Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1895-04-12

always profound knowledge of, ant
sensitive regard for, the political for
tunes of its individual members.
We have, now. no less than nine diff
ferent kinds of money (using the word
money according 10 its ordinary accepta.
tom no two Of which are exactly alike,
subject to the same laws as to REDEMPTION,
OF holding the same rank in the estima-
ton of the people
need not speak of them all; l shall
touch upon the most important only. To
begin with, we have in circulation three
hundred and forty-six millions of non
DEMONSTRATING demand notes" green
backs, they are commonly called-thc
absolute promise of this government to pay
SO many dollars to the bearer, on de-
mand. Yet what has the treasurer with
which to pay this three hundred and
forty-six millions? He has stock of gold,
the gold reserve, so called, varying, for
the past two years, from one hundred
and fifteen down To forty-one, millions,
liable to. and suffering from, attacks
from which it cannot escape and which
would have been wiped entirely out of ex-
istence, long before this, hut for the say
ing clause of the Resumption Act passed
twenty years ago.
Under this act, the treasurer was en-
powered to sell, lat not less than par
in coin, any of the bonds authorized by
the refunding act of 1S70-to wit; four
PEE cent 30 year, 1 4 per cent Is year, or
per cent 10 year bonds-whenever neces-
sary so to do to provide the coin (Which
then meant gold requisite for the re-
demption of the legal tender notes. Act
ing under authority thus given the treas
urer has sold bonds, during the past year
to the amount of one hundred and sixty
five millions of dollars the first fifty
millions on basis of about two and
three quarters per cent, the second
fifty millions about two and seven-eighths
per cent and the last sixty five millions
three and three quarters per cent, or nearly
one per cent. higher than can be realize d
ON the bonds of the good old State of
Maine. Pride for the State; humiliation
for the nation Mark well the creative
policies
The gold reserve is not fixed by statute
1t comes about from the homespun, old
fashioned, slow going idea that man
ought to have something with which to
pay his debts; that Uncle Sans non-in-
terest bearing demand notes are likely to
be presented any day, and that it Is there
fore wise to have on hand something with
which to meet these calls; and 1t being
thought desirable to have one hundred
millions with which to pay three hundred
and forty six millions @ that amount
has, by common consent, been deemed the
minimum to which the reserve ought to
be allowed to fall. Whatever causes oper-
ated to first produce the recent infraction
of the reserve, the inevitable develop
ments which followed, and must ever fol-
low, such breach, and the distress and
anxiety which it's lower level has caused
during the past few months, have made
deeper impress upon your minds than
words of mine can possibly make. Think,
gentlemen of man offering his demand
notes for thirty four thousand dollars, for
stance, and advertising and showing by
his statement that he had only from five to
ten thousand with which To pay them
Upon what basis of credit would those
notes be considered good? 80, somebody
says, "thc grcenbacks have the whole
power of taxation of the government, be
hind them. Admitted; but what does pow
er to tax amount to, towards satisfy
ing the emergency Of demand note pre-.
scented for payment whenever, and as often
as, the caprice of man may dictate?
Gentlemen. the 'greenback currency
is an anomoly lit is an issue of notes which
bear no interest, which the maker admits
he cannot pay according to their promise
yet which the people have accepted, with
patriotism but with scarce
ly a claim to ordinary business caution;
{ will any banker present tell ne if he
knows of an institution which will dis
count piece of single name paper sub
mitted with these conditions? await
an offer); it is menace, too, because of
the urgency and frequency with which
its redemption may be demanded both
of which vary inversely to the ability of
the treasury to meet its obligations; what
was blessing has been transformed into
curse; it is debt which though paid a
thousand times over is yet never reduced
its use in time of peace is contrary to the
settled conviction of flnanciers through
out the world it performed a great service
in day of need, but its mission is full
filled; its place now is in the memorial
hall of the nation, with the musket and
the battle flag.
Let me speak, in passing of one of the
inconsistencies, q had better said absur
dities) of our system. Gold is full legal
tender; the gold certificate, issued for gold