Year: 1875

The establishment Of monetary system
based upon the faith and resources of the ma
ton, in harmony with the genius of the gov
ernment, and adapted to the demands of legiti-
mate business. To this end the circu ating
notes of all national and state banks, as well
as all local currency, should be withdrawn
from circulation, and paper money issued by
the government directly to the people, with
out the intervention OF any system of banking
corporation, which money shall be a legal
tender in payment of all debts public and pr-
vate, duties on imports included Except that
portion of the interest and principal of the
present public debt that is, by express terms of
the law creating it, made payable in metallic
monev, shall be SO pald.) This money is to be
interchangeable, at the option of the holders,
with registered government bonds bearing a
rate of interest not exceeding 500 per cent.
per annum.


AS the above declaration does not set forth
any plan for issuing ''paper money directly to
the people, without the intervention of any
system of banking corporations" one is left
to infer that the people are 10 go to the Trea-
sury and help themselves to as much paper
money as they like, or else individuals are to
be authorized to draw on the Government
whenever their funds are found to be getting
low. These Independents have evidently
uloCOfClCu, tuoU3 Ill duulllOu " GuO ludliCud.
BILE rights bestowed upon man by his Creator,
viz, ''life, liberty and the pursuit of happi-
ness" he is entitled to an unlimited quantity
of paper money, and that to secure this right
is one of the principal objects of government.
These Independents do not trouble them
selves with details. They are unexceled
when dealing with the glittering generalities.
They do not tell us how this money is to be
issued to the people-whether it shall be an
annual stipend TO each inhabitant after the
manner in which annuities are dealt out to
Indians, or whether every citizen will receive
such comfortable issue of interchangeable
3.65 bonds as will enable him to live on the
interest and in case Of sudden emergency be
authorized to Convert the principal with
coupons into a note without interest called
paper money. Perhaps it will be deemed
wisest for the Government to issue the bonds
as subsidies to Pacific railways and various
schemes for cheap water transportation
routes. 1t wouldn't be quite so ''directly to
the people" as the method above proposed of
sending each man his annual allowance of
paper money issued on the faith and re-
sources ''of the nation"


But the men who are such lunatics as to
announce such a wild proposition as the
above, should not be expected to consider
any of the results of their theory if it could
possibly be carried into operation. 1t never
occurred to these Independents that the
United States is member of the family Of
| nations and must of necessity use the same
medium of international exchanges as other
| nations. How long would man be consid-
| cred sane who would insist in purchasing
| goods of his neighbors with some worthless
material which he chose to call money ?
| That is precisely what the "greenbackers'
| would have our government do and such a
| policy is no more sane for a nation than for
i an individual.


Should such system of currency be
adopted the commercial intercourse of the
United States would be destroyed with the


rest of the world. The people of the United


States can only deal with those nations who


will take our commodities in barter. If We


have articles that other nations desire, We


can exchange them for tea, coffee, sugar and


scores of other articles that we do not pro


duce. If it should happen that we produce


no commodities that other nations desire


we must go without those necessaries an(


luxuries of life. Maine may be able to sci


lumber, hay and granite in New York anC


receive in payment the recognized money o


the United States, but no importer in Ney


York will give single commodity whicti h


has purchased for goldlin foreign countr
| for this paper money "based on theifaith' AN,


resources of the nation" The gold broke


will not look at that money simply because
| it is piece of paper which promises to pa,


nothing. The only persons who could enjo


the comforts and luxuries supplied by toreig
| nations would be those who are fortunat


enough to have gold or such commodities t


barter as foreign nations desire. At the pres


ent time, how many Maine people woIl
have the means to purchase sugar, tea an
coffee if they had to depend upon such con


modities as they have to make direct G
even indirect change for them with the cour
tries producing them? Yet this will be pre-


cisely what will take place when the Unite


States adopts currency which has no rels
| ton to the circulating medium of the con


mercal world, We shall be practically CT
| off from intercourse with other nations. Th
| retailer will only sell imported goods for gold
| He will not trust them out to customers be
| cause piece of paper which has no intrinsi
| value and is not redeemable in anything tina


has such value, is by law a legal tender 70


all obligations. The laboring classes, thos


who receive salaries or wages and enjoy rent


and profits would be paid in this currenc
| which by an act Of Congress is to be declare


money; which is more senseless act tha


that of those.old time fellows who voted the


asses horses.


This is but one of the evils that woul


befall our country if this improved schem


of Judge Kelley shonld be carried out b
| Congress. In view of the general ruin
| which every interest would be involved b
| such legislative madness, it is matter fc


sincere thankfulness that the public opinio


is getting stronger every day against an
| policy which does not lead to specie resumI
| ton.


~ =