Green-Mountain freeman. [volume] (Montpelier, Vt.) 1844-1884, 1865-12-19
Secretary McCulloch's Proposed Return to
Specie Payment,

with the Presidents message the attention OF
tho public; md, indeed, it ID not certain that
more interest is not felt, by what are called
business men, in the recommendations OF the
finance department, than in tho views Of the Tx
ecutiye. Everybody agrees with the Secretary
of the Treasury that It IS desirable that our cur
rency should DO worth as much a, gold. How
10 make it 50 is the great problem.
We doubt whether there will DO a general
agree mcnt with Mr. McCuloch, in his lntims
ton that the legal tender act IS Of such doubtful
consttutionallty, az to require forced con
structlon Of the constitution, only Jusjhdbe by
the necessities Of the c4s! to make Il constltu-
tiona We cannot admit tina, tho exigencel OF
a wal can give Congress any constitutional
power which it does no' possess in time OF peace
nor are VIC ready to assent to the proposition
that Congress can, in time Of rebellion, make
that legal tender which II cannot make such |
in ordinary times. The legal tender act must
rest for It's conSttutionality upon the s4me
int probation Q the constitution which II would
rest upon il it had been passed when we were
in proloud peace 1t is authorized, If at all, by
the constitution and not by the necessities or
exigencCs of the government.
Whether the legal tender act was or is exPe-
dent is question with which its constitution
atty has nothing to do. The best financial
ability Of the country has deemed it a wise and
necessary measure, and has fully justified the
government in resorting to it. But the rebel
lion which justified it has been suppressed, and
il is now clearly the duty of the government to
return, as soon as it can, to specie payment.
We ray, this is the duty Of the gOuenment-and
we mean by this, that, whenever Secretary
McCuloch is ready to pay specie himself on all
the maturing obligations of the government, be
will have fully solved the problem of re-
turn to a specie payment. Amy attempt, how
ever, by legislation, to make A pay his debts to
B in gold whilo the government either does not
pay A and what it owes them at all, or pays
them in bonds or other paper money, will be
nothing short OF repudi1ton and this may as
Q we'll be understood first as last.
Secretary McCulloch says that the necessity
o OF the government compelled the passage of the
d legal tender act. BY this device the government
borrowed five hundred millions Of the people
10 without interest, and other millions at low in
G terest. These legal tender obligations are now
) held by the people, and the national authorities
n cannot, without the grossest bad faith and re-
y pudiaton, declare that these legal tenders, or
10 any part of them, shall not be legal tender any
TO longer 1t isn't the fault of the people tina,
these greenbacks are worth less than gold. II
isn't the fault of the people that so many Of
ne them are in circulation 1t isn't the fault of the
ir people that two hundred millions and more o
I'd national currency, redeemable in these green
v backs, have been issued as money. WhGteye
te evils there may be in the present Inflated con
m dtion of the currency-evlls which Mr.. McCul
e. loch has well depioted-they are not the re-
" suit of any wrong use OF the currency, but ar
III the legitimate fruits of the proviou, fnancia
lis policy Of the government; and when the gov
&C. eminent sets itself at work TO correct thes
n evils, it should understand that it ought, q
ITS least, to begin at the fountain head, and pu
W. the federal treasury in a condition to resum
an specie payments, before 1t attempts any logisa
H. ton to make in his dealings with B pay hi
~ debts in gold.
he The government must meet its own obga
&C. tons in gold before it can ask the people to re
ny turn to specie payments. We do not lose sigh
ry, of the faot that the people are the government
use according TO the theory of our political nstitu
no tions, aud that the federal treasury cannot re
" sumo specie payment without it gels funds ror
is the people to enable it to DO So Bat we insis
sa that the federal treasury is the end 10 begin at
oo- this work OF getting back to gold basis ltwa
ch from that the ega tenders issued, Of which Nj
in McCulloch complains, and it is to that the pee
ch pie look for the issue of the gold which is 10
AT again the basis OF the currency of the country
lst IL is the duty of Congress to provide tn
ch treasury with the means Of redaoming the mo
be tured obligations of the government. Wine
le- TINS Is uOne the Vbal tcuu1ieV1u w "it"uAo"i
Ii. and these paper legal tenders being cut OF ID
its way, gold aud silver will, without Legislation
ng become the only legal tender. The legal tende
nd act will thus be most elIsctuaS repealed, with
out any reputation. But the govcrumer
mt must then be prepared to pay specie On It's M
ls, turing obligations as well as individuals an
tn corporations, and no, continue to pay its deb
Of by the issue Of new paper obligations wort
Nv much less than specie. As we have before sai'
10. tho only way to reach this desirable condino
lgs of the public fOaoos is by taxation. IL cannC
so- DO accomplished 10 days. probably no. in
,nt year But it can never be done by this endle
to borrowing on one side TO pay on the other 1t
po- Congress featlessly and judieiously adjust II
Dn- tariff and the excise duties so as to increase mt
md t'rially the revenues Of the government, an
son ihus enable Mr. McCullooh to lessen the publ
uet debt, and the value Of the remainder will
are every day increased. The debt is too much il