The Vermont watchman. [volume] (Montpelier, Vt.) 1883-1911, 1893-07-19
The Trouble and the Remedy.

If the statesmen of all parties should
take counsel together on the existing
financial situation and eliminate partisan
politics from their deliberations, they
would unquestionably arrive at speedy
and right solution of the existing fnan-
cial problem and provide an adequate
remedy for the ills that afllct the coun-
try. An honest, intelligent and un-
selfish search for the remedy could not
be fruitless one. The compulsory
clause of the silver coinage act of 1890
would be repealed or suspended, and
the declaration of that act that it is
"the established policy of the United
States TO maintain gold and silver on
parity" would be embodied in practi-
cal legislation.
1t is because there has appeared in
the United States disposition to ig-
more the assurance of the act of 1890
that the national currency should be
maintained on a gold basis, and that if
at any time there was danger that the
silver dollar should crowd the gold dol.
lar out of circulation it would be the
duty of the government to employ law
full means TO prevent the disaster, that
foreign holders of American securities
have been sending them home for con-
version into gold. This disposition has
appeared in the votes in congress of the
party that triumphed in the late ma
tional election and that is now in pos
session of every branch of the national
government. 1t has appeared further
in the well-known financial views of
the democratic members of the con.
gress chosen at the last national cleo.
ton. The gap between the values Of
the two dollars has been steadily widen
ing, and the only way to prevent the
chasm from becoming yawning gulf
is for the government to interpose its
ere lit and secure the gold necessary to
"maintain the two metals on parity"
The repeal or suspension, months ago,
of the purchasing clause of the act of
1890, and the issuing of bonds, in some
adequate amount, for gold coin, would
have been a declaration to all the world
that the United States would maintain
the magnificent credit that enabled it
to borrow over two billion of dollars,
and would have restored to its old sta
bility the confidence that has always
found expression in the high premium
on United States securities.
The government has been reducing
its Indebtedness with unreasonable
haste. A national debt is not the worst
of national misfortunes. Exclusive of
premium and interest, the United States
has paid during the last eight years
nearly six hundred million dollars OF
the national debt, sum greater, we
believe, than the existing interest-bear-
ing debt of the nation. This reduction
has been too rapid. The injurious eff
feet is now being felt. Is there any
valid reason why part of this vast debt
paid-even half, if necessary-should
not now be re-incurred for the pur-
chase of gold coin? 1t is possible
indeed it is quite probable-that this
solution Of the financial problem would
involve the taking of some very bitter
medicine by the party in power; but
that party has got to take bitter medi-
cine in some form before its tenure of
the government ends, and it will eX-
hibit good sense as we'll as patriotism
by making virtue of necessity and at
the outset take this, the most palatab.e
dose that can be mixed for it, 1t may
even commend itself to the good will
and gratitude of the nation by thus
revivifying paralyzed finance and pros
trate industry.