Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1873-12-03
For the Waichmaa.
Our New York Letter.

NEW ioRE. Nov %, ls73
Masrs EdHou - Tie past week ha.
been one of surprises not only to the good cit.
liens Of New York, but to the country AT
large
Thing. financial, commercial, political and
judicial look better The increase Of the bank
reserve and deposits has already in some De
gree relieved the stringent money market.
though great caution IL yet the prevailing tenn
per Of the banks The increase Of exports,
and diminution Of imports, having thrown the
balance Of trade 10 our favor, has raised our
credit a notch higher 10 the world markets.
but at the same time it has its corresponding
depressing influence in the home markets
prices form everything have been put down
for the purpose OF realization, and much money
must Of necessity be lost but the country at
large will be gamer, and those who lose are
those best able to stand loss Manufacturing
IS rather slow, and workmen in many industries
are on short time, but as whole the prospect
Is vastly improved in the last ten days.
II the government will keep its hands of for
a while longer, specie may resume its natural
place as the basis Of value but the pressure
upon Congress to authorize an initiation Of cur
rency will probably be enormous. This pres.
sure will come from the class having the great
est political influence, viz the great manu-.
featuring and commercial interests VI the coun-
try These classes are the losers in the present
emergency, aud will be much greater losers if
it continues And this is just as 1t should be
These classes were the principal gamers by the
initiation. and il is no more than rirht they
should contribute part Of the princey for
tunes they made towards the beneftting of the
great middle and lower classes, who were the
losers in the first instance Great stress will
undoubtedly be laid upon the fact that thou.
sands Of the lower classes will be thrown ont
of their customary employments for a time.
bat this is by no means certain And if it
we're inevitable, no thinking person should hes
itate moment over such view Of the question.
when the good OF the entire nation is at stake
and future years Of prosperity Initiate the
currency again, and let speculation once more
run riot, and a few years hence we shall have
the same difficulty over again pepper basis
of value in a country Go use phrase) is a
financial disease, and you cannot return the
body polite to its normal state without strug-
gle. The constitution of the nation has now
recovered from the war sufficiently to endure
this struggle, and the sooner it is over the bet
ter. Some may ask, why not wait until we are
stronger So we could if it were possible to
control speculation by law, thing which is OBJ
yiously impossible
The Spanish war shadow may be used as a
handle with which totxcuse the again opening
Of the food gates Of iFredeemablc paper, but
we trust our NJ C's. will not be msled by this
subterfugc. This war may or may not be a
necessity at the present time only can decide
this point. One thing is plain the great hue
and cry about Cuban independence is almost
entirely from interested motives. Such thing
as pure patriotism in person of Spanish des-
cent is a scare article. In proof Of this we
have only to refer to South American and Mex
lean republics. The native Cubans are moth
ing but Spaniards in thought, habits and feel
ings, and, as such, would make but n poor ad.
dition to a republic based ON Anglo Saxon
and Germanic ideas, as ours appears TO be-
The real question in the matter isis nolc the
proper time to end Spanish rule in America d?
a rule that has been a curse to the sections
where it has prevailed since the discovery Of
the continent.
But enough Of Cuba, Spain, and questions
of internationally. Another sensation fairly
eclipsed even wal. for day, to wit, the conyic-
ton, sentence, and imprisonment in the
tombs of William NJ Tweed, the well known
politician The happy result Of this trial was
entirely unlocked for by the people of the city.
Who wrought his downfall is question often
asked and not easily answered, Chance, cir.
cumstanccs and brains were the workers, and
last but not least, social ethics had a strong
hand in Il. Tweed society was not that suited
to the tastes of the lords and danes of the silk
stocking leaders of the democratic party, whose
pride of birth and family are scarcely equaled
in Virginia. And the advent OF Tweed and
his friends to power was the introduction of
what was little better than the introduction of
commune into the highest circles of State So
cety. And yet it had 10 he endured for polit-
ical reasons, for time, but it was too harsh a
thing for this refined and educated element TO
long suffer The absurdity of the thing was
so apparent that, socially considered, Tweed's
downfall was determined upon long before any
imputations against his character rested upon
him. The fall of Tweed was, in truth, the
triumph of the aristocracy of the State over the
commune, like the triumph Of Theirs over the
same element in Paris.
Tweed is gone, but his clans remain behind
him, and the same element will give more
trouble in the future. tits the dangerous class
IN our great city, the class that will bear CON
tinued watchiulness to prevent trouble, his
Y large and growing element in metropolitan
matters, and the proper control of il will afford
our future law makers ample scope ia study.
But more on this subject anon.
j NJ JR