Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1875-11-17
How Imitation Works.

NJ CARL soHrr.
| eutreat you, laboring men, poor men,
give me your candid attention one moment.
Suppose we issue more currency, as the Ohio
/ platform euphoniously calls IL, to make
and keep the volume Of currency equal TO
/ the wants Of trade" In other words, we
embark in the cause of initiation. ! will not
argue here the constitutional point whether
Congress has the power to increase the vol
ume Of grsenbacks beyond siO0,000,000, and
whether the supreme court, as | expected II
would, might declare such an act void and
of no force. Suppose It can be done without
i any legal impediment. How will IL operate
Here is capitalist, merchant Of exten-
sive means, wealthy speculator. In the
morning he takes up his paper and reads
that Congress has passed an act to issue
another hundred or two hundred millions,
| with a prospect Of more. He knows, as a
matter Of course, that thereupon the pre-
mium on gold will rise, the purchasing power
Of greenback dollar will decrease. The
next piece Of news he gets from Wall street
is, gold is going up, and likely TO rise stead
| lily. What does he do ? lie begins at once
to trim his sails 10 the wind. lie seeks
way 10 take advantage OF fluctuations going
on or still in prospect. Being man OF
means, commanding hundreds Of thousands,
he easily finds that way. II he is eau
tious man, he has, of course, lent out money
| or given credit only on short time, and he at
once calls in money due him with rigorous
severity TO save himself from the effects of
depreciation. The debtor may groan, but
he will have to pay or 60 into bankruptcy,
for rich man saves himself before the
storm, and puts his money into investments
not apt to be unfavorably affected by huctua-
tions Of currency.
If he ba merchant he will at once put
up prices to provide against depreciations
of currency, sell only at large profits, and for
cash for he is not anxious 10 sell, and being
a wealthy man, not obliged to sell, knowing
as he does that his goods will rise in current
money value on his hands, while his credit
would dspreciate. SO, by taking advantage
of Quotations going on, which, as man of
means, he is able to do, he not only saves
himself, but makes a handsome profit by
shrewd calculation or If he be speculator
and somewhat venturesome man, he will
speculate on the rise in the price of stocks
or goods in true gambling style, and perhaps
contrive to run into large liabilities, expecting
| to pay them of in money Of less value than
that in which he contracted them. Happily,
the latter species of operators will sometimes
be caught; but not infrequently they sue
ceed, and so on through the whole chapter
Thus the rich man having the means to
play fast and loose, standing upon that emf
nence in the business world where he can
feel the drift of every breeze and watch the
appearance of every cloud on the horizon,
enjoys the fullest opportunity and all facili-
ties which wealth furnishes, amid the huctua-
tions of the currency and of prices, TO lend
out or draw i'll money, to give up one invest
| 10, ht,rs 10 aan 10
take advantage of every chance, not only for
his safety, but for his profit and in the end
he will, il he was shrewd calculator, have
grown richer than ever before by these fluc-
tuations. And if you had your eyes open
you could not fail 10 observe that time when
| an irredeemable currency, with its ever fluc-
tuating changing of values prevailing in the
country, was Just the time when the rich
men grew rapidly richer, and enormous ac-
cumulations of wealth fell into single hands.
But now look on the other side of the
pictures. Here is a laboring man who
works for wages. He is honestly toiling TO
support himself aud his family, and may be
he has succeeded in saving few hundred
dollars, and deposited them in a savings
bank Now Congress resolves to issue more
money in abundance, and imitation comes in
good earnest. The laboring men who have
- " o'' ,''N'i " M, - ii,
money will be plenty, the gold premium
rises, aud prices of commodities also. The
worthy laborer does not like the rich man,
read the financial articles and market re-
ports in the metropolitan journals. The
rise of gold premium troubles his mind very
| little, for the peoples money is TO be cheap
and plenty; but some day he goes down to
the store to buy some things for the house
hold ana ms iain'iy, ahu 10 ms sleas sur
PRISE ne mas thaI the prices vi s,ooeiies'
ana SHOES ana elothng aia 80 on naNe oe-
come Inuoh higner thah before. Ilow Is
TINS he asks Wen, says inc ueaer, goio
mas gone up and nave 10 pay ihuch more
ior the goods puy, ,here,o'e l n'ii opnssu
10 cnarge more 10 puilu sinal' nouss, ne
apphes 10 money iehuer ioi ooapie VI
hundred dollars at low interest on TWO OF
three years time, TO De secured py u mort.
gage on the mouse ana lo.' Low inseiese
anu three years time eAcia'ihs .he ihoney
lehder my GEAR man, you 10 no. ul'ue'-
stand the period since more ana more
greenpacks are issued, the va'uatloh oi the
dollar increases rapidly' ana II 1 iehu you
money now, on three years ti'he' now uo l
know what that money may pe worm at 'he
end oi three years-perhaps Ten cents III Boiu,
or nothing, ana you cannot pay me interest,"
enough to cover that risk ,
But there are more curious experiences IN
store Tor INN Inc pohey oil making ana
Keeping the volume oil currency equal 70 the
wants OF trade requires the lssue OF larger
and larger Quantities oil the peoples money
for the wants OF trade, instead oil being
satisfied, demand more. with every new
naner money goes down. the Spectators
and gamblers of the country do a roaring
business, Prosnerity develops TO such a
noint that a bushei of coal costs twenty
dollars. and a iaekknife its weight In green
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