Green-Mountain freeman. [volume] (Montpelier, Vt.) 1844-1884, 1868-07-22
One Currency"

We have been trying to understand VIVA
the New York Convention meant by its decla
ration in favor Ut one currency for tia
government and the people, the Iaborer an,
the ofhceholder, the pensioner and the sol
der, the producer and the bondholder. =
The announcement sounds well, but VIVA
does it mean? 1t is generally supposed tina
we have. in fact, but one currency now, that
currency being made UP of grcenbacks, ma
tional bank bills and fractional currency: il
other words. paper money with grccnback.
AZ legal tender All the classes above emu
Inerated use this currency, and no other
for the simple reason there that l. no other 10
use. The government collects certain duties in
gold 1t pays interest on some Of its bonds
in coin 1t does both Of these things because
A law enacted which cpmpcls it to do -.
The laborer. the officcholder. the pensioner.
the producer, and the bondhoIder are obliged
to pay these duties in gold: and the bond
hoIders,-who arc labOrcrs, ofHcchoIdcrs. pen
sioners and producers.-if they have the
gold-interest bearing bonds, get their interest
semi-annually in gold. All arc treated pre-
cisely alike in this matter of the exactIon or
the payment of gold
" hat then do the Democracy mean by
- one currency for all?'' Do they mean that
the government shall pay gold where it has
agreed TO pay < lawful money!" The plat
form expressly denies that and insists that
unless the contract calls FIR gold. . lawful
money grecnbacks shall pay the debt
= One currency must then mean that the
government shall repudiatc its Obligation to
pay coin interest on any Of its bonds, and
shall, besides. pay all its bonds in green
backs This demand involves, then, mani
festly. new issue Of grcenbacks. The gov
eminent Is owing great many millions of
dollars 1t has promised to pay these bonds
In some kind of money. Ii has now neither
gold nor greenbacks to pay them with, and
Is not likely to have under the present rev
enuc and tariff laws. If its credit We're good
and there were no danger Of either Demo
cratic or Republican Reputation, it might
issue new bonds at a smaller rate Of interest,
and with the proceeds Of the new bonds re-
deem the old But we are unable to see that
it is likely to succeed in any such financial
scheme at present. Its printing presses,
however, are still in Il condition to be used
and it viii not be a long or expensive bust
ness 20 print a thousand millions more OF
greenbacks. With these greenbacks. this
- one currency. 1t could cancel Il thousand
millions of the debt. 1t could then repudi-
ate the greenbacks.-both the new issue and
the old.-and the democratic scheme of - one
currency for all would be a brilliant sue
cess This 9 one currency would be pre-
cisely, then in the condition of the Confcdcr-
ate currency after the rebellion collapsed
the more man had of it the poorer he
would be
1t seems most strange, and most meIan-
choIy, that any party in this country can
thus openly advocate national dishonesty.
Swindling and rascaity do not lose their
character such, when party a nation
advocate or practice them. \ party or a
nation that loses its character for honesty
fair-dealing, and Justice, loses all that makes
1t superior TO association of brigands = in
fact, a government that plumbers its credi-
tors, when they are its own people, should
take lower rank among the nations than
the more reputable rascals who only swindlc
foreigners The Democratic party chooses
this position for itself, and with a brazen
front announces that, if it gets possession of
the government, it will signalizc it's advent
to power by practically repudiating and
dishonoring every obligation of the govern
ment- There is an audacity in this rascality
which Is alarming and startling enough =
but there Is, after all, confident feeling of
security in the knowledge that the people
who successfully defended the country against
treason, will not suffer this party, which
failed in it attempt to destroy the nation By
treason. to now plunge it into national bank
ruptcy and dishonor.