Green-Mountain freeman. [volume] (Montpelier, Vt.) 1844-1884, 1866-03-27
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l suppose there is not man IN this House
who does not know that the production of gold
and silver in this country has largely increased
during the last four years IN spite of the war.
Now, what the amount of oircu iatlon, say
ing nothing about the gold aud silver coin, OF
which 1t Is proven there is as much ID the coun
try TO day as at any previous time? 1t Is con
ceded by the gentleman from Maine Mr. PIKE
| that of State bank currency there Is now SoO,-
0O0, 900 OF national bank currency $2oO,0OO,
600; OF legal tenders and fractional notes S45O,
U00 900. And then, In addition to that, we
have compound-interest notes amounting TO
STA 900 900 making total of S944 coo 900.
amounting to thirty dollars per capita. viii
auy man undertake to say that that Is not too
much for the business of the country?' To re-
Qulre SO much it would be necessary to show
that the business OF the country had more than
quadrupled.
| should argue that we did not need as much
currency now a generally 90 for the reason
that more personal debts have been hquidated
within the last four years than within any four
years IN the history of our country. | believe
that the '' great w est, as the gentleman from
Illinois Mr.. WAsHBURSK] delights 10 calling his
part OF the country, is at east S200 oO0 600 less
| IN debt to-day than IL was four years ago. And
| that s the condition, more or less throughout
the country, There is less need OF 0ank accom-
mOuatiOn on account OF personal lnueUteunee-
than usual. In point OF fact the Government
itself Is the largest and most profitable customer
| of the banks. When the Government retlres,
the means OF the banks will be ample TO supply
the legitimate wants OF the people.
Another statement mad by the gentleman
from Massachusetts Mr.. BOUTWELL, which
desire con,rovert; that was that there was
less personal property in this country now than
before The war. | will admit that there
are fewer horses and mules. and possibly some
less merchandise. there was less SIX months
ago though stocks have recently accumulated
But say that while the Government Is poorer,
the people OF the loyal states al least richer,
and possess more personal wealth to-day than
previous to the
Mr.. Speaker. the Government securities are
as much property to Individuals stocks IN
railroads stocks IN banks. But II the state
ment OF the gentleman from Massachusetts, We're
to be accepted that there l. tG>day less ot per-
sonal property IN the country than prior TO the
war il would show only that less currency would
be needed TO carry the business OF the coun-
Try. az there would be less merchandise and less
produce to be sold or exchanged.
But, MIR. Speaker, the Secretary OF the Treas
ury Is a master CT his special subject. ! believe
it will be conceded here, and may almos. say
throughout the world, that he Is an able hnan-
cIer. No man ventures TO Impesch his integrity.
Now, II ne should have this power conferred
upon him, propose and when gentlemen
say that We do not know how long he may be
our Secretary | answer that the best Eav Tor US
to secure to him long tenure of office is for
not To distrCst him his financial capacity, not
TO make 1t impossible that he should succeed,
not to take the business out of his hands and
thus drive a hgh-spirited man out OF othce,) II
he should have this power conferred upon him,
no one expects that he will ut once, IT at all,
fund any considerable quantity of The legal
tender notes. Why? Because 10 order to tacl-
itate the greater transactions of exchanging
present Indebtedness, our seven thirt.es,
compound interest notes, our temporary loans,
he must make II an Object for every man to
cept United States bonds and unless he
make the bonds better than any other obga-
tcns of the Government, including legal tenders,
it will be imp0ss bic Tor hm to make the
change. Therefore there nee0 not be she slight
est apprehension that the legal tender notes will
not be the last obligations to be funded. Ii may
be that occa sionally he will receive In payment
these legal tender notes but If he does he will
be very likely at once to pay them out again.
TO show, MIR Speaker, that there is u redun-
dant currency it Is only necessary 10 look at The
large amount of private deposits in our banks ln
addition to the Immense amount of compound
interest notes which they keep ut being more
profitable to hold than non-Inter. s-besrng legal
tendere) a part of their reserve IN order
redeem their own Issues. They have, believe
Oh deposit from four to five hundred million dol
lars belonging to the people. In addition to
|
currency on hand. If these sums be
unlocked and 90 into circulation IN any form, in
whole in part, is likely to be the case if the
project of the gentleman from Pennsylvania
should succeed that is to say, If we should leave
the Secretary of the Treasury with simply the
power hs now has, the result will be that the
currency will be practically increased to some
extent. Otherwise the deposits would be mos
likely to be absorbed by being exchanged for
United States bonds
| Mr. Speaker, let me say one word more. There
has never been any country that could export
grain, manufactures. or anything else, with an
inflated currency, except in extraordinary emer-
gencies 1t did occur at the time of the famine
in Ireland, it did occur at the time of the Crl-
mean war, but those we're exceptional instances.
The manufactures of this country-I am sorry
to disagree this point with some gentlemen
here and elsewhere-the manufactures of the
country, as we'll as all the rest of she country,
have an interest in having this question settled
80 that they can make their contracts at least
for sig months head. If the policy of the Sec
retary OF the Treasury can be steadily pursued
we shall avoid frequent changes in the money
market, the haue of business transactions, and
every one will know how to make his arrange
ments accordingly. 1t cannot be for the interest
of any class of our people to keep our currency
below the value of other naticns vita whom we
trade.
The gentleman from Pennsylvania has char
acterized this as an ' enormous bill, /" because.
as he claims, it will confer eXtravagant power
upon the Secretary Of the Treasury. Why, Sir,
he has now all the power so much dreaded by
the gentleman from Pennsylvania, and if he
were . demon, minister OF evil, no doubt he
could exercise that power to the injury of the
country. But does anybody believe that he
would willingly, with malice aforethOught, bring
! oho q oommorc,al revnlaiOn in this co0ntrv