Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1873-11-26
Imitation or Contraction.

1t is getting TO be pretty well understood
that at the commencement Of the new Con-
gress a strong pressure will be brought to
bear to induce il to increase the volume Of
the currency circulation Of the country by
an issue Of more irredeemable paper money.
The preterts which will be used are the
hard times, the difficulties which many
newly built ADD poorly patronired railroads
experience in meeting their obligations, and
the embarrassments which very many Of
those gentlemen who live by 'pecula,iue in
stocks now 6nd themselves
IL is useless TO inform these gentlemen
that the reduction Of values consequent
upon the appreciation Of paper money to
the value Of gold will, Of necessity. pro.
ducc tight times in the money market, aud
that this strpgency now j. good symptom
and indicates near resumption Of specie
payments, which is, or should be- the great
object Of every citizen who has the hest 10.
terests Of bis country at heart It is 10
vain that these gentlemen are told that com.
mon sense, the experience of centuries, and
the wishes of the great mass Of the com.
mercial community are opposed TO any such
device; the pressure brought to bear o.
the other side, though limited il popular
extent, is immense in its influence It is
virtually bear movement transferred from
the Exchange, on Broad street, to the halls
Of the capitol and is sustained not only by
stock brokers and railroad capitalists, but
by every reckless and disappointed cotton
grain and merchandise Spectator, from the
Atlantic to the Pacific.
1t was foolish to expect that we could
ever resume specie payment without con
traction in prices and by contraction in
prices some one must lose. These losses do
not materially affect persons whose property
has an intrinsic value, as the contraction is
universal, and the relative worth remains
the same. But to these gentlemen re.
sumption of specie payment means a loss
Of money and this to them is, we fear, Of
more consequence than the well.beipg aud
prosperity Of the whole country
There is, Of course, no necessity Of ar.
guing the propriety, even the necessity of
as early return to specie payments as
may be made consistent with the safety Of
the country. And it seems to US that the
present time affords some peculiar adyant-
ages to this end. The furry of general
shrinksge is almost over We have seen
the price Of gold and exchange dropping
day by day, until it really seemed as if the
dawn of better time was breaking. \
little longer trial Of the course Of treatment
We were undergoing, hard to be sure, but
necessary, and we should have had a paper
dollar worth a gold dollar. Shall Con.
gressional Intervention be invoked and
granted now 10 further aud Indefinitely de.
lay this wished for occosion1 We firmly
believe that the only way outof our trouble
is to place our currency on basis that is
sound and one with which Government, or
its officers, shall have the least possible to
do with its appreciation or depreciation.
To this end We ask Of our legislators in Con.
gress such legislation as shall have tend
ency to put our currency upon a sound
basis, and to take from the hands Of the
Secretary of Treasury the power by the in.
6ation or contraction of the currency to
derange values, render panicky all markets,
and unsubstantial all values.