Orleans County monitor. [volume] (Barton, Vt.) 1872-1953, 1891-02-02
A Warning for the Needy.

half millions greenbacks, three hun
dred and forty-three and one-half
millions, and bank notes, one hun
hundred and seventy-four millions;
total, one thousand five hundred and
twenty-nine millions. The bank
notes are redeemable in greenbacks,
and the faith of the United States is
so pledged by repeated statutes for
the redemption of greenbacks in gold
that failure so to redeem them on de-
mand would cause a commercial con-
vulsion. Yet those who advocate
free coinage of silver profess to be-
lieve that if they could have their way
the currency would be greatly ex-
banded, and prices would rise, and
all the people in trouble would be
lifted out. If those who believe this,
and urge free coinage for that reason
only, could see the situation exactly
as it is, without prejudice or error,
they would be frantic in their oppo-
sition to the measure. For it would
violently contract the currency, so
that it would be harder to pay debts
or to escape bankruptcy than it has
been for long time.
The first effect would be to render
any holder of gold or gold certificates.
unwilling to part with that form Of
money. Whoever had either would
pay out anything else rather than the
gold, not merely because anticipating
q high premium on gold, but because
in any market that sort of money
would serve for every purpose, while
for many purposes other forms of
money would not. This alone would
takef rom the currency more than the
third of its effective amount, and that
almost instantly.
Free coinage would not result in
any speedy or large increase Of silver
circulation. No one would want to
take the silver dollars away; bulk,
inconvenience, and the cost and risk
of transportation would prevent.
But notes or certificates against the
silver could not be Immediately is
sued, for it takes time to prepare
them. 1t was nearly a month after
the last silver act went into effect be-
fore the new notes of convenient de-
nominations for general use could be
supplied, and in that case the Treas
ury had previously been fastening its
preparations for some weeks after the
act had passed and before it went
into effect. A month of stringency
is long enough to push many into
bankruptcy.
But the legal tenders also would be
held in preference to notes or certifi-
Gates payable in silver, because the
faith of the government is pledged to
redeem them in gold. Those who
could get legal tenders would be like
ly to forward them to the Treasury
in order to get gold for them. This
would cause comparative scarcity
of that sort of circulation also, since
many banks and traders and other
persons would be quietly withdraw
ing greenbacks from active employ
ment. Naturally bank notes would
be hastened forward for redemption
also, in order to get the legal tenders
and with them the gold. Thus sec.
ond part of the circulation, about five
hundred and seventeen millions in
amount, would retain only qualified
freedom of movement, while the larg-
er part, five hundred and fifty-five
millions of gold and gold notes, would
be paid out only when holders could
not avoid it, or for premium. Thus
the bulk of the work to be done would
be left to less than third of the
present circulation.
A premium of gold could not be
avoided. No conspiracy of money
kings OF bankers need be apprehend-
ed. Without any conspiring or con-
cert of action whatever, but only be-
cause all who could get gold would
then prefer to do so, the demand for
it would quickly far exceed the sup
ply in free circulation. Then would
come the question whether holders of
silver bullion would any longer desire
to take silver notes for it from the
treasury, those notes being worth less
than par in gold, or to sell their bull
ion in open market for gold or its
equivalent. Meanwhile, in all this
scramble for safety and this unavoid-
able contraction of currency and of
loans, who would help the needy
debtor? He would only require more
security and not less, in order to
raise dollar in any kind of money.
The men who have silver to sell or to
deliver to the treasury are not the
needy debtors, and they are not 60
ing up and down in the land to hunt
out the needy debtors and relieve
their wants.-Tribune
The State Agricultural College an
nounces a winter course of lectures
at Burlington. The following are
the topics to be discussed:
TUESDAY, February 3.-The Work
of the Experiment Station. w. w.
Cooke, Prof. of Agriculture, q. V.
NJ.
FRIDAY, February g. Sheep vs..
Cows. Victor 1. Spear, Member VT.