The Rutland daily globe. [volume] (Rutland, Vt.) 1873-1877, 1874-12-21

bonds, If necessary, to obtain additional
specie the whole winding up with re-
fusal to repeal the legal tender clause of
the acts authorizing the issue Of treasuary
notes. This, IL the report is trustworthy
as 1t undoubtedly Ia, Is TO be the upshot of
the financial legislation this winter. This
is all the republican Senators have to offer
to the country as remedy for our present
business stagnation The support of this
measure, we are told, Is to be made test
of party fealty. 1t is q ''party question"
and he who dares oppose the same, or any
part thereof, ceases TO be q republican.
We are not told where one is to go IL he so
opposes, but he can no longer be considered
a republican. We opine, however, that
before two years roll around, some of these
men will he only too willing TO
receive the votes of those men, now
republicans, who cannot be made
to look upon this piece of patchwork as the
height of political honesty or the acme of
financial legislation. But the fiat of Nor
ton, Logan and Ferry, him of Michigan,
has gone forth, and it must be respected
or the reading out process will begin at
once. 1t is said that these grave and fnan-
cial senator's, as well us their colleagues in
both houses, have improved the late vacn-
ton by visiting their constituents, and have
| been somewhat astonishcd to find that they
are not demanding present seeming pros
| perty 10 be brought about by initiation,
| when it is sure to be followed by disaster,
| bankruptcy and rain. If senators md
| members of Congress cannot comprehend
this sure result of flooding the country with
cheap money, their constituents surely can.
SO with the added danger of personal de-
feat, they step down trlle from their for
mer inflated position and consent to aban-
don part Of their former pretensions, if
so be they can deludc their brother sena-
tors, supposed to entertain different views,
| and attain substantially the same ends by
miserable compromise. George +. Ed
| munds and Justin S. Morrill, arc, also,
members Of this committee Do they, too,
consent to this disposal Of the matter? If so
they misrepresent the views of their con-
stituents. IF so, it would be well for them
to follow the example of their western
brethren, and mingle with their cons,tu-
| enls long enough to ascertain that they de-
| sire final settlement, not II compromise,
| of this matter that they desire, and will
| yet have, republican party or no republican
party, a currency redecmablc in specie and
only gold and silver as a legal tender for
debts whether public or private.
This compromise, as has been the case
with all compromises, contains something
of good. Perhaps, too, it is better than
nothing, provided it is honest and would be
fnal-saye in one particular. We believe
in free banking and gladly welcome it as
one step toward specie payments and in OPP
position to monopoly. Perhaps. we are
not enough of financicr TO determine, that
four years are necessary to prepare for a
resumption of specie payments. We say
perhaps, because, in orr ignorance, it seems
to us that if the premium on gold could be
reduced some one hundred and fifty or one
| hundred and sixty per cent in seven or
| eight years, and the country continue pros
porous and the business Thereon suner no
detriment, that two years, or less. would
suffice to effect further reduction Of ten
or eleven per cent, and make our paper
money equal to gold without particular in
| jury to the county or its industrial and
commercial interests. We, also, have be-
leved that if Congress, two years ago, had
repealed the legal tender act to take effect
on the first dav of January next, the gov,
eminent tC commence the payment OF
specie, only, from and after that day, We
should now see the business of the country
as thriving as it ever was. These same
decisions arc, also, entertained by the best
financial authorities of the country hut WI
presume that they will now, as we humbly
do, bow to the superior wisdom OF Morton
Logan and Ferry, reinforced, as these gen
tlemen are, by other distinguished senators
hailing from the east. But this aside, will
a resumption of specie payment, with actua
dollars of gold and SILVER, what have We t,
do with three hundred millions of dol
lars in legal tender" treasury notes
With gold and silver, and an illimitabl
amount of national bank notes. why do W
| want three hundred million of dollars NOR
of currency--and that currency ''lega
tender % Is it so that the country ma
be flooded with money, speculation melted
stock jobbing stimulated, with rcsultan
crash-for the crash will as surely come q
the years come around. The people, tn
business men, will not long accept of any
thing as illegal tender" except specie
, | They will not long brook the sight of thes
{ three or four hundred millions of dollar
| being used for the foundation of bank
and then return again in circulation two
| fold in amount--a grcenback and ma
tional bank bill for every greenback-an
this process constantly continued.
passes the imagination Of man TO conceiv
, the amount of national bank bills thre
, hundred thousand millions in treasur
notes, running both ways in one continued
constantly accelerated stream, will pre-
duce. And when that which they rurpoI
, to represent is wanted, how many dollar
r thereof, if endowed for moment with III
. gift of speech, could say ~ know that m
redeemer liveth ?" Not one, not dollar O
r the whole amount. We boosted, when tn
a republican party first attained power, this
+ the days OF compromises were past. Br
4 arc they Our whole financial system
n nothing but miserable compromise,
: compromise having lies for its refuge an
e falsehood for hiding place When OF
If so-called statesmen recognize this fac
10 when they NEE, this question as they d
L | il.nt uG .la,.nr,. ,,.iLl,nni Io... Z