Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1873-10-15
RcsnmntIon Of spccIo parments.

lnc present ulouotary p1nlC mas openeu
anew the question Of resuming specie pay.
ments and it is almost amusing 10 note the
opposing deductions that are drawn from
the same premises. Maryland among them
may now be included President Grant, it
seems--couclude that now is the accepted
time to take a decided step toward resump-
ton. Others, Of high financial standing,
argue that the moment specie is paid for
currency everybody will run for the COIN
and so shut up the banks as soon as they
are opened. 1t is also claimed that to add
the gold and silver ofthe country to thepres.
cut circulating medium would so cheaper
money as to send it abroad for Investment,
and thus cause speedy suspension again
And further it is claimed that if we had had
specie payments, we could have had NO
panic.
But whatever theories may prevail, there
are some points connected With the subject
about which there can be no controversy
If everybody is at once going to hoard gold
whenever currency is redeemablo in coin,
we may as well give up all hope Of ever
redceming No nation-much less our na-
tion-eycr had coin enough to furnish It's
whole circulation. We do not believe snch
a run Of coin would follow resumption, iof
several reasons
First, this very panic has shown that
uniform currency, based upon all the re
sources Of the government, is the most val.
liable that can be had. In other words.
greeubacks aud national bank notes have so
firmly established themselves in the public
confidence, that they are not likely to be
readily given up for gold, especially when
they become as valuable as gold.
Second, the convenience Of good paper
currency over a hard currency has been
established, and our people will hesitate to
return to the old system Of Juggling abou'
bullion when they can readily get pap
that will answer the same purpose.
Third the initiation which the return Of
coin to ordinary circulation would cause,
would be a vast Improvement on that which
everybody has demanded 10 some form, and
which alone has saved the country from o
general smash. Few will dispute that
twenty millions in coin would have been
infinitely preferable to the loan certificate.
to that amount which flooded the New York
market And good hard dollars would be
far better than the certified checks which
the banks have had to resort to, TO keer
business going on at all.
We begin to be pretty well convinced
that our currency is not so very redundant,
after all, The change Of affairs in the
south has caused a great increase in the
demand for currency, and doubtless the
blacks, with that improvidence aud ignor-
ance which attends first experience with
ready money, have made banks for them.
selves, and secreted large amounts of money
which more intelligent people would put
into institutions where 1t would come into
circulation. JUDGED, the volume Of the
currency is not to be measured by the out
standing government notes. There is vast
body of elastic currency in the shape Of
notes, checks, drafts, securities Of all kind,
which far outweghs what we commonly
consider as currency
Business will 6ud way to accommodate
itself by media for exchange. And we
fancy that it makes little difference, whether
the regularly authorized medium be few
millions more or less Aud we fancy
further, that the value of greenbacks as
compared with coin has been due rather to
the want of confidence in the govern.
mental currency, than because there was
too much Of it, That it will be a great ad.
vantage to get our currency upon a par
with that Of the rest Of the world is too
patent to need argument. We have been
growing up to this gradually for several
years and when We get there, we shal
have settled the fcverish condition OF the
market, aud the volume Of the currency will
regulate itself