Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1896-10-19

Our hard times have come frorn a.,
general competition with the countrte.
OF the whole globe, into which we arc
forced by cheapness and facility ~
tiansportation-from overproductjon in
past years. from extrayagance dur,na
good times, and from our own social
and political agitations. One Of tha
| chief causes Of hard times today is the
| agitation for radical change in the
currency Of the country.
CONFIDENCE THE ESSENTIAL.
THING.
III the American people put down bv
an overwhelming majority this agita-
tion- bury tout ofsight-one chief cause
OF hard times Will be out Of the way
Other causes may remain more or less
lhat OF the general competition with all
the nations Of the earth must remain.
Good times, however may be expected
to come back surely even IL only grad
ually. The overproduction that glutted
our markets has been used up, capital
Is anxious to do something with its
money. IL it can be invested safely; our
Wondrous natural resources invite in
yestments to develop them, and conf
But the essential thing is confidence.
Today ii is confidence that is needed
far more than an increase in the vol
ume Of currency. The volume of the
currency is large enough; to increase
it fictitiously surely will not help US.
Ninety per cent of all business is done
without currency-by checks and
drafts. Of which the whole foundation
is confidence. Those who suffer from
hard times-and they are many-must
hearken to reason, silence passion. turn
away from delusive remedies, and the
country will be again put on the road
to prosperity.
! ask is 1t honest to try to pay debts
with half the money which we received
when we contracted them? Public or
private debts contracted upon a finan-
cial system such that those who loaned
money gave IL at certain commercial
value. and believed, as they could not
at the time have helped doing. that
they would receive it back at the
same commercial value. should be paid
in values Of that same financial sys-
tenn That the great American repub-
lie VIII as nation declare to the world
that ii will not make a law compelling
its creditors to be satisfied with half.
or q little more, of the money they
loaned it,and go on record in the eyes Of
the world as a broken down, bankrupt.
nation. ii is not possible to
believe. No one will say in justification
Of such a possibility that America is
by national poverty to do so;
hen no one should be able to say that
She thinks of doing 81
There are a hundred aspects of this
question which i do not touch upon.
merely throw out some few thoughts
which show reasons for my own present
faith, and which may be of
some benefit to others in forming their
,wn judgment.
l may, of course. be mistaken. But
lave come to look upon the present agi-
alton as the great test of universal
outrage and popular sovereignty. Can
he people defend public honor and the
Institutions of the country at the polls,
IS they have done on the field of bat
lie? Can they be so calm and deliberate
n their judgment; so careful to weigh
II things in the scale of reason. and to
void all rash experiments, that they
an be trusted with the settlement of
rave social and political problemsc
hat is the question that is before us
(. the present moment