Vermont farmer. [volume] (Newport, Orleans County, Vt.) 1870-1877, 1874-05-01
Ettmaat &atmtt
St, JOAnsbury. vt. May /, 1874.
THE CURRENCY.

honor every dollar Of the government in
debtedness should be paid in geld,v and that
return TO a specie basis must be provided
for. The course of the president has ever
since been in strict accordance with the prin-
ciples then enuuciated by him, and his veto
Of the initiation bill last week shows TO the
world that his doctrine in regard to the cur
rency remains the same The platform Of
the republican party which reelected Gen
eral Grant in 1872 had the principle of a
speedy return to specie payment as one Of
its most prominent planks, and in his inau-
gural on the 4th of March, 1872, the presi-
dent declared that his efforts in the future
would be directed ito the restoration of our
currency to 6xed value as empared with
the worlds standard of vsIus, gold, and, if
possible, TO par with it,"
The evils arising from deprecated cur
rency affect every commercial transaction
and are felt by all CLASSES, but the principal
share of the burden falls upon the farming
and other producing Classes,-those who do
the work, aud not those who hold the capt.
tai THE destruction of the poor is tLeir
. poverty" and this was never more forcibly
illustrated than in the effects of our fluetu-
ating currency. While the ever-varying
value of the circulating medium affords an
excellent field for the operations of the stock
gambling rings in the large cities, after the
patterns set by Jim Fisk and his associates
it compels the honest importer and dealer to
add percentage to his regular profit, to Sc
cure himself against loss. We copy the fol.
lowing extract from speech of congress-
man W. w. Phelps, of New Jersey, as H.
Illustrating this point
When Mr.. Lowe buys his tea in China, he
pays for it in gold When the tea is in his
warehouse-freight duties and exchange all
paid-he fixes the price. He adds to cost the
usual percentage of profit and the premium
on gold but he does not stop here He sells
on time, and before the time expires gold
may rise or per cent, He does not think
IT will rise so much but 1t may, and as he
sees no prOpriety in running any risk he
adds per cent, and the i0bber gets Mr..
loves tea in Chicago at cost of 3 per cent.
above the premium on gold. and when my
friend from X ansas stopped over, last No
vember, and bought his family chests to send
TO- Wyandotte, the Chicago merchant said
This NJ. c. will not remit before the 5th of
next month; by that time some more of the
$44, 900 will be out and the premium on
gold, instead of being 6, as it is now, may be
III or IL; will add per cent. to guard
against loss" So when this tea reaches the
little grangers at Wyandotte. though gold is
up only 10 per cent. tea is up 10 per cent
per cent. added by thel New York7simporter
and per cent added by the Chicago job
Der. So in any article, especially manufac-
tured articles, where the 'emeterials have
passed through many hands. we shall have
the price naturally raised far above the gold
premium.
Thus while the middeman puts four or FIVE
per cent. profit into his pocket every time
to insure himself against loss by rise in
gold while it is only occasionally that rise
really occurs, the less wealthy consumer has
to keep paying this tribute to capital Ver-
lily, ito him that hath shall be given, but
from him that hath not shall be taken away
even that he hath" Could the amendment
offered by Judge Hoar in the house to the
senate bill have become law, it seems as
though the long looked-for day of specie
payments would have been readily and east
ly brought about. The amendment read as
follows:
That from and after the first day of Sep
tember in the year 1874, nothing but gold
and silver coin of the United States shall be
a 70 for fha e ILL
thereafter contracted; that from and after
the first day of September. in the year 1874
every holder of United States notes shall
have the right to exchange them at the
Treasury of the United States IN sums of
500, or any multiple thereof, for bonds of
the United States, coupon or registered, bear
ing intei eat ut the rate of 10 per cent a
year, payable semi-annually, which bonds
shall be redeemable after ten years from their
date, Mt the pleasure of the United States,
and payable at thirty years from their date
payable principal and interest in gold; and
the notes so exchanged shall he cancelled
and destroyed aud not reissued and no new
notes shall be issued in lieu thereof"
The first provision would lead US by ra-
tional course into return to hard money
basis, and the clause making United States
notes convertible into interest bearing
bonds, while it subjected the public to tax
to pay that interest would give to them an
equivalent in the immediate rise in value of
the paper money in their hands. But our
representatives, senator's and members of the
house, ignoring the promises made in
their caucuses and conventions at home,
deemed it advisable, in their wisdom, to "wa-
ter the stock" of the nation in time of peace,
by increasing the amount of outstanding
promises to pay, and 80 this and every other
amendment Of similar character were
promptly voted down, aud bill sent to the
president for his approval which was direct
ly in opposition to the principles adopted in
their platform by the party which elected
him, and reiterated repeatedly by Grant
himself. With his usual frmness, he refus-
ed his approval, and vetoed the bill.
Ths cry is raised that there is not money
enough in the country to do business with, aud
so more paper money must be issued by the
government, aud yet the supply is plentiful
enough so that we see gold quoted at thir-
teen per cent. premium. When any other
commodity is scarce the price is higher, and
when the market is gIutted the price takes a
corresponding stride downward. Now coin
is the best and only true standard of value,
because it is accepted by all nations as e-
gal tender. If the price Of greenbaoks is
less than that determined by this gold stan
dard to be their proper value, it follows that
the market is overstocked.
Our first care should be to provide for an