St. Johnsbury Caledonian. [volume] (St. Johnsbury, Vt.) 1867-1919, 1878-11-08
VOLUME 42---NUMBER 2154.

| liable consequence. There all safety
of business calculation is at an end.
What, then, will be the result of the
adoption of such policy? Will it now
inspire the capitalist with the conf
dence necessary to induce him TO ven
ture his means in business enterprises
Will it enable the business man to plan
his operations with any degree of rea-
sonabe assurance? 1t will certainly
not. The experience they have gath
cred during the disastrous crisis through
which we have just passed will inevita-
bly, rise up before their minds. They
will remember that the artificial stimul-
lns given to business by the expansion
of an irredeemable paper money pro-
duce, indeed, fictions of wealth and
prosperity, but ended in disaster, EN-
barrassment and ruin. They will not
give themselves up again to those ilu-
siOns OF success, which, when the first
greenback expansion took place, they
embarrassed with inexperienced conf
dence. A burnt child shuns the fire.
But more than that. The wanton re-
lection of Il sOund-mOney system,
based upon the precious metals, and
the adoption of wild schemes of ire
deemahle paper money us permanei
system, without any imperative public
necessity, is so enormous Il thing, so ut
terly unprecedented in the history of
nations, so unintelligibIe and startling
to the common sense of mankind, that
il will lie apt to shake the confidence
of the world, even, in the integrity of
our government and in the Intelligence
and good faith of our people. The
spectre of reputation will appear be-
hind so reckless financial policy, and
the credit of the government and the
people may be shaken to its very foun-
dations.
What then? Anything that impairs
the credit of the government, anything
calculated to create the impression that
the American people cannot be depend
ed upon faithfully to discharge their
pledges and obligations, will, at the
same time, affect the credit of our
States, our municipalities, our business
corporations, aye, of individual citizens.
1t will, then, not be surprising, indeed,
TO have the bonds of our States and
municipalities, of railroad and Other
companies, flung i'll enormous quanti-
ties on the market and although, ow-
ing to the favorable cOnjunctions o.
trade, we have been able to absorb
large amounts of our national bonds rc-
turning from abroad, without trouble,
yet ii shock to he credit of the Amer-
can people may bring upon us masses
of our Indebtedness in il variety of
forms, so unmanagable as to produce
another panic still more destructive.
and Il paralysis more deadly than any
we have suffered.
And what will he the effect of all
this Can there he anybody so crazy
us to believe that this is the way to
restore and foster that confidence which
is so indispensable to the revival o!
business? Is it thus that capital can
be called from its retirement to trusi
itself to the chances of enterprise i? Is
it thus that credit can be stimulated
to set i'll quicker motion again the
wheels of Oul business machinery ? Is
1t thus that you expect to open your
factories, again inviting the laboring
masses, 50 long out OF employment |
appeal to You, my teliow-citizens, of
Whatever occupation OF walk of life,
consider the outlook IL moment with
that unprejudicei calmneSs which BELTS
sensible men.
There is not one of you who, after
consideration will fail to join me in the
conclusion that IL policy so adventurous
and wild, now adopted, can scarcely
fail to create new aalm and distrIst,-
distrust general and deep, and that this
distrust will fall upon that business ac-
tivity which with the prospect of specie
l. I'll
viving, like blight more deadly than
ever, confusing the minds and paralyz-
ing the courage of honest men upon the
exercise of whose energies the pros
perity of the country depends, and
opening ID field of action only to the
reckless spectators and gamblers who
like TO fish i'll troubled waters, and
whose consciences do not shrink from
building up ill-golten fortunes upon
the ruin of general good.