Orleans County monitor. [volume] (Barton, Vt.) 1872-1953, 1874-01-26
GOLD OR PAPER.

and its peculiar fitness for the purpose,
has been taken as the standard Of money
value by the nations of the earth. An
ounce of this precious metal is worth /
the same, whether in the pocket of the
miner or in the vault of the banker, and |
neither lapse of time or change of loea-
ton can effect that value Hence the |
world recognizes nothing but gold as
money but in many countries, individ-
uals, corporations and even the Govern
ment itself, puts in circulation pledges
or promises which become a part Of the |
circulating medium in the country, and /
take the place Of gold as money. But, |
except in extreme cases, these pledges
are payable in gold by those who issue
them whenever they are presented for
payment. This kind Of currency Is con-
venient for the purposes Of business, and
Is more or less used in all enlightened
countries. But when nation Is COM
PEELED, by war or other misfortune, to
expeud more than it receives from its
revenues, it becomes . borrower, and
must 20 into the worlds market to find
means with which to pay its debts. To
raise money in emergencies, a nation
like an individual, puts out notes and
bonds and sells them at market prices
or it can resort to other means, the same
as the most Of nations in modern times
have resorted TO, issue its own pledges
and force them upon its creditors in
payment of debts The United States,
on account Of the enormous expense Of
subduing the rebellion, was compelled
to borEUv immense sums On its bonds.
to increase taxation, and to resort tn the
extreme means Of issuing vast amount
of pledges, green backs Of which
nearly S400,OOO,OOO are now outstand-
ing. The bonds were made payable at
specified times, and the interest on them
was payable in money, gold the inter
est on them has been paid according to
agreement. and such as have matured
have been taken up. so that to-day thew
are worth more than their face IN gold.
But there was time during the rebel
lion, when the prospect Of putting it
down did not seem favorable, and when
its cost had put the nation in debt near
ly S3,000.OOO,O0O, then our bonds sold
at very low prices, and in our own cit
les, it took national premise Of s2.85
TO buy Sl00 in gold. The war ended
favorably the revenues of the govern
meut have been sufficient even with di.
unfinished taxation to meet the expenses
Of the nation, and during Grants ad-
ministrations large surplus has been
applied to reduce the national debt
the interest bonds have greatly appreci.
ated IN the worlds favor, and the legal
tender currency has so risen in our es-
TEEN, that We are willing to take the
government pledge to pay elereg dollars,
and give IN return ten dollars in gold
30 1t seems that We have not yet perfsc
confidence in the ability or the DISPOSE.
ton of the nation to pay its indebted
ness, and we make the value of green
backs, as sold in the market daily. tn,
barometer that indicates the characte
of our confidence. A deprecated nation
al currency has ever been considered
national misfortune. and in our owl
country many Of the ills from which "
suffer to-day have been oecasioned b
this prolific source of evil. Among fnan
eiers, IN congress and out of congress
and among the people, the great ques
ton Of bringing up the value of curren
ey to that Of gold, is all absorbing bu
unfortunately nobody has a plan that /
generally accepted as just what is need
ed There is little want of eonfdenc
in the ability Of the government to pa
all It's debts, but there is danger tina
congress has not the disposition to inst
tute measures for the immediate nav
ment Of that class of debts denominate
legal tenders, and so long as 800. 600
600 OF these debts ale out against Ii
Haunting the perpetual lie ''The Unite
States will pay the bearer" it Is 4
wonder that We hold these pledges i
disesteem. The United States saw the
will pay. but they do not say when Z
where they viii pay the notes bearin
their signature and their pledges. an
unless some disposition Is manifested
pay. we have a right to let their pledg.
depreeiate- 1t Is the duty Of eongres
to institute some plan for the paymer
Of these debts, and if only a minor %
ton can be paid in one year. let that |
paid, and another portion another yea
until all Is paid. So soon as the worl
sees disposition on the part Of govern
ment, backed by the people. to pay a
our debts there will be ne trouble
negotiating loans at low rates ofintere
Tor such means as may be required
enable Us to meet our pledges prompt
The time named, when the greenbacI
are to De called in and cancelled by "a
ing for them in gold, will almost nal
them of the value Of gold. and when tb
occurs all the evils Of inflated eurren,
disappear and business aettles down
gold basis We hope congress will
once devise some measure that will =