Green-Mountain freeman. [volume] (Montpelier, Vt.) 1844-1884, 1867-12-25

wages paid out. The moderate crops tor two
seasons past have secured comparatively
good prices, but they would have been good
under system of cash payments, and the
annual income of farmers, deducting expen-
ses, has been small. The price of wool is
down to a hard money price, but railroad
freights are not. The expanded paper money
lengthens the road from New York to ST.
Louis. and from Boston to Chicago, as well
as all over the country, forty per cent, and
sometimes more than that. The wheat,
wool, hogs and cattle going from Chicago to
Boston or New York, and all returning
freights are charged at rates equal to four
teen hundred miles, or more, instead OF one
thousand This may he fun for the railroads,
bat it is death to the agriculturist and the
husbandman For all practical purposes 1t
removes the splendid grain-growing, region
of the northwest back under the cold shade
of the Rocky Mountains. The railroads may
be able to endure it, but can the farmer
Competing railroads cannot be extemporized
under the reign Of an inflated currency
Whatever monopolies exist will be perpet-
uated.
With Il deprecated and redundant cur
rency the poor man is driven to the wall.
He has nothing to be affected but the price
of his labor, which. though inconsiderable
in value, never rises as to keep him rela-
lively in no worse condition than he was be-
fore, or to compensate him for the increased
cost of living Purely monied capital as
well as labor, is at once depreciateed by any
octnal redundancy Of the currency But
then monied capital is mobile, easily shifted,
:. wiser than the children of light, and al
WAYS contriyes t. take care of itself. With
an excess Of currency. when there Is dim
mutton of any article of necessity monied
capital at once monopolizes II, and the pub
lie are the victims of speculative eXtortlons.
The properticd capitalist, however, under
like circumstances, enriches himself at the
expense of both the poor man and the monIed
man. This deranges the proportion of the
capital of the country and paralyzes produc-
ton. There is much trade, not for consump-
ton, but for speculation, and very little ad-
dition 10 the general wealth. The capitalist
of any sort has lis eyes at all times fixed on
a financial barometer 70 learn whether 1t Is
settled, fair. or whether Il storm is Indicated, :,
and then adjusts his investments in advance
of his neighbors, SO as to reap the profits OF
an expansion or avoid the loss OF contraction.
The poor man has no retreat, but stands ex-
posed to any wind that may blow. The
largest real estate owner in the city or New
York NAV favor the largest amount Of paper
currency, and having all his property in real
estate and no patriotic siXpence in United
States bonds, might advocate the payment OF
the latter in greenbacks. Ills immense
property and annual rents have more than
doubled by the excessive issues of legal ten
der money, and he gratefully adheres to the
policv which gives the largest monopoly and
control in the value of the net results. New
housebuilders with paper money cannot cosa-
pete with old hereditary landlords
Bankers doing regular business throw
out all long and all speculative paper They
accept nothing which is not based upon ac-
tual transactions. and usually nothing having
more than ninety DAYS 70 run. But now
business is 70 much demoralized that specU-
lative paper, backed UP by collatcrals, rang
ing from gold bullion down to fancy copper
stocks. drives even the gilt-edged business
paper ont of bank pariors on 10 curb stones.
Redeening their paIer nowhere, banks may
take long OF renew short paper Al viii.
Neither the honest trader nor the industrious
manufacturer can compete with such sur
roundings-with the bulls who trample upon
him. and the bears who squeeze hlm-unle>s
Ike them he becomes = gambler, differing
only in the character of his stakes. Regular
trade affords no such profits dealers in
corner lots and fancy stocks expect to reap
and regular business men cannot afford extra
rates of interest or constructive charges tor
exchange. and therefore they are excluded
titii hiiNo - Nt'SNAN'T f'''tAN4'0 ''i4N- 49,
stand before mean men. Those having cap
ital Of their own dare not launch it upon
any adventure without margin Of two or
three profits, not knowing how the character
of the currency may change ere the account
shall te closed What old India merchant
now dares risk a cargo from the East TO ar
rive a year hencc2 What manufacturer can
predict whether he will be solvent six months
from now, if he invests his capital in any
thing in particular to be ready for market
1t is a lamentahle fact that the deficiency in
the intrinsic value of our so-called money j.
fast undermining public and private integ
ritv of character. Merchants cannot contin
ue in business unless they acquire an apti-
tude for the calculation Of chances anc
officers in the revenue service of the country
it is to be feared, too frequently calculat,
the chances as to whether they can make
most for against the government. And
bankers, lost in the sweeping current, for
get bank and turn brokers. 1t is time thi
state of things should be checked, though i
should subject us to some inconvenience as i
need not TO any at all.