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

/
iho labofcr enjoys no more comforts than formerly 60
Oar paper currency represents dimensions eithout
gravity and is perrciuaton must prove destructive to
| both employees and employ ere
am no defender ~ the politics Of tho Secretary Of
the Treasury They have teen and arc as dsiaseul "a
mo ~ To any Of ny friends. He is not however, the
frs man who has sought distinction in a role iOI
which be was untitled. The author Of Blsckstone'l
Commentaries sought parliamentary position to in
crease his fame. hut here hs career only remember
ed because Junius pointed AZ HIM his SLOW, unmoy-
ing finger OF scorn.' Juhu Quincy Adams not
always satisfied n the high career of statesman, but
sometimes attempted poetry and "D,rmot Mofogh"
was The result The political sn Of The Score my are
patent but according 10 Burns We know not what has
Teen resisted Should W. drive him from position, is
II hkeiy that any successor would have more OF the
COT hdrrco OF the ctuuuy HIS rect lamentations, 20
far NJ I'M concerned thall not be CONDEMNED htcsuse
made by him, onll soiuunud do not think II will
be very wise Tor Congress TO get wong ON financial
qutsiious leoaute The Secretary happens TO be right
though wrong politically For myself shall not mskc
the mistake Of OPP osing him whore my conscience
cures me he is mainly sound ard tue Although |
think he has named day for the resumption o specie
payments somtwbAt earlier than IL Will y possible to
achieve yet the unAlieraho purpose 10 resume at
early day have doubt he sound n principle policy
ard morals and " Congress shall thwurt this purpose
viii have doomed The country TO long years Of sui
ieritg More than this any party which shall un-
deriske seriously to procasinate the day Of our re-
dtnpuon ifom The evils Of ~ excessive paper curren'
oy. The evil oi dear vif Will a last be overwhelmed
by I've opponents even though the latter may not be
able At the time To- extfcate the country. Strong az
D NAAiANA
I an issue.
/ On The 18th Day of May 1868, the premium on gold
had fallen to one hundred and twenty eight and halt
per cent. having fallen rom Two hundred per cent in
March, and from much higher point than that IN
January without producing percepuhe ripple Ia f.
naneial circles and los psuc There were twen
yseyen hundred and thirty three failures In 1850 in
the United States, amounting to S6l ,i73, hut 10
1868 there were only five hunortd and thirty, amount
ing to sl7,025 COO, about one-tourih part OF the
average humber and amount Mortgages, made light,
had been lquidated The old systm OF mercantile
CREDITS by C mmon consent had been bauished. The
South In losing all bad lost its credit, and trust 10 that
direction was impossible All felt that to pay ~ you
30 Was sound policy The scrptural Injunction lowe
no man anything had been implicitly obeyed, and
then was the golden moment net only for political re-
construction, but for return TO specie payments
Then The capital Of the country idle aud might
have been largely enlisted into the service OF the
try The oampaien of paper currency was over,
and II waited only to be honorably discharged. Use
ful once 1t was now only an inoumbranoe.
The Weston States prior 10 the were largely
involved in debt, aud they not only paid II ndobt-
eduets not les than $500 eco, but they became
large holders Of United States with means Of
becoming sull larger holders W. this time neither
IN the West nor 10 any other part Of the country have
our people asked received the sncent measure of
credits N0twilh tandng The drain OF the the
great masses OF the leopesre free ron debt Thanks,
at lest to The Secretary Of the Treasury for having
borne slot the motto Of carly resumption Of specie
payments This, IL no more has prevented the coun-
ttS from an iud finite tHpautOn " ctCdite, from pung
ing headlCDg into debt; and never, in my opinion,
shall We have more auspioous moment to initiate
measures for vigorous retirement Of the excess Of our
paper currency
wish could believe that the Treasury esiimates Of
the receipts from customs Tor the years ls67-Gs were
not TO large, but not, and ntad OF SlA3 eco eco
If We get less by twenty millions OF doliaTs, it
ought 10 content and he satisfactory to the coun-
uy. The cal acity Of the South TO coutume md Jay
for immense impuftations has been vastly oyeiated,
and The lake trade alone probably uuct exceeds the
tntife aggregate # the southern trade recently re-
stored. The prompt action 20 generally expected upon
Tie tariff bill now pending the Senate, by which the
ratN OF duties would be somewhat noieasCd, fora time
gfthuy simulated importanOls, and We have had both
glut Of merchandise and Of revenue by means 10
he anticipated for the coming year
IL Is most likely the Secretary of the Treasury has
moderated the amount Of Unittd States bonds held
abroad and thai instead OF $3.50 O00 OO0 not LEES than
$500 600 600 Of our national securities held So
long AS these remain below par abroad they will b.
