The Rutland daily globe. [volume] (Rutland, Vt.) 1873-1877, 1875-10-14

1t Is the duty of the government at al
times to furnish sound and uniform cur.
rency, good both at home and abroad. II
is the interest of every man to maintain
stable currency. The evils of a fluctu-
ating currency bear heavy on the laborinp
man than any other class. The trader car
make up in his sales what he loses in buy
ing, while the man who buys only for his
own consumption cannot do this.
At the outbreak of the war the financial
situation was good. To meet the enor.
nous expenses arising at the time, they
adopted policy which has resulted in un-
numbered woes. Congress, on the 25th Of
February, 1869, authorized the issue OF
| $150,000,000 of paper currency. No
sooner was it issued than the price of gold
raised, specie disappeared, and goods went
| up to double their former value. Instead
of giving strength to the country 1t proved
blight Then the government did what
should have been done at first, begun to
negotiate loans. Had this been done be-
fore the paper currency was used, we
should to day have sound currency,
should have put down the rebellion for one
half what it cost us, and have saved $780,
600, 900 since its close.
All that is over, however, and there is
no use whatever in grumbling at it. We
should rise to meet the present crisis, and
prevent a recurrence of the calamity. By
the provisions of the legal tender act of
1868, $500, 600, 900 of paper currency were
issued and placed IN circulation. AS con-
sequence of this issue spirit of speculation
took possession of the people and gigantic
evil resulted. The people saw the trouble
and clamored for help which the govern
ment was unable TO give.
For fourteen years the people groaned
under their burden, waiting in vain for re-
lief, till the last session of congress. There
are at present in circulation $3.50, 900, 900
of this deprecated currency with nothing
to sustain it but the empty promise of con-
gress to redeem it in 1880. Conventions
have resolved that it should be redeemed
and straightway forgotten their resolutions.
1t was issued to meet war expenses and
every one believed that at the end of the
war it would be redeemed.
When the hard times came people in dis
tress clamored for more, and straightway
host of demagogues arose and told them
that an issue of more paper would relieve
them. That is the present issue. IL one
party wins we shall have a sound cnrren-
cy, followed by a revival of the business of
the country. If the other party win we
shall have unlimited rag money with the
consequent distrust, extravaganza, idleness
and ruin.
We accept the issue gladly, and rejoice
that the time has come when all must put
themselves on record on this question. In
divduals are prone to evil as the sparks to
fly upward. but the great voice of the peo-
pie is never worng; and this will surely be
for sound, stable currency.
The npoplp are more ready for rpSllmD-
ton at the present time than since the war.
During the war and in the years following,
in that period of reckless extravaganza,
business was not prosperous, but as long as
currency was plenty the people rushed
blindly on, not listening to reason nor
heedinl, the voice of experience. The
panic of 1878 was the result of the existing
system. 1t was, as has been de.
fined ga sudden comprehension of
ones own and his neighbours position
There arose want of confidence. People
who had money locked it up and people
who had given credit stopped, and the
crash came. People had lived extrava-
gantly, contracted their expenses to the
extent of their incomes and affairs began
TO mend. We have not yet recovered from
the effects of the panic, and we shall not
till specie payments are resumed. 1t is
impossible to transact business without
confidence, and confidence is impossible
with circulating medium whose value
shifts daily.
In my opinion, resumption could take
place now at any time without any serious
shock, and l see no reason why it should
not take place in twelve months. The peo.
pie are suffering by the delay. In our
trade with foreign countries the difference
between the value of our currency and
gold is paid out of our
pockets. 1t is double loss to the laborer.
If YOU find a man "hard up, out at the
elbows, out of work, out of money, with
no abiding place, he is sure to be an infia-
ZIONIST. He wants more money, don't
care how he gets it, and don't look at the
future consequences. Now the whole
west and south and good part of the east
are in just that condition. In the last con-
gress measures were taken to make re-
sumption possible and already trade is
slowly reviving.
This cry of more money is idle. There
are now large quantities of currency locked
up in the banks unused. Let there be ever
so much currency in the country, man
can not get 1t without something to give in
exchange, either labor or property. A man
can not work unless the manufactures are
running factories cannot run when every
man is afraid of his neighbor men can
have no confidence when they wake up in
the morning and find the value of their
money has gone up or down in the night
at the mercy of band of spectators. The
address closed with an eloquent appeal to
the people to work for the resumption of
specie payments.