Europe on the one side, and |
Asia on the other, and producing. all articles |
necessary for the subsistence and comfort OF |
the race. If cotton be king, he is. thank God,
enthroned again in the United States; if |
bread be king, where should his capital be but |
in this great Valley of the Mississippi? This
nation has within itself everything that is
needed to make it the greatest among the fam
lily of nations Coal and iron in iuxtaposition
and inexhaustible supply. Mountains and
valleys rich enough in gold and silver to fur
nsh the world, for all time, with what may be
needed for circulation and other uses. Copper
and lead and other minerals in no less abund-
ance. A soil of wonderful fertility a climate |
salubrious and diversified, and above all, Re-
publican institutions, and an energetic and |
again united people.