held moe or less 80 tancy stocks liable to be returned
Tor realization at any moment If hes could he made
equal to par II does not eeem TO that the holders
would part with security for which they receiv
ing sx Ier cent interest in order accept other no
better at three and hall per cent interest Beg onda
question when our bonds bring Shat they represtnt
dollar for dollar, new loan payable abroad could be
negotiated, II were desirable, at five per cent and
perhaps four and halt per cent We shall long
demonstrate that II is safer the United States
three and half per cent han any other nation in
the world but hist We must make present oblisa-
tions worth their par value IN gold al home.
wish it were tue that the stocks OF The United
States not to he found at all in foreign markets;
but not rich enough to hold oil the good things
produce Is it not, however, source OF morudca-
ton that Massachusetts, five per cent ste OK brings
IN Lundtn than United States smear Or that
Are we quite content that Egg ptisn (quotd at 81 }
Turktb los Brazilian (q3 J and even Moorish (g3 !
stocks tha he quoted much higher than the best Of
United States stocksl Seine OF these loans four per
cent Of Governments grtauy Inferior We think, 10
that Of the United Stats, bimp higher prices than
Fix per cent loans do not wish tWliuS to put large
profits in the pc, kcs OF oIeditore but those who
obt aimed stocks at lees than psr made their profits
the time Of puIohate to have been expected
he Government Il
all it promised, principal and interest aud those who
rel,d upon the good faith Of cur GoyeInmtnt, Who
hereafter rely, will never receive LEES No 9TH
Ct Government has met its btgauons with more pune.
iuahty II slowly, the world will surely set acknowl
edge he fact.
The problem Of low much currency or circulating
medium any country itquires ior The healthiul trans
action of It's business is one having many points of
disturbance that it's actual solution one Of diff
houliy. Each examiner will vary the result according
10 the data included excluded, aud probably ao-
ourdiug to the th,ory he wishes to build up demol
ish. propose TO present some iaos upon this subject
that 10 me seem important and to which | invite the
consideration OF the House.
The entire amount of bank-note circulation of the
whole country in January, 1852 was sls4 COO, 900,
and # this sac O00, 600 belonged TO the southern
States. The maximum amount Of bank note crculs-
ton previous time has gone hey ond S24 IT'S s22
and the circulation in 1860 S207 500 600 and tina;
year Of as large production and of as much
general prosperity as any perhaps IN cur history To
the amount of paper there must be added small
amount " specie IN daily circulation Doubtless there
500 COO 900 Of specie ia the country but Ahat
held by banks is Represented by paper. equal
amount of which IL usually retired whenever specie IL
demanded and temporarily brought into use con
siderable amount, there will be, boarded
~ tfanitfu RS merchandise.
The business of the country not larger in 1866.
certainly than it was in 1850, except ~ rational taxes
and these uIqutstonAbly create demand for some in
of the circulating medium and MS upquestion-
ably some extent diminish the business OF the coun
try. II is great convenience, however that the me
dunn should be Of national character and current in
all parts OF the country.
With what propriety can il be claimed that the bus
mess of the country requires the volume OF paper
currency which now mandates the andl Let us look
att
Mr. Morrill, here gave the items from statistical
statements making the whole OF present currency
1903 900 55l 49, being four times large the coun
try required six years ago for amount Of business
larger than il is now. Great d iian, with trade
larger than ours, but Sls5 600 of paper
money so we ARE the absurd habit of using hye
times her money capital to do half her business Fol-
lowing these detailed statements as to gold aud
silver, showing that these metals have been cheapened
in this country both by their abundance and debase
ment Of the coinage, that specie basis for
currency, exchange in London would be against
by about % per cent. We have, th,n, a currency
doubly infated-inhSted in quantity, and Inflated BY
nominal LEG value here hey ond its real value else
whnre