The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1896-08-13

To the Editor Of the Press:

To the Editor Of the Press:
The present political campaign is full
of danger to the farmers of Maine Inc
National Democracy by it's platform ana
| candidates have aimed another deaoy
| blow at the agricultural interests Oh
Maine The Democratic tariff we are
now living under, or dying under, as
you choose TO say. was a hard blow 10
agriculture, but it Is a gentle pat on too
| cheek. compared with that which no"
| threatens to hit you in the vitals from
the heels Of the Populistic ass. Conslo-
er the magnitude of your interests ooiu-
pared with any other in our vast coun-
try. OF our entire population 1913 per
cent. are engaged in agriculture, only
S.o7 per cent. are carpenters and Joiners
lob per cent. are miners. Officials OF
banks insurance, trade transportation,
trust and other companies constitute but
NJ per cent. and wholesale merchants
and bankers and brokers constitute but
0.13 per cent of our people. The number
of your votes corresponds with the per-
centage of the votes of these other classes
1t is clear that upon your votes depends
the result of the election soon to oc-
cur.
How insignificant the total votes of our
wholesale merchants, bankers and brok.
ers. compared with the votes of the far
mers.
Why .39 per cent. to O. IS per cent. or
| about 287 to l. All the miners have but
| l.53 per cent. to the farmers 81. So per
cent. Why should the farmers of Maine
vote to boom the mining interest at the
tremendous slap which would inevitably
result to their own interest.
| Everybody knows or should know be-
fore he votes this year, the fact, which
THOMAS Gresham who lived in the days
of Queen Elizabeth discovered, and which
is now known as Gresham's law. This
Is Gresham's law. When gold and silver
coin are both legal tender, the least yalua-
BILE coin intrinsioally will remain in cir
culation and the coin which is worth
more intrinsically, that is in the bullion
| market as merchandise, will be sold in
| that market and, consequently, go out OF
circulation as money, or become demonet-
lied in fact in spite OF all the laws that
Congress Or Parliament can enact to the
contrary. The law of selfshness cannot
be repealed. II man have gold or sill
YER and both the mint and the market
are open to him for It's disposal, he will
dispose of it where he can get the most
for 1t. If a gold eagle is worth but ten
dollars to buy goods or pay debts with, and
the Waltham Watch company wall give
him ten dollars and fifty cents for it
a sensible man will sell it for that price,
Under Gresham's law with the free coin
age Of both silver and gold the entire vol
81 @i1
variously estimated from five
hundred and fifty millions to six
hundred and twenty millions of dollars
would go out OF circulation as money
thus contracting the quantity of our
money to that extent. The contraction
would amount to more than one third Of
the entire money of the United States In
circulation
| So we'll established is Gresham law by
the expert ence of mankind since the day
of Thomas Gresham. and SO certain is It's
operation, that man who calls that law
in question now, places himself in tho
same category with uncle Joe Holden"
| in his oopteution that the earth Is fiat
| What all the disastrous effects of the
sudden loss of more that one third part
of our monetary circulation would be. no
one can foresee. But there is no silver
lining to this dark cloud that threatens
to be continental financial Cyclone. and
wisdom suggests. as it seems to me, that
this unprecedented experiment. be not
tried.
One thing would inevitably happen to
our farmers interest Everything which
they have to sell would bring a lower
price than now. just as we'll established
as Gresham's law is that other law much
money high prices, little money and low
prices. From aAristole Ito the present
day ell economists agree that this is an
memorable law. # Maine farmers wish
to avoid lower prices for the commodities
they sell vote against free silver.
Consider that the falling prices Of the
last thirteen months have kept equal
steps with the contraction CT the eircu.
lation OF the country which has been
about one hundred millions of dollars
for the thirteen months ending Aug. l
This decentralization of silver in 1873 has
absolutely nothing to do with the con-
traction now going on.
L. B. BENNETT.