Rutland weekly herald. [volume] (Rutland, Vt.) 1859-1877, 1873-10-16
PREsIDENr GRANT AND SPECIE
PAYMENT.

PAYMENT.
There are people in the country VINO
think that President Grant carried the
flag of his country triumphantly through
the Rebellion, and that he brought about
those combinations that crushed out the
best laid plans of the ablest generals OF
the age, by sheer chance and good luck,
without thought or a mental effort on
his part, and that he goes about his high
executive duties with careless iDdif-
ference, that not only shows want of
appreciation of his high duties and pre-
negatives, but also lack of capacity to
properly meet the exigencies of the
times. But we think that all these
sneers at his incapacity and want of APP
probation, are founded in the bitter
spleen, engendered by the last presiden-
tial election, and that while they are re-
peated by some people through ignoT-
ance, they have arisen mainly, and
are kept afoat, by disappointed malice.
Recent Washington dispatches give
a synopsis of the Presidents views on
the financial situation and, in our judge
ment, they ought to satisfy every candid
mind that the President has not only
carefully studied the subject, but has
arrived at correct conclusions in the
main. He says that this late panic
would not materially affect our pros
peritY, and he comments upon the fact
that while financial panies usually create
distrust in the currency in use, and de-
preciates its value and lessons its pur-
chasing power, this one has had the OPP
posite effect, and that the currency
gradually but surely increased in value
every day that the agitation continued in
Wall street. The panic occurred in the
midst of the greatest prosperity, by
means of abnormal speculations, and
without substantial cause. Honest men
who did a legitimate business, stood
firm, only trimming their sails to meet
the rising storm. Labor is well reward
ed, our granaries are full and what is al
ways hopeful sign, our exports exceed
our imports. Everybody sees that the
country is prepared, and there is no
courage in the manipulators of corners
to carry on the bluff game they started,
and so the revulsion that threatened us
passed off and the currency of the coun-
try appreciably closed up the gap be-
tween it and hard coin.
The great obstacle that has long been
the stumbling block in the way of re-
turn to specie payment, has been the
necessity of meeting large shrinkage
of values, and its particular hardship on
the debtor class, A, great many of our
well-to-do business men are in debt, to a
certain extent, and the margin between
the value of the property in their hands
and what they owe represents the SUM
total of their wealth. Now any one can
see that shrinkage Of values, to con-
siderable extent, must diminish this mar
gin, and that where it was sufficient to
wipe it out it would result in failures
and general arrangement of business
relations. The President calls our at
tention to these facts in fercible man.
ner, and shows us how the margins be-
tween currency and gold has been CON
tracted by the events of the last few
days, and he sincerely hoped the advan-
tage might be retained in order to reach
solid financial basis. Already the cur
rency has appreciated to about pax with
silver. He wondered that silyerwas not
now pouring out. WheA this should
take place, his theor5 was that the coun-
try could absorb. from 100000, 900 to
$500, 900 ofit, This would prove a
great benefit in several ways. It would
supply market for number of years
for product Of our mines now becom-
ing drug. 1t would take the place of
$4,000, 900 of fractional currency,
about the amount of change that expert
ence has proven to be necessary for the
transaction of business, and will become
the currency which will be boarded in
small amounts, He believed, with silver
once more in circulation, greenbacks
would never be at discount for silver
All fluctuations from that point would
be in appreciation of the value of our
paper money,
We think that when Gen. Grant has
thought of this question little more, he
will correct one theory of his, for with
his sound views upon the subject of spe-
Gle payment, VIC regret to see that he
has faith in government bank connect
oil rt,itb tha pOcf nAfoa
We don't want to see the government
going any deeper into the banking bus
mess, that should be left with the peo-
pie, precisely as the grocery business is,
and should be as absolutely free to every
man who wants to put his money into
it, and can give the necessary security, as
any other branch of human industry, and
there can be no reason for putting the
banking business into the hands of any
of the executive departments, than for
attaching fish market to the navy de-
partment, to provide the people with
food. We fully endorse the theories of
the President ON resumption of specie
payment, and commend his prudence
and conservatism in all emergencies, but
so far as he is behind the demand for a
free banking system, we separate from
him, and believe that he has not fully
considered the question, or he would
recommend all restrictions upon the
drafting of capital into that business, as
freely as into any other.
SOCIAL EQUALITY.