St. Johnsbury Caledonian. [volume] (St. Johnsbury, Vt.) 1867-1919, 1867-12-27
The Erils of al IrcdacHia6ie
Paper Honey.

unless the latter IS all the time expand
ing, ard when it ceases 10 expand cr be-
gins TO contract then they fami~h and
die, Where dcprrci;,ted currency cN-
ISIS there can be no health ior them
there they have no continuing ciiv ar
abiding place. The effect om agriculture
and hu>bandry Is rot less unsatisfactory.
beyond the labor ot the family the huei-
ness yields no encouragement and The
products of hired labor rarely more iham
equal the wages paid out. The l..a'.eT-
ate crops for two >c;i$ons past have -
cured comparatively good prices. bat
they would have been good um'!er a >v--
TEN OF cash payments, ;,ml tie aimu;,I
income ot farmers. de,lucting eNpoI-,-.
has been small. The prise Of VOL i
down 10 hard money price. hut rail
road freights are not. The expanded
paper motley lcngihcus the roai iroiA
New York 10 ii. Louis. ami from Boston
10 Chicago, ~ well IL all over ;hr COM
try, forty per cent. am.l sometimes mure
than that The wheat. woyl. hos and
cattle going from Chicag" 10 Boston oc
New ! lork, and ali rciurnin. iIci.hi> are
CHARGED at rates equal 20 fourteen hum
drcd miles. OF more. instead "a! ,-..,. i.uu-
sand. This m;.y bc fun Tor IL, r..i.r,a :
but il /. death 10 agrlCu.lur!>: "ui the
hu>bandman. Fer all practical pur-
poses il removes the splendid .rai:i-.row
in rc.ion OF the treat northwest i,cA
under the cold shade OF The Ia moun-
tains. The r;,ilUal, may bc 80, - ,..-
dure IL but can the farmer t"mp,;-
il. railroad, cannot he cX.cmp"ria.. uu-
der the region OF an Inflated cu,r,n,y.
Whatever monopol;vs exist vii Ia pr
pctuated.
With 4 appreciated .ml redundant cur-
rency the poor man i driven Ia tie wall.
lie ilas nothln. 10 Lo affected Ia; IT,.
price ot hi, labor. which. ihvE-: iIcou-
siderable in value. ,cvvr rl-,- =, q, I.
keep him relatively in 10 w1r-- ro,a!i-
ton than he w:l- before. or 10 comrrm-
safe HIM ior the Increased cost ui Eyi"..
Purely moncycd capital. Il We'll IS labor
i, at once deprecated ly any ar.ua! re
dundcncy ot tie currency. lu; lL.1t
moneyed capital is mobile. ell, shifted
WISER than tie children oi li-lt. ana
always contrive, TO take car g; Itself.
With an excess OF currency. when Ih,r,
Is 4 minlmuti"n OF any article u: nscy->iiv.
moneyed capital al once municipalities IL:
and the public are the victims %. >,ccu
iative eNtortion>. The p."pcriic,l c..,,.i
ali>t, however. under like circumstances
,nrichc> himself ii the cN.cu-,. %: h,i:
the poor mian AMI the laou-ycl mam
This derauge> the proportion ot III ,-.i,i
til OF tie country ami pAra.,z- : rroluc
ton There i> much trade, not ;ur cvu
sumption. but for speculation, and yer
little addition TO the general w,@,.il. IL
capitalist Ut aIv SORT la> hl> cye> al aiI
times fixed on Il iinamriai barometer I,
learn whether it l. settled tar ur whylhc
a storm is indicated, und then adjust, Ia
investments in advance oi his nci.hhor~
80 as 10 reap the profits OF al cApAn~io,
or avoid the loss oi contraction. I'll
poor man has no retreat. hut stands ~
posed 10 any wind that may hlow. Til
) largest rea! estate ownc- i'll The CITY 4
New York may favor the largest amuGiI
of paper currency, ami having ail Ia
property in le;tl estate :lnd no patriot
si1pcnce in United States bonds, mi@i
: advocate the payment Of the latter i
grcenbacks. His immcn>e property an
: annual reats have more tian doubled l.
: the excessive ISSUES OF lc.al tender monc
: and he gratefully adherts 10 the poiic
: which gives him the largest moHopOl
and control in the value OF the net 7,
} suits. New house builders will pap,
money cannot compete with old hercd
$ tary landlords.
, Bankers doing a regular business thro'
out all long and all speculative papc
They accept nothing which * not base
upon actual transactions, and usual
: nothing having more than ninety days
run But now business is 80 much d
morallzcd that speculative paper, backc
: up 10y collaterals ranging from gold bu
lion down TO fancy copper stocks, driv
; even the gilt-elgcd business paper ont Z
e bank parlorS OH 10 curb stones. i
II decmlng their paper nowhere, banks m:
: take long or renew short paper at vii
r Neither the honest trader nor the m;lu
o trious manufacturer can compete wi
o such surrounding>-with the bulls vi
II trample upon him and the bears vi
/. squeeze him-unlesS like them hc /
: comes 4 gambler, differing Only in I
/ character of his stakes. Regular tra
r affords no such profits Us dealers iii &C
r ner lots and watered fancy stocks .cXpt
to reap and regular business incn CAM
C afford extra rates or interest or constrU
If tive charges for exchange, and thereto
ID they are excluded from banks hy shod
N patrons and do mot stand before me
r NEIL" Those having capital OF tn
own dare not launch it upon any adv,
N ture without 4 margin OF two or thr
S, profits, not knowing how the charac
s, of the currency may change ere the
? count shall be closed What old In
:, merchant now dares risk a cargo fr,
ne the east to arrive year hence WI
ur manufacturer can predict whether
st will be solvent six months from now if
es invests his capital in anything i'll part
kc ular to be then ready for market Ii