Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1869-02-12
The Fin. n iai Lessen Of the Rour.

The Fin. n iai Lessen OF the Hour.
We find in the Boston Advertiser a paper by
Hon. Samuel II. Valley, of the Revere Bank of
Boston, read before the American Statistical As
ISOLATION, which is so interesting, and so much
in harmony with the views expressed in our
columns, that we copy good portion Of it. as
follows -
The only question is practical one Hor
shall the United States pay her promises, UheH
shall she pay theml Pay them she uiH.
Before determining the hoar, or the ieheR, it is
well for a moment to consider the question of
ability. The full granaries of the West, the
fertile cotton fields Of the South. the rich mines
of the central and western sections, the various
and extensive manufactures of the North and
East, roll up their aggregate Of products into
the commercial emporium, 10 be redistrbuted
by various channels through our country, en-
nching and fertilizing all parts, and making
then influence felt in other lands that look to us
for raw material These products are so immense
IN value, that we have become familiar with
large sums, and talk of millions as our fathers
| did Of thousands. And prosperity is not
checked or stationary, but constantly and stead
/ ly increasing. Statistics abundantly demons
verihes and confirms the predictions and antici-
pations of figures. But while our prosperity is
confessedly great and growing, there is an alarm
ing feature that is equally apparent and which
has attended the growth, and been the precursor
/ OF the decline and fall Of other repubhcs-yiz,
iururg and ertrdragdRce. We resemble the
/ condition OF debtor, who, instead Of paying
his debts, converts his receipts into new prom
ises, with which he purchases not only the neces-
| sdries, but the lururies of life Our Govern
ment receives payment in gold for duties, and
after paying class Of debts sells the gold for
It's own promises, and instead Of cancelling them
as paid, puts them out again in a diluted form,
with no promises when they shall be paid, and
thereby aids in keeping up prices and fostering
extravaganza and speculation. Our nation is
not insolvent, far otherwise, we are Astounding
in substantial wealth but a love Of show and
fnery and display in dwellings and in stores, as
well as in dress and equipage, has taken pos
session of our people and permeated all classes
OF the community, from high to low, from those
who can to those who cannot afford the cost
and nothing will check it but voluntary re-
trenehment or wide spread ruin and distress.
We must earn more, and save more ; we must
spend less and owe less. if we would save our
nation and secure our posterity from the fate of
the republics of history.
Legal 'enueI NUTS were 'he PROMISES OF
'he Ohl'eu e'Ales, "a me eT'geAc'es Q, ''ar' TO
pay money from their nrst earnings after peace
should De res'oreu anu we ought al thls mo-
ment, to be keeping faith but we have dal-
lied and trlted with our promises so long that
II Is more difficult now 10 arrange for payment
than it would have been three years since. We
are more extravagant and less sensitive 10 our
1'noIinAi 0oiiuiuoh 'nah we were "heh the war
0ioSeu
IheIe are Two great uiincuiues IN 'he way Oh
H'nes' pay ileh''
l. The will 2. The way {" FGcilis deSccn-
sus." We are so accustomed to living by pro-
missing that we are unwilling to agree to per- |
form But when we talk Of payment, there are |
50 many theories AMI plans that We become con-
symbolic good faith yiz;-eonfractioH and
Tba .r' Is ore tb;r- which al b;s,orr b.sd
monstrated to be certain-that in matters Of
currency expansion tends to ruin, by stimulat-
ing e1'ra'agint ana via speculation, and can .
AMI So ~ S"i o''' T5 WIZ - 1iSs'g
traction. and The Practical question before the
country AZ the present moment Is not, will You
'o% eInsIfae.lgh 1ul, rather by what means
saee and pradusl process snreIy and .te,iilr
tending to the desired result, or after financial
crisis, by which mqi'Hrdes shall have been
INC me- '',s mug : 20 '.ii upon
lesson were well ineuIcatei, b.uestIy belieseI
and faithfully practisei upon, the whole work
would be virtually accomplished Unhappuy,
III -. a.
M. IN. IA t.--y.t ,-to- .t., 49,
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~ - 80. -.
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O1i N''-o" > ~. 7'-1 -H N'.'' ANA We arc
H' 71s''il'U' PREF 'i''''" 10 P'! 'U'
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nav a. ,'' r Hl-' az. W. "i'.' ma
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% oe 10 .'i' ''1! .l-'o
bsvs is no r,0qey BIT o3i7-,nl tblt We have no
-oiu TO rely upon, but what Is either
j. Ia the United states treasury
To- he Teizsj by '- se Of ogr cotton and
,.ber home r.roipct.
We sbsll do we'll 10 teach o,r po.-erirv. bv
ur examine. 10 make an honest use of pr6.ueri-
" and 10 feel confident in arti.;rarirl, n ,oniinu-
nee Of the smiles of be,,sn mon 6ur nation.
~ f,itbfil 5i.,barre of their t-eu,arlsbin !,
. This is NOT a rna-,er f,r rul,r. grlv-tu- T. :
uIers and rulel Each en- do much 10 .
trenrtbep the other. and On the other hand. In
e.isio7 IF rur,,r.s ana ,.,yr,rli.s n ,i-, man,
,.riou.lv irt,n,;. oI,r ,,,-i.,,,I r,-,,.rsritv
II "
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