Essex County herald. [volume] (Guildhall, Vt.) 1873-1964, 1877-11-03
An Abs,IrdIty .

In nearly all the New England
States there are number ofmen who
make themselves very conspicuous
under the name ofGreenbackers, most
of whom are very confident that bus
ness and industry could be so revived
andrejuvenated, in fact, by the issue
of fifty or one hundred millions of
greenbacks that there would be ample
employment and the highest wages for
all classes of mechanics and laboring
, men. Undoubtedly many honest men
have been led to believe this state.
ment. They are made to believe that
the present depression is due to the
contraction o. the paper currency Of
the country in order to bring about
specie payments. forgetting that the
panic came upon the country and car
,ried business and industry to destruc-
tion before any effort had been made
to bring about specie resumption, and
at time when the paper issue Vas
almost at its maxium amount as at
currency.
These same "currencY reformers"
uecIare Jhat resumption IS entirely In
the interest of the creditor class, and
will work to the injury, if not the ruin
of the debtor class. They assume that
the debtor class must of necessity be
composed of the poor, and that credi-
tors must, for the same reason, be
wealthy; and "qon this point they
build the theory that resumption is in
the interest OF the rich and against
that Of the poor. They ignore the fact
that them who own factories and
corporations which give emp'o m ent
TO the largest number Of people and
passes great wealth, consulate the
large majority of the borrowing class.
The claim of the infationists that
an expansion of the currency would
revive business and benefit the bor-
rowing class is an absurdity. At best
an issue would be unconstitutional
but if q proposition was made in Con-
gress to issue $50,000,000 of green
backs, abe very suggestion would fill
business circles with alarm. In the
usual course of legislative action, it
would require two OF three months to
putsuch a measure into operation.
The result of such an issue would be
a tumble in the purchasing power of
greenbacks from 25 to 80 per cent.
Every sensible man will admit that.
But in these two or three months, dur
ing which Congress and the Govern
mentqwould be preparing to initiate
the paper currency, millions Of dollars
worth of the oblgatio IS of business
Inen cRgagcu la u,ouur.u,urIug, III
shipping produce from the West and
South, would fall due at the banks.
A smaller amount of the notes of q
class of borrowers who are called
poor men would also fall due in that
time, Now, in view OF this imitation
of the currency, what would be the re-
suit? Would the banks or lenders be
likely 10 extend the notes of these
who borrowed of them u currency
worth IS cents to the dollar as COM
pared with gold with the probability
or certainty that they would be forced
TO take their pay in currency worth
but Is cents? When it was announc-
od,that project for expanding the
currency was being considered, what
would creditors be likely to do? Stop
giving credit. Banks would refuse to
discount paper. Panic would seize all
classes of business men and each one
would make haste to take care Of him.
self in view of the impending food of
deprecated and depreciating currency
Indeed, the possibility that scheme
OF such character having been offer
ed in Congress, stood chance Of sue
cess would infuse general distrust
into every business and industrial ell
terprise which would insure a suspen-
sion. Instead Of giving a fresh i'm
petus to industry and business, a
prospect Of an expansion of the cur
rency would stop the wheels of facto
ries and drive buyers and sellers from
the marts. At once the prices Of the
necessities Of life would be increased,
not because there was an increase
demand, but because the medium OF
exchange had been weakened and de-
baqched. And among all those who
would suffer, the mechanic, the labor
ing man and those who live from sala.
RIGS would suffer most.
----<s
When the President says that i
would have been impossible for him