The Vermont transcript. [volume] (St. Albans, Vt.) 1864-1870, 1868-01-17


trophe.
Emerging from a war, which was
nothing less than struggle for ma
tional existence, the Government be
gan immediately TO liquidate its obi
cations at the astonishing rate OF from
one TO two hundred million dollars a
wear These payments were made IN
the ordinary currency OF the country,
the same as the Army and Navy and
all the servants Of the people receive
when paid their wages at home. Did
this fact impair the public credit? So
far from it, our credit never improved
with greater rapidity. and lis improve
ment was in direct proportion to the
reduction OF the volume OF our iudebt-
edness. Had the same policy con-
tinued we would have been much
nearer TO specie basis to-day than we
are, and nearer by far thar we shall
ever be brought by a declaration that
our securities are payable "in coin or
its equivalent"
The credit Of the public, like that OF
an individual or company, depends
upon the extent of its Indebtedness
and It's ability to pay, and not upon a
facility for making promises; and how
that credit is 10 be improved by an
acknowledgment that the debt really
amounts to hundreds OF millions more
than IS justly or lawfully owing, passes
comprehension The gentleman from
Vermont Will concedo that such an
operation by person or firm would
be ruinous. Instead OF relieving from
embarrassment It would entirely de-
stroy tie credit Of any private party,
and [ repeat that the honest creditor
OF the country-not the Spectator
has no interest in the passage Of this
resolution.
1t is always we'll to let well enough
alone. Ii we DO not wound the faith
OF the country by these worse than
vain declarations, the bond holders
aud other public creditors VIII in due
time receive their pay In coin, princ.-
pal and interest, dollar for dollar But
eyery mOvemen OF this sort, intended
though it may be 10 hasten specie pay
ments, VIII only postpone the time Of
their coming. The harvest will yield
but straw and chat ii gathered too
soon. Sound pubhc credit is plant
OF gradual growth. Let II rpen- Il
cannot lie matured 10y tins dollhouse
process of direct congressional action.
Justice, honesty, economy, and the en-
, couraseinent OF industry are the ele-
ments The sun, the wind, and the rams
that bring II 10 perfection.
The country IS often reminded that
The ia'tn Of TIE United states IS s9.-
emmy 4-eused iot Tue pay iheht % 20 g
in.eIeS. ana tAe redemption u 'Io
9fipcip'u oI ,nese hte-'"eHty zones
ana me iac5 'hat slch a p'ed5e exists
Is ieaeiiy coi'ceeed' i'". " nag . 'le
puolc l'4,A " ia. O"1 'le poo'-c
81 eti4l VI men useq IA TINS lhai-'-e'
lhe "oids lai'h ana cIeaie are con
Hei'io.e terms ana oii iai'h' oar ctea-
II. s.'uu9 p'e'ee" lot 'As leuell p.''-'
3 o. me ooAos. ~ vas win lna' a'uc'
: standing the creditors 'ooA 'hen' ana
win tue same UNDERSTANDING 'Hef are
nov Hs'". N"'oi '''ii.''e-y =. '1-s 70 60
ens Time cur credit Is considefao'S De-
10" par but "iieh AGAIN II sha" "
S al par or better IMAM soia, Is IL mas
j oeeA's sI.h ""f cleuS Viii ttiilalI
! pic"sed Tor me payment % All l'"o.''
: deo.s' principal ana interest DH'
lne puohc iaiih IS piedSed IL "no'Eei
e respect ana that IS, that We sha!! no.
: impair our cfedit 10y increasing oui
Ia 49, '''4o'''' ''.'' - 10 -.
! "a. 'o''''9 ~ p'' o''l ''0De ''''''
his resolution proposes once a9all
10 soielnniy pledge the ialln OF lnt
] United states not as heretofore 20 tnt
> ioll extent ol the cieaIt OF the Govern
ment, bat TINS tune still iartber' Il thai
= were possible, even 10 tAe payment
, The pubiic debt IN coin or us equiv
} aleut. This novel proposition vii
> bear examination. The pubic DEBT
] amounts to s., 500, OO0,00O. The equiv
S alcnt OF tins sum, while gold com
mands a premium OF forty per cent.
IS Just $3,5OO,O0O,OOO , and this
. sum IS the equivalent which 1t Is
= proposed to pledge the faith OF the
r United States to pay. 4 large portion
( OF the debt Is now payable, at the op
ton Oh the Government. Ii IL were AZ,