Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1875-08-13

out ne nasn Deen seen up that way sine
that night. The old lady, too, says tina
he seemed like nice young man, and sh
hopes be hasn't been killed by the stree
cars.-Detron Free Press.
Senator Sherman on the Currency.
Senator John Sherman has taken til,
stump in the Ohio campaign, and in ;
speech, last week, gave his hearers pithy
lesson on the merits of sound currency
We cory several noticeable passages
Ten years have passed away since the
close of the war, and still we are fourteen
per cent. from the specie standard, and have
been so now for five wears. Shall this al
ways continue? Somebody will always be
in debt. All existing debts are based upon
the knowledge that we must reach a specie
standard some time. Why not now adopt
the policy and give full notice Of the time
and manner of resumption? VIII debts
diminish by pOstponing unmeasurably the
time? We know they will not. Would
you attempt the impossible feat Of scaling
the debt according TO the yalue of the cur
rency when it was contracted? This,
though often proposed, has as often been re-
Jected as impracticabie. The only policy is
to give ample time and notice, 50 that debt
or and creditor may adjust their obligations,
and then steadily pursue that policy until
your United states notes are equal to gold :;
and this, as will show you, is the policy
now proposed by the Republican party.
ABOUT CONTRACTION.
Another objection meets Us whenever We
attempt to advance the value OF our cur
rency to the gold standard. We are told
that the specie payments involve a great
contraction of the currency, and that a con-
traction of the currency would make money
scarce and add to the present distress. This
objection rests upon fallacy. | deny both
the premise and the conclusion. 1t rests
upon the fallacy that we can by law fix the
amount of currency necessary for the wants
of business. From the very nature Of
good currency it ebbs and flows, contracts
and expands. N meet the demands Of trade.
II idle it ought to be redeemed if needed
for the purchase of production it should be
issued to meet the demand. The only law
to regulate its amount Is to provide for the
issue Of all that can be maintained at par in
gold. Ii it is be.ow par there Is too much
if it can not be readily mad in exchange for
productions for which there Is demand
then there is too little Under this rule
the great body Of our present circulation
could be maintained at par in gold, and all
the gold now lying idle and all that is pro-
duced by mining viii he added to and
mingle with the paper money in daily use.
Ii i 20 in France, where an aggregate cur
rency of paper money and gold i maintain
ed a. large or larger than ours. So in Eng
land, where the Bank Of England notes and
gold coin are both in circulation. s. it was
in specie uaying times in our own country,
except that the paper money being then
issued by State authority was Of limited cir
culation. And nov under our admirable
system United States notes and national
bank notes could be maintained in circlla-
tion 1t PAR value gold and form 4 currency a.
safe and perfect as human ingenuity has ever
devised. All labor and productions would
be measured by an unchanse.b!e standard,
and all the money would circulate that was
necessary to purchase, a, the gold standard,
every production Of human industry
GREAT ERROR.
Sometimes it i, said that the recent panic
was caused by want Of currency. or con-
traction Of the currency. This Is a great
error. In September, l>73. when the panic
commenced, the amount Of United >tUtes
notes outstanding was $3.50 900 600, Of
fractional currency $4j 600 600 and of bank
circulation $500 coo 600. in all $40 ,000,-
600, or more than it had ever been before
The panic came with this sam ahlat. and Sec
retary RichariS0n. without authority of law,
issued so 600 600 more Of nited States
notes. for the laudable purpose, a. he thought.
Of easing the money market 1t nearly all
went into banks, and there remained in IN
broken packages. If flooding a country
with currency would prevent panic or stop
one, here We had the trial. But it was only
like pouring oil on a fire. Ii is demonstra-
BE that nearly all panies, except only such
As are traceable to war, famine, or like
causes, spring from expanded credits and,
in many eases. from excessive paper money.
Over projection Is the inevitable result
Impro'idcnt contracts. Improbable enter
pri>es. and wild speculation always follow
expanded credits, whether by corporations,
banks or individuals Initiation. the very name
implies buoyancy, expansion, ga destruction;
and, alas, the destruction often falls on those
who did not breed the storm. Now chat
time has given u fGll view Of the expand
el credits and improyident enterprises Of
1873, We only wonder that the wreck was
not more overwhelming ani enduring. SGre-
Is, prudent, sensible men. who viii study
such financial waves, must conclude that the
only remedy i u reduce credits to a sub
-tantial basis. i iew articles for a time will
not sell because there : no demand for them,
or there Is an over sapIlv. But this soon
passes away. Industry Is gradually reyiving,
and now i the time to base our enterprises
upon specie-paying money. and upon thrift,
industry and economy. The great error Of
our financial policy was in repeating, instead
OF suspendng, during the war, the right of
each holder at his will to convert his
greenbackS into bonds This would have
restored them, soon after the war. t. par in
gold. The consequences of this error are to
involve US in the di>creiit, now ten years
after the war is over, of forcing every body
to take our notes at depreciation of four
teen per cent, while the nitci States. with
ample means, refuses TO redeem them, ac-
cording to the promise printed on their face;
and this involves Us now in Il struggle
with the Democratic party, which YOU are
this fall called upon 70 decide. The Re-
publican party sued these United States
notes aS Il means for the salvation Of our
country from Democratic rebellion. The
Democratic representatives then in congress
declared that we had no power 70 issue
these notes that we had no right 10 make
them legal tender, and that If issued they
would deprecate to be worthless that they
would be bought by the cord, and now they
are trying to make their prophecy good.
We, rs Republicans. are now trying, per
haps too carefully and cautiously, to make
these promises good We mean to do so.
We will do 50 not only without sacrificing
any business interests, but 50 As to promote
them; bat the Democrat, rarty Of Ohio,
with the insane folly that has marked their
course since the beginning Of the war, are
bent on reducing our currency to the stand
ard of Continental money, of the French |
assignats, OF the wild cat money of forty
years ago and Of Confederate money ten
years age. when it could he bought by the |
cord
The New York Times says pertinently of
tins speech: at Is impossible TO deny that /
50 far aS argument goes, the Republicans
lave had the advantage. The wild rawlings |
Of the Democratic candidate for Lieutenant
Governor, Mr.. Cary, who denounced every
man who lent the government money on its
bonds as a thief the illogical and feeble
of the Democratic Governor,
Mr.. Allen, who saws that paper dollar is |
rs good as a gold one, if the Government
compels YOU to accept it as such &; the pitt
lul sophistry and evasion Of Thurman, who
thinks that it does not make much differ |
Pnee what his party says about finance, be-
rause, in any ease, they cannot be believed
certainly these present very unfavorable
contrast to the clear, sensible. and powerful
Of Senator Sherman
There is said to be great call for young |
men all along the line Of the watering |
places, and the ladies regard it as sin and |
4 shame because eligible beaux do not put |