Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1867-01-30

world The bapknote circulation oi he United States
from January, 1880 January, 1887, from SOL
1874 900 90 rlip ls5 500 and then The hnaucia
collapse from which the country Gid not recover for
4 more than five years, until 1913, when the bank
circulation bad been reduced to SOS j6i 600 In 1857
another period Of sharp diess and great embarrass
r meut vss experienced throughout the country At
q this time the bauk-no circulation had swollen to-
the highest point then ever knowu-S2l4 us s22 An
excessive rise Of The circulation Of paper would
% almost A. surely 10 prtsnpe storm in The financial
world A. the sudden sinking Of the mercury the bar
ometer denotes violent change in the aimospherical
world. Under such Circumstances the skiltul mariner
will train his canvas % as to weather The rough dan
gers be may be called upon 10 pass through While
the ragged had 10 run fearful risks stretching
every rag OF sail with our admirals ashcd To the mast
head, and came Oh victorious Now with all craft
safely in harbor 1t would be disgraceu t. sink by in
ssting upon carrying full sail instead Of throwing
anchor OF BY negl'onug 10 trim the ship with proper
ballast after being unlaoen Thus Tar have escaped
sny commercial Ornadues, hut II should be visited
by such calamity-the usual sequence Of war-it Is
too obvious that we are exposed 70 something Of
corded severity
An excess Of currency adds nothing to actual values
Calling dollar dollar aud half only brings slong
the necessity for marking up the price Of every ex-
changoable commodity outrtspoudug.y Ii this were
TO he done with mathematical exaciues nobody would
he the gamer or the loser But our circumstances
peculiar We know snd have faith that every dollar
issued by the e verrment will be actually redeemed
and paid sud probably within Eve years So that any
one can afford on this Hypothesis 20 invest gold in
United States notes and bold them idle until redeemed
for much lees hau even the prefeut premium gold,
ana would probably gain much more than tiX
interest according even 70 The ptesent rate OF discount
On legal tenders Nutwibsandng that the present in
hatiou Of paper ought naturally to carry the price Of
gold much higher than it now u, this all. pervadng
conviction largely controls the rate Of discount II
the public faith ~ this point ID, Md undergo change
and The time Of specie rsumpton a. pear 10 he un-
certain OF postponed, there IL power which could
/ prevent The premium on gold from bounding up to
some uf its highest attitudes Let Congress become
weak and Nacaiing, ana we should soon SEE our
rency as luoyaut A. tosp.lubllts aud with hardly
more purchasing power, During the wsr, At whatever
sacrifice Of present comfort, the PEOPLE back of us
conducted ihemselyfs and Voled IKE stateimen. Let
us not suffer IN comparison by exhibition here OF
more contracted vision when the light H more abund-
ant
The ratio between gold and payer is not the tue one
Pfoducit large surplus of god, it naturally is and
forever will he ehtop'f h,re han eeeVbo'c But we
ave dtptetstd 1t by making IL MT diiy which We
are obliged TO Ell for what The world will gye. Wee
sane 10 more readily than an Win ete The Govern
mont rtqutes gold iu be aid az the custom house
A. ltpayf cut an ogus amount 90 the sub Tfea,ur,
/ That ls the HhtAiolc ard TTpetua mtosute Of opr
wants bey nu tiis ntithu Comment nor people
have any zee ftr IT, Botk lave long since .tmC,ed 1t
tlm their vaults Itittlc thta tst hing we hove 10
j ell SO long a. Ibis ccniuut, att ma ntauiug The
/ patu Dscm 10 The great 'dvsnugt d rdgu nations
o. d 10 or own lees. wife II mi ms { shall te
NE subjects Of oiteh lu' dc md the spoil Of gold
spcculators. hVtfy mons iitluu 10 at HE mcity Of
/ u wild waves of an ID face G.. enc.
AL our eApCiIct slCNs that excessive iftuts Of pa
per mong lave ltn fol tvtd by ,iveir totisiiors
| Of fo,eiRn Potds Who The sitriE'e With Napoleon
ovtl, % not Until Year. Ia a. that Err r.
/ sun ed % cce ra,mcnts, GuntR which ltr material
rto. rts Wis Comparatively sjaituar al her intpuf
ctnt dee ln adc aud mn btat cate fubst4uet
] 10 'hHIe'iod When the b NIX lote oicuiati,n II ne
Unr'd Stats vs. 20 Largely tXpsrdcc 1870 our iu-
ports lcath,d The large tuu q -lS9 $50 05 having
'iftn lcm GO S76 $40 IN 1880 Al ihe me lime our
] Apotu OF domtsuc ir'dtct we've uly $50 9lt t6O-
AGAIN, under Ike lance. In 1907 The ut orIs
iCte ~ soy s9ola having bon 10 more than Sl7S,-
! loo 90 ~ 1901 At be me pencils the tx'ets Of
81 ecIe auc bullion Aporitd VAS v,u large The net
imports Of itrben mGchhuuiss u ps,t yer ytuto 10
gold amounted S4i7 Gao 81. Il Which over Sl25-
4 sH Oh flra To-
let loose at lph pticts cotton but We
Exchanged n al tnce 'or ts goods Iltse wond
seem 10 slow that le higher aW of uade ana com.
