Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1874-04-29

Both parties were astonished at IT, Inc d
inhatiouists expected the President would Il
sign the currency bill, and the resumption. G
lists looked for nothing else. Butler had 9
declared 10 tho House that he would do it, n
The President had snubbcd the Boston and y
New York protesting committees, and be- a
fore the veto was sent in, the more money A
men were hilarious, aud the "hard money n
men were respondent. But the President t
changed that. Ileput his foot down firmly ,
in the right place. and it seems now quite q
certain that IL we cannot get back to a
specie basis, we yet shall no. goauy farther /
on the ruinous road Of an irredecmablo :
paper currency.
The moral bearing Of this act Of the
President is worth noticing More than {
once Congress had pledged the public faith .
to an early resumption Of specie payment.
In 1869 it passed an act to strengthen the
public credit, in which, in so many words
it solcmny pledged the faith Of the United
States to the payment in coin Of all its OBJ
legations, and to make provision al the earli-
est practicable moment for the redemption
Of the United States notes in coin" But
the Senate bill increased the non interest
bearing obligations Of the government, and
made them rcleemable only in the same
Kind Of notes 1t was an open violation
Of the public faith, and an outrageous i'm.
morality and dishonesty. 1t was bill by
which the South and the West could repu.
date their honest obligations to certain
extent now, aud bye and bye, utterly and
forever. As one Of the inaationsts of the
West said, at will enable me to pay my |
debts, aud that is all the good in it can
sec" The Senate bill simply made robbery
legal, and that was plainly itsintention. 1t
made the government party to a foul dis
honesty, aud compelled all creditors to take
,, depreeiatiug currency as an equivalent
for their debts. The demoralizing effect
! Of such legislation would be felt more and
+ more 10 all the departments Of government
. and Of trade 1t would hold up to the poll
4 tlcans Of this generation, and to those who
G are to conduct all our affairs in subse-
= quent generation, the idea that there is no
!, moral foundation in government; that in
" tegrity and fair dealing do not belong to
1t the administration Of public affairs that
p honesty and righteousness are qualities for
which men need have no respect; that law
y is the agency Of piracy and the ready tool
In OF hungry bandits aud corruptionists. When
y. such an idea is blazoncd on the fore front Of
to the State By its national legislature, then
"a the dcadiest blow is struck at private NOR.
I'd atty aud honesty in every form Of bust
~ ness and social life. A promise to pay
ed even when madeby government, when there
y " is no intention to pay, is lie. A lie thai
ng is redcemabe only by another lie, is an in
:. suit, and the President deserves the thank
or of all honest men that he has interposed hi
II constitutional prerogatiye against the pos
he sibility of the United States government be
% ing chargcable with Offering this ialsehoot
Of aud this insult to its citizens, and to the world
u The Presidents message must have bee
of like a stiff Northwestern TO those honest an,
ar faithful senator's aud representatives a
es Washington who have been lying helples
p aud bound in the eternal fucus and malari
ed Of the fervid and tropical Butlerism Of tn
~, Capital. 1t will put new life and hear
!" into the honest men in Congress, to kno'
re- that there Is barrier which the risin
an foods Of dishonesty and proaigacy has ne
or swept away, aud cannot. 1t will be likel.
~, also, to stifIen the moral sense of the poop
re- not little, when the President vetoes Coz
tho gressicnal rascality and calls upon Congre
rs to remember its own solemn pledges
nm an The effect Of the veto, and Of the polit
of which it indicates, will be to restore Il
ks business of the country to vitality. The
sur is now no regular export trade owing e
as tirely to the displacement of gold by
ton, paper currency. No country can expo
nrt largely without a specie basis. And il
we're portation without expectation is consta
, ,on, drain on the national resources, and W
sion soon bring US to bankruptcy. The spec
rop resumption Of specie payments is, the
the fore, necessary to the revival Of commer
,syS and to the expectation Of the productiC
ten, aud manufactures of the country to su
why an extent as to pay our foreign interest a
sink gradually our foreign indebtedness.
.aey The lsboring man has a great interest
,ited the final and right settlement of this fni
nc cial question. lie has nothing to sell |
his his labor That is not valuable, or in or,
may demand, when all values are floating a
hich insecure. Nor can workingman afford
his give his labor for rag currency wht
lille purchasing power is constantly dminishil
'ela- With specie payments and fixed valu
such labor and capital stand on equal grour
nc, But with variable currency capital g
rna, all the wheat and labor gets the chsG ]
the Dor is not so well of now as before the W
rrme The South aud West have made a gr
sign mistake, of which, happily for them,
RS at veto prevents the cousummation. The c
ausee ton OF the South aud the cereals of
and West are cash staples, aud with return
have specie payments, there would be larger
! be portation and larger purchasing power
long their products. The President says Il
by the West aud South are entitled to 81 90
,osed 600 of banking capital which they hi
Inn i'm, not yet taken. The Controller of the Ire
him. ury says that they are not able to COM
otb s with the acquisitions of law 10 order
His take it, And what does that mean,
! re- 81 that the paper irredeemable currency
eers already sucked the blood out Of their vel
~ o, ~ and that imitation would only make
0 his blood that is left thinner and wcaker'
nm MN, little more initiation aud then bale
ieon- greenbaeks will be worth less than bale