Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1860-05-05
THE TARIFF BILL.
SPEECH OF HON. j. s. MORRILL,
IN COMMITTEE or THE WHOLE on THE STATE
OF THE UNION APRIL %, 1860.

lN COMMITTEE OF THE WHOLE on THE STATE
OF THE UNION APRIL %, 1860.
Mr.. Chairman, it is my purpose to confne my
remarks, at this time, to the subject before us,
and explain, if | can, whatever may be new in
the features of the bill, the principles upon
which it is founded and some arguments ur-
ging its adoption.
When | reflect upon the difficulties which
ever recur upon propositions for the adjustment
of our revenue laws considered, as thc> have
been, in times past, by men of the most eminent
ability ! confess that It would have suited me
best to have remained silent, and to have al
lowed other gentlemen, far more competent
than myself to comment upon the eXgencies
of the Government, and the remedy offered.
speak because, from my position, it is a duty
do not feel at liberty to shirh.
The first object of the bill proposed is to
authorize a loan to pay off the Treasury notes
and the accruing interest. When these notes
were first issued--December %, lSj7-they
were merely accepted for the relief of tenn
porary emergency. 1t was not proposed to
ingraft Government bank upon the Treasury
with the power of issuing, reissuing, and never
paying, S20,0O0,OOO of paper currency. In
lSjS the Secretary of the Treasury suggested
that "some provision should be made to meet
them" In his way, he was Men for an increase
of the tariff, and said:
81 am opposed to the policy of adding this amount
to the permanent public dept, by finding the notes.
On the other hand their entire redemption in one year
would call for increase of the tariff to n point
which would render necessary another revision of it
in the succeeding year. The true policy is to look
in the present revision Of the tariff, their grudu,
redemption, commencing with the next fiscal year.
To carry out this policy Congress should provide for
the raising Of such amonnt of revenue will enable
the Department to redeem portion of them and, at
tl,ar =
the act Of December 49, 1857 authorizing the reissue
Of such portion OF them the means of the Govern
ment will not enable II, to redeem"
While the objection of the Secretary to fund
ing the notes is about as valid as would be the
refusal of dcbtor to settle running account,
due on demand, by giving a note payable in a
year, for reason that he was opposed to the
policy of adding such an amount to his perma-
nent public debt or true policy is fairly stated
which was, and is, "to look in the present
revision Of the tariff, to their gradual redemp-
ton"
In the report of the Secretary of December
%, 1859, it is merely set forth:
ain the estimated means of the Treasury for the
present and next fiscal years, it will be that no
provision is made for the permanent redemption Of any
portion of the S20000,000 of Treasury notes. The
authority for reissung these notes will expire the
tn Of June next; and it will, therefore, be necessary
for Congress to extend the law for that purpose for
another period"
Thus the opinions of the honorable Secretary
having undergone a change, new edict is is
sued, and Congress is expected to proceed and
register it. That these Treasury notes are now
fixed as part of our permanent debt, with no
means present or future for their redemption,
is a simple fact Why, then, should they not
be perm anently provided for? 1t is not cred
table to the United States, every time it wants
n lille uOcket-money to be forced to rive its