Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1867-12-18

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on much more advantageous terms and at much
lower rate of interest than we are now paving.
Our bonds are held abroad mostly by men Of
small capital--by men who have read our story
aud who are at heart our friends, and not enemi,
of republican Institutions. Many of them, per
haps hold such bonds as funds by which they hope,
at no distant day, TO transplant themselves from
the iatherland to our shores, there TO find their
future and happier homes The people of the
German nations love and trust us. Shall we doom
such men TO come to grief--the victims of mis-
placed confdenceY | would not by any act Of
mine rctard that German flood Of industrious and
thrifty people which flows and must for years CON
tinue TO flow hithorward in increasing volume, un-
ess it is checked by our own folly. From this
quarter we derive large proportion Of our most
valuable immigrants. Here the common people
reposed faith and confidence in us when the crown
ed heads of Europe would have banded together
70 dismcmber the Republic but that they ,ainly
imagined Jefferson Davis alone with his hackers
60 be fully equal to the unworthy task. The or
gans Of regal opinions abroad denounced our sccu-
rites as worthless and the London Times does
not yet in It's daily list Of the prices OF stocks
name United States bonds, although more Of them
may be daily transferred there than of almost any
other stock. Let it have its reward in the future
dividends II may collect upon It's confederate stock
The masses will believe and trust u.s. and they
should not be disappointed.
our ariHocratc adyersares charge being the
fatal stumbling-block of all popular Governments,
or crisis for the maintenance of public credit in
a popular assembly OF the people. The adoption
OF any course which Tor the present seems grev-
Gus such adversares proclaim to be an impossible
ity, however wise and profitable its future results
may promise. This will prove TO be stupendous
SANDER have no doubt. The best way to lessen
permanently our taxation is to press steadily,
not rashly, to a resumption Of cash payments. or
TO the point Of making legal tenders equivalent
TO gold and silver Until then hardly any lcgs-
latve proposition can be mootod that majority
will not consider worth within thirty or forty per
cent of par and as that is equal to the value Of
our currency it stands good chance of being
carried But when our appropriations are reck-
oned equal TO hard cash they will not be- squandei
ed Besides this, the whole expenses Of the
country-its purchases for the Army and Navy
would be at once reduced TO something like an
cicnt limits. Let us here challenge public con-
hdence 10y taking the first step towards specie
sumption, and then, if the work is done kindly
and courageously at the Treasury department, as
every indictment would urge. resumption will fol-
low without inficting injury upon any class OF the
community.
There is another question which deserves con-
sideratlon. What would be the effect of general
war in EuropeS IL is true that the Roman ques-
ton and the Eastern question may at any moment
provoke war Of continental proportions, and
France and Prussia have old sores, not readily
healed, liable TO arouse national wrath upon the
slightest touch But it should be remembered
that these causes have been tested. The danger
here has been imminent for year past, and far
more imminent than at present. Great prepare
tions have been made with prospect OF immediate
war, aud yet United States securities abroad all
appeared to be in safe harhors and maintained
firm anchorage. None were sent home, and why
should they bef With the exception Of Prussia
all these European nations already deeply
involved in debt that any further increase presses
hardly upon their credit. War would compel
lavish use OF their credit and such use would
weaken the value OF their own securities and at
the same time give relative strength to those Of
the United States. lt is difficult to see how our
credit should bee made to suffer from the misfor
tunes Of others, and it is far more likely to profit
thereby.
Any alarm on the point about our bonds being
thrown back upon us being thus quoted, it de
to be, it would appear that there is nothing
in our condition or that of foreign nations which
could 10y any probable chance turn foreign ex-
changes against the United States for some time
to come. This would be our greatest danger, and
think may feel that are fully insured
against all peril from that direction There is
one item of strength OF peculiar and marked dis
tlnction which deserves not To be overlooked,
which is that we may fairly estimate an annual ad-
dition to our population from foreign sources of
250 900 persons-the number last year was 323,-
767-and these are estimated to bring into the
country not less upon the average than eighty dol
lars per capita in hard money amounting to the
sum of $50 100000
1t remains now TO consider what will be our re-
sources at home on July t. 1869 TO meet the de-
mands which will press upon us if this bill should
be adopted.
Here follow statistics showing the sum of coin
TO be go millions in 1860 and 443 ~ millions
This shows, as think, beyond all successful
controversy, with liberal allowance for possible
inaccuracies. that there is in round numbers not
less than 40O, geo coo of specie ia the country now
waiting to be called forth from its nglorious re-
treats 10 It's former fields OF honor and usefulness
The measure proposed will hberate This large
amount of circulating medium, locking mp at the
same time only an uncomfortable amount Of legal
tenders, and money will not be less abundant in
one month after paper shall have been elevated 10
the rank of cash than II was before. To the spe-
enc must be added S3uO, O0O,UOu OF national bank
currency, making 500 100000, and to this must
he added over 800 600, 600 OF United States notes
making in all a currency in some torn of 81 ,OOO,-
100000! Surey there need not be any appre-
hension that we shall not have currency enough
to discharge all the functions that money can dis
charge, or conduct all the business Of the United
States though bounded ON the south bv hurricans
around St Thomas, and on the north by the ga-
ciers of Alaska and the cebcrgs of the north
pole.
From the time Of Amsterdam banking to this
day one dollar in specie has been reckoned enough
in all countries upon which to base circulation
of three dollars in bank paper, and il the United
States much less sum has always sufliced for any
banks in fair credit The United States notes
may amount to about three hundred and fifty mil
lions, but of that one hundred millions are now
held by national banks, AMI when for all purposes
made equal to coin the banks would still retain
not less than seyenty-fve per cent, ard possibly
more of all they hold. These banks will have
added TO their stock Of coin three semi-annua re-
ceipts Of interest on their bonds and cannot need
more, except in rare cases, for The prompt and
safe conduct Of their business so long as legal
tenders are left outstanding for their use With
no unusual drain from abroad, it must be borne in
mind that our stock of the precious metals will
be increased by one hundred and fifty millions
within the next eighteen months through the reg
ular products Of our domestic mines Under such
circumstances the Government, backed by its i'm
proved credit and its actual resources of specie on
hand, will possess ample means to meet all de-
mands that can arise, and will not be likely to
have even oue-half of IFS supplies exhausted ere
public confidence is restored and United States /
notes brought up to the full and true standard
OF value as measured throughout the world
Then as to the effect the measure will have up |
on the tariff; it cannot but be beneficial Now |
though duties are placed so high AS to tempt the [