Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1874-02-04

! The late Secretary OF the treasury MI
Boutwell,, has made an elaborate speech in
the United States Senate, in which he ad.
vances some ideas that seem to US the height
of financial infatuation. The country is
still suffering from the effects Of the reac-
ton Of a wild speculation that was caused
by the Initiation and depreciation Of the cur
rency. Mr. Boutwell, now proposes to is
sue the s44,000,000 reserve and bring the
circulation up to s4O0,0OO,00O. lie also
turns the cold shoulder upon the resump-
ton of specie payments, and says that
" the government could notrosume in ayear
from now, because il would be impossible
to accumulate or buy gold enough to re-
sumo with" The remedy he proposes for
our financial disease is to increase its yru-
leuce, like the physician, or rather, quack,
who gave his feverish patient medicine to
produce fits, because he was death on fits. +"
lie admits the financial difficulty, but
thinks the only way out Of it is to give the
country more currency Initiation is the
remedy for the troubles caused by naa-
ton. Such is Mr. Boutwel's wisdom.
But his reason against resumption is
puerie. " II reasons we're plenty as black.
berries be could hardly have found a
worse or weaker one. lie says that it
would be impossible for the government to
accumulate enough gold in year to resume
with. Does he think that the Treasury
would need as much gold as there are green
backs that the holders Of the government
paper will all rush to Washington to get
their currency changed into gold Does
he think that the reason for resumption is
that the people may have gold and silver
10 their pockets instead Of greenbacks ? II
so, his reason is good one. But if not so,
his reason is q poor and falacious one.
Weapprohend that the country does not
want metallic circulation, but it does
want paper circulation as good as gold
1t wants that ito legal tenders, the money
: which the government forces men to take
in payment Of all obligations, shall have q
gold value a fixed, stationary value, anC
not a variable, shifting value. This is wha
troubles the people, that they are compelled
to take notes of the government for work
produce, manufactures, and all debts, tina
have no fixed value. Its price is changing
from day to day They want and will hav,
currency that will not change in valu
every hour They do not want to carr.
/ gold with them and meet all their contract
e with it, but they desire that the legal tende
shall be worth its face n gold and silver.
Now Mr.. Boutwell, proposes to issu
s44,000,000 more of legal tenders, an,
compel the people to take them, while h
] aflirms that the government cannot by an,
+ possibility redeem its promises or pay it
present Indebtedness. lie asks that
bankrupt who cannot meet his obligation
may issue more of his promises to pay il
order to bolster up his falling fortunes
{ What is such financial policy but tn
most outrageous stupidity or the most bare
faced fraud2 Will the addition Of NOR
legal tenders to our already depreciate,
and inflated currency increase the credit 0
b the government, or the security Of tn
: people2 BY no means 1t is an actua
robbery Of the people by precisely tn
y amount Of the difference it creates betwee
gold and greenbacks. 1t benefits nobod
il but the swollen, greedy spectators.
e But resumption would not require Ii
y amount of gold Mr.. Boutwell, imagine
= The people do not want gold. They wal
!, confidence in the notes Of the government
m They want authoritative assurance that Il
money the government forces on them, al
n compels them to take for all their products
IL not worthless, or worth variable quantit
. but is worth what it declares on its face, doll
i for dollar. With this they will be satis6,
ly and with nothing else. The government
so not poor. Its credit is good. Its bon
IN are worth more than gold. Why tn,
should it consent to foist on the people th
i, - large irrcdeemable currency? Let it
ks clare, by vote Of Congress, that it will 7
to sumo specie payment oD the first day
". next July, aud by the first day of APP
Iai the difference in the price of gold Al
~ greenbacks will disappear. The one W
be worth the other, as it ought to be. Th
ho men will not want gold. They will pref
ly. the more convenient currency. If one
IL. equal to the other in value, the more &C
al yenient money will be in demand. The
nc will no longer be any need to buy gold
al meet the custom dues. Paper will dc
ce we'll. Gold will become drug, except
est foreign uses. 1t will no longer be bong
lth and sold. A currency based on gold is
''o we need to create confidence, to establi
credit, to stop speculation, to forestall pan
No and commercial revulsions.
in And then, and then alone, would II
he possible to increase the currency witho
o. derangiog commercial values. If 1t "
~ necessary to add to the quantity of t
az. more convenient medium of exchange,
val could be done with safety. The addition
res promises would be as good as gold il tn
were needed. The people do not doubt I
To- ability Of the government they distrust I
for disposition aud honor of the governme
ice They distrust the integrity Of Congre
'u. And when the credit of the government,
nu account Of the acts Of its agents, is b.
"a and its notes are at discount, addition
icy issues of deprecated paper is the policy
gu an idiot or Of thief. To do that nc
nd nine years after the war, in time Of profou
,as peace, with the trade Of the country pr
'on porous, when We are just recovering from
he panic caused by currency not based
to gold, would be the most unrighteous fra
ever perpetrated by a government on
people.