Vermont farmer. [volume] (Newport, Orleans County, Vt.) 1870-1877, 1874-07-17

giving them away, while whatever profits
there are made on the crops are made by
transportation lines and pocketed by East.
ern stockholders. But there is one
pretty sound argument in favor Of imitation,
as looked upon from the Western standpoint.
The greatest want Of the West and South,
whore money is scarce, is manufactures.
They produce crops Of grain, cotton, and SUI
gar, and ship them thousands Of miles to ex-
change them for machinery and other manu-.
featured goods. But the establishment Of
manufacturing enterprises there would re-
quire capital, which they have not. The
bondholder is drawing good interest from
Ills bonds, which these Western and Southern
people help to pay, in the form Of taxes.
This is unjust, and should be remedied as
fast as possible by the retirement of those
bonds as they become due, thus relieving tho
people Of the tax to pay interest on them.
When the capitalist could no longer lock his
bonds up and draw interest regularly upon
them, he would either put hts money into
some profitable business or let it at interest
to some one who would so use it, and the
result would be felt in the development Of
the resources of the country by the building
of mills, railroads, canals, and other enter
prises.
This relief might be obtained by the issu-
ance Of greenbacks, but while remedying one
evil would we not be bringing about anoth-
er2 While the taxes would be lessened, the
value of every greeuback and national bank
note in tho country would also be lessened. Ev-
cry dollar Of increase of volume of the cur
rency tells in the rise of the premium on
gold, which is the standard of values. There
is no such thing as standard peculiar to
one section. Nothing that is not accepted
all over the world as such can be considered
a standard Of value, and when there are two
circulating mediums Of different values the
poorer will always drive away the better.
The depreciation of our national currency
has driven the precious metals from this
country. Let specie payments be resumed,
and gold and silver coin will be ss plenty
here as they were before the war. Then let
the government as fast as possible take up
its interest.bearing bonds, and reduce taxa
ton. This seems to US to be the only sure
course. If the government at any time, af.
ter resumption of specie payment, finds it
necessary to issue greenbacks in moderate
amounts, it can be done and the currency at
the same time kept up to the gold standard.
There may be such a thing as too little
currency in country, but it is not because
that country does not owe enough, and ought
to issue more promises to pay, but because
imports are in excess Of exports. The issu.
ing Of notes by nation will not remedy this
evil. But he who has anything of value to
part with has always his choice to keep il
o.! take the money for it.
The volume of the medium of exchange
cannot affect business one way or another
If there were only half as much coin in the
world, that half would represent the entire
purchaseable property Of the world, just a;
the whole does now. Here is the standard oil
values: All the money in the world equals
in value a given share of the purchasable
property in the world. If by some means the
amount of money is doubled, it still bears
the same relation to the amount of property,
and it takes two dollars of that money to
purchase what one dollar would have pur.
chased before. Therefore changes in the
amount of money will affect nominal values
only the actual value is ever the same