Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1866-03-02

Ma. MORRILL, on The LoAS BILL Tie
following is an abstrsc; OF Hon Justin ;.
MoFrill's speech in the House on We'.nesd"y
lest
Mr.. Morrill, said that il was not IN order
to allude to what had recently taken place
IN the Senate, but happen what may the
Union men will not forget they have cgun-
try to save. The measure under considera-
ton may be called the apple Of the eye--the
pubic credit. Il w4s proposed 10 pledge not
only our past accommodations and resources.
but prospectivcly the wealth Of thIrty-sN
millions of people, who earn more annually
than anY other nation of nifty millions On
the globe. IN order 10 carry Loan On laVor-
able terms The present bill WAS only a
patch on sn old garment. extending the ret
of March 3. 1865, go as 10 authorize Tie
Secretary Of the Treasury az his discretion
to receive any Treasury notes or other obi
cations issued under any act Of Congress,
whether bearing interest or not, in exchange
for any description OF bonds authorized by
the act to which this is supplement The
! bill. it Is true, conferred large powers, bat
/ il merely substitutes = new debt for an old
! OAE NIlltlN AttN NAtlANA AAAAe t'f aAANANta
| 81 a single dollar IL was known thai the
Secretary OF the Treasury contemplated q
return 10 specie payments 1t Tie earliest
practicable day. We have been fortunate
/ IN our Secretaries Of the Treasury during
| the past FIVE years; one Of whom was called
to occupy the highest Judiclhl station IN
/ the country. Ii was relief 20 the loyal
people when his successor (Nr. Fcssendcn)
/ was appointed, commanding - be did ~
much Of the public confidence. These
men asked and received all they wanted
/ from Congress, and did not bctFay their
trust, and now we have a Secretary Ol tie
| Treasury in Mr. McCulioCh who occupies
no paradise OF ambition 10 any man, and
whose conduct has won golden opinions
nj home and abroad, and vote Of uuex-
aInpled unanumity Oh the part Of this
| House. His highest ambition seemed to
be that of fnancier. This bill gave 10
him the same power a. was bestowed ON
his predecessors. Our present debt Is Two
thousand seven hundred and sixteen mil
lions OF dollars, leaving one thousand aud
ilty-seyen millions OF 1t to be founded.
Let no one deride the fact that all our iinan-
eIal dangers are not yet passed. The pcrils
of high rates OF Interts Il and even CONNER
cial revulsions may oyertake US unless ouI
affairs are managed with cOnsumatc skill.
Il We gave the Secretary Of the Treasury
the power couiided by this bill it may be 0i
more worth to us than 10 him. |. COngrys;
shall pursue a course Of due economy DO
their appropriations as he (Mr. Morrlll)
recommends. they would and Will reduce
the military establishment Within a rea-
sonablc time We may hope that the Publi
debt had reached it, maximum The Secsc-
tary hopes to get along without loans iUi
the present year. Ii 1t shall be considered
necessary hereafter TO resort 10 war, Con
gress would have time enough TO act up1I
the subject at the close OF the pre-ent session
\ gradual extinction Of the public deb
should and will be carried on. Owing 20 TIT
treachery of those who engaged IN treason
and rebellion, the entire receipts Tor The
wear ending June 80, 1861, were only Sal,
476, 2g9. But the measures adopted 1l
Union men, amid all the embarrassment
surrounding them, changed these figures II
1868 to SIP, OO0, 600, to more than twic'
this amount in ls64, or S264 100000, an,
in 1865. TO 1888 900, 600, while the actua
and estimated receipts Of the present veal
are 1858 900, 600, and even 500, Uuo.n0i
if the receipts OF gold are estimated IN pap I'll
currency. There should be no modification
of the revenue laws to reduce the rcceipu
of the Treasury to large extent until on
debt is permanently funded, and never lie
low the point TO cover our ordinary expense
and to pay the interest on the public debt
Perhaps the revenue from whIskey will 10
set aside and applied to the reduction o
the principal OF the public debt. I'm
would be understood by all, and about whic!
there woald be no embarrassment. Ga
securities are the safest and best IN TN
world His opinion was that our own peo
pie should hold them, lie hoped the TIM
would never come when foreigners woul,
prize our bonds higher than We ourselves
The bill contained authority to make
foreign loan but this was optional an
might not be exercised.