Rutland weekly herald. [volume] (Rutland, Vt.) 1859-1877, 1873-10-09
RESUMPTION OF SPECIE PAY
WENT.

Public opinion has for long time
been in favor of return to specie pay
ments as soon as some practical method
of SO doing could be devised The New
York Times, in an able article on this
subject, says that lit must be obvious
to any one who is in a position to watch
the indications of public opinion, that
resumption of specie payments, as a
practical step at the present juncture,
meets with great, perhaps we might say
with unexpected favor"
There is now an impression in well in
formed financial circles that gold has
only a nominal value-that paper is in
fact worth dollar for dollar in gold
This question obviously can only be de-
termined by the government testing the
market, for all prices on exchange are
merely speculatiye-set up and set down
by the tactics of unprincipled gold and
stock gamblers for the furtherence of
their own selfish ends.
Many able fnanciers considered it
doubtful whether the business of the
country has yet grown up to even the
present circulating medium. 1t seems
strange then to read that there is at this
moment plan forming to press upon
Congress, at its next session, the issue
of one hundred millions more of green
backs, under the plea that the present
sum of seven hundred millions is not
al ~ 80 hn cf I1o
country.
Such an initiation of the currency, at
the present time, would render the prob
liability of a return to specie payments
more remote than it has seemed for
the last ten years.
While we do not suggest contraction
of the currency until gold be at par, we
can but regard the demand for further
imitation as most absurd.
A correspondent of the Times dis
cusses this subject with great informa-
ton and ability. We can not do better
than to quote a portion of his re-
marks. He says everything favors re-
sumption now, and adds: sour i'm
ports from the 1st of January to list of
October, 1878, show falling off of $27,-
900, 900 from those of the same period
last year, our exports an excess during
the same period of over $48, ZOO, 900, an
improvement in our favor, in exact fig
ures, of $75, S71 AIS for the first three
quarters of the year 1878. OF specie
the exports have been Sal ,523, oil in
1878, against $59, 075, 264 in 1872 and
$50, 702, III in 1871 This ratio of i'm
provement will be daily increasing for
the remaining quarter. The recent
crisis has arrested imports, except of
coin, to very great extent, while every
days news from Great Britain and the |
Continent points to even larger takings
of our breadstuffs than had been sup
posed. The shortness of the wheat crop |
seems to be not only local but continen-
tai. A carefully considered article in |
the London SATURDAY Reoieso on The
Wheat Crop, estimates that England's
deficit is probably 1900, 900, and that
of France 100000 or together IS, 0OO,-
900. England, the only buyer in the
past year, has imported from all other
countries, France included, nearly 49,
100000 quarters of wheat The two
countries now require that quantity, and
fully 100000 more, between them.
The question is, can this quantity be
obtained ? 1t is too much, how
ever, to expect America to more than
double her expectation of last year. 1t
is improbable, if not impossible, that
she can so do. Either France or Eng
land must then go short. There will be
active competition between the mer-
chants of the two nations wherever
wheat is to be had, and the result of the
competition will be to raise prices.
Bread must be dear. Whoever goes
short, this country England will not
starve but we shall have to pay high
price for our loaf In the compensa-
ton of nature, their suffering is our
prosperity. The day is not distant since
Great Britain profted by our calamity.
For a great part of their wants, England
and France must pay US specie. We
will therefore not only retain our own
large production, but receive consider
able additional supply. Now is our
chance. If we neglect this opportunity
to restore our national finance to sound
specie basis, we shall incur, and as surely
receive, the contempt of mankind. We
may as well return to the aboriginal cur
rency at once, and establish a aoanepu1,
factory at the capital Better this than
continue the farce of exchanging paper
promises, which we have no intention
OF performing, now or hereafter, and
solemnly calling them dollars"