Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1858-03-20

had 1t Is obviously Tor the interest of New Eng
land with so large proportion of her popula-
ton dependent on industrial and manufacturing
pursuits, Mat tic currency Shouid be Jcguidtcd
by restricting il so as 10 bring il nearer in caitc
10 tie ciuycncy Of Hosc countries rhich are now
our great compctitors for the supply of what is
consumed bv our own people" This position,
which has reference, essentially to the manutac-
turing interest, plainly implies, that the reduc-
ton of the currency, by the suppression of Bank
bills, will so reduce the price Of labor, to en-
able us to compete in prices with the manufac-
turcrs abroad, where labor is known to be cheap
it being assumed that protective tariff " can
not now be had"
The same view is advanced by Mr.. Buchanan
in thcannpal message. He says. "it is the system
of eXtravdbant expansion, raising the nominal
price of every article far beyond its real value,
irieH cODiy,lrci iciN Mc cot of siHii1r aiticicS
IN countries rtosc circUioiioa is riseiy rcguiaied,
which las prcrcatei Us from coD,pctiny IN our
o,ca markets rim foreiW mGnyfoctVroS."
The theory that as We withdraw our paper
currency from circulation. gold and silver will
flow in and supply the vacuum thus created, is
based, evidently, upon the presumption that the
value of property, and the price Of labor would
be reduced to a basis corresponding with the
relative amount of the currency thus constituted
as compared with the amount of our present
"1Nc" H' currency ....
Is hotI'aoe 'hat the propoSiuon 20 PfohoH
'lc ISSUE an" o'Ioh oi Nioh pillS' iaiS prih
cpa,I! upon 'hc country nuhS' ana upon 'le
!ur1i PoPul"uon .the ihl9Gc cI'sSeN' me bahAS
ia 'nc prlhT'Pai ci'cN win irRe capitaS ana
u'lo,,'S' ""oSe i'Si'iha'e customers are 'he
, '""i''N an" '.c I''se mIi.u'"c'urVrS' nave
n'.' "'''N''" !" ''N"c S"'"' "''''' ""i ""Nc ''c
l'''e' oc'"N'oh I" use ''ieh tt pe'I'g mort con
N'h''h' 10 ,r'ilNac' thelr hhanSl" oPer"uuhs D!
"''"nS VI ciiecNS ana uraltS; Inc country DdIhs'
WI !.i' Ionr'i!' WIN Sih"" c"l''uiN anu no uc-
Po'"N. u'lvh" .S>enu"i! upon 'hc clISu'a''oii
VI i'lrlr p"lN' lheir ioalS are III Silla!l sums
an" u'c'r customers III great P'oPoIuo'' are
uoN,I>' u'e'er' III proHu'o' country u"uCI> ;,
sN''n manufacturers ana iaiincIS' ihcSe h'u
CONVENIENT !" uSV S"i'i o'i'> H' 'ii'" ""ileS-
TIC commerce
Throughout New England, New York, and
many other states it is rare to find an individual
citizen among the farming population and the
middle lahoring classes. who has not in his pos
session greater or less amount of this currcn-
cy generally the issue of his local Bank in which
he has entire confidence The aggregate amount
of this small paper currency is more than a moi
ety-probably three uuarters-of the entire cir
culation of the country Banks. The suhstitu-
ton of large bills or even of specie. cNcept for
small change, would be to the people an incon-
veniencc and hurthen.
The assumption that if small bills were sup
pressed. gold and silver would supply their
place. i, not well founded. 1t would not hold
good except in the cities and the PRINCIPAL man
ulacturing towns So far as the experiment has
been tried it has disappointed the expectations
of those who supported the measure In most
if not all of the state, where the issue and cir
culntion of small bills have been prohibited by
law. the public have suffered much inconvenience
from the want of small currency and have sought
relief by giving currency to the small bill, o;
neighboring states in defiance of the law pro-
hihting it, And St. general has been the dis
affection of the common reople. that few at
tcmpts have been made to enforce the penalty.