The Rutland daily globe. [volume] (Rutland, Vt.) 1873-1877, 1875-03-04

credit and excess Of enterprise, until, at
last, the country realizes that trade and
commerce are fatally diseased and the re-
suit Is upon us In confidence destroyed, o
shock to credit with disaster and depres-
sion following In their wake. 1mportations
fall off and the revenues OF the government
decrease causing deficiency In the treas
ury, and we are called on for more taxes
Congress refuses to vote the taxes and the
country Is left to drift on. The argument
goes on In never ending circle that bust
ness cannot revive until specie payment Is
resumed, and that such resumption cannot
take place so long as business is depressed;
people are in better condition to pay
them, and that the people will not be in a
better condition unless the government is
furnished with more funds with which to
pay its debts and current expenses, and In
an amount sufficient to meet the require
ments of the sinking fund and of fund
with which to resume specie payments.
The way to resume u.s. undoubtedly, to
resume, but II is idle to think of resumption
with an ever increasing nominal advance
in gold. 1t is equally idle to imagine that
mere resolution to resume at given day
will appreciate gold and currency on that
| day, unless there is certain well defined
policy, specie fund with which to resume,
and restored confidence. tits equally
idle to talk about resumption without con-
traction. We need not inquire whether ii
would have been wise or foolish policy,
whether OF not it would have been Just
to the people, TO enter upon the work OF
contracting the currency at once, because
contraction is impossible for one, If not fol
four years to come. We may ask, how.
ever, supposing that the currency should
lepreciate in the next six months in the
came ratio it has for the past four months
how much poorer the country would have
been at the end of that six months, how
much more the people would have suffered
and business have been depressed, if Con
gress, in December. had authorized con
traction of ten per cent. of the currency
and inaugurated an immediate policy o
specie payments, than will be the cas-
with a ten per cent reduction in the pur
chasing power of the present currency
Surely, currency reduced ten per cen
and made equal with gold, is as good, i
not better, than ten per cent more currenc,
with twenty per cent less purchasing pow
er. But why this ever increasing differ
ence IN the relative valueSof gold and cur
rency? Why does the premium on gol
increase and the value of currency dc
crease? Thurlow Weed would undoubtcd
ly place it at the doors of the New Yor
gold exchange and of the fashionable We
men of the country, as these, he says, AZ
the chief stumbling blocks in the way of
return TO specie payments. 1t is doubles
true that gold gambling and the deman
for specie with which to pay duties on in
ports and for foreign invoices of goodl
keeps up, and perhaps enhances, the nom
nal value of gold, but Its nominal premium
has been reduced more than two hundre
and fifty per cent in spite of a much large
demand for gold for speculative purpose
and for fashionable wearing apparel. 1t
probably true, also, that the increased rate
OF discount by the bank of England, til
conversion of silver into gold by German!
the cheapness with which gold can be el
ported to meet the demands of our foreig
J creditors, the non-movement of produt
from the west for export, and the cost I
transporting such as is exported, all col
| tribute more or less to the enhanced valu
so to speak, of gold but in our palmie
} days, when gold and paper were equal
value, these same things did happen,
were liable to happen, and if exporters we
= compelled to pay a premum-for then
! 'cas a premium the currency was not
preciated, business was not materially
pressed, and no suffering was entailed upC
= the laboring classes. We must look els
: where for the cause. We believe that Il
: secretary of the treasury correctly stat,
e the cause when he said that 'as far as e
y listing laws 60, there is no reason why Il
: legal tender note of the denomination of
: dollar should pass for one cent in gold
. So long as the laws remain so, depressi'
= must continue The sooner the count
n realizes this, the better it will be for t
J. government and the people.