Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1874-02-20
The Parting of the WAYS.

Five years ago Congress solemnly pledged
the public faith TO provide for the redemp-
ton Of United States notes in coin at the
earliest practicable period. At that time
the amount of greenbacks was $3.50, OOO, OOc.
On the LIST of January, 1874, the amount
was s37s, 4Sl ,339. On the 22d of January
the Committee of Ways and Means pro-
posed to increase the amount to S4O0, 600 900,
The committee ado to their resolution the
very absurd declaration that the total of
United States notes issued or TO be issued
shall never exceed that sum. Who will
believe it2 What reason does Cure,r..-.ss-I ~
49, 11 1ano o'iol iS1.rr$eiieving it? In
AZ r,,'I -, ~ (. ess pledged the nation
100 pay the notes in coin at the earl
;: tst practicable moment. I'VE never have
paid dollar of them," exclaimed Senator
sherman, chairman of the Finance Com
mittoe Of the Senate and with righteous
indignation he added, 1--WE have never
made provision for the payment of
one Of them. We have issued more OF
them, and compelled the people to take
Them"
Upon what plea does the Committee of
Ways and Means propose this deliberate
betrayal of the public faith? Is it 10 re-
lieve the panic? What panic? Last Sep
TENDER there was panic, produced by an
excess of currency, which had stimulated
every kind of wild speculation and person.
al and business extravaganza, the sure re-
suit Of redundant paper currency. The
country was full of doubtful railroad Sc
curities, the spawn of false currency, and
one alarm precipitated disaster. But the
panic has passed. Money is again plenty.
Speculation is again active, and is madly
excited by the hope and prospect of fur
Their imitation. And the Committee OF
Ways and Means propose to fan tho fatal
flame.
Is 1t TO provide for the current expenses
of the govern .nent? But need we break
faith to do that? There are always relrench-
ment and taxation possible. So Is an hon
orable loan, not involving imitation. But
currency loan, payable at tho pleasure of
the government, 10 be used as a national
bank reserve and to release greenbacks, is
not possible-or should not be-because it
is not honorable. Is The proposition of the
committee an effort to make the volume of
currency equal 10 the demands Of BUSH
ness7 This is project of squdrng the cir
Gle. 1t is simply impossible to determine
arbitra riy and exactly how much curren-
cy legitimate business requires. But the
depreciation Of the currency is the practi-
cal measure of lis excess, and further inaa-
ton would be further depreciation. When
the Committee of Ways and Means have
added the sum of forty-four millions to the
currency, how do they propose 10 get it
backY IT the wants of business require
that amount of initiation to-day, how much
moro will those Legitimate wants require
next weekH If government which in
1869 solemnly pledges the public faith to
pay as soon as practicable in coin may In
1874 increase the paper currency from $780,
100000 to 100000, 900, why may It not in
1870, increase it to S45O, OOO, 600? And who
believes that it will not?
The true financial policy of the govern
ment is most clearly stated in the petition
TO Congress signed by many of the largest
business firms OF every kind in New York.
Itstates strongly that the rredeemable cur
rency disturbs all values, makes business
gambling, and demoralizes industry. Those
who sign the petition arc practically famil-
lar with the subject, and know what the in
terests of business require. Their opinion
is most important element in the discus
sion. We trust that Congress will heed it,
for the country stands at the parting of the
ways. On one side are moderation, econo-
my sound business, happy industry, and
public and private honor; upon the other
side are expansion, speculation, public and
private extravaganza, national dishonor,
and widespread suffering and ruin. As
MI Forbes OF Boston, truly said before the
Committee ON Banking and Currency.
1.-THE sure victim, the residuary legatee. of
all the bluhders of our gambling system
is the laboreri the prices fall for him the
latest, while they rise the soonest" He.
more than any man is interested in sound
currency and in secure business. The fury
of speculation kindled by imitation NAV
seem to offer him enormous wages. But
their value to him is not their amount, but
their purchasing power. The suffering
among Them to-day is not due TO the scare