Ellsworth American. [volume] (Ellsworth, Me.) 1855-current, 1892-09-15

been the result to the United States If every
article, before it was put on the free list,
had been made the subject of inquiry to see
what We would get in exchange for iti
We omitted to do so for many years, and
that neglect has cost the government adj
vantages in trade which would have
amounted TO tens of millions of dollars.
This is the whole of the reciprocity scheme
1t is very plain and very simple,
Ii secures valuable trade In exchange
for articles otherwise destined to he put on
the free list The Democratic party think
they can discredit it, and they make the eff
fort, apparently for the unpstriotic reason
that they did not originate 1t.
3. With all its ealamities, the war
brought US one great blessing, national
currency There are many who will say
that it was worth the cost of the war TO
bring about so suspicious result TO cap
ital and labor.
Prior TO the war we hsd the worst cur
rency system of any enligh tened nation In
the world. The state banks, with some ex.
oeptions, were thoroughly irresponsible.
They existed by thousands throughout the
United States. Whenever one of them
failed the result was large loss and great
distress among the people.
40 tUt WAS ltSHpuSipiS tDE tkittt DiiAS
and they were generally found scattered
in the pockets of the laboring man. to
whom they were a total loss without any
redemption Whatever. OF the state banks
1t was often and truly said that their debts
were the measure of the profits They
have caused an aggregate loss of hundreds
of millions Of dollars among the people.
Since the close of the war all this l. al T.
ferent. Every paper dollar that circulstes
among the people has the United States
behind il as gusrautor. All the banks
that exist are under the control Of the ma
tional government. and If they fail a. H.
nancial institutions the government has
taken care that their bills shall he paid nv
securities deposited in government vaults.
Under these circumstances 1t i matter
Of extraordinary surprise that the Demo
crAtic convention should deliberately pass
resolutions for the revival Of state banks.
The palpsh!e effect of this policy. II carried
out. would be TO cheat the poor man cut Of
hi daily bread
II state banks be adopted and their cir
ca atlou attain a large issue, no device
could be more deadly for the deception aud
dc>Poilment Of all the commercial and la
boring classes How the Democratic conven-
lion csme 70 make such s declaration. " no
ws> IL author. what intelligence purpose
wa> in il, will remain 8 mystery.
have heart the argument adduced tina;
We would Keep the money al home II state
banks were Instituted but We should keep
IL at home because Il would h, 80 worth
less that nobody would lake It sbroai
Were the system OF state banks revived
we would again have discounts al the state
lines. large chsrgc> on drafts on financial
cenicrs. snd general suspicion 81 every hil
offered in'payment, with a liquidation every
few wears that would be a destructive To-.
TO the innocent holders 81 bills and = cor
responding pr0d; - The parties owning tht
banks.
The three issues which have given SRI
Tho issues upon which | would srraign the
Democratic party | would not mulup,,
issues nor hr diverted ny our opponents
from s steadfs>t adherence 70, and constant
presentation u, these questions before th,
people udtH every voter j. male Ia know
ST understand their true and We gh,y 81
niilcAnce Very sincerely yours
JAMES O. BitINF.