The Vermont watchman. [volume] (Montpelier, Vt.) 1883-1911, 1883-10-10
Silver Dollars.

Though farmers are sometimes advised
by conceited gentlemen with college de-
grees to confine their thoughts to "Dur-
ham cattle and Rohan potatoes" and are
supposed to be incapable by nature of
knowing anything about matters outside
of the plainest kind Of farming, yet there
is no class of people who are more deeply
interested in great questions of politics
and finance than the wealth-producers of
the world. While it is not to be supposed
that the farmer has the last word that
can be uttered on such subjects, he GER
tainly has right equal to that of any
other citizen to examine them and to have
an opinion about them-a right which
must be suppressed otherwise than by
sneers, if at all.
The fundamental public question, after
the establishment of national independ-
ence, is, in any civilized country, the
question of the currency,-the question of
the standard of value and the medium of
exchange. No business can be safely
done till this is settled, and settled right.
Yet it is not simple question, and few
among the ablest men who have made it
study fully agree upon all its details, or
even upon all its principles. There is
great deal of dogmatism going in regard
to it, but its greatest and ablest students
dogmatize the least, 1t is the tyro in
financial science who knows all about it,
and regards every one who does not think
with him as fool.
England, the great financial nation,
demonetized silver. England also estab.
lished free trade. There are those who
think England is always right. There
are others who think England is always
"smart." The first only require to know
what England has done in order to know
what ought to be done. The last only re-
quire to know what England has done in
order to know what England Cor rather
the rich men of England) think it for
their interest that England should do.
England is dogmatic, and an Anglc-maniac
(on whatever subjecD cannot think him
self what he would be, unless he also dog
matizes-even though he does it teebly.
Very varied and wonderful have been
the experiments in finance from which
our present knowledge regarding it has
been derived. One thing at least ex.
rorionna ha, IaI hn
buyers and sellers will not accept anything
as money which is not gold or silver, or
notes promptly exchangeable at their nom
nal value for gold or silver. That is, all
money must be of, or fully represent,
these money metals, which have been
recognized as such almost from the begin
nings of commerce. Nothing can be
money that is not generally accepted, and
all attempts at "scientific currency {"
other than that must necessarily fail. If
we are ever to have anything else, the
whole commercial world must first be ed
ucated up to it. Until then, such a cur
rency is only matter of theoretical in
terest; and although it may be plain
enough that, if gold and silver should be-
come as plenty as lead and iron, some sub
stitute must be found to take their place
as money, we shall probably see no such
change before the occurrence of that event.
Until the present century the rightful
position of silver as money metal has
never been questioned Previous to that
monometallic theorists have attacked
gold, which indeed was universally re-
garded as secondary to silver. But Eng.
land, as the great commercial nation, dis
covered, early in the present century, that
the control of the gold of the world greatly
aided her in controlling commerce, and
added to her profits. So, as CONNER
cial matter, she demonetized silver. She
the great creditor nation, refused to re-
ceive silver as anything but merchandise
at the price quoted at her own exchange
No doubt this has been profitable to Eng
land, in her peculiar situation as mainly
commercial and manufacturing couh
try, handling most of the movable wealth
of the world. Gold is more cheapl,
handled, coined, transported and stored
and much more easily monopolized. Thu
ownership of it is easily made an instru
ment of profit.
But England is governed in the inter
est of small class of her people. 1t is
nation of millionaires and paupers. !
does not follow that what is best for sue
governing class, controlling nation,
best for republic like ours, where tn
interests of all the people are to be cor
suited. If England could have her wa,
she would impoverish not only her ow
laboring classes, but all other nations
as she has indeed impoverished those Ell
tirely under her control, Ireland and Indi
and crippled those more or less CONNIE
cially enchanted by her, as Portuga