Orleans County monitor. [volume] (Barton, Vt.) 1872-1953, 1895-12-02
GOVERNMENT SHORTS.

Governments, like individuals, ex-
perience now and then a pocket or
treasury shortage which is unpleasant
and inconvenient. Sec Carlisle and
President Cleveland, in their distress
over the financial situation are ac
cusing the greenback of great many
crimes, and these are resorting to ev-
cry excuse and apology, but the right
one, to explain away the financial
trouble of the country. The difficulty
is we'll understood by the average
man and is simply this: Larger ex-
penses than revenues; larger imports
than exports. Hence, away goes the
gold and up goes government bonds.
The NelU York Press says: ''Retire
the greenbacks," but retiring the
greenbacks is no child's play Mr..
Carlisle's proposition is to retire
nearly $500, 100000 of currency, or
about one third of the money on
which the country is doing it's busi-
Less. OF course, to a group of states
men who enter lightly on the work of
destroying the country's industries
the lowering of the per capita circu
small and inconsequential affair. The
legal tender can plead not guilty to
almost every count in the Indictment
which Mr.. Carlisle has framed against
it. 1t has nothing to do with the Gov
ernment's necessity to borrow money
and nothing to do with the amount of
our gold exports. 1t has had no effect
whatever upon the conditions of trade
and business. 1t is a non interest
bearing government debt, expressed
in the form Of currency simply as
matter of convenience to the people
in the conduct of their business and
to the government in the payment
of it's obligations.
When we talk about retiring the
greenbacks we must understand that
we are talking about paying them.
We are talking about the same Oper-
alton which engages the attention Of
a debtor when he is confronted with
sundry demand notes. He may say
''I guess I'll retire them," but, if he
has nothing in his pocket to retire
them with, his words don't mean
much. Neither do Mr.. Carlisle's, and
for the same reason. Nobody is ask
ing that the greenbacks be retired.
They are form of currency which is
entirely popular among the people
and which they are content to use so
ong as it suits the gOVernmen t'S con-
Venience. ltrepresents money which
the people have loaned to the govern
ment, which they ask to have return
ed to them only occasionally and in
small amounts, and which they are
willing to lend over again at the gov
ernment's request. SO that, in pro-
posing to retire these notes, the gov
ernment acts upon it's own motion,
!. h. o15 hi
But, of course, the greenbacks and
treasury notes can not be retired un
til the government has in hand the
gold with which to meet them. Where
is it going to get the gold? No gold is
coming in. 1t has no gold in hand
comparable with the amount neces-
sary for the redemption of these
notes. It can get gold only by bor-
rowing it, and to borrow it the gov
ernment must issue bonds and pay in
terest. It is easier to borrow an oo-
casional $50, 10000 under the stress
of having to redeem a quantity of
greenbacks than $780, O,OOO, 900 where
with to pay them all. 1t does not re-
quire a very high order ofintelligence
to see that Mr.. Carlisle's scheme has
some disadvantages.
1t compels the inquiry, moreover, as
to why there is any necessity Of an
international balance against us. Of
course we are always liable to be call
ed upon by foreign investor to re-
turn money which he has lent us as
capital; but that part Of the balance
against US amounts to nothing when
we are doing a good business here and
are paying the foreign investor fair
interest on his loan. The democrats
never seem to think Of that point. 1t
never seems to occur to Cleveland
and Carlisle that the demand on the
government for gold to be sent abroad
for the payment of our foreign debts
is an incident and a consequence of
the fact that we are not doing profit
able business here; that we have been
buying more than we sell, borrowing
more than we can make returns on.
Why don't they address themselves
4o the real trouble?