The Rutland daily globe. [volume] (Rutland, Vt.) 1873-1877, 1873-08-27
GOLD.

We are told. in the good book, that the
love of moneyis the root of all evil Gold,
being at the present day the foundation of
all money, is necessarily the great seed
from which the root springs. Money,
however. is n necessary evil, and one of
which we all desire to obtain due or I'M
due proportion. Gold, too we arc Just
now hoping for and the demand comes up
from all over the country that there should
be return to specie payment Just how
this is to be accomplished is matter upon
which financiers, or pretended financiers,
differ. One would do it at once by post
ing notice on the doors Of the national
treasury, at Washington, and of the diff
ferent sub-treasurics throughout the coun-
try another would do it by reducing the
volume of currency; and still another, by
increasing the amount OF the gold reserves
in the treasury and banks. Upon one thing,
all are agrced-that we must sooner or
later return to specie payment When
that day comes, gold will not be used to
any greater extent in the ordinary business
and commercial transactions of the country
than it is to-day. The difference will be
simply this: If an individual desires five
dollars in gold, "greenback" or a nation
al bank bill of the same denomination. will
procure it, at any time and at any bank in
the country, without extra charge, while
now the difference is some scyenty-ive
cents. In other words, if person desires
five dollars in gold, he must pay therefor
some five dollars and scventy-fve cents in
currency. A paper dollar should be equal
to gold dollar, and should have the same
purchasing power. 1t was so prior to the
war, and, with two or three exceptions,
has always been so in this country. With
think Of boarding gold. dealing in gold as
Il commodity, or of using it as money-it
being altogether too bulky to be carried
upon ones person or transported TO differ
ent parts of the country for use in com
mercial business. 1t would remain locked
up in vaults, or be used for ornamental
purposes and in foreign trade, where our
paper money does not circulate. We all
hope for the speedy return to specie pay
mcni, but, as we have said, there is dis
agreement as to the how.
This subject, however, if we may be-
leye everything we read, seems to be in IA
fair way Of settling itself, without the aid
of linanciers, gold reserves or contlac-
ton Of the currency. The gold fields of
"Rutiand" will furnish the precious metal
to rcpletion, so much so, we fear that the
metal will become a glut in the market,
and the great question will be how to
bring gold up to greenhack basis, rather
than bring greenbacks to par with gold.
We give our cnterprsing contemporary all
the credit for freshly rcvamping and re-
announcing an old, old story, although we
can hardly excuse their knowledge of Yer
mont geography by locating Clarendon in
Rutland. That gold exists in Vermont has
long been known, and the knowledge of
the fact has been sorry experience to
many a poor dcludcd mortal. Plymouth
and Bridgewater have, If we mistake not
furnished the largest yield, Hayden and
Hitchcock, in their report of the geological
survey of Vermont, say that the yield at
Plymouth has not paid fifty cents day to
those engaged in its search. In reference
to Bridgewater the experience has been
substantially the same, only little more
so. A company of capitalists was formed
to work these fields in 1858, of which Ira
f. Payson--a man worth half million of
dollars, to our personal Acknowledgements
the leading spirit, and they lost every cent
of their private means, and finally, aban-
doned the enterprise in disgust and in debt,
and the land reverted to its original owner.
Such 1t will be found is the history of Yer
mont gold in the past, and we believe, it
will be in the future. The finding of
gold in Clarendon and Rutland is nothing
new. Mr.. Earl exhibited to lis specimens
from this same locality years ago. but he
did not give up trade, of which he was
master, In order to seek what he knew was
uncertain and improbable, 30 far az remu-