Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1865-07-28
Gaa.rtman & State JuurnaI.
WHEREIN THE NATIONAL DEBT MAY
BE MADE A NATIONAL BLESSING.
BYR.P. WALTON
MONTPELIER, JULY 2s, 1865.


in gold Of over one hundred per cent. in three
months. not only without failures, but almost
without embarrassment, is this,-that the
amount Of stocks and bonds now held by in
dividuals and firms is such an addition to
their capital and available resources as ena-
bled them to tde-over financial shoals that,
under other circumstances, would have smash
ed them on the rocks of financial convulsion.
No one can dispute that our national stocks,
bonds, or 730 notes are, in themselves, not
only an addition to the working credits Of the
country, but are daily becoming more and
more the actual capital upon which our daily
business lie transacted. They represent a
fractional part-say one-si1th--of the wealth
Of the whole United States. They are the
first mortgage on an estate worth elk times
the amount Of their face no,o, and which doub-
les in value about every ten years. They are
just as much property as any bank-notes, and
just as much better than bank-no,es az the
security Of the nation is greater than that oi
a bank.
We repeat that the cause Of our prosperity
at the close Of a great war, while surrounded
by circumstances that usually occasion fnan-
cial disaster, is chiefly to be found in the fact,
that portion of the real wealth Of the coun-
try has been made available for the rapid
transaction and increased security of its busi.
ness. The specie of the country never was
sufficient for its ordinary commercial purpo-
ses. 1t never was over two per cent. Of the
counlry's actual wealth, and as our commerce
Increased, the disproportion between commerce
and specie became greater and greater. In
plain terms, the ship Of trade could not nsvi-
gate this shallow sea in squalls or stormy
weather. When too heavily freighted, she
stuck IN the mud, for there was not money
enough to move the crops. II produce sccu-
mulated too rapidly on the sea-coast, there
was a stringent money market, that the fail
ure Of a single bsnk--like the Ohio Trust Co.,
in '57-misht precipitate into general panic.
If, in our haste to build railroads, we strain
ed our means ever so little, the company must
be sold out because there was no money to
help it through. Ifs country merchant want
ed a thousand dollars from bank TO assist
him in waiting the farmer until he sold his
crops, the bank was sorry, but it did not dare
/ to increase the risk Of drain on its scAnty
stock OF specie and il the western settler,
who owned only his acres and his sturdy
I hands, wanted little money to buy stock and
farming implements, be must pay twenty-four
to thirty-six per cent. per snnum for 1t, be-
cause specie was scarce. The wealth Of the
country was greater than ever, but oney, the
great stimulator aud mover of production
the Indispensable medium Of exchange, and
lubrcator Of business-was tight, and the
consequent friction either made the wheels
move with difficulty or stopped them alto
gether
We do not advocate an irredeemable papel
currency-even one so good as the great nee
essities Of the last four years have given us
but events have shown that with this, or ever
less amount Of currency, we are not liable
to those great fluctuations in monetary affair
that have heretofore proved so disastrous-
rocks. 10 the future. and after specie pay
ment. are resumed, our governments ourrenc.
will have that first element Of permanence-
public confidence in its safety There will b
no run for redemption, because every dolls
will be secured by pledge of national stocks
which is but another name for the nstiona
wealth and when there is no run for redemp
tion, the banks will never need contract, AM
the currency will remain adjusted to tn
wants Of the country. Specie will be requir
ed only to settle the balances of foreign an
nct Of domestic trade. Heretofore, at th
first financial disturbance, real or imaginary
the people have justly had their c'nfdenc
shaken in the circulating medium, and hav
demanded specie from the banks, not becaus
3 the specie was wanted for any Legitimate us'
but because Of the general fear that Is coul
not be had when wanted. The little French
man, who had deposited ten thousand dollar
: with the merchant. heard of several mercar
tile failures, and Immediately called for b
money. He said,
4
sail be ruin unless l get him quite imm
. diate."
:, On receiving his cheek, he said, " And CT
you pay my leetle ten tousand dollars ju
so well as not :"
Certainly it is quite convenient"
(" Aha monsieur den | wish you wou
y do me se grand favor to keep him Won lee'
q while longare l only want my monns
y where can get him"
J Now, our national bank act, founded up
/ our national bonds, which represent fra
tion of our national wealth-for which
are indebted. among other good things, to
n persistent efforts OF our late Secretary Of
" Treasury, Chief Justice CH.sE-gives eve
one his money when he wants it, a
~ where he is satisfied to leave it until he wal
w. il.
~ In this respect, it must be admitted Il
the National Debt has proved Nato
nt-.: I, has made ns forever free fr