Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1837-05-02
38o,gmop opS &88tole &oayaoc.
IG@GSTE ibILIJBIRs
TUESDAY, MAY q, 1887.

ing y that in July and Octob"r things are TO
be much Morse. We give the reasons:
F1st--The expansion Of the paper sys-
tenn, and the gambling and adventures in all
sorts OF n'onied operations TO which il gave
rise. Secondy-The transfer of 81 millions
Of dollars 10 the states, 10 be made in install
ments OF milliens each, on tie first days OF
April, July and October. This Expresses the
Cities but 10 do justice to the deposito law, il
gives support 10 the country, returning 10 the
interior, that PAYS the duties, the money of
whic the TarifT.robs il. Thirdiy-Tho inn
mcnso balance, at least 80 millions Of dollars,
on the imporiutions OF last year, and which will
have TO be paid 10 Europe this year"
Cause number ticO, is, coniessedly, Oprlca-
BILE only TO the distress in the cities; and in
truth il would he applicable not even there,
were il not for other reasons. The transfer Of
millions 10 the states might be made without
ceusing any distress, did the government choose
10 do so. Even in the manner in which the
operation is now performed, the mere transfer
of that sum would be but lightly felt, had not
The experiment of A. Jackson s Co. so de-
ranged monetary affairs that the bringing back
Of the money, in the usual course Of trade, is
far, then, as number t'oo in the list is cause
for tho present extraordinary distress, just SO
far is the government responsible for that dis.
tress.
Cause number three, is hardly sufficient
one. The year 1887 is not tho first which has
found the balance Of trade largely against the
United States The yopr 1885 exhibited q
halonrn CT e I
was that fact then assigned by the Globe rs
cause for distress2 If the fact was that this
great nation had not the means 10 pay, without
disturbing the business of the country, then
there might be gooe reason for the present
state Of things but this is not the fact
Means are abundant-tbere is gold and silver
enough and TO spare, If the powers that be-"
and recently have been, would lei them be got
at,'for the purpose Of paying the nations hon
est debts.
We have reserved cause number one TO the
last, because il seems TO us 10 be nearest the
truth, and to contain most important infer
ence, condemnatory Of the late administration
in the highest degree. The erpansion of the
puPI SyotcW, anu COHCOulIluUls occupy tnp
first place in the catalogue Of causes, given
"by authority"-and what is the inevitable,
the necessary, the just inferonce7 1t is, that
upon the men, who have led on this unpural-
loled and sudden expansion ofike paper system,
rests tho heavy responsibility for this DISTRESS
this distress which is now grinding down the
first commercial houses in the Cities endan-
g,ring the banks, stopping factories, throwing
day-laborers by thousands gu, OF employment,
and causing stagnation in almost every sort
Of business, unless il be the business of sha-
vers, (aias land-sharks,) lawyers and shcrifis;
this Distress pl.;~h - &C. e.eht sue,
soon to spread from city TO town, and from
town 10 country, bringing down the prices of
the products of the soil, and fleeing the wool
growers Of the North, and the cotton and to-
bacco planters of the South. Who, then,
have brought about this erpansion Of The paper
system Who, but Andrew Jackson & Com
pany1 Who but the very men who shouted
loudcst against the monster''-gnled the peo-
pie into security, and brought upon them
host Of new state corporations without the
credit, the skill, the experience and the eau
ton which characterized the bank which was
refused new charter7 Upon the very show
ing of the Globe, as we look at it, the fault is
with the men in potosr; with the people is the
remedy, at the ballot boxes.
Now, we do not profess TO know much a.
bout money matters, it being our LOT to be u
mong those who now days can consider
themselves most blessed in that they have lit
tie or nothing 10 lose but it strikes us that
even the great Globe has not hit upon the
main cause of these hard times. We are not
apprised that the capital Of the U. s. is actual
ly sunk in the ocean, or buried in the earth,
that it cannot be reached and applied to the
business wants Of the nation it cannot be So
The truth is, there is capital enough, money
enough, for US all, in city and country conf
denee only is wanting. By "experiment" af
ter ",experimc nt''-by disorder and instability
in the currenc,y-by substituting banks un-
known and no better Than irresponsible to the
government, in place. Of one of different char
acter entirely, TO carry on the business of ex-
changes, sc. &.-ihe government has destroy
ed the confidence of commercia, men and,
SO far us tho immediate effect is concerned, it
might just as well have buried the capital OF
the land in the depths Of the sea. This is
cause sufficient 10 produce consequences now
Witnessing and TO be witnessed and we think
it is the main and real cause. Speculation, IN
doubtedly has its share Of influence but new
er could ii produce so general and so much