Bellows Falls times. [volume] (Bellows Falls, Vt.) 1856-1965, 1862-02-14
ECH OF
Hon. J. s. Morrill,,
OF vERM o n 7
OF yEKM Nj,
In House Of Representative Feb. ~ on
the Treasury Note Bill.

l look upon TINS proposal Oh one huhuTeu
and fifty millions Of paper currency, and
making it legal tender, as the precursor
of a prolific brood of promises, no one of
which, fear, is to be redeemed in the con-
sti,utional standard of the country. Ihave
strong convictions of the impolicity OF the
measure, and | should fail in my duty it |
did not attempt to find a stronger prop for
our country than this bil--a measure not
blessed by one sound principle, and damned
by all. do not say the country would be
ruined hy the adoption of the bill, though
i, is a blunder but il is a time when IL may
be truly said that blunder is worse than
crime. We are urged to pass it as war
measure-a measure Of necessity, based
upon probable prolongaion of the war.
| have no expectation that the war will last
till July. 1868. The ice which now chokes
up the Mississippi is not more sure to melt
and disappear with the spring than the re-
bellious armies upon its banks when our
Western army shall break from its moor
ings, and, rushing with the current 10 the
Gulf, baptize as it goes IN blood the people
TO fresh allegiance. That hour is ap-
preaching, and have no fear of the result.
Fly ,wifter round ye wheels of time
We can close this war by the 30th of July
next as well as in thirty years. Let US
second Mcclellan for short and sharp con-
hc., and we shall economize blood and
treasure. This paper war measure is not
waced against the enemy, but it may well
make him grin with delight. ] would as
/ soon provide Chinese wooden guns for the
army as paper money alone for the Treas
ury. We want money, but the first step
we propose will destroy whatever confidence
remains with those who have money to lend.
With this paper issue it cannot be expected
that we shall find either patriotism or self
ishness hereafter prompting anybody to
| volunteer 10 take single bond more OF the
| United States. At this time, in conse-
quencc of the diminution of all business,
except that nourished by the war, the bank
circulation is over twenty million dollars
| less, or about one hundred and thirty-sx
million dollars. | admit that we can drive
some considerable share of this home upon
the banks, and substitute that of the notes
of the United States in its place. But how
meagre the result, could we even displace
the whole, compared with the magnificent
proportion of our wants, These banks,
however, already hold, in round numbers,
nearly one hundred million dollars of Unit
/ ed States securities. III, in addition to this
we compel them to redeem their bills now
| circulating as currency, we compel them TO
collect their notes receivable, or part with
their dead and, might add, crucfied loans
| 10 the Government. Their customers are,
TO large extent, composed Of their own
stockholders. OF course it is easy TO see
what part of their assets will be melted
| down and realized first. The government
stocks would be thrown upon the market,
and the downward tendency Of public cred.
it could not he arrested. The competition
in the market between the government
avowing its poverty and imbeciliiy, and
those who have divided their last crust tc
support the government, would be sharp
enei by mutual disappointment, and a dis
trust would be created that no subsequent
measures could wholly remove. il is pre-
tended that, as thu United States are hold
en- for the redemption of these notes, they
must be good, especially if made laga
tender. Never was a greater fallacy. The,
must be funded until the means can be ac
cumulated for their redemption. Out o
the whole amount for which they would be
issued. twenty millions is about all tina
would be absorbed by the country or KEEP
ahoat in the present condition Of monetary
affairs without Congressional omnipotence
in making them legal tender. | object tc
the bill on the ground of its utter impolen
cy. From the moment that you issue thess
paper dollars you vastly increase the cost o
crrrying on the war. The value of proper
ty would he rendered uncertain, and thu
poor man, who now enjoys butchers mea
and tea and coffee, would find these luxu
ries beyond his means, and the rich woult
get possession of the little the poor wer,
before suffered 10 retain. The constitution
ality of the bill / will not discuss but
, must be conceded that the power Of pass
ing this measure Is nowhere contained il
the Constitution, and has never yet beer
exercised. | should regret, indeed, to Sc,
it exercised now. In this great crisis o
: the country, if we expect to retain tn
semblance of freedom-if we expect to re
tain any of the features of republican
form of governmental we hope ever t,
see the epaulettes stripped from the grea
host of military officers now ready TO q
forth to battle, and their swords laid asidt
we must hold every department of tn,
government. and every officer. to stric
adherence to the Constitution and the laws
One of the results of making the paper
legal tender will be that no more specie vii
be seen except through the offers of rewar,
TO draw it from its hiding place, unit: W
have emerged from our difficulties Til
three hundred million of specie said to b
in the country will he boarded, and remai
useless and idle for the rest of the war,
| we would escape record like that whc
obtained for the debased currency of Eng
land in past times, If We would not hav
the band of infamy put upon the America
coinage, let us reject any scheme for maxim
e paper legal lender. Austria had under
taken this process Of making forced IGan
, by making government paper legal tender
and it proved miserable failure. Tn
MEXICAN mode of violent seizure is "a
more efficient, and about equally sound il
morals. 1t IS not contemplated but that a
some future time the banks and government
shall resume specie payments, the bank
depending entirely upon whether the GOV
eminent does SO OF not and ! inYite then
10 calculate the cost of the return, the ex
, piatory pains to be suffered. and then deter