The Rutland daily globe. [volume] (Rutland, Vt.) 1873-1877, 1875-12-29

POhhtiuue 0tiO NV VI VIZ RSSPfS o>HN - ~ Il
intended simply to distract public senti-
ment and create division and party an
tagonism preliminary to the next prcsi-
dental election. And, for reasons already |
stated, 1t will no doubt succeed.
The people, left to themselves, would be |
sound on the currency question, and would
adopt any reasonable system which con-
gress might devise, as they have done in
the past and we protest against any |
movement to drag them into q political |
contest for the purpose of shifting the re- |
sponsibility of deranged currency to
their shoulders. They have made no de-
mand on congress with regard to tine ques-
ton, nor have they complained of the cur
have been but the silent lockers on of the
nations financial policy without murmur-
ing or complaining. They saw the inau-
guration of the present system at time
when TO have questioned Its policy, or to
have opposed its adoption, would have
laid them open to the charge of disloyalty,
II not of treason. They reasoned then, and,
as we think, correctly, that, under the cir
cumstances, it was the best, If not the only
plan with which to meet the emergency,
and with loyalty and patriotism which
are not to be called in question now by
any political trlckery, they acquiesced In 1t
and accepted the currency which the gov
eminent offered. They did not stop to in
quire IL the legal tender act was constitu-
tional. Relying upon the wisdom Of the
government, they took IL for granted that
Il was doing what was best for the coun-
try. and upon its integrity, that II was not
dealing in counterfeit money. And what
-. .o,,ll r;nttc NJ lcv, o,ob1o v,oov,1o
do ? What manufacturer, or merchant, or
mechanic, or farmer could complain Of the
currency which he regarded good enough
with which to pay the soldier for his SER
vices /? 1t is true that at the present time
| the greenback il worth only about eighty
| five cents in gold, but it should not be for
| gotten that at the time we are speaking of
at the time when we were exchanging 1t
| for the muscle, blood and lives OF our
| soldiers-it was worth only thirty-five to
| fifty cents. Those gentlemen who are so
exercised lest the greenbacks may depreci-
ate and become worthless might, 1t should
seem, find some comfort In the fact that
ten years after the close of the war which
brought it into existence,it is worth double
what it then was. An ''irredeemable
paper" which has stood that test, which
has steadily appreciated from thirty-five to
eighty.five cents, must possess come in
trinsic value. And 1t Is encouraging to
know that the people still regard the paper
which bears the governments endorsement
and promise to pay, as not wholly worth
less. And they will continue 80 to regard
1t until the politicians and currency
thinkers shall have succeeded Ia destroying
all confidence, not only 10 the currency,
but in the government itself. ~
And 1t would seem as If In certain quar-
ters men have undertaken, of set purpose,
to do this. Newspapers. stump speakers,
college professors, In fact, all who can
speak or write seem TO have banded togeth-
er to defame the greeDback, and to show
to the country that 1t is worthless. q myth,
having no foundation to rest upon Could
q more efficient means be adopted than this
to depreciate the currcncYp
Professor Newcomb in Harper's Weekly
is contributing series Of articles under
the title of "The A. B. G. of Finance" in
which, among other things, he attempts tc
show that government paper which is pay.
able in government paper, that is, is ex.
changeable for other forms of paper, and
whose payment is not pledged in gold II
worthless. OF course he refers to the
greenback, but goes on to say that certain
kinds of bonds which have been proposed
are equally Objectionable, for the same
reason. 1t is not our purpose to 60 into q
discussion of the currency question at thit
time, farther than is necessary to show
that it is not a legitimate political question
, but we can not refrain from a brief exam
ination of one of Professor Newcomb's il
Illustrations, in which he compares the
! greenback and the bond to the two ships
| | laahad fnnpthpr a nd ho al
system to the anchored ship. We quote q
portion of Professor NcwcOmb's article.
1.-THE principles on which this ingenious sys
tenn OF finance are based need not be confined
| to money they can also be applied to naviga
ton, so as to prevent shipwrecks. ships an
chor frequently fails to hold her In storm, ant
she may sars DC aIyen on year
The new plan OF anchoring, which is open u
the world, Is this Dispense with all such un
out in pairs. Then, whenever your two ships
the Eagle and the Ocean Wave-are In danger
being blown On lee sh9 ere IN oa gale q WIND
that the wind can't move her an inch. TheI
lash the Ocean Wave firmly to the Eagle, 81
| ships will bid defiance to the storm, and theiI
crews will look on calmly al they see those un
wise captains who trust In anchors drifting b,
them, You see the principle involved. The
!. Kagie Is the greenback, the Ocean Wave the
bond. The greenback is based on the bond a,
SoSd y based on the t
Wave is dashed to the Eagle And thus we hay,
. In navigation as In finance, subtle principle,
and OF ships 'as accurately as the motion Of tn,
steam engine ID regulated by its governor
Now this is very pretty illustration, st
far as 1t goes. But we would suggest
case In which--a storm in which ship
, though anchored ever 90 firmly (and Pro
. fessor Newcomb says the anchor some
times fails to hold the ship is in danger
There are times when firm anchorage is moi
: all that Is requisitc--timcs when drifting L
the leeward and even running aground are
considered deliverance when to be an.
chored in mid-ocean is equivalen,
. to going 10 the bottow, and wher
to drift to the most desolate shore or for.
bidding reef 10 hailed by the passengers
and crew with Joy. On the 25th day oil
February, 1862, one of our government
ships was found In precisely this condition
! II was well anchored, according to Pro-
fessori Newcomb's theory, for its anchor
was caught to the nations gold and the
ship did not and could not move. There
was but one thing which could be
feared there was possibility of her
dragging her anchor" in consequence OF the
smallness OF the mass to which 1t was fas.
tened. The storm was already furious and
still increasing, one after another the sails
disappeared, from the rigging, and the
masts and upper works were rapidly giving
way, and it was evident to her officers
that within abrief space she must founder
and 20 down. At length the fatal fact was
discovered that the ship was drifting. The
treacherous anchorage was letting 90 and
as a last desperate alternative Commander
Chase ordered her anchor to be weighed
and brought her bead to iandward. She
reached the shore, damaged, dism antled,
disabled, 1t is true, but her valuable cargo
and portion Of the old ship, herself, were
saved. In other words congress passed
the illegal tender act" and the greenbacks
were issued, and we respectfully suggest to
Professor, Newcomb that they shall be
christened the life boats Of the nation.
| ] An..-laAi. L. NJ. ca.a.. .,IoA,.-. w. -