Rutland weekly herald. [volume] (Rutland, Vt.) 1859-1877, 1867-01-17

| pasNlns, lot the reason thAL the CtCTt'
tary Of the Treasury and both financial
committees as we'll as the banking com.
mittee are opposed to IL )" and another
writer says IL is a great mistake tosup-
pose that the recent vote OF the House
against instructiEg the ol,1mittee on
ways and means on the subject OF ietlr,
ing the greenbacks can be const. "tcted
into a support OF the policy of the Sec
rotary of the Treasury in favor of pal
Ing OF the national debt in twenty-five
years, and for that purpose maintaining
the excessive rates % internal taxation
There are many reasons for the belief
that however much delay there may be
in the action of Congress, there will be
no further measures adopted 10 decrease
the volume Of the currency, as proposed
by the Secretary of the Treasury. II Is
by no means sure that the great body of
business men in this section Of the coun-
try are really DESTROYS of greater re-
ductiOn at the present time, while it is
almost certain that the West Is strongly
opposed to the measure. II we are TO
Judge by the expressions Of the journals
ofthe West, and of the sentiments of their
public men, so far as they are expressed,
they would much prefer to have a less
diminution than greater one. The ar
gument recently addressed by an infu-
entail man to the people Of Illinois, that
it would be much harder for them to
pay their taxes, If their products are
much reduced in value, is too potent q
one to fail in the effect intended.
Currency Is asked for as necessary to
the prosperity of the South, not for that
section only, but for its retroaction upon
the North. To furnish this currency it
is suggested that a proportionate de-
crease be made at the North and West.
Most assuredly the North and West will
not consent to such a decrease in fmme-
date means in addition to what is pro-
vded in the general reduction of the cur
rency,
Besides the indirect influences in op-
position to reduction of the currency,
and the positive and active opposition at
the West, there appears also to be a
measure at work in the same direction
in New York, as shown in a recently pub
lished circular, from parties represent
ing that they are retained by some of
the national banks and others, and a
call upon banks for a contribution to
aid in action at Washington. It may
be true, that this is not generally acqui-
esced in, but the fact that there is such
a movement is evidence that an effect
will be produced, especially with pre-
disposition in that direction. Mer-
chants have also given much aid to such
movement, or have placed themselves
where their interests will demand it, by
extending credits and forcing the sales
Of their goods throughout the country.
In addition to all these reasons and in
tiuences, there is q general complaint Of
dullneSs of trade and stagnation in bust
ness. Members of Congress have been
at home and in contact with business
men, who do not wish to have g contin-
uation of such stagnation, and they
will naturally be told that it is owing to
some reduction and a fear that still
greater lessening OF the currency will
take place. One might also be led to
believe that Congress has delayed to
take action in order that this state of
things shall be appealed to for an in
crease rather than decrease in the cur
rency, and that they may have some
thing like an excuse for falling to do
what they feel that they ought to for
the good Of the country.
If these conclusions are correct, the
business Of the country is suffering sim
ply from the want of action by Congress,
and not from any well grounded appre.
heHsiOn of what that action may be,
Whether the supposed course which Con.
gress may take is the best for the coun.
try, is not so much considered in this
discussion, nor are the measures by
which the Secretary of the Treasury
proposes to reduce the volume of the
currency.
1t is not at all probable, however, that
any course will be pursued by the Sec.
rotary which has not the sanction of
Congress, and it may therefore be taken
for granted that matters of finance will
not materially be changed from the past
year, except in the policy Of the govern
ment being more settled. Business hav-
ing been quiet so long, willlnaturally re-
vive, and there can be little doubt that
the present year will be a prosperous
one. The ruling rates for gold are not
likely to be much lower for year to
come, ranging, probably, from l25 to
l4O, and the fear Of too rapid contrac-
ton being removed, whether the policy
be good one or not, it will generally be
availed of,