Orleans County monitor. [volume] (Barton, Vt.) 1872-1953, 1873-04-07
THE SCARCITY OF MONEY.

During the war there was almost
plethora of money, but from that time
to this, it has gradually grown scarce un-
til almost every branch of business
throughout the country, is suffering for
the want of it. The great need of means
by which to carry on the war, compelled
government to offer great inducements
to capitalists, at home and abroad, that
they might buy government securities,
and provide the money with which to
pay and furnish the army. In issuing
bonds, government pledged itself to pay
a very high rate of interest in gold,
which then bore high premium, and
is still worth $1.18 of currency, and ex-
empted them from taxation of all kinds,
making them the best paying security in
which those who had money to loan
could invest At tho close of tho Re-
bellion, every one almost, who had
means, bought bonds. so that large
amount of greenback currency was ab-
sorbed. The state banks, which, under
the old system, issued more bills than
they really had capital we're now CON-
PEELED to Adopt the national banking sys-
,. TEN, and to deposit greater amount Of
funds in the United States Treasury,
than they could put in circulation. This
put less currency afoat, according to
the amount held in the country, than
the old banks would have issued. Very
little United States money was held at
the South at the close of the war, but
since that time, large investments have
been made there by northern capitalists;
emigrants from the north have carried
money there, and millions have been
paid for cotton and other productions.
The West also, in its rapid development,
has called for all the capital that could
be borrowed in the East. The vast in
ternal improvements being made in the
country, put out of sight for the time
being, millions of money, annually. The
building and equipment of railroads re-
quires four hundred million dollars year.
ly, while the building up of cities and
towns, manufacturing establishments,
and the development of every branch of
business require far greater sum-
Money for these purposes may be dis
tributed for labor and materials, but
much of it is sent abroad for iron ma
chinery and a thousand things which
can be bought cheaper IN foreign mar.
ket than at home. The labor expend-
ed in these improvements, is diverted
from other pursuits, and its value lost
until what it has built pays, directly OF
indirectly, for its construction. The
cost of each mile of railroad built, is
thirty thousand dollars. In most cases.
it will be years, before the profits Of
each mile, pay back this sum. We arr
sending out of the country, annually
many million dollars more for foreign
goods and foreign productions, than we
receive from our exports, and what il
unfortunate in this deal with the world
is the fact that we sell necessaries, ant
buy luxuries. We sell wheat and buy
wine we export raw cotton, we blu,
manufactured silk, and grow poor BY
our bargains. Another and serious caus,
which has made money scarce, is tn
extravaganza of the American people,
The amount of money expended annual
ly, for fashionable dress, for costly house
and furniture, for fine carriages ant
foolish amusements, more than is neces
sary for health, comfort or pleasure, t.
say nothing of the vast amount expend
ed in the qualification of perverted ape
tites, would make us all rich if it coult
be equally distributed. The people O
Vermont are noted for being economical
but, even here, it is not difficult to fin,
German broadcloth on the backs of per
sons who do not find it convenient to pa
their board bills, and silks and feather
often take the poor mans last dollar
that the precious wife may ape the styl
of her rich neighbor. Should we exam
Inc the account book of the merchant
the names of many who drive the fast
est horses, and live in the finest houses
would appear with the heavy figures w
on the debtors side. In this section {
Vermont, the three last years have nc
been favorable to agricultural interests
Some of the crops have been light, stoc
has deprecated in value, the leadin
staples have sold low, while the cost
grain, flour, and other necessaries, hs
been as great as heretofore. Thes
causes have aided in producing the pre-,
ent want of money, in this section of IL
country, and the wonder is not that MOI
ey is scarce but that it is as plenty
it is. We see no reason why we shoul
expect better times for few yea
to come, and the sooner VIC conform
the present condition of affairs the be
ter. BY strict economy and perseve
. ing industry let US strive to attain to
great degree of prosperity as is pos'
BILE in the future
A terrible scene was created in a r
man Catholic church at Trenton, N.