Bellows Falls times. [volume] (Bellows Falls, Vt.) 1856-1965, 1866-07-06
Mr.. Morrill's Speech.

prices -
hope labor in America will forever
be far more highly rewarded than else
where. 1t is so now, and that distinction
is the glory of our country, of our insti-
tutions and of American policy--but just
now labor, like everything else, is artif-
cially dear. High prices must be paid or
the capital invested in lands, mines and
manufactures must be wrecked and aban-
doned. But for the war, and had we re-
manned in our normal condition, unyisit ed
by unusual taxes and the disturbing flood
of an exclusively paper currency, our peo-
pie would have occupied more impreg-
nahle position as against foreign competi-
ton than they ever occupied in their pre-
vious history. Now we are vulnerable TO
the attacks of anybody, from any quarter,
who has anything to sell. Foreign arti-
ticers of brass and iron, and even Of clay
we cannot resist. They are able to I'M
dersell our own people. Our present
amount Of circulating currency is vast
Of legal tender (so-called) we have $40l,-
252, 468; of National bank notes, $780,
3Ol 900; of outstanding notes Of the old
State banks, not including those having
less than five per cent. of their capital,
S4S,479,782 of fractional currency, S27,-
053,709 o., and Of compound interest
notes, Sl59,926.9l0, amounting in all to
! S9l7,0l4,769 on. do not cite these fig
ures as areproach TO anybody, but as a
fact, and monstrous fact, attended by
evils increasing day by day; and the long
er eontraction--the true remedy--is with
held, the more difficult will be found its
application. At the time Of surrender of
Lee and Johnston any terms of settlement
might easily have been obtained, from the
Southern rebels, with ample guarantees
tor the future; as they painted for nothing
so much as deliverance from the pains
and penalties Of treason, and anything
short of repatriation would have been
promptly accepted. That opportune mo-
ment passed away never to return.
So the translation from paper to specie
at that time might perhaps have been
made with less. strain upon the country,
with less inconvenience to individuals than
1t can now or ever be brought about. The
people were prepared for it. The goal in
point OF fact was almost reached. No
body was in debt and nobody was dis
tressed. The nominal reduction of in
veniions would have left all with relative
ly equal purchasable values. But, unfor-
tunately, this policy did not prevail, and
now trade stands against any reduction of
values, and Congress itself grudgingly au-
thorises the return of only about four
millions per month of our huge volume
Of currency, the presence of which slim
uiates rates and strangies production
Our country, from one of the cheapest
places to live in, is becoming one of the
dearest. The wages paid to labor are not
too much, considering what those wages
viii pay for in bread and meat, and rent
and clothes. No manufactures can be
made while this state of things lasts, to
be sent abroad, and unless war, pestilence
or famine occurs among foreign nations
they will want none of our corn or wheat
beef or pork at anything like what it
costs to produce it. 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 mar
kets because it is useless, save as so much
convenient and portable merchandise. If
used Tor the payment Of an existing con-
tract 1t Is worth no more than an equal
amount of United States legal tender
notes. Our whole monetary system is
bloated by more than a fourfold addition
TO the currency in circulation. 1t is un-
natural and daily begets diseases of a new
type, formidable because unknown. as well
as those with which we are already IA
miliar, and known to be dangerous.-
Having to deal with such facts, and il be-
ing impossible to remove this incubus up-
on the labor of the country at once, our
legislation must recognize the situation,
and trim our sails for such breezes as NAV
blow"
STRANGE SUrERsrIr1oN.-A little oirl
was recently drowned in a mill race at I'll.
tusyille, Pa. Her parents are of foreign
birth, and they have since brought charge
OF abduction against man and bis wife
OF The same nationality. 1t appear. about
fortnight. since the defendants moved in.
TO new house. They have supersti.
iioH IN common with others of their own
people, that whoever first occupies a new
dwelling for period of two hours will
meet with shocking and untimely death.
Anxious to relieve themselves of this dire
fatality, they decoyed the little girl (de-
ceased) and a younger sister into tho