Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1874-01-21
4lfnlnhman & Inurnal.
..-----~--~--.-~~~-~ ----~--.--r,---,----
WEDNESDAY, JANUARY p, 1874.
rruus-s1u0 per year. strictly 300 advance or $50
rrot Maid within three months.


y
ON the par. Of some Of the leading Senators
to secure The resumption Of specie pay.
menis The chairman Of the Finance Com
mito,, Mr. sherman, has just made an
elaborate argument in its favor Senator
Morrill,, Of this State, opened the session
with an exhaustive aud able speech for it.
Still the project is vchomeutly opposed in
lhe Senate, and more yehemently in the
House. 1t ia admitted on all sides, that
an irradeomable paper currency was an un'
happy necessity, and that its continuance is
a source Of constant evil in the CONNER
c'al world, but there is strong tendency
to resist any movement toward rcdemp. |
ton, lest there should be a shriukagc
IN values, and The holders Of inflated secu-
rites suffer To consequence. Speculation,
too, runs rio, on the margin between paper
and gold
Il would seem as if the question Of re-
sumption ought not to be a question at all.
Argument in favor Of it would seem to be
unnecessary and snpor1uous, like an argu-
men, in favor Of honesty, or dccency, or
commou fair dealing. 1t is the simple bu-
sincss and duty Of the government to make
its "rromiscs to pay convertible into
money. 1t is mere political honesty to
give rcul value 20 It's substitutes for
money, by offering to keep the promise
that is engraved upon them The United
States will pay the bearer one or more dol
lars on demand" is declared on all its
notes, and all its notes are lie, because
the goyorcmeut not only will not redeem
lis promises but because it as yet fails to
make any movement toward redemption
II is futile to say that the government can
impart value to substances intrinsically
worthless, by merely stamping them as
worth so much, aud making them legal ten
der therefor. IL certainly has power by
arbitrary enactment, to make chips or
pebbles legal tender 10 payment Of debts Of
a like number Of actual dollars 1t can
absolve a man Of his debt who offers to
pay these yaluclcss things to his creditor.
team give them adebt-extinguishing power,
but by no magic or tyranny Of legislation,
can it make them worth so much silver and
gold, unless convertible into them. 1t is
intuitiyely evident that NJ government can
subyert the laws Of nature, The history
Of the French Assignats, Of our Continental,
Confederate and greenback issues, varying
inyersely in value with their amount, would
proyeit Hover the necessity existed to make
paper legal tender, that necessity has van
ished, and it is time that the country should
have some reason to believe in the ability
and good faith Of the promissor to keep his
promises. The refusal Of Congress to in.
stiute measures for the redemption of its
own promises, is fraud on the people is
absolute dishonesty and immortality. 1t is
on par with the morality Jay Cooke ~
Company who have issued millions more Of
their promises than they can redeem on a
par with the honesty of any man who as
sumea obligations he cannot and will not
perform.
Yet in face Of this immortality, which il
far more dishonest and disastrous than tn,
A, personal transactions Of the Credit Mobilier
because these do not involve the honor o
the credit Of the goyernment,) We see tn
House Of Representatives, in the midst {
" laughter, which is like the cracking
e thorns under pot, passing resolution by
'f large majority, practically in favor Of ii
a hation. There is strong wish on the pai
n Of many representatives to continue and il
G. crease our inconvertible paper money.
o. is like larger indulgence in alcohol
mitigate the distress Of drunkenness.
at would afford temporary insensibility to Il
ou gripings Of the commercial revulsion, on
Al to PROSTATE the patient still more, by Il
rs, ultimate and indeGnabc depreciation
he paper III consequence Of such increase, al
ne the consequent delay or extinction of
~ hope of the resumption of specie paymen
The currency which the panic has locked
-, has already found its way to the banks, a
YER this lowers the price Of all commoditi
nd, and it will soon be tempted out again
,ad low prices to innugurate new era Of sp
y" ulation, to eliminate in another panic a
or far more disastrous reyulsion, The inf
re- tiou Of the currency is like curing an alta
ice Of delirium tromens with n larger dose
III brandy. 1t only brings on another, me
rabid and perilous.
o We have very little faith in contract
The the currency and making legal tenders CT
Did vertible into gold, by the issue of n
ars bonds Of the government, bearing a !
81 rate of interest, and exchangeable
,cst grceubacks at par. The plan only propo
nan to increase the debt Of the government, q
was provides for the permanent inconvel
and bility Of the currency, and for the deba
r o ment of legal tenders twenty or twenty.i
per cent, and for the imitation of the c
=, rency to any extent on that basis. 1t
tho the prescription Of dishonest quack
has charletan, and merely trick to incre
ted another kind Of worthless currency. Ii
po' liable to all the objections to inhati
~" and more, for il is the declaration Of
,ad government that its promises to pay
Ter, not worth more than seyenty.lye per &c
us, of their face. 1t stamps a permanent
inu preciated value on the legal tenders.
.n There is but one right and honest th
for the government to do, and that is
tho stead Of deyising measures to initiate or
,ek, preeiate the currency, 1t should instan
eph set to work to make it as good as gold.
Tess 1t is unwise to resume at once, let it fix
Q day, at no distant time, when it will
a deem its promises; 'oIea il ,oH take
her oica paper for all customs and debts
ays 10 Itself. The business of the coun
ana would at once conform itself to the har
20" change. The power of speculation wo