Windham County Democrat. [volume] (Brattleboro, Vt.) 1836-1853, 1853-02-23
The Currency .--Fluctuntion or stability

The Currency :--Fluctuation or Stability
Heretofore the silver dollar-a definite and well known
quantity Of silverhas been the unit in our system of
money. All coins that were not dollars have been
either fractions multples Of dollar Accordingly that
well known quantity of coined silver the dollar has been
and is the standard by which all values are measured
The faith of the government of the United States Piled
gd to the people of the United States and to the
eal world that gold eagle which By a,c to be recey-
ed as the equivalent of ten dollars shall be in fact the
quivaent of ten dollars that is shall contain an amount
OF precious metal equal in value to ten times that well
known quantity of silver called dollar. Though gold
and silver have been, and are, equally legal tender in
the payment of all Dues silver and gold has been the
standard, because that definite and well known quantity
OF sper and not any definite quantity of god has been
taken as the unit in the measurement of value.
Till recent period the fluctuations in circulating
medium, with whatever mischief they have brought have
been owing to the expansion and contraction of the paper
currency. Ban-note authentic and safe promises to
pay money demand, so great convenience in the
transaction of business that currency exclusively me-
tac, at least in such country this may be pronoun-
ced mpracticabe Yet nothing is evident than that
the Of bank-noes a circulating medium dminshes
the value of money makes money cheaper-ust in pro-
portion as it makes the currency abundant In the
year 1885, circumstances had thrown into circulation
greatly dsproporonate quantity of bank-noes Money
or what passed for money, exceedingly abundant and
therefore cheap in comparison with other commodities
The consequence great appearance of prosperity in
every direction whoever had anything sell demanded
high price and got it, speculation wild; everybody
rich, to be rch everybody was wishing
to make great Investments everybody was ready to run
in debit in word there kind of epidemic insanity
all pecunary and commercial questions. In 1887,
there general coapse and people gradually recoy-
cred their senses.
Ever since the discovery of gold in California there has
been rapid increase of the curreney-not mere ina-
ton by extravagan issue of bank-notes but an ex-
pansion by the addition of millions upon millions to the
amount of the precious metals previously in circulation
Consequently money is continually growing cheaper in
comparison with other hings-that is, given quantity
Dry iess trari II y~~.s agu salary or
annuity that afforded comfortable and decent support
is no longer adequate to that purpose Rent is higher,
and still risng all the produce of the and the dali
ry hgher the products Of the forests and the waters
higher; everything in short is sold at an advance
price, except those products the price of which would
have faen and is kept from rising by the pro-
grcss of invention and machinery. Meanwhile the ten
dency to the bodes and most colossal speculative invest
ments, is obvious all sides.
This expansion of the currency is not one which will
correct itself 10y explosion and general crash
God the precious of the precious metals is becom
ing every year more and more abundant and is every
year losing of its relative value great change
taking place throughout the commercial world The val
of gold long fixed and certain any comercal val
ne can be called certain, has begun changes; and how
great that change may become what consequences may
come in its train, none foretell.
In these circumstances it is for the first time serious
y proposed in this country that gold and silver shall
be henceorward the standard for the measurement of all
values; and bill is passing through Congress which,
as represented to the public, will have that effect We
would entreat wise in the Capitol to use their
common sense moment before finishing that business
Is it not important that the article by which the value of
N'~ nc'tsurcu, nave II posi-
bic fixed value of its own Is not this important conn
ercaly, politically and in reference to great moral in
terests And shall we take this crisis when the relative
value OF gold Felt to be diminishing and when nobody
can foresce how great may be the depreciation of gold
within five years to come the time for enactnc that
gold instead of silver shall be the standard? Docs not
everybody know that silver far more likely than gold to
retain its present value unchanged Is there any man
who II he could have his choice between thousand sill
YER dollars of the present coinage and hundred gold ca
giles of the present coinage, to be paid to him or his
heirs on the first of January 1860 would not by all means
choose the silyer'
The only common remedy for the present growing
inconvenience is that we hold fast the silver dollar as the
unit i'll the measurement of value, and adjust our gold
coinage accordingly from time to time, gold may con-
tinue to huctuate in yalue.-Iadependent.