The Rutland daily globe. [volume] (Rutland, Vt.) 1873-1877, 1874-06-17
The 8utlana gaily 6lobe.
WEDNESDAY, JUNE II, 1874.
Evils of Imitation in the Eye of His
tOry-Is there Danger Ahead

Evils of Initiation in the Eye OF His
tOry-Is there Danger Ahcndl
The country has barely recovered from
President Grant before it appears evident
that we are not wholly free from the dan
gers of further increase of paper money.
But the continued efforts of Congress to
for while as the last feeble cXertions of a
dying man. The decisive and unwavering
action of the President left few to doubt
that there was the least hope Of his favor
ing imitation in any form. After the very
general support OF the public we cannot
believe that the finance bill now before
conference committee Of six, made up at
least of four inllationists, can have the APP
proval of the executive, notwithstanding
the mistakes at first made by those who
would scatter over the land a larger guam
tity of make believe money, seem from
the exceeding care in framing the present
bill to be in part, at least, avoided.
That our representatives and senators
should have delayed so long action upon
the currency question when the dangers
from neglect were becoming daily more
imminent from the threatened continuance
of business prostration, and after all rec
ommend a policy that experience has
proved TO be anything but the wsest
course may well surprise every careful OBJ
server. Though there is still in Congress
enthusiasm over the idea of increasing our
paper circulation, we cannot fear that anoth-
er veto would result in the bill becoming a
law by two-thirds vote of both houses
They must be made to see soon that il
would be for the worst interests of oui
country.
What means this cry for 1000, 600
more of greenbacks ? Is it needed ASK
our bankers, and with an astonishing unan
unity they will tell you 1t is not wanted
This is not said from hasty. superficial
view of the aspect. Only short time
since gentleman well known i'll money
circles, and connected with one of thu
leading banking houses in Massachusetts
remarked to the writer: 1--WE have toe
much. 1t is our greatest trouble to fine
responsible parties to lend our funds to
There is not a man in this country whose
credit is good but what can get plenty O
money, and at low rates" Can we IN tht
face of such truths ask for more and fur
Their delay the prospects of specie pay
ment ?
The new finance bill may promise re
sumption in 1876 but history declares t.
us too plainly its teachings to believe tina
it would follow an increase of paper none
so soon. Look at the credit system adopt
ed by the colonies early in tie eighteenth
century, and see if the evils growing on
of it, already felt TO large extent in on
commercial prosperity, will not do II
greater harm.
After using bills of credit for abou
twenty years, Massachusetts, in 11l4 issue
some $3.50, 900 in bills. The cry for NOR
became louder, and III two years twice til
amount was authorized by the colony
More complaint was made than ever 500
after on account of the scarcity. In Penn
sylvania, We are told, that ''as their none
was paper. they had very little gold or 81
yer, and when any came in it was accoun
ed as merchandise This was where slv,
money had circulated but was driven OF
by the Introduction of the credit system
But these unlookcd-for results were nj
discovered till after the plan had bee
some time in force. \ later writer on Il
folly of the course pursued says: 1T
first effects Of the unreal enlargement
the currency appeared beneficial, and me
rejoiced in the seeming impulse given
trade. 1t was presently found that
the paper furnished but Il deprecatC
currency, tluctuating with every ne
emission: that commerce W
corrupted in its sources by the uncertain
attending the expressions of value in eve
contract
What picture of the condition of o.
currency to-day. Give us more of it, III
WHO can tel Nltlt tiit ulSustlbus tilNN
will cease? 1t is claimed by many fave
ing imitation that these are the very ev
they are going to avert. Thrust more Gu
rency on the country than legitimate ira
demands and our credit as nation will
impaired abroad, our securities will 4
cline, manufactures will suffer, and o
prosperity in the various avenues of bu
ness activity be affected more than
present. Contract the currency, give
real money, gold and silver, and the
verse of this will, cannot fail, to be t
Y case. If your house is burning, ceG
throwing on water after it is eXtinguishc
What saves it from the ultimate destrI
ton threatened may cause more senc
losses.
Undeveloped resources often warran
country in seasons of war or pes,ilence
asking prolonged credit, but there con
a time when ii grows to be a curse