Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1896-07-14
The Value OF Credit.

One of the largest wholesale and re-
tail grocers in this part of the State
whose credit and business represent, in
quite degree, the commercial integrity
of more than one generation of the
family, remarked to the writer yester-
day, Il am Democrat but | shall not
support the free silver ticket. / always
have paid dollar for dollar and 100
cents on the dollar and | do not favor
paying so cents on the dollar" That
man knows there is no shorter, easier
road to commercial ruin than by de-
serving reputation for cheating
creditors. He knows that to be not
only a shortsghtcd but a suicidal
policy. Those who have capital are
not obliged to loan it and the indivd-
ual or nation that destroys his or its
credit, destroys what is of greater i'm
portance than the money in the till.
and that is the ability to make use for
his or its own profit the capital of
others. Uncle Sans credit has never
been impaired. He can borrow On as
terms as any nation in
the world. TO repudiate the national
obligations would mean that from that
time on, whatever be the exigency
this government could not borrow even
.l.I, ant.
terms. The repudiationist, Individual
OF nation is blacklisted by every pos
SCISSOR of Il dollar How many arc
there, looking at the situation calmly
and dispassionately. who will favor
such a suicidal course for this govern
ment?
But the Democratic-P opulistic plat
form does not stop with compelling
the government to rcpudiate its obi
cations, such Us pensions, by paying
them in fifty cent dollars. but it would
force the government to compel in
diViduals. savings banks, banks of de-
post insurance companies and every
person or institution, having in pos
session dollar due to another, tore
pudiatc half the obligation by COM
pelling payment in dollars but half as
good as those first received
Moreover that platform rcpudiates in
advance the very kind of money it adj
vocates when it says, we favor such
legislation as will prevent the demone-
tization of any kind of legal tender
money by private contract" Everyone
at all acquainted with the history of
money knows that it always has been
and always will be Impossible to dis
credit safe currency by private con-
tract" Today one can make private
for payment in gold. silver or
paper. Mr. Altgeld stipulates that his
rents, for he is one of Chicago's bloated
capitalists and never has evinced any
desire to share his wealth with others,
shall be paid in gold. Who cares?
That cannot hurt the credit of the ma
ton on its present currency basis. But
We're it on a 16 to 1 basis such a con-
tract would set in motion the train of
that would carry the
gold out of the country and bring US
TO a silver basis. And it is altogether
improbable that any legislation to pro
teCt an unsafe currency by such
methods would amount to anything.
a way to avoid the law would be
known as soon as the law went into
effect and meanwhile the effect would
be produced. Tho proposition is as
absurd as it is iniquitous. 1t demon
StrateS more concluSiVe1y than could
be done in any other way, how little
the men who framed it, really know
about the value OF credit or the way
to preserve it, and their deplorable
ignorance Of the laws governing a
nations currency.