Green-Mountain freeman. [volume] (Montpelier, Vt.) 1844-1884, 1878-10-23

In writing on the morals of imitation
c. w. w. is frank and unsparing. No
one can object to that, who is seeking for
tho truth upon these vexed and urgent
questions of financial reform. Imitation
for the purpose of making debt-paying
easier through the abundance of irredeem-
able money is stealing. But it does not
follow from this that all who believe our
currency too much contracted. or who
want change from mixed to n uniform
paper money, are seeking a means OF de-
frauding their creditors. Our currency
,Cds inflated during the war. We must
take that as fact; and with that fact it is
well to remember that creditors did not
suffer by il as it was feared they would.
Suffering did not come upon the people
and the business of the nation until con-
traction was enforced by law. Then the
debtor class did suffer, because they were
compelled to pay debts contracted in a
currency worth from 40 20 60 with curren-
CIV that cost them from 70 to 80. If it is
stealing " for the debtor class to expand
the currency, what word shall we find to
describe and characterize the contraction
brought about by governmental action at
the instance of the creditor class? Has C.
w. w. weight or measure that will con-
Wet the one of theft and acquit the other?
The writer of this is not champion o
all the theories of the greenback agitators
He is a firm believer in the wisdom o
making and keeping paper money equiv
alent with coin. rs nearly and as contin
uously as may be practicable. But h
knows from the history of finance that
perfect equivalency at all times has neve
vet been found to he practicable. Coin an
I paper maintain their equivalency in sea
n sons of financial ease and confidence
Paper money is redeemable in coin onl
n when there is no unusual demand for cor
e The moment such demand springs u
v specie payments have always been SUI
=. pended, and we are not told by publicst
- that his refusal to redeem is dishonest.
n is "a financial necessity and rs such,
81 avert the ruin of capitalists, is excusabl
D. Some people think expansion to avert tn
!, ruin of the workingmen might sometime
:, be excusabe.
ID But the panics and suspensions of yea
] AGO we're of time when the paper Gu
Or rency was all issued by corporations, an
~ when the people. if they could not g
w gold for it, could get nothing. The holde
81 were ruined to save the issuers. 1t is no
nj | To ioSua In cod sole
ey on the national credit, and for the nation
n, profit and advantages; to be kept ECU
with coin if possible, but ii, from temp
rary causes, this is not possible, then
,rs least fundable in interest paying bonds :
nd short and safe road back to specie equal
=, again. Now | ask if there is not IL hi
y, probability that such Il currency will
NE ways be near, if not ut par, and abundi
les enough for all business purposes. wltht
lev ever being greatly redundant? VIII 1t
ar he a currency in which it will be imp
- sible for the people to lose confidence!
icy the American people, | mean, who
res never likely to be ruined rs nation.
DIS! This question is bedeviled, SO to spe
ms, by the personal interests involved-es
cially the interests of the debtor class q
of the owners of the national banks
yer that it seems impossible to have it fai
and freely discussed upon principle. WI
q n the public take sides thus seltishly we h
- only discord and extreme views, ending
w. may be, in riot and civil war. Let b
was capitalists and people remember this,
me. he willing to suffer loss, if need be, 1
~ I can be measured and provided for, rat
than the immeasurabe disaster that L
tt1 | e unIfilh 0t action
both sides T. II.