The Vermont transcript. [volume] (St. Albans, Vt.) 1864-1870, 1867-04-05


which are made receivable for all dues to
the Government, excluding imports, and by
all its creditors excepting in payment OF in
tcrcst upon its bonds and the securities them
selves second. legal tender notes issued by
the United States, and which the law rcquir-
cs shall be received a. well in payment OF all
debts between citizens as Of all Government
dues, excepting imports and third, gold
and silver coin. BY the operation Of our
present system OF finance, however, the me-
tallic currency. when collected, is reserved
only Tor one class Of Government creditors,
who, holding It's bonds, scmi-annually re-
ceiye their interest in coin from the Nation
al Treasury. They are thus made 10 occupy
an inyldious position which may be used to
strengthen the arguments OF those who
would bring into disreputc the obligations
OF the ma ion. In the payment Of all it's dues
the plighted faith of the Government should |
be inv)lably maintained But while it
acts with fidelity toward The b)ndholder who |
loaned his money that the integrity Of the |
Union might be preserved, it should at the |
same time observe good faith with the great |
masses OF the people. who, haYlng rescued |
the Union from the perls Of rebellion, now |
bear the burdens Of taxation that the Gov |
ernment may be able to fulfil its engage
ments. There is no reason which will be |
accepted as satisfactory by the people while
those who defend us on the land and protect us
on the sea, the pensioncr upon the gratitude Of
the nation hearng the scars and wounds re-
ceiyed While IN its service, the public servants
in the various departments Of the Government,
the farmer who supplies the soldiers Of the army
and the sailors OF the navy, the artisan who
tolls in the nations workshops, or the mechan-
| les and lab0rers who build its e1ifces and con-
struct its forts and vessels Of should in pay
ment OF their Just and harl-earned dues receive
deprecated paper while another lass Of their
o0untrymeu, no more deserving. are paid in
coin Of gold ana silver Equal and exact ius-
tce requires that all the creditors Of the Gov
ernment should be paid in a currency possessing
! a uniform value, This can only be accomplished
| by the restoration of the currency 10 the stand
/ ard established by the Constitution; and by
this means we would remove discrimination
which may, # it has not already done so, create
prejudice that may become deep-rooted and
widespread, and imperil the National credit
The feasibility Of making our currency CORE
Gpond with the constitutional standard may be
seen by reference TO few facts derived from
our commercial statistics The production Of
preciou' metals in the United States from 1919
to $50 Inclusive, amounted to S5lJ,9OO,-
600; frol 1855 to 1860 inclusive, TO $751;
I ffNNfNDIs anu from lUpl u lou iutAuclNNf
10 SOL, 100000 making the grand ag-
gregate of products since is49 81,
l74,000,00O. The amount Of specie coined
from lSl9 to 1857 inclusive, was $3.50, 600. 900
from 1888 20 1860 inclusive, Sl25, 900, 900
and from 1861 TO 1867 inclusive S3l0000,-
600 making the total coinage since 1863
Ss7iO00,000. From 1919 to 1897 inclusive
the net exports Of specie amounted to s27l, ,
900 600; from 1855 to 1867 inclusive. -322
600, 900; making the aggregate Of net exports
since lS49 S7Il 100000 These figures show
an excess Of product over net exports Of s l33
r 600, 900. There are IN the Treasury : 900,
, 600 10 coin, something more than i0,000,00l
dollars in circulation on the Pacific coast, and
feI millions in the National and other hanks u
all about 100 900 600 dollars. This, however
taking into account the specie in the c0untrl
prior 10 1912, leaves more than three hundrc,
millions Of dollars which have not set beel
accounted for by expectation. and there
fore msy yet remain in the coun-
b try. These are important facts AMI shoV
o how completely the inferior currency will super
sode the better, forcing it from circulation anon
= the masses, and causing il TO be exported as
D mere article Of trade 10 add to the money CAPT
C tai Of foreign lands They show the necessity
= retiring our paper money, that the return q
s., gold and silver to the avenues Of trade may b
!. invited, and a demand created which will caus
the retention at home OF at least 60 much
the productions Of our rich aud inexhaustibl
gold-beariug fields as may be sufficient for puy
pose Of circulation. II Is unreasonable to ex
pect return to sound currency 50 long =
+ the Government by continuing to issue irreiecm
e able notes nils the channels OF circulation wit
y deprecated paper. Notwithstanding a coinsg
F. by our mints since 1919 OF eight hundred su
3. seyenty-four millions Of dollars, the peopl
}. are now strangers 10 the currency which wa
~ designed for their use and benefit. and speci
! mems Of the precious metals bearing the na
~ tionsl device are seldom seen except when pr,
n duced to crafty the interest excited hy thei
:, novelty.
~ II deprecated paper is to be continued as III
e permanent currency Of the country. and all on
u coin is 10 become a mere article OF traffic an
le speculation, to the enhancement in price of a
D. that is indispensable to the comfort Of the pc,
! pie, il would be wise policy 10 abolish our mint
ne thus saving the milton the care and expense
J. such establishments and let all our preciol
/ metals be exported in bullion, The time h,
10 come, however, when the government and nj
n tional banks should be required TO take Il
"a most efficient steps and make all necessary a
N rangements for d resumption of specie pay
- ments at the earliest practicable period. Spec
, payments having been once resumed by Il
Government and banks, all notes or bills of pi
~ per issued by either Of a less denomination tia
V twenty dollars should by law be excluded fro
le circulation, 50 that the people may have Il
sr benefit and convenience of gold and silver Gu
e rency which in all their business transaction
Is will be uniform in value at home and abroa
Q. Every man Of property or industry, every ma
l. who desires 10 preserve what he honestly pc
he sesses, or TO obtain what he can honestly carr
10 has direct interest in maintaining a safe eli
n culating melium--such a medium as shall |
10 real and substantial, not liable TO vbrate wit
:, opinions, not subject to be blown up or blow
- down by the breath OF speculation, but to
e made stable and secure. disordered eurrel
cy is one Of the greatest political evils. 1t III
dermines the virtues necessary for the suppo
"a Of the social system, and encourages propens
IT ties destructive Of its happiness It wars again
r industry, frugality and economy, and it foste
v the evil spirit Of extravaganza and speculation
=, 1t has been asserted by one of our most pr,
> found and gifted statesmen that. " Of all Il
= cOntriyances for cheating the laboring classes
mankind, none has been more eflectual than thu
which deludes them with paper money Tn
is the most eiiectual of inventions TO fertilze Il
:, rich mans fields by the sweat Of the poor man
il brow. Ordinary tyranny, oppression, excessi'
e taxation, these bear lightly on the happiness
p the mass Of the community compared with
u fraudulent currency and the robberies committC
/, ny deprecated paper Our own history h,
IS recorded for our instruction enough, and mol
|. than enough, Of the demoralizng tendency, Il
K injustice, and the intolerable oppression on Il
o yirtuous and well-lisposed, OF degraded cul
# rency, authorized by law, or in any way cou
tenanced by Government Il is one of Il
most successful devices in times Of peace or wa
! unexpaRsions or reyulsions, to accomplish II
G transfer Of all the precious metals from the gre,
i mass Of the people into the hands of the few
d where they are boarded in secret places or d,
Il posted in strong boxes, under bolts and bar
c while the people are left to endure all the incor
n venience, sacrifice, and decentralization resultin