Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1879-01-11

anate to pay even the interest on the debt al
ready incurred. and it was impossible to await
the income of additional taxes. The necessi-
~ was immediate and pressing. The army
was unpaid. There was then due to the sol
diers in the field nearly score of millions
of dollars. The acquisitions from the War
and Navy Departments for supplies exceeded
fiffy millions, and the current expenditure
was over one million per day. The entire
amount Of coin in the country, including that
in private hands, as well as that in banking
institutions, was insufficient to supply the
need of the government three months, had it
all been poured into the treasury. Foreign
credit we had none. We say nothing of the
oyerhanging paralysis Of trade. and of bnsi-
ness generally, which threatened loss of con-
tidence in the ability of the government to
maintain its continued existence. and there
with the complete destruction of all remain
ing national credit
II was at suclfa time and in such circum-
stances that Congress was called upon to de-
wise means for maintaining the army and
navy for securing the large supplies of money
needed and indeed, for the preservation of
the government created by the Constitution.
II was Mt such time and in such an emergen-
tN ttldt tut itph-tthhti avs WV poeoNb-
The legal tender acts were therefore
adopted as war measure. Without them
the government might have been destroyed.
They have been sustained by the Supreme
Court And the bills which were issued
under them-the greenbacks-are now as
good as gold, thanks to the republican
party.
If national banks pay to the capitalist
'double or treble interest on his invest
ment," as Gov. Garcelon says, it is strange
that capitalists should prefer to put their
money into four per cent bonds rather than
establish banks. Banking is now abso-
lutely free and has been since 1S75,-the
same act which provided for resumption
also making banking free. Any number
of persons not less than five, in any part
of the country, who together may have
$50, 600 capital at command may organ
ize national bank, receive circulating
capital, and go into business. But we
find that since June 20, 1874. the national
banks so far from considering the privi-
lege of issuing circulation profitable
monopoly have voluntarily surrendered
$3.50, 237 1928 of their notes, which is $29.-
1863. 467 more than has been issued to all
the banks organized since that date, while
IA banks have voluntarily given up bust
ness entirely. This does not look much
as if national banking were so very prof
table as the Gov. says it is.
The Bangor Commercial says: "In the
debate in the House at Augusta on Tues
day, on the subject of supplying newspa-
pers to the members of the House at the
expense of the State, Treasury, it strikes
us that Curran. of Calais, republican, had
a'deeided advantage over Messrs Wilson
Of Thomaston, and Dickey, of Fort Kent,
democrats. We hope hereafter in all mat
tiers of economy in legislation our demo-
cratic members will not be caught at such
disadvantage as they were made to appear
in by Mr.. Curran last Tuesday"
We publish an editorial from the Bangor
Commercial, the leading democratic-gre
back paper of the eastern part of the State,
which takes issue with Governor Garcelon's
views in regard to legal tender. and GEN.
sures him in very sharp language. If
the greenbackers had q bold, able leader
in the legislature, something more than
Kisses would be heard in relation to the
Governors Address. Perhaps that man
may yet appear.