Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1881-01-14

harassed and oppressed, until he is forced to
leave the State to preserve his personal iioef,
~. The Door debtor in this State il deprived
Of the benefits of the statute exempting his
property from attachment, for il must go, II
It be his last COW or shoat. to pay the fees and
cost Of his disclosure. II i shame tnat
the personal liberty Of the citizen should De
held more cheaply than the collection OF
ten dollar demand. Maine is now about the
only State tisaf retains upon its statute books
this relic Of barbarism.
The Act of last winter, giving Justices OF
the peace and Of the quorum jurisdiction
fhroue hout the State, adds to the ahomination
of this law; for. in case Of disclosure the
creditor may nov take his Justice from the
most distant part Of the State. at the expense
of the debtor.
Then. in aid Of the Law of imprisonment
for debt, we have statute which limits the
interest, which the creditor NAV exact only
by his greed and the necessities of the debtor.
Under this law, whatever the exactions by
the money-lender, in the form of interest
they are not regarded as usury or extortion.
onlv a. a business transaction The evil
effects of the law develop slowly but surely
They tend not only 10 transfer the property
of the many TO tine pockets Of the few. but to
paralyze and blight all productive industries.
BY rendering the trade of the money-lender.
the most profitable as we'll as the most fav-
ored business in the State.
The evil effects Of this Law have been most
conspicuous in the disasters it has brought
upon our savings institutions. All have SUIT
fered by it and MANY been brought to the
verge of ruin. The managers of these insti-
-. fats. nd
yet, in the management Of funds not their
own, and under the restraints of legislative
supervision, such was their passion for high
rates of interest. these men neglected their
first duty to the depositors and loaded the
banks with investments of such doubtful
character that banks holding six millions OF
deposits suspended payment. II these inso[
vent banks had gone into the hands Of re-
ceivers. instead of having their liabilities
scaled down under the wise provisions of our
law, the result would have been disastrous
indeed. If good men-the best in the State
handling trust funds are SO anxious to make
money for others, what may we not expect,
under the license Of this law from men who
are governed, in their rates of interest. only
BY their greed to make money for them
selves?
This law also tends to agravate, immensely
non-taxable Government bond.
GOVERNMENT BONDs.
Debt, public and private; debt and taxa
ton are slowly but surely undermining our
free institutions. GOVERNMENT bonds not
only escape taxation themselves, but they
furnish cover for all other kinds of eviden-
ces eff debt that are taxable. This double
niquity must be endured long as United
States bonds are endured. 1t would seem
that the proposition to refund the seven or
eight hundred millions of United States
bonds now maturing. could meet with little
favor by the mass of the people in this State !:
that their interests demanded that these bonds
should be paid, not refunded TO remain bur-
den for generation at least and perhaps
for generations. Then that other proposition
before the American Congress. tn retire and
destroy the 346 900, 900 of legal tender notes.
burn them, so that ont of their ashes may
arise a like amount Of Understanding bonds
to further tax the labor and industry of the
country Would it not be more in accord
ance with the interest Of the toiling masses
in this country, to require the national Banks
to retire their currency. some over three hun
dred millions. and replace it with United
States legal tenders, and thereby pay off a
like amount of United States bonds, burn
them up and thus relieve the people Of so
much burden of interest, aud above all, from
the baneful influence of these bonds upon the
currency and business of the country.
The Treasurer of the United States in his
last report says: ''Instead of the volume Of
the circulation being regulated by the bust
ness needs of the country, it is governed by
the price Of United States bonds ! Within the
last year a large reduction of bank circula-
ton has taken place in the face of an active
demand for money, simply because good
profit could he made by Withdrawing and
selling the four per cents. deposited as Sc
curity for circulation. Nearly twenty-five
million dollars in four per cent. bonds were
thus withdrawn during the last fiscal year.
The power that controls the volume of the
peoples money is certain to control the peo-
Piles destinies.
This question of the currency is one about
which honest men may honestly differ. 1t is
an important question. Its decision will be
of far-reaching consequence. If the bank
currency win the whole field of circulation.
then we shall have a never-ending national
debt, maintained by the banks as the basis OF
their existence; yes, fostered by them as a
national blessing''-to the banks, ever in
creasing in number and power as the coun-
try increases in wealth and population. and
certain to become, if not so already, polti-
cal machine, hostile to free government. min
Cling in the elections and legislation of the
country, corrupting the press and exerting
its influence in the only way known to the
money power-by corruption.
But it is claimed that this bond policy is
demanded in the interest of idle capital; that
it is necessary to furnish ian opportunity for
the safe investment of idle capital These
safe investments for idle capital are destruc-
tive, not only of the industries, but of the
morals of the people. As they render the
trade of the money lender the most profit
able business, they tend to create race of
oilers. misers and towards who will never
take any chances with labor in the productive
industries while this opportunity for safe in
vestment and exemption from taxation is
open to them. They take no risks. The
Vanderbilts with tens of millions of United
States bonds, spending the interest in Europe
and the tens of thousands of lesser bond
holders, who produce nothing and do nothing
but clip coupons,-what are they to this
country and its industries, but a class of
gilded paupers supported by the labor of this
country?
II this bondholding policy shall continue,
Judging by the rapid accumulation of prop
erty in the hands of the few, during the last
fifteen years, how long will it be before we
shall see, in this country, the same condition
g 10, \