Green-Mountain freeman. [volume] (Montpelier, Vt.) 1844-1884, 1873-09-24
The ClamOr for Government Aid fol
tle SPECTATORS.

The ClamOr for Government Aid fol
tue Spectators.
The most deplorable feature Of the recent
financial panic was the crazy cry for help
from the government an appeal wrong 10
every sense of the word, and childish and
selfish beyond measure or example. The
government was not in the remotest degree
responsible for the failures and it is mod
ern idea that it is the business of the gov
eminent when man gets short of money to
come to his relief and help him out of his
embarrassment. Yet this is just the posi-
ton in which twenty or thirty of the heavy
men of New York, worth altogether hum
dred and City millions, put themselves last
Saturday and Sunday. President Grant and
Secretary Richardson had come to New York
at the urgent request of the rich stock specu-
lators to hear their petitions for help. There
is what is called reserve of $44 10000 OF
greenback circulation watch Secretary
Boutwell,, year ago, held he had, as Secre-
ElSut W loouO eiO hCSO-oi9iS'
Of the government warranted it. There is
considerable doubt as to che existence of any
such legal right; and the Finance Commit
Tee of the Senate. after an examination OF the
question, decided that there was no warrant
OF law for the of any portion of tnat re-
serve for any purpose. The heavy men OF
New York, however, insisted that Secretary
Richardson should not only issue the whole
of this $44 900 900, but should loan it to the
banks of New York, proceeding Illegal, IN
constitutional and without warrant of any
sort; and Reverdy johnson, an eminent
Democratic lawyer and statesman, was en-
ployed by these New York capitalists to fur
Dish legal opinion advising such a course,
which he proceeded to do. The President
suggested that these gentlemen had better
put their requests and their legal opinions in
writing: thing which they did with some
decidedly and properly told that there was
no authority of law for doing what they
cIamored for, and that the Treasury Depart
ment would act wholly within the law. How
ever, it was announced that the government
would buy twenty millions OF bonds, as it
aas perfect right to do; and those who
want money of government can now get it by
selling their government b )nds.
This action of the government ought to
show the Sc rich men of New York City that
the UnIted States treasury is not ct their
disposal whenever they have over-speculated
and are " short" of greenblcks, to be re-
sorted to as spenitarltt sons resort to a
fathers capacious pocket when in pecuniary
straits for funds to help them out of diff
Guilty. 1t is high tune the spectators IN
Wall street and banks and institutions loan
ing money on insufficient securities, were
taught most emphatically that the govern
nent is in no sense partner in their en- Ter
prIses. 1t the Secretary of the Treasury
lad refused to buy any unusuil amount of
ponds, it would perhaps have been still
more salutary enforcement of the lesson that
hose who put their fingers in The fire must
expect to be burned. TIE government that
IN any way comes to the aid of the " lame
iucks y OF the crowd of spectators, only
encourages the madness of speculation by
suspendlng temporarily the penalty that the
laws of trade sooner or later make inevita-
ole. The Secret ,ry of the Treasury, under
the direction of the President, has Just this
official duty: to collect and disburse the
revenues of the United States in obedience to
the laws of the United States Flurrles and
panics may come In Wall street or elsewhere,
but, except as they lnterle. e with this duty,
they are no concern OF his. He should sim
ply let them severely alone, and then there
will be some hope that men will learn that
there are laws of trade and business which
cln no more be violated with IMMUNITY, than
one can violate any other natural law and
hope to escape the constq 1ences of such vio-
lation. Ii we are ever to become a nation OF
stro &, selt-rellant, intelligent, sagaclous
business men, We must reach that develop
nent by the use of our faculties, with tue
certainty ahead tn 1t the general govern ment
Is not to be employed to pay our debts, sup
port our enterprises or retrieve our financial
mistakes. c. WV.