Vermont daily transcript. [volume] (St. Albans, Vt.) 1868-1870, 1868-12-10

lie creditors fair and liberal compensation ios u
the ofther pital and wi,htnis .neS rnv
the lender that it is not well To pe 9veIanAo .
in cxacting from borrowers rigid comphahce
with the let er of tho bond. .
II nroyision he made for the payment OF the
Indebtedness OF the government in the manner i
suggested, our nation will rapidly recover i.s I
wonted prosperity. Its interests require tnat '
some measure should be taken to release tne {
large amount of ca,ital inv ested in securities OF
thc government II was nearly unpiodn6uNe,
but in taxation annually consumes 80 tvVvuvo,
which would otherwise be used ny our guy. t P,,s
ing people in adding to the wealth. Vi ''o 80"
ton. -. ..s,ay,,,i,,
Our commerce, which at one time successfully
riyalled that OF the great maratime powers, mas
rapidly diminished, and our industrial interests
are in a depressed and languishing condition'
The development of our inexhaustibe resources
is checked, and the fertile fields OF inc soui ui
are becoming waste for want OF means 10 i r,,s
them. With the release OF capital new hle
would be infused into the paralyzed enersiss -,
our people and activity and vigor lmpar'e" w
every branch of industry. =. .,; 81
Onr people need encouragement IN ten or
forts td over from the effects of this rebellion
and iniudicious legislation, and II IL sho",u ue
the aim of the Government to stlrnuia.e '" tha
by the prospect of an early release iro"i To wo
: burdens which impede their prosperity IL We
cannot take TIE burdens from thelr shouuois,
we should ut least manifest Willingness W
, help to bear them. - s, :,o,;ro
| medium. | shall merely reiterate substantially
that portion of my last annual message, Will, VIII
= relates to that subject. The prororton ", w 4Ln
the currency of any country should pear W 'h r
y whole value of the annual produce chcuiaS,:: W
c its means is question upon WHICH Poh.io"i
It economists have not agreed. Nor can't De con
o troed by legislation but must be lett 10 .ne ~
II revocable laws which everywneie fSs aa;nm will
Is ever rresistibly flow to those points where /. 10
1t i'm great demand. The law OF demand ana sup
p ply is as unerring that when regua.es ~, ;o
- r.i.u o,,1 MD
60 the tides has its GIBBS and flows throusnout INC
:. commercial world. At the beginning Oh .ne re,
L belon the banknote circulation OF the Sountd
III amounted to not much more tn1h I1oo, tos' nd
now the circulation OF national BANK notes. i II
m those known as legal leaders, is nearly S'ooo' VI
O0O While it is urged by some that TINS amour da
as should be increased, others contcrd ina 9e
80. cidsd reduction i absolutely eSseh.'"i w '
in best interests of the country. :. l.,
d. In view OF these diverse opinions, II may "
us well to ascertain the real value OF our paper Is
OF when compared with a ~ ;nnn;r
adj how much gold and silver could be purchas:e .
by the 500, 900 oD of paper money now ~ y, ~
on culation, probably not more than nan III
lad omount of The latter, showing that Wheh w
me -, mar CURRENCY is compared with gold ana 81
he YER it's commercial value Is compressed mi nj
LIST sam 0GO QUO. Thi. striking fact makes II IN
s2, Obvious duty of the Government, as cary , :
ary nav he consistent with the principles OF soul
to nn,t;cal economy, to take such measures
100. viii enable the holders OF its notes ana tnose
cen tbn National Banks to olvert them witho'
loss into specie or its equivalent.
Ltb ~ roduction of our paper circulating need NJ
be noooosorilv follow. This, however, wouiu u
to mend upo the law of demand and supply, thout
It It should be borne in mind that by mahlhs ies
dis tender and bank notes convertible INTO com
r of ts equivalent their present value III the nan
of their holders would be enhanced loo per oe,
ON Ieoislation for the accomplishment OF a res'
silly so desirable is demanded hy inc hagnesr Kat
lore con alteration. The Constitution cohteuplat
We thot the circulating medium OF the cou"'
sh shall he uniform in quality and value. ;..,
lay, At the time of tho formation OF that ins'i
iga- ment. the country had just emerged IRON, r.
,ble war of the revolution and was suffering IL.
d by The effects of a redundant and worthiess pal
tain currency. The sagcs OF that perlou wv
ther anxious to protect their postery from .ht e,
uted which they themselves had eXperlehceu. hei
900. in nroviding circulating medium they G.
u ' ~" striking contrast with That which was nigir
roe, " designed. Our circulation now embrace
Th;s hrst: notes ofNationt' Banks, which are ma
mani receivable for all .lu 3 to Government, excl
4 in In imports, and By all creditors excepting
n f. payment or interest upon its b)nd, and the
the curltleS themselves second, legal tender no
'"e Issued by the United States, and which the
.ho requires shall be received as we'll in payment
III, lie ell debts between citizens as of all Goyernm,
ree- silver coin. %"
~ BY the operation of the present system of
,; na nance however, the metallic currency when @
hn lectedis reserved only for one class of cove,
ave. meht creditors who, holding its bonds sci
q Of annually receive their in crest in coin from
80 VI National Treasury. There is no reason viii
a winch Will be accepted as satisfactory, WHY tho
nat who defend us on the land and protect us on
,,n. sea- the pensioner upon the gratitude of the
in while in its service, the public servants in
VII, various departments Of the government. the Fl
n n mer who supplies the soldiers of the army a
red sailors OF the navy, the artisan who tolls in t
~ nation workshop or the mechanics and Lahore
we who build its edificies and construct its fo,
,r w. and vessels OF war, should, in payment of tn,
,re Just and hard-earned dues receive depreciat
free paper, WINE another class OF their countrvme
ioe no more deserving are paid in coiu of gold a,
or silver. Equal and exact justice, requires tn
".S, all me creditors OF the government should
lch value. "'''
en- This can only be accomplished by the restor
ar ton OF the currency to the standard estabsht
re- by the Constitution, and by this means v
n a Wonld remove discrimination which may, if
ia It has not are dy done so. create preindi
~ ~ that may become deep-rooted and wide-sprea
mi' and injure the national credit. The feasibL
p'' OF making our currency correspond with I'll
~ constitutional standard may be seen by ref.
NY en- e to few facts derived from our commerci
%. statlstlcs. Inc aggregate product of preciou
for metals in the United states from ls4S to ise
snI period the net exports of specie were al 600
cal 600. *'i'ooo
rss This shows an excess Of product over net ex
ports s o. ~ UoGoo There are in the Treas
,A- States on the Pacific Coast, about $40 Ooo ooI
T., icy and a few millions in the National and otbe
ie- Banks-in all less than sl6O 900 600 TaLin
~ into consideration the specie in TIN
"a "a country, prior to lS49, and that producef
". SINCE 1857 and we have more than $500 600 OO
'er not accounted for by exportation or nv the re-
10 turns OF the Treasury, and therefore most prob
a1 ABLY remaining in the country. These are i'm
la portant facts, and show how completely the in
a Terror currency Will supersede the better forcint
nd It from circulation among the masses and c.nI
nj ing 1t to be exported mere article of trade
er and to add to the money capital of foreign
We lhey show the necessity Of retiring our pane,
e. none, that the return Of gold and silver r.
n The avenues Of trade may be invited and de-