Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1865-03-03

T.
Assistant Adiutant GeneasL
Official.
CHIrrESDES Co. ACRIcuLruRAL SocrETT-
The Annual Fair of tins Society Will be hol-
den at Burlington, On the 18th, Goth and
Dist days Of September, 1865.
Prof Goodwin Snith-a warm friend Of
America end ofthe cause oftbe Union. lately
wrote o letter to the London Daily Ns,rs. on
our american affairs-espeeially ON our fl
nlneial condition lie considered the legal
tender ac. the root of all the trouble and
difficulty in our financial administration. In
the course Of bis letter he makes thi, re-
mark
The advocates Of the legal tender act are loud
ia their praises OF national paper currency
But the legal tender act and national paper
currency are d single glance At the financial
facts OF Europe must show, quite distinct things.
And % Is Co be remembered that the smash ot
local wild e,t bank is, az worst. local evil.
Within no long time, il vii be confessed that the
legal tender act was the most wasteful, vel a.
the most unfair iu its incidence, % all .mlgin-
able systems Of taNttious.
10 you touch upon the subject in America. the
common answer is. 0u cannot talk, you sus-
pended specie payments and made bank notes
eEi. tender yourselves. Satisfied as they ara
spt Co De- With this ret0rt, Americans DO net iu-
lure what we're the economical and financial ei-
fects, immediate and ultimate. Of a measure
which, although anterior 10 the general Iitiu-
sion VI knowledge or economical subjects, was
opposed ty the most enlightened and upright
economists 0i the time. Nor 10 they reflect that
SIS .1r var was wageI O. great extent abroad,
and tv means Of subsidies 90 foreign powers, it
was necessarily carried On partly in gold
THE Springfield Republican, in reference to
tar letter Of Prot smith. produces the fol-
lowing extract from private letter, writ
ten by an eminent New York State banker,
a .cw iay- ago
AHASI February 90, ls65.
What Mr.. smith says about
Mr. fsssenien and his inherited burdens. and
some other Of his conclusions, most readily
subscribe Co. But cannot bring my mind 10
believe that the legal tender act is the root OF
81. of our difficulties. The true and only cause
ot al our wees is the rebellion. and the legal
tender act Vas an unavoidable incident Of that
rt-l-l. INT aul controlling calamity. rs effects
wc an suow and is necessity Ee sll deplore.
but, ~ choice of evils. cannot doubt the
wisdom of Its enactment To ity0rs debtors, We
al know. and 10 favored the creation ot the
mighty national debt, essential 20 me successful
rr. .-sel'ian 1f the war. and il ayertei. not the
failure af irE wildcat banks only. but af ey-
ery bsua the country sith every individual
and tru ami corporation dong business upon
er.lr
But tr that act. it is my belief that We should
atfs had universal bankruptcy, national and
iuL.iiuil How strange 90 suppose that We
l.I'I Lsge f1atei three thousand millions Of
i.-- upon our Insignificant supply Of coin. Il is
both financial aud physical imposs.tility-
There is not coin enough in Americs. North and
south. sui sll Europe combined. O. meet the de
msuI- o. our wars war compared with which
European wars are pigmies 90 mountain. And
olr friend Goodwin Smith excuses England for
70 ike grave oiense upon the feeble ground Of
having 90 send abroad 20 pay her iHfls army
comparatively magnificent sums q gold
We must read and digest the rebellion drst
ami Adam Smith Afterwards. IL Is tIue, a.
Goodwin Smith states that real estate iii not al
r-st rise IN price like other articles nor has it t0
this day advanced AZ an in price-ani this is a
remarkable Act. But II is difficult 70 SET how
thg auctuation, in the value Of our paper cur
rsu-y have beea occasionei by a conflict between
our two systems Of banking.
confess 10 a deep solcituie concerning our
finances and taxation. The former It will take
time 90 correct and adjust but the latter is the
absorbing and pressing demand Of the moment
let this demand. which is The demand Of an
lenanis be wisely met and settled, snl &; Will
be a stlr Of hope 70 shape and guide our course
90 d glorious destiny.
Truly,
THOMAS " ALCOTT