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

hushandman For all practical purposes il re-
moves the splendid grain-growing region Of the
great Northwest back under the cold shade OF the
Rocky mountains The railroads may be able to
endure it, but can the iaImer2 Competing rail
roads cannot be eXtemporzcd under the reign Of
an inflated currency. Whatever monopolies exist
will be perpetuatcd.
| had occasion last year to discuss kindred
question, and proved, as | hought.that by falling
TO use gold and silver as con for which purpose
il is usually required, and is Of most value, we
had greatly diminished in price when measured by
other commodities while at the same time had
augmented the price Of everything else. How
oppressivoly this weighs upon the States and ter
ritorcs producing the precious metals will be seen
at glance If there were no other cause, this
alone is sufficient to interpre; the political revolu-
ton that has recently occurred the Pacific coast
and its warning is, be wise in time.
California is young State and full Of enter
prise, yet prior TO the rebellion she found il nee
essay 20 contract debt for which it paid high
rates of interest. Massachusetts is an old State,
full OF wealth and renown, and not less moved by
enterprise, but able to contract debts az low
rate Of interest. Both Of these gallant States
one on the Atlantic and one on the Pacifc-haye
paid all interest as it fell due on their debts in
good old fashioned hard money. California, to
her impershabe honor be 1t said, though hardly
ont Of her teens and peoped by those who rushed
there to get gain, has not been willing TO leave TO
Massachusetts--the Puritan growth of centuries
the undivided glory of maintaining the public
morals and conscience above the obligation.
California deserves well OF the Republic,
With a dep cciated and redundant currency the
poor man is driven TO the wall lie has nothing
to bc affected but the price Of his labor, which,
though iuconsiderable in value, never rises so as
to keep him relatively in no worse condition than
lac was before. or 10 compensate him for the in
creased cost Of living. Purely moneyed capital,
as well as abor is at once deprecated 10y an acts
ri redundancy Of the currency. But then money
ed capital is mobile. easily shifted wiser than
the children Of light and always conriyes 10 take
care Of itself. With an excess OF currency, when
there is diminuuon of any article of necessity,
moncyed capital at once monopolizes 10, and the
public are the victims Of speculative cxtortions.
The propertied capitalist however under ike
circumstances. enrches himself at the expense Of
both the poor man and the muneycd man. This
derangcs the proportion OF the capital Of the
country and paraly zes production There is much
trade not for consumption but for speculation,
and very little addition TO the general wealth.
The capitalist of any sort has his ewes at all times
fixed on financial barometer to learn whether
II Is settled fair or whether storm is indicated
and then adjusts his investments IN advance Of his
neighbors. so as TO reap the profits Of an eNpgn-
sion or avoid the loss of contraction The larg-
est real state owner in the city Of New York
may favor the largest amount OF paper currency,
and having all his property in real estate, and no
patriotic sixpence in United States bonds might
advocate the pay meut Of the latter in greoubacks
His immense property and annual rents have more
than doubled by the excessive Issue Of lega-tend-
rr money, and he gratefully adheics to the policy
which gives him the largest monopoly and control
in the value Of the net result. New house build
crs with paper money cannot compete with old
hereditary landlords.
mir. Morrill, next discussed the second and
third sections Of the bill. on their bearing upon
the treasury and the national banks, topics that
bankers will be more interested in than general
readers and concludes as follows 81 -
Let Congress-as a lurking purpose has been
discose--at this time and in this age of the world
unpromoted by any overriding necessity. deliber-
ately add S2QO,OOO,OOO to our currency, or even
issue United States notes to an equal amount with
and in place Of the notes of national banks, throw
ing $3.50. 100, $50 of United States bonds. now
held by the banks at once for sale upon our own
money markets for whatever price they would
bring and the effect would be deplorable After
that, if legal tender brought fifty cents on a dol
lar, it would be much could reasonably be
expected, and confidence in our financial integrity
would receive such shock that it would net be
surprising if legal tenders were to be wholly re-
jected as a currency by the people, except so far
as they could be forced into circulation by positive
law and by existing contracts. A return to the
barbarism of barter-trade would speedily infect
the whole country. Contracts payable twelve
months ahead wonld have assignabe value
But have no apprehension Of this now. Pro-
crastinate resumption OF specie pay ments and how
much the appetite for more paper money may
grow upon what it feeds, who can tell All the
danger hinges upon whether we take the right and
proper step to-day or not.
The time chosen to carry this bill into effect,
July f. 1868, is believed TO be oppoitune. 1t will
not be a rash movement. being placed beyond the
presidential campaign, and cannot be dragged into
al, rf lIt.. L.. II
he at the peril of opposition The people are not
all weaned from the attactiveness of little coin
in their pockets and will not object 10 a measure
which herads its return to their daily sight The
elevation Of our money to the gold standard
cannot be objected to 10y any party when it is to
be done not only without any Revision of the
money market, but done with the view of avoid
ing the reyusion which threatens delay and is
ever imminent while paper money is the reigning
deity of the hour. Private indebtedness is not
likely TO be ever less than 1t is now, and should
an expanded currency prevail permanent
policy, such Indebtedness would rapidly increase
and block up the way forever against resumption,
or, if resumption were to be essayed, it would be
at the sacrifice OF the debtor TO the creditor class
of the country, catastrophe which now can be
avoided
OF course other important measures will be ex-
pected to be reported from the COMMITTEE of FL
nance respecting our national debt, but whatever
they are feel sure they will not conflict with this
1t cannot be denied that the measure proposed
il it can be carried, is a full and complete practic
al remedy for very many and the greatest of the
veNed questions which loom up in our pathway,
and | invoke the deliberate judgement of the
Senate upon the substance OF the bill
Mr.. President, it will be sad day when any
fact shall dim the credit of our country. Nation
al Credits of slow growth, but it may be dwaried
in the twinkling of an eye While we preserve
our public credit unsullied there is no one among
all the nations of the earth we need either to fear
or to envy. Public credit is the very apple of the
eye OF our Government. Put that out and we are
doomed to grope about as a blind and helpless
giant. Should we be lured by the prospect of
temporary gains to swerve from the standard of
true national honor so far as to make irredeemabe
paper, without intrinsic value, permanent legal
tender, so far a to employ the smart excuse of
the pettifogeer for the avoidance of contract
TO vary il not only from the understanding of all
parties except the Government, but from the I'M
dersanding of all who negotiated for and spoke
IN behalf of the Goyernment-irom that moment
we fall to the lower ranks in the scale OF nations,
not merely in the public Judgment OF the world,
but literally and practically whenever next called
upon to confront equals or interiors. No more TO
be trusted at home or abroad. our Government
would be an easy prey to any enterprsing foreign
foe or TO any courageous domestic faction. Public
credit is the lfe-blood of a great people Cast
suspicion upon it, and stabbed at the fountain,
all lie and greatness OoZes out and is for .