The Vermont transcript. [volume] (St. Albans, Vt.) 1864-1870, 1866-03-02
Mr.. Merrill en- The Loan BIZ.

Justin S. MIorrill's speech III favor of
the Loan Bill, made in the House on
"Wednesday last;
Mr. Morrill,, ,rep.) Of Vt, said that
il was not in order to alludo TO what
Ind recently taken place in the Senate,
but happen what may the Union men
will not forget they nave country to
save. The measure under considera-
ton may he called the apple of the
cye--to public credit 1t was pro-
posed to pledge not only our past nc
cumulations and resources, but pros
pectIvely the wealth of thirty-six mil
hons Of people, who earn more annual
~ than any other nation of fifty mil
lions of the & ODE, in order TO carry a
loan on favorable terms. The present
bill was only a patch on an old gar
ment, extending the act of March 3,
1868, So az to authorize the Secretary
OF the Treasury ut his discretion to re-
Ceiyo any Treasury notes or other OBJ
legations issued under any act OF Con
gress, whether bearing interest or not.
III exchange for any description OF
bonds authorized by the act to which
this is supplement. The BILL it is
tue, conferred large powers; bat il
merely substitutes new debt for AZ
Old one. Our entire debt cannot thus
be increased single dollar 1t was
known that the Secretary of the Treas
ury contemplated return to speci,
payments mt the earliest practicable
day. We have been fortunate IN oul
Sec ctaIies of the Treasury during tn,
past five years; one of whom was
called to occupy the highest judicia
station IN the country. 1t was relic
to the loyal people when his successo
MIR tessenden) was appointed, com
handing rs he did SO much of tht
public confidence These men aske,
and received all they wanted from
! Congress, and did not betray thei
trust and now we have n Secretary o
the Treasury in Mr.. McCuloch VIII
occupies no paradise of ambition +
any man, and whose conduct has wol
/ golden opinions at home and abroad
and vote of unexampled unannnit
on the part of this House. His high
est ambition seemed TO be that of
financier. This bill gave to him tn
same power as was bestowed ON hi
predecessors. Our present debt is tw
thousand seven hundred and sixtee
millions of dollars, leaving one thou
sand aud ffty-seven millions of it to b
funded Let no one dcride the fac
that all our financial dangers arc nc
yet passed. The perils of high rate
OF interest and even commercial re
WILSON'S may overtake rs unless on
affairs arc managed with consumat
skill II we give the Secretary of tn
1 Treasury the power contided by thi
bill 1t may he of more worth to us tina
to him. Ii Congress shall pursue
course of due economy i'll their appc
pnations as he Mr. MORRILL, recon
nends. they would and viii reduce tn
military establishment. Within res
sonable time we may hope that til
public debt had reached its maximum
The Secretary hopes to get along witt
out loans for he present year. II
shall be considered necessary hereafte
to resort to war, Congress would HAY
time enough to act upon the subjeC
NJ the close Of the present session.
gradual extinction Of the public deb
should and will be carried on. OWN
to the treachery Of those who engage
in treason and rebellion, the entir
receipts for the wear ending June 81
. 1861, were only S4l, 476, 299 But tn
measures adopted 10y Union men, ami
all the embarrassments suIoundin
them, changed these figures in 1868 t
SIP, 600 900, to more than twice thi
amount i'll 1864, or $264, 900, 600, an
, i'll 1865 to 1898, 100000, while tn
actual and estimated receipts of til
present year are $i53, 900, an
over $500,000,0 600, if the receipts {
gold are estimated i'll paper currenc,
There should be no modification of til
revenue laws to reduce the receipts {
the Treasury TO II large extent unit
our debt is permanently funded, an
never below the point to cover on
ordinary expenses and to pay the il
terest on the public debt. Perhar
the revenue from whiskey will be Sc
aside and applied to the reduction {
/ the principal of the public debt. Tn
would be understood by all, and abor
which there would be no embarras,
men'. Our securities are the safes
and best IN the world His opinio
was that our own people should hol
them. He hoped the time would ne'
, or come when foreigners would pii7
| our bonds higher that we ourselye
, The bill contained authority to maxi
, a foreign loan; but this was options
and might not be exercised He flu
, Their expressed his views OH the fnal
/ cial question.