Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1868-03-11

bonds upon other or different terms than those
stipulated when the bonds were purchased, UNI
less At the option Of the holder This section
not only regulates the banks, but It Furnishes the
owners II they do not exchange their bonds Tor
those bearing a less rate OF interest. The IN
ducomont offered by the terms Of the proposed
consolidated debt Of the United States
should eject the proposed substitution, and
there is no need Of cracking the whip a. though
" after us comes the dclugo." Besides il will
prove wholly migratory. II the bonds held by
banks should be found 10 be worth more than
par they would he sold for the premium and the
new ones purchased at par, The threat, If IL
should be wholly unshcaihed, can at last only
mean a payment at par in grecnbacks, which IS
the precise value Of the substitute now offered
FOR il is not quite proposed 10 couliscato the
bonds IL is a great mistake 10 suppose that
the stock " the National Banks and United
States bonds have been subscribed for, or are
now held, by men Of large capital. Patriotism
made both popular, and the masses came forth
with the accumulations Of many years Of toll
and laid them all in the lap OF the Government
they loved so we'll. There are to-day in the
one thousand six hundred national banking as
sociations. two hundred and twcnty-threc thou
sand and eghty-three stockholders, and they
have deposited bonds with the Treasurer Of the
posts to the amount OF three hundred and
scvcnty-six millions five hundred and ten thou
sand two hundred aud fifty dollars, which shows
that the average amount owned by each stock
holder is one thousand six hundred and eighty
seven dollars This hy no means shows that
three million two hundred and ilty-siX thousand
five hundred and nineteen persons subscribed
for, or held, this popular loan, but 20 affords
the strongest evidence shat much thc largest
share Of IL was taken by persons Of moderate
means The smaller denominations were called
for and never fully supplied, as is proved 10y the
fact that denominations less than one thousand
dollars, after the loan was all taken, continued
to bear a premium above larger denominations.
bring out the facts-not that il should make
any difference in our legislation whether the
owners Of the bonds and the holders Of the
/ debt Of the United States be few or many-hut
to rcbut the unfounded charge that any appar-
ent breach Of the public faith will only pinch q
small number who were so graceless rs 10 have
been rich. and who, for having in the days OF
peril, foolishly trusted their Government de-
serve to be made poor 1t may he that the Ma
tional Banks in some parts Of the country are
earning too large dividends, and if that is the
fact let us amend the law; but imagine it will
bo found that any extraordinary gains are SOLE
" derived from deposits, and from the incident.
Of suspension Of specie payments. When
the latter ccases fat dividends will be the ex-
ception and not the rule
The two Senate bills before rs appear to me.
as a whole, (and that is the only proper way to
consider them) inadequate to the present emer-
gency, and though not so intended, as quite
adequate to the rctirdation of our dcllyerancc
from the evils under which we at present suffer
If we cannot improve our condition it would
seem to be better not to show any bustling ac-
tiyity in such legislation as will be productive
Of merely questionable results The scheme
seems to be constructed, in part at least, not
for the urpose of settling financial questions
upon sound principles, but so as to yeer and
haul with every wind and tide. Nothing is so
permanently settled by il as the reign OF paper
money. The first bill authorizes an increase Of
United States notes to the amount of forty-iour
million dollars The second bill authorizes an
increase TO the same extent of national bank
notes, unless perchance the field should be pre-
occupied 10y United States notes Ga double guar
anty Of cXpanson), and provides speedily for
the issue OF national bank notes adj iqfaitHDl.
The quantity of our currency is to be largely
increased in bulk, and the quality proportion
ately diminished in It's value OF purchasing
power. | may be wrong, but | cannot suffer
such measures to pass without an earnest re-
monstrance, believing it possible to do much
better, and that to do nothing would not be
worse.
Having fields on the golden coasts Of the Pa
cifc producing the precious metals, surprising
in extent the widest dreams Of the gold hunter,
who olowed in the wake of Columbus, we are
asked to perpetuate measures to cheaper their
value by ignoring their use at home, and by
sending abroad if possible. not merely our
whole annual productions, but the reserved ac-
foundations OF past generations, TO overstock
and depress the markets of the world. Ambi-
tious as we are to open, through the golden
gates OF San Francisco, a new passage to the
trade Of oriental nations, which seems ready to
drop into our lap. we yet propose TO bcgiu TIA
\ great enterprise by pampering exports with 1
pepper currency, or with conditions under which
1t is impossible that any export trade can ris'
or flourish. Then we have New York on the At
lantic, with a harbor and a bay Of matches
beauty and extent, overtaking and rapidly pas
sing nearly all the great cities Of commercial
nations. New York is not less ambitious thar
her younger sister in the distant West, and il
eager to become the great distributor of com
merce to be, and, with all the prerogatives o
| power, to be the empire city and centre of the
money exchanges Of the world Yet we delib
erately propose TO stumble in the first act by
| clinging TO a currency, rejected as money by al
D biu HHiioha VI Tue tdllhf hVu AuuH ltNutc oh
prospective growth and magnifcence in com
merce TO the pitiiul dimensions Of barter-trade
rude, clumsy, and unproGtably inconsiderab
| in amount.
That the political, financial and industria
questions now demanding solution at the hand
Of the American people are Of more than ordi
nary importance, must be admitted; that the
are cruelty exaggerated by INSCRIPTIONS politl
cal partisans cannot be denied; but | see N
reason to doubt that, by delberation, and
free and frank discussion, all these question
can at day not remote be adjusted on such
basis Of economy, integrity and justice as will
open to our country higher career of pros
/ perity and honor than is to be found even in al
the achievements of its past iortuneeta and mos
remarkable history.