Orleans County monitor. [volume] (Barton, Vt.) 1872-1953, 1877-09-24
SENATOR EDMUNDs ON MONEY.

AT the Caledonia County Fair, Sena-
tor Edmunds discussed the financial
questions now agitating the country, I'M
der the subject, Money" He began
by stating that throughout large por-
ton Of this country, there was growing
belief that the great panacea for the ma
tons financial distress is the issue of
more legal tender currency A circular
received by him from Illinois, and one
that is being distributed broadcast, sets
forth the peculiar advantages of green
back currency, and has for its motto:
"No dollar but the legal tender dollar"
The speaker stated that the fallacy of |
the expansion of the national currency
is becoming deep-seated, and that many
men, everywhere, are becoming afflicted
with that terrific nonsense. He propos-
ed to discuss the matter of national f.
nance, not because there are 'greenback-
ers" in Vermont, as he had only seen
one in the State, but to impart some in
formation on the subject to his hearers.
He proceeded to discuss money" and
showed that from time to time in the
worlds history, as we'll as in America,
different substances, and those of differ
ent intrinsic values, had been used as
money. When the Pilgrims landed, they
found that the Indians had, strung on
their wampum belts, some peculiar kinds
Of shells that were valuable only from
their scarcity, but were used by them as
money. For many years our ancestors
used these same bits of shells as kind
of currency in their traffic with the In
dians. The gold and silver coin of the
old country being very scarce in New
England at one time, currency was is
sued that had for its financial basis the
real estate Of the town or county. For
time this did we'll as currency, but
afterwards the people lost faith in it,
and it became almost entirely worthless.
When the Continental congress found
itself lacking in funds. the Continental
currency was issued, but in short time
it became 50 utterly worthless, that it
was hardly worth selling for paper rags.
Other examples were cited where an ex.
banded paper currency had been issued
in which the results were alike disas.
trous. The argument proved that there
is no sound currency except gold and
silver, and that all the history of the
past showed this fact
Mr.. Edmunds stated that wherever
there have been two or more kinds o
legal tender currency in country, tina
in q very short time the poorer kind ha
always driven out the better; and tina
men who pay debts or buy goods Away
use the cheaper kind of money. Thi
fact was shown to be true by the disap
pearance of silver and gold during tn
late war; by the disappearance of gol
or silver, from time to time, in the Uni
ted States, when from any cause thea
metals have changed in relative valu,
The disappearance Of the more valuabl
currency has always been misfortun
and has aggravated the evil sought
be remedied by the issue of cheap Gu
rency. Speaking of a cheap currenc
Mr.. E. remarked that it has been pro
ed, by every experiment yet made, TIL
the more there is Of it, the cheaper it b
comes; and hence its purchasing pow
is so small that it is curse, rather tn;
blessing. Whenever cheap curren
is expanded, the labOring class is t
chief sufferer. Rich men have lands al
real estate property that are about t
same in real value, whatever may afFe
the financial atmosphere of the countr
They can find more opportunities
grind, or take advantage of the poor ma
when there is false currency than
good one. Strange as it might seem, t
Industrious, poor man, the general
borer and the small business man, Il
most injured by an inflated current
are the very men that clamor loud
for it.
The evils of poor currency were
forth by the speaker, when he show
how the people had been extravag;
during the years wien money was che
This fact is too patent to all men to NJ
argument. Beside extravaganza, I'M
ton bcgets speculation. When mol
is cheap, many men who ordinar
would be engaged in labor, or legitim
business, enter into speculative scher
and are ruined. An inflated currei
tends to make men dishonest. They
other men shining in apparent prospC
ty, and they strive to emualte their
ample. Their business enterprises