Green-Mountain freeman. [volume] (Montpelier, Vt.) 1844-1884, 1866-07-04
Mr. Morrill, on the High Prices.

Mr. Morrill, on the High Prices.
Mr.. Morrill, has reported the tariff bill in
the House, ana last week made elaborate
speech in explanation Of it. The New York
Tribune says Of thi. speech
1--WE most earnestly commend to general
attention the speech of Mr. Morrill, on the Ia
sitf, which viii he found in ful. 10 our Congress
slon.l report. there have been speeches de-
'iver-d II he House ornate and rhetori-
ca than this, out 50 dom speech OF souoder
practical wisdom, more crowded with informa-
ton, more instructive in its statements We
should | Ike 10 ask the Free Traders 10 f,rego
for once Their -bitu4! abuse and inyect.ye, and
% make aa effort 10 answer honestly this I'M
preenabe arra} of facts and arguments demon
s;r4tiu- the necessity OF a Protective Policy for
b. development Of American Industry, and The
prog. ..ou O.. National Prosperity. Tney must
either try - do tits. er they must suppress this
speech, ana w are compelled to suppose they
Wiz choose It's .-;tes aIt. fne. i've"
W have no room for the speech tins week,
but hope to give tHe larger par; Of !; hereafter
We pEin; below, however, an extract fofcibly
and justly discussing 'he question Of currency
ami specie payments, affecting prices
al hope labor ia America will forever BE- far
more highly rewarded team elsewhere Ii is so
now, AID hat distinction Is The glory Ct our
country, cf uur institutions and OF American
policy-but Just now LABOR, ike everything
else, Is artifclal.y dear. High prices must be
PAID the capital invested In lands, mines and
manufactures must be wrecked aud abandoned.
But for the war, and had remained IN our
normal condition, unvisited by unusual taxes
and tbs disturbing hooc OF an exclusively paper
currency, our people would have occupied q
more Impregnabie position as against foreign
comp tsllOn thaI they ever occupied In their
previous history. Now vulnerable TO
the attacks OF any body, from any quarter, who
has an thlug TO sell. Foreign artlhc-rs OF
brass and IRON, and even OF clay, We cannot re-
sst Ihe] able to undereeil our own PEG
pie. Our present amount OF circulating
rsncy Is vast OF legal tenders $50 called) We
ave S40l 252 46S; Of Nationti bank notes,
S2o0,30l 900 OF outstanding notes OF the old
State banks, not including those having less
titan five per cent. Of tLeir capital, 14o 49,
1872 OF fractional currency, ~27 053, 479 ,O4 j;
and OF compound interest no e.. : l59 ,926,9lO,
amounting IN all to S9l7 ola 1894. | do
nOt cite these hzures reprOech TO anybody,
but as fact and mons,rous fact, attended by
evils increasing day by day; and the longer
contract:on-the true remedy-is withheld, the
more difficult viii be found is application. At
the time of thu surrender of Lee and Johnston,
any terms of settlement might easily have been
obtained, from the Southern rebels, with ample
guarantees for the future they painted Tor
nothing much delIve rance from the pains
and penalties OF treason, and anything short OF
exp4iri4tion would have been promptly accept
ed. That opporture moment passed away new
er more 10 return.
| SO the translation from paper 10 specie at
that tine might perhaps have been made with
/ less rain upon the country, with less lnconyen-
| fence to individuals, than it can now or ever be
brought about. he people were prepared for
it. The goal in point of fact was almost reach
| ed. Nobody in debt and nobody was dis
| tresSed. The nominal reduction OF inventories
would have left all with relatively equal pur-
chassble values. But, unfortunately, this poll
cy did not prevail, and now trade stands against
| any reduction Of values, and Congress Itself
grudglngly authorizes the return OF only about
four millions per month OF our huge volume OF
currency, the presence of which stimulates rates
and straDgieS production. Our country, from
one of the cheape places to live in, is becom-
| ing one of the dearest. The wages paid to la
Dor are not too much, considering what those
wages will pay for in bread aud meat, in rent
and clothes No manufactures can be made
while this state OF things lasts, TO be sent
abroad, and unless war, pestilence or famine &C.
ours among foreign nations, they will want none
of our corn or wheat, beef or pork. at anything
like what it costs to produce II. Our gold, it
Is true, they largely despoil us of, and why not
AS money, it is getting to be obsolete. Gold
coin is itself deprecated in our markets because
it is useless, save as so much convenient and
portable merchandise. If used for the ayment
OF an existing contract, II is worth no more
than al equal amount of United States legal
tender notes Our whole monetary system is
bloated by more than fourfold addition to the
currelcy in circulation. 1t is unnatural, and
daily begets diseases OF a new type, formidable
| because unknown, as we'll as those with which
We airead! familiar, and known to be dan
gerous- Having TO deal with such facts, anc
Il icing in possible to remove This Incubus upoI
IN. labor OF The country at once, our Legislation
must recognz. the situation, and trim our sai
for such breezrs as may blow"