Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1879-07-07
"Resumpsien-HOw It Benefits the
Farmers"

Farmers"
Under the above heading the National
Tribune Of last week ridicules resumption,
and deals out to its readers falsehoods and
absurdities in about equal quantities.
Greenback editors must have very poor
opinion Of the intelligence of farmers to
address such stuff to them as is found in
gresnback organs. In this article to which
we refer. the editor starts out with sheer
falsehood in relation to resumption, doub-
ling the amount Of notes which the gov
eminent has to redeem, and undertaking
by one-third the amount Of coin which it
holds for redemption purposes.
Ridiculing the idea Of resumption he
says ANY farmer knows that seven hun
''dred millions OF paper money or notes
cannot be paid or redeemed with one
''hundred millions Of gold. no more than
- farmer can pay seven hundred dollars
with one hundred dollars"
Now every intelligent farmer who has
given attention to the subject of the ma
tional finances knows that the foregoing
quotation contains deliberate mis-state.
ment of facts. 1t assumes II it does not
directly assert. that the government has
seven hundred millions of notes to pay,
and has but one hundred millions of coin
with which to pay them.
This is double falsehood, prepared for
the farmers by paper which claims to be
their special champion. The whole
amount Of United States outstanding is
somewhat less than three hundred and fl.
~ million dollars. For the purpose Of
redeeming these notes the government
has in the treasury about one hundred and
fifty million dollars in coin. Not satisfied
with doubling the amount of notes to be
redeemed, the Tribune reduces the amount
Of coin in the treasury one-third, thus max.
ing 1t appear that the government has
bnt one dollar in coin with which to re-
deem seven dollars of its notes; whereas,
in fact, it has one dollar in coin for every
two and one third dollars in paper which
It may be called upon to redeem.
These false statements. be it remem.
bored. are made for the benefit of the farm.
ers. $3.50
The facts being known to be IS we have
stated them. resumption Is by no means q
subject for ridicule. rs the experience Of
the treasury thus far in resuming demon
strates. Resumption took place on the frs
Of last January. Six months have elapsed
The result is that every demand which hal
been made upon the treasury for coin ii
exchange for notes has been promptly met
and there is to-day more coin in the treas
ury than there was six months ago. Il
the work Of resumption had not proved 1
success sneers and ridicule NIGH
have some influence in bringing i
into disrepute. but the success with which
resumption has been crowned is an answer
to all objectors. Even the greenbacl
convention 1t Portland was discreetly 81
lent upon the subject. although in omit
ting all mention Of II II virtually yieldet
he iasse on which the greoabsck party
stood last year. and all clsim which It CAT
have TO farther existence.
Resumption is an accomplished
fact. Il has come to stay. It.
bens6csnoe 10 acknowledged b,
he awakening hum of industry all owe,
TIE hsA. The farmers may rest assured
tAat shey win share In its benefits. 1t il
easoasble to suppose that business
vssld sPriag up everywhere, and In al
its vsyiosa branches, Immediately with tn
resunpfoa Of specie payments. 1t re
quires tine for the manifold interests of tn,
country. aAer the CREST depression anl
Aeraagsment Of business concerns for tn
last I've years. to start up and 90 on sgais
with their former vigor. At the gres
mouey centres the activity of good time,
has RECOMMENDED. as the leading bushes.