pce Ne1cses piu ess niger ngsHst ih,te nat, rs
which toeia'e an excessive circulation OF laptr c,r-
renoy.
lis oh,n said hat the Vuit,d sttst II iht legal
tender issues we've Nithdi"n wouic De o,tr by the
amt INT ot rutaied mt,r's. The toi mtr isl hea b
OF me c. un'Iy 10 OF tc mole value than FZi 600
600 10 The Government With ii COZ vtrutlt PAPER.
health is m possible but Win health could easb ne
goiaie all ans Tor onefiNh less IT, ertst. The $500
LOCO OF nation al bank ouIeby thtt would then be
convertible ltif over Il, per hen We hal
IN 1850 would be Al rmpe up ~ for n warts tr,de
But While begged with rapoi currency rtds en-.
fh.e il theI ap'I ,une, G., tuu that M at
Will mble aysh appIolnbt 'rs and the txpcG d1uies If
ht GtNtum mot vii be uiiece sanly ~ anctd at ~
ny session or mtre than any o,s TO il CURED on
the score Of interest by unong the Uui S'aes notes
As tehla OF, " con TO hon mercy cheap taul
iiTiY with millions has bitd Contempt for paluy suns
ana II tttms eoWndce TO shiilk non any l1op,sal
mercy lttautt NE u Nts ttt elg'r nan Won d once
have uti,td Put q ne day q ayMent IN We count
large sums as - s. olgtutg that "a dolla! Of aver,
OF herd eay work II IL tie go den momtut TO- the
paip now 10 power to turn i've At e. ticu tho dry suit
Jec OF economy and stem u tide flowing out from tie
lrtasuy foi the day Will a. pr, aeh vi IA cou Sc
all rot TAIL be reviewed by YAK payers. Ii we can
nov Geducc taxat ia g,y We eau do inucn more
by lugoJ reducing our aipT pr au,ns. II prevent
all raids uton the lreatut shall tutte ourselves 10
iniI erst able gratitude
fiom the Ia 20 which have ALREADY called the A.
tention Of he Houte 1t uld app 10 be moutated
that The simultne qs discovery Of ausfeious deposits
il various parts OF the wor d. Of extent and
uchnets has RAJ IDLY and ttvsr delruted the .taldard
yalus Of gold, whether currency OF as commudt,
throughout All clNN nsu'n' aid hat the United
states standard Of the precious metals used currency
has been deprecated fl m time 10 lime either by alloy
OF diminished WEIGHT until it compare uIaycrably win
that Of Other natl that While we have already m
lauon OF b. atC Banks have suTp led It's p by the
creation Of family of national bauss, whose siuess
aoue are One hundred millions greater than the oGcua.
ton displaced-ssuts eyers where practically deem
able and inc nvtTtbe, aud only claiming convert
ibe at time or ohe' into Other paper currency If
sull larger proportions, which the Government Will in
some way aud al some time redeem n docs choose
instead 10 go more d,epy mo the monopoly Of fancy
ooloied paper money tha' depost, bits Of exchange
and checks If individuals really ossess in commercial
transactions al the functions OF bshknote cuJeney,
ana IN moo"n mes are nsd lest utIe times more
eNtensively aud therefore, IN r ptI 20 the business
II the world, far less MI el il equally required than
formerly that the rapdit Of the circu aion # money
or whatever ciTcustes ncy, greatly gnihes any
currency which may be used IN The United States; that
ls immensiy Of our papeT inouei citeulai n ieuos
on the part Of Congress and the Elk cutye epartmnts
as well as The people that post onemeut Of the tine
e resumption will mud people less Ttpa' ed more
deeply N debt, the banks with h,ayle line discounts
and the oIeit stem expended e,ey where than
now for wise, steady ana prudent adherence the
idea Of an early resumption and without this cardinal
idea alV avs in front are in danger in the face of
diminishing revenue u no resumption at all
violent or abrupt contraction Of the present volume
OF apeT cur ency might be sdyisa ole and Arh the
eveT-pIesent interest Of the leatury mgng the main
tcnhnoe Of an easy money market there Is danger q
a a
ton Of the cd within ils old ,mbankmen is advisable
10 order to restore heath aud visor srguishing in
duses and Ia order to build up gr, atues as ma
ton upon that impreRnsbie foundation for which the !
maieal, not mo precious han solid has been placed
by Providence within reach, and in pTtater suur
anee than is TO be found in al Countries beside We
have Just emerged from moot expansive war, and |
ought to xh bit that spirit which justly inspires
graphing with the hnantAl difficulties reu aiming As
paItot our Inheritance with the courage uAt conluefs
and hus secure the vital in erests al own ptOp
while we challenge the respect q foreign nations.
Nothing Of importance was done in Congress |
nm the Dbth hpuU uriVata hill dsV lp tho Jit,