Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1879-08-16
The i Il 4 of Finance.


NOTES EQUALLY tIOOD Al ALL lht-.
tn and down, in sickening uncertainty. for
seventeen years we have been tossed on the
waves of unrcdeemcd paper money. At last
redemption chains the currency to gold, and
our feet touch the solid land. Now, for the
first time. we can know over night what the
grccnback will be worth at breakfast time.
Men say, gold also changes in value. SO
the solid rock to which ship is moored af-
Ter "A voyage is really moving-round the
sun. But it moves only as the world moves.
For all practical purposes it is still. \ cur
rcncy that is moorcd 10 gold can change only
with the money of the whole civilized world.
Hence it dSturbs foreign commerce. and con
scquentlv domestic industry and trade, less
than any other form of money that has yet
been tried.
Even At its worst, our currency Of green
backs and national bank notes was in some
respects the best this country had known,
When it rose or fell in value the whole
country shared the gain or loss. Uni,
form money which no longer made the
West pay tribute to the East, was of incalcu-
liable benefit. II the money in use during the
war had not been Of equal IN value all parts of
the country. it is not at all sure that Grant
wot. Id have reached Appomattox, or Sherman
the sea. Men learned to see behind each
my. ""' '"''' guy Vi " swan" VI ''" VI
al hlhos anu gr"ueS' put one eie'' ha''on'
ever value any had, all had. Yet this simple
currency. though vastly better than that which
it drove out of use, was bal money, because
it had no fixed value. Ii was ever changing.
because the note was promise which was
not redeemed. The prospect OF its being paid
varied with every battle; with good crops or
great fire; with each increase or decrease
"a Wv "'''o.. '''"'"' i'' WV - w
'ea ,,,, VI " parry.
MS ,no"e, ",s. "os 'aA NV 'e,,'"u e.e"u
'"r 'ne pcneh' VI "n''t,e.' nu. II az"
@ o"'S - '' W. Wy IN Nv VI 'ooos
NJ ", is""u. VI Wv ~ Wv "os . ., rs .ue'
.r"i', '"e PipPe.H y" VI ''''' '"u,,'i'
III t"c "sHsee"'t' rs am. m III .e.uiess
'aNvs vi pi'ic'eu y. COZ ~, ~, o,'.a's III many
CIV iIiHeo ,""u,' oui ',.s NH "'i 'ane anu III,
uuSue' 'o ''""e'a"'e ','""e' "''e.o" an
'he h!EnW"ss y. .'''e "s"N'I e'.i! sup ""-
INN an' 10y ~, VI. ,, - ."
Vi"sN' '''''e Ei,a' s'i"s' my pous"' WIN
ue"r n"nes az ~" plI..' anu S'.u ~. one"p
er mont. al "'eher prices nu' ''ie'i Turn "
iosc am ""e,, "'o".y ~ up """ p''e
"tht FOWL 'oo', 'hey ie"r"eu W chaie'
hlSner RAYS " noh' On e.eIy saie' 20 ihsu''
ag'l,is' TEN y, !. o"anse ~, VI. '"iue vi "'o'c'
h''i"e pau % pairs' ,ol muir ~ iIon'.
Wot'' 30 .e', WI w "o'i"'' wy VIZ, "c"ie' N''e"
''''' "e ~ w " s.'' i"l M ~
VIII" guy ~ I."e' an" ".neo '"",se %
per "'''e MS '''"'e "iuei hap pe'Nre'
'he P,ice pau W '''e Pio"uoei "'I l"v PRIV
pau ny 'nc consumer. % a,' '''iu'iet,'e',
nc"iers' Ua"SPor'e!s anu SPECTATORS, ueIehu-
ca themselves "gaihs' Poss'p'e 'al III 'h'
'"'"e u, ''o".! y! he".! eaH "Pon eons"'''.
e,s' anu ''i' 10 '.e secre' " .ie eA.'''aea,''
charges anu re'''' prices ~ 'i'hes VI N"riaoie
money
bu' 'ili' Niuer gap oe'Neeh '' 'cer anu
consumer swe'ieu 'ie cost u "'i"s' Il, ha'
ioic'u Mo'h'''e" 10 seeA i,is".l wages ''l'
i"iseu ''e cos' VI Pio"ucins '"i"ss' anu '',a''
IN 'nrh' conpelleo 'he producer 10 ASK highei
| prices ana 'h"'' III TURN, "ro'e 'he trauer 10
chhrge sun larger Prou's' 90 the cost oi
| thlh9s was pusiie" up step ~ s'ep. first our
! torcl9h 'raoe was disofdered: 'his became inc
nest ol All e'u".ries III "nich " SELL anu III,
worst IN wnich 10 ouy: ana goods rom ABROAD
were emp'ien upon inns market WIN goods o.
our own which foreigners had beeh wont to
nhN' NcN', many lounu 'nat 'hey couia III
longer consume al high prices as much a.
| pclofe' orkmch louhu wages had gone W
less IMAM the cost OF hvihg. ana they had less
10 Spehd, All inc "heei' were ciogged,
Everybody was IN trouble, though few could
! see why. lfade slackened ana grew stag
nant. Active traders were left with great
stocks OF higl-priced goods prices tumbled
and traders by the thousand were ruined
| Producers stopped their mills. or mertgaged
| their farms. and workmen by the thousand
sought work in vain.
! Every thrifty man who had saved anything
! began to lose. when money fell in value. II
he had loaned 1000 dear dollars, the debtor
paid 900 cheap dollars. If his savings were