The Rutland daily globe. [volume] (Rutland, Vt.) 1873-1877, 1874-12-16

taught in our own and foreign lands. We
have, however, the consolation that the
mistake was made in the interest of free
DOM equality and unity. Cuba is suffer
ing as we have suffered, but in different
cause Her financial embarrassment Is oc-
casioned in cndeavoring to perpetuate OPP
preston, wrong and slavery. She Is now
in the position we were In June 1864, and,
having our example before her, she yet fol-
lows in our mistaken footsteps. Gold is
ranging from 2.24 to $50, and all because
the captain general attempts to regulate 1t
by Furnishing spectators therein. Spccu-
lation in gold may be all wrong, but there
would be no occasion for it If paper money
was kept at par Herewith; and, moreover,
our experience has demonstrated that pre-
bibitory penal laws will not prevent it nor
regulate the value of specie. In June,
1874, the congress Of the United States, in
their profound wisdom, undertook the job.
They enacted that time contracts for the
sale of gold, bullion or foreign exchange,
and all their dealings therein, except at the
regular place Of business of the buyer or
seller, should be VOID; and that any
person so doing should " be held gull
ty of a msdcmcanor and, on con-
viction, fined anywhere from one
thousand TO len thousand dollars, or to he
imprisoned from three to twelve months,
or to be both fined and imprisoned at the
dis, retlon of the court, and should "llke
wise be subject to penalty of one thousand
dollars for each offensc" A bride was also
held out to lniormers in the shape Of G
moiety of the penalty. Congress, either ii
its extreme wisdom or extreme folly, fondll
hoped that they had achieved the acme Of
financial legislation, that gold and green
backs must now be equal. But thei
achievement was of another kind. GolC
was then ranging at premium of from
nnety-nine to one hundred and three cent
on the dollar, and the "brokers board 81
far complied with the law as TO strike i
from their lists. But gold shot up suddenly
to premium of over nchundred and sixt.
cents, while time contracts and time sale
continued, but no one was found to prose
cute therefor The law remained, nomi
nally, in force for just fourteen days, bu
the evil was done, and the repeal of the Law
did not restore public confidence; gol'
ranging about Tie same. with occasiona
fluctuations, until the splendid victories o
Sheridan, Sherman, Farragut and others
late in the fall of the same year tended I,
show an carly termination of the war, ant
not until then did the currency recove
enacted such law to protect it. The cap
tain generals DEGREES and orders arc pro
ducing the same results. He, too. forbid
speculation in gold and orders the arres
and punishment of all engaged therein. s
Cuba is now seeing gold shooting up out 0
sight, while speculation is rampant an
Spectators are cnrichiug themselves out @
a deprecated currency. The spcculatoi
become rich while the people are being in
poverished. Something similar is the gam
now attempted by Kelley and his compan
of inflationists. II is true that they do NJ
intend to prohibit speculation in gold, the
only cndcavor, in another way, to dr.,
gold from the country or cause the pr
MUM thereon to go up to such figure TIL
all classes of commodities will go up
corresponding prices. Thcresut will sure
be, as in 1864 and as now in Cuba, we sha
live in a fool s paradise of plenty of none.
but the money, at the same time, carryl1
=. with it but little purchasing power. "
= have faith to believe, however, that Il
paths Of folly will be blocked hcre-v
care not what the result may he to Il
Spanish party in Cuba.