Orleans County monitor. [volume] (Barton, Vt.) 1872-1953, 1874-12-14

dunn of exchange. A revival of the pro-
tective industries is needed by all class
es, and by none more than the holders /
of property, of whatever sort, with debts
to liquidate from the realization upon
its sale But admitting that these two
classes of citizens are to be benefited by
the expansion, would it be honest to give
it? Would not the general loss be too
great to justify such a policy? Would
it not be Just as honest and prudent to
authorize each debtor to issue his own
legal tender to the extent of his liablll-
ties, as to do this T.? Would it not be SAT-
er for fear of an overissue by unscrupu
lous creditors to say that all debt obi
cations are obliterated in the United
States, and now we commence anew,
each possessing all he has at the time
free from encumbrance These PROPOSE
tons are too absurd to be entertained
for moment by thinking or honest peo-
pie. Yet every delay in preparation for
final resumption partakes of this dishon-
esty, and is only less in degree as the
hope is held out that convenient sea-
son will at last arrive for the good work
of redeeming our pledges. 1t will never
come, in my opinion, except by such
positive action by Congress as shall avert
only national disaster, which would de-
stroy for time at least the credit of the
individual and Of the State at large. A
sound currency might be reached by to-
tai bankruptcy and discredit of the in
tegrity of the nation and of individuals.
believe it is in the power of Congress
at this session to devise such legislation
as shall renew confidence, revive all the
industries, start the country on a career
of prosperity to last for many years, and
to save the credit of the nation and of
the people. Steps toward the return to
a specie basis are the great requisites to
this devotedly to-be sought-for end.
There are others which | may touch up
on hereafter. A nation dealing in a cur
rency below that of specie in value la
bors under two great disadvantages
First, having no use for the worlds ac-
knowledged mediums of exchange, gold
and silver, these are driven out of the
country because there is no demand for
their use second the medium of ex-
change in use being of fuctuating val
ue, for after all it IS only worth the
price of what it will purchase of gold
and silver metals, having an intrinsic
, value just in proportion to the honest
labor it takes to produce them. \ larg-
er margin must be allowed for profit by
the manufacturer and producer. 1t is
months from the date of production to
/ the date of realization. Interest upon
; capital must be charged, and the risk of
fuctuation in the value OF that which is
to be received in payment added. Hence
the high prices acting as protection to
the foreign producer, who receives moth
} ing in exchange for the product of his
e skill and labor, except currency, good
). at staple value, the world over.
e THE BURDEN ON THE WORKING CLASSES.
5 1t seems to me that nothing is clearer
n than that the greater part of the burden
y of existing prostration for the want of
r sound financial system falls upon tn
e workingman, who must, after all, pro
n duce the wealth, and the salaried mai
% who superintends and conducts the bust
lie ness. The burden falls upon them i
ID two ways-by the deprivation of en-
a. ployment and by the decreased purcha;
x ing power of their salaries.
Id NECESSARY STEPS TOWARD A REsUMpTIo
~ OF SPECIE PAYMENTS.
n 1t is the duty Of Congress to devise IL
IT. method of correcting the evils which a
to acknowledged to exist, but will ventu
IT. to suggest two or three things whiC
Ia seem to me as absolutely necessary to
W return to specie payments. The fir
in great requirement is return to prospe
by ity. The legal-tender clause to the Ia
be authorizing the issue of currency by t
nd National Government should be repeal
ct to take effect as to all contracts enter
'od into after certain day in the repeali
TO- act; not to apply however, to payne
nal of salaries by the Government, or
be other expenditures now provided by |
md to be paid in currency in the inter
lar pending between the repeal and final
and sumption. Provision should be made
nay which the Secretary of the Treasury
lew obtain gold as it may become necess1
VI HUH IlIue W tlule IrOm the GATE WI
line specie payment begins. To this mi
is and should be added revenue suffice
ital ly in excess of the expenses to ensure
lole accumulation of gold in the Treasury
sustain redemption. With resumpti
ON free banking may be authorized "
safety, giving full protection to /
, to- holders, which they have not under
Sc listing laws. Indeed, I should regard
liza banking as essential. 1t would s
su- proper elasticity to the currency, as n
find currency should be required for
sncy transaction of legitimate business.
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