Rutland weekly herald. [volume] (Rutland, Vt.) 1859-1877, 1867-02-07

Congress to reject his sound financial
advice on account of his politics, Mr..
Morrill, went on
Although think he has named day
for the resumption Of specie payments
somewhat earlier than 1t would be pos
slble TO achieve, yet the unalterable pur-
nose 10 resume al an early day have no
doubt il sound in principle, policy and
morals, and II Congress shall thwart
this purpose 1t will have doomed the
country to long years OF suffering.
More than this, any party which shall
undertake seriously to procrasunate the
day of our redemption from the evils Of
an excessive paper currency the evil OF
dear living, will at last be overwhelmed
by its opponents, even though the latter
NAV not be able at the time TO extricate
the country. Strong as we are we can
not afford TO take the wrong side OF such
an Issue.
OF the effect OF our redundant cur
rency upon cur bonds and our credit
abroad Mr., Morrill, said
1t is most likely the Secretary o: the
Treasury has under estimated the amount
of United States bonds held abroad, and
that instead Of S350,0O0000 not less
than &500,0O0,000 Of our national secur-
tiles are so held. So long as these re-
main below par abroad, they will DC
held more or less as fancy stocks, liable
TO be returned for realization at any mo.
ment. II they could be made equal to
par it does not seem to me that the hold
ers would part with a security for which
they were receiving six per cent. inter
est in order TO accept another no better
at - per cent. interest. Beyond
question when our bonds bring what
they represent, dollar for dollar, new
loan payable abroad could be negotiated
if it were desirable at five per cent, and
( perhaps at fOer and half per cent. We
shall etc long demonstrate that 1t Is
| safer 10 trust the United States at three
and half per cent than any other na-
/ ton in the world, but first, we must
! make our present obligations worth
/ their par value in gold at home. wish
( 1t were true that the stocks of the
! United States were not to be found at
| all in the foreign markets; but we are
! not rich enough to hold all the good
we produce. Is IL not however, q
| source of modification that MBssachu-
sets five per cent stock brings more in
/ London than United States skies Or
/ that Virginia five per cents bring only
twenty per cent less? Are we quite con-
tent that Egyptian Quoted at 84l Turk
/ ish (98), Brazilian (93), and even Moor
ish (93), stocks shall be quoted much
higher than the best Of United States
stocks? Some Of these loans at four
! per cent. of governments greatly inferior,
as we think, to that of the United
States bring higher prices than our six
per cent. loans. do not wish swiftly to
put large profits in the pockets of our
creditors, but those who obtained our
stocks at less than par made their prof
its at the time OF purchase, and it was
to have been expected the government
would pay to the uttermost farthing all
it promised, principal and interest, and
those who relied upon the good faith OF
our government or who may hereafter
so rely, will never receive less. No
other government has met its obiga-
tiOas with more punctuality. If slowly,
the world will surely acknowledge the
fact.
The whole of our present currency
Mr.. Morrill, stated to be in round num-
bers, 81 900, 100000, when the maximum
of bank circulation had at no time be-
fore 1862 gone beyond S2l4,T8.822
The four millions Of government paper
authorized to be retired per month, last
year has been more than compensated
( NV. -, nF national Ia l.
so that paper currency still remains at
its supremest bulk. England on the
other hand does bus ness much larger
than ours with a bank circulation OF
SlS5,000000, and member of paria.
ment recently declared that it took no
! more currency t. do the business of Eng.
land now than when it was only half as
large MANY valuable statistics as to
the increasing quantity and depreciat,
ing price Of the precious metals was
given, but at such length that we Can
only allude to them; the fact that the
condition OF exchange with most Othel
civilized countries is always against us
on account Of the debasement Of oul
coinage was alluded to, and bank notes
that are made equivalent to the standard
: oil AUtTlCdD, were NGCldlCN 10 DG mont
too good for us, when MIR. Morrill, pro
Ceeded
But the value Of anything circulat
ing as money diminishes both in pro
portion to its abundance aud in proper
ton to the swittness with which il
changes hands. Holders Of what is
called money below the standard of the
world are always eager to part with it
They never hoard it. They invest i,
either in something more solid or are
happy to be rid of it for eVon such ex
travagances as they wClld feel. CouC
not otherwise be afforded. The Ameri
can people at all times possess a won
derful faculty for bargain. making, anc
an abundance Of paper money exagger
ates this national aptitude. In tht
United States the same sum of money
probably changes hands twice as fire
. quenty as in Eugland-and in England
T three times more frequently than il
, France-and in France twice as fire.
uuenty as in Spain-and in Spain fvt