Green-Mountain freeman. [volume] (Montpelier, Vt.) 1844-1884, 1866-03-13


proceed the consideration of the special
House bn No 2o7, TO amend an act entitled
neaf. 4t &c! apDroyed 'G 1slSI March s Is ise5 D.:
The MOTION agreed TO-
The bill j. as follows:
b eaeted bg and House Of Representa- tires Of
t4e Jud II Congress assembled That the
4ct entitled An 10 provide support
Government approved March 1865 shall be extended
and construed % authorize the Secretary OF the treasury al
discretion, Treasury notes other obiga
issued under act OF Congress- whether bearing
exchange any description Of bonds
iuh"rz~d by the act which this is an amendment and
the United STATES elsewhere, 10 such
,nk adri-abs f,r lawful money of United States,
any Treasury certificates OF Indebtedness OF GER
thate deposit other representatives. oi value, %nch
which may be issued under any act Of Con
-r. proceeds thereof 10 be used only for retiring Ieas
my issued under act of Con
gTe-- noIhing contained shall be construed tn
thouze increase OF the public debt Prordd That
may disposed Of elsewhere than ia tn
United states be made pay able both principle and n
payable, shall not bear rate OF interest
the 49, To- hle tls = an amendment shah continue in
all its provisions, except as modified by this act
Mr.. MORRILL, said
Mr.. SPEAKER: The financial question of loans,
taxes, aud currency SO intimately associated
that any discussion of one may more or less in
v0ive The others. Ii is not my purpose, however,
at TINS time to make elaborate speech any
OF these questions, bur to submit few remarks
mainly explanatory Of the bill before us with
some Of the reasons why 1t should be adopted
Il. Is not in rider TO ude to what occurred 10 the
ether end OF the Capitol Monday last, and |
-ha.. proceed as though nothing had happened,
sud, happen what may, Union men Will not sub
iect themselves the reproaeh that ;hey forget
fhey had country TO save.
Inl> bill touches what must be guarded as the
very apple of the eye-the public credit of the
country. 10 the past four years the magnitude of
our financial operations has kept pace well with
the grand movements in the field VITO the
grarder march of humln liberty. While the
lasted only loyal states paid any taxes, and we
have hitherto taxed only part OF the nations
annual productions M daily eaTnI1gs leaving IN
in.Aired nearly the entire capital vi the country,
and nos having satisfied own people, the
word, and those unbeEevlng rebels who
I--k-d their lives and contested the fac, Of The
pernaaence Of our Government, its prcbry. and
H. -bihty, We propose 10 pledge, not only al OF
oug past -ccumuations, al OF our present uu-
touched resources, but, is just that should
do All right 10 the prospective wealth OF thir-
ty-sIx II Iii people, learning, too, more wealth
annually than any other fifty millions on the globe)
TO build up credit, the untarnished credit of
the Republic, 10 such way to obtain the loans
We r-quire favorable terms and at the lowest
rate OF interest.
The present Dill Is but patch old gar
uent The act of March 3, 1865, authorizes the
funding of interes. bearing obligations, and the
present aii expands that authority TO include
non-laterest- bearing obligations. That IS the
whole OF IL IN a nut shell. know 1t is said the
bill conters large powers, and that is true but
they all confined to exchanging a short de0L
fJE long one, 10 the conversion of an old cebt
into one when tctn b. done 10 our advaa-
tsge. No new loan Is authorized, and our whole
debt cannot be increased under the new bill
single dOllaI.
But II is also said tnat Congress should define
and mark out plan with exact limitations for the
Secretary 70 pursue, and then business men would
know exactly what 10 do. This would look rea-
son4be if Congress colld foresee the future con
0ff ne
knowledge absolute it has not been done for five
wears past, and few real business men have sui-
tered. Such men are iroE-clad, and do not now
complain. Ihey are not IN debt, and they
ready to discount the difference between fictitious
and actual values. Dunn u Co., report In fact,
far less number of insovents and less amount
of usOvent debts for any OF the last four years
than Tor almost any year before. 10 spite OF the
ravsges Of the Alabama and SusquehanDa
marine insurance has been unusually profitable.
Inc country has been prosperous, although Secre-
tarIes OF the Treasury have not been put n strait
Jackets nor compelled to disclose IN the forefront
Of a statute their policy for year In advance.
Business men and bankers know that 1t is the pol
icy OF the present Secretary to return to specie
payments It as early day be done with
safety. and this does not exclude all hexlbIiIty,
whatever may be the circumstances OF the coun-
try, IN the application of the policy. That policy
has received their hearty approval, well as hat
OF the country. 1t is a true and manly policy.
If there are any holders Of shoddy or other un
realized adventures who desire more time TO 3 uu-
load " To III he profitable shifts, the People 90
not sym yatnIZe with them.
Gold mas ceased TO be and p2per has become
me measure of ali values not interfered with by
iOreign exchange, and being both tickle fiom day
10 day, and without until Orullty from place to
place, 1t Is evil OF no ord nary magnitude. Lit
lie of the products of agriculture and none of
manufactures will be long found among our
DOrts-Ouly gold and bonds
Ine gold product of tie world for the past ten
years mas been great in Itself 10 depreciate
It's own vaiu-. Everywhere a days labor com
m4Dds 4 higher price; ana bushel OF wheat VIII
never b. sold at the lowest rates of former
dsys- The value of paper depends not only upol
the solvency of the promisor, but upon its abuu-
dance, well upon the caprice OF the market
where It circulates, and the confidence of the
holder in its exchangeable value with gold Our
paper has deprecated in value, has lost large
snase OF Us purchasing power, and we must make
tl DETER, or It may grow worse. But this restor-
alton need not and cannot be at headlong rate
Inc promise, however, of return to health. to
the specie stand ard if il could be effected within
tne coming year. as it cannot be, should not alarm
the world very much. When gold fell from 2S5,
IN July, 1864, to 130, in May, 1865, it caused no
panic, and but few failures. In the month OF
March, 1865, gold fell fifty per cent, and yet pro-
duced no commercial revolution. After such
Jumps as these without harm, the much smaller
step that remains may in due time be overcome
without any signal strain catastrophe. Bus-
ness men will do themselves harm. Mercan-
tile governed by the laws of trade, and
they know hat these laws must govern even the
Secretary Uf the Treasury.
We have been fortunate in our Secretaries OF
the Treasury for the past five eventfuI years. The
storm burst upon the head OF Secretary Chase
and its force, never ceasipg, had not been abated
when he wa SO appropriately called by the voice
OF the country to the place he nog SO ycrthily
fills. Il was relief to tie hearts of loyal peo-
pie when successor commanding much of
public confidence as Secretary Fessenden Was
found. These men asked and received. Congress
did not stint their powers and they did not abuse
their trusts. 1t was time of war, and they had
all its sinews to furnish.
Now have Secretary-Mr. McCunoch-
summoned to bis post at a time when its respon-
sloillties presented paradise to political ambi-
ton, whose financial conduct, thus far, has won