Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1860-05-11
SPEECH OF HON. J. $. MORRILL,.

The Hon. j. s. Morrill,, member Of Con-
gress from this State, is one Of the most
industrious, lah 1rious and praise-worthy
members of the House of Representative
an honor to his Immediate constituents, and
to the State at large.
We have before us a copy Of his able speech
made in the Committee of the whole, April
Odd. on "a P1l to provide for the payment
ol outstanding treasury notes, to authorize a
loan, to regulate and fix the duties on imports.
and for other purposes. The speech
as reported in the Globe, is accompanied
with very elaborate and instructive
tables on sundry important subjects con-
nected with the general subject Of the revenue
of the nation. These tables are not N the
pamphlet copy. To prepare them musthave
cost the Hon. member a great deal Of labor ;
and whatever be the fate of toe bin be has
introduced, the whole must be of great ser
- -7ound much to his credit. Such
vice, and re~ Ne one of great many
bill must, Of course, -, sod without
details, and can hardly ever he pas ''
undergoing considerable notifications. try..-
obvious reasons growing out of the approach
ing Presidential election, we have feared that
neither Mr. Morrill's bill, nor any other bill
covering the whole subject Of his, would pass
into a law this session. Besiles. it takes a
great deal Of time for those who are to act on
such matter, whatever their general opin-
ions on revenue policy may be, to 50 far
understand such a complex bill that they can
. feel prepared to vote on 1t as a whole, or on
many Of it's most important parts, without
long and careful study. We see, however,
that the bill is ably supported by Messrs.
Sherman, Grow, Blair, and others, and some
think it will PASS the House. We can give |
but few extracts from it.
On the subject Of funding the present debt
Of Re United States, which lies IN Treasury |
notes, renewed from time to time, Mr.. Nor
rill says
That these Treasury notes fixed as a |
part Of our permanent debt, with no means present
or future for their redemption, is a simple fact |
Why then should they not be permanently provid- /
ed for 1t is not croditable 30 the United States
every time it wants little pockct-money, 90 be |
forced TO gives its notes, and beg for discounts and
when these fall due, to ask for a renewal. Bor-
rowing money to pay borrowed money is only |
resortcd to by those the verge Of bankruptcy !
These notes are inconvenient and expensive. From
sheer economy they should Doc funded. There Is
not rvate banker in the country that does not
.urrow money upon his own shin plasters
cheaper than does the United states. The old
United States Bank, with all its iaiatial proper
tions, was demolished but an ire ponsible branch
has sprung up in one wing the Treasury, which !
il is the duty II Democracy TO destroy before it |
gets TO be ll-grown - monster ltis notorious |
that these S2o,000,O GOO of notes kept aAoat
cost. by way Of interest, of one to one and half
per cent per annum more than would bee paid if
the debt could be funded; and the positive loss 10
the Government is, therefore, from two to three
hundred thousand annually. Having already
thrown away about half million in the last two
years, only TO indulge in the luxury of an idea,
that the Treasury notes were only temporary aud
not permanent debt, it Is time began to hus-
band our resources and change the form Of our
Indebtedness so = TO impose lighter burden 1pon
the people. For this purpose We propose 10
authorize a loan Of S2l 900 coo, which may be
reimbursed after years, by giving three
months notice, or, after six years without notice.
There is doubt such lean can be negotiated at
a much cheaper rate Of interest than be Treas
ury notes.