Green-Mountain freeman. [volume] (Montpelier, Vt.) 1844-1884, 1867-12-18
Mr. EdmundS' Speech Oh the Fl
nanCPS,

senator Edmunds OF this State delIyere
an able speech in the United States Sena,
week before last, on his resolutions declarin
that the government bonds should be paid i
gold. The conclusions reached by his argr
ment-which occupied parts of two days
J and would fill nearly two pages of the FREE
MAN-are thus stated by him:
|. That the public faith is clearly pledge
to this payment by the words of the statute
alone.
>. That whether so or not the contempt
raneOus Interpretation of these statutes OF
their enactment and in the public action o
the officers and agents of the government
under them, bind US by every consideration
that can appeal to our honor to stand by tina
Interpretation.
g. That considerations of the highest ex-
pcdiency, independent of our contracts, com
pei W to pay in real money rather than to
expose the people to the disasters that must
follow the infusing of many millions more
of depI eciated, and in such a case constantly
dcpreciating, currency into the channels of
business.
+. That the payment in real money, or
rather the formal admission of our duty so
to do-for in that case the actual payment
be made gradual is dcsired-in-
and another for the people. not - gold for
one and rags for the other as the cry of
some is, no denial of the fact that 9 money
good enough for the soldier and laborer is
good enough for the bond-holder,'' but it
involves the certain consequence of making
in short time the paper currency Of the
country convertible into gold and silver at
par. in the hands of all.
la support of these positions Mr.. Ed
munds argued deliberately and very forcibly
and his speech was complimented by the
Senator who followed him upon the opposite
side Of the question, as the * only pertinent
argument which had been made " in support
Of the propriety OF paying the bonds in gold
In the course of bis speech Mr.. Edmunds
quoted at great length from the speeches of
members of Congress and the declarations
of the Secretary of the Treasury, at the time
the bonds were authorized and issued to
show that the universal understanding then
WAS that the bonds were to be paid in coin
After going through that branch of the
argument, Mr.. Edmunds exhaustively dis
clssed the evils Of irredeemable paper money
and quoted the ablest financial writer's, and
referred 10 the disastrous experiments in for
eign countries and in this country in ITS
early history, to show that an irredeemable
currency when persisted in brings financial
ruin in its train.
As to the propriety of passing the reso-
buttons now, Mr.. Edmunds said
know it is said by some gentlemen that
4 discussion of this subject is premature ;
that we are leaping before come to the
stile: and that we ought to wait until our
bonds shall have become payable, until the
nited States shall have been. BY the terms
# them, required to provide the means of
Dayment, before we raise the question as to
he species of money in which they are to be .
settled. That would have been true had not .
men occupying official positions of great in !
luence and Importance volunteered to adj .
7ance the doctrine and spread it indus triOusly .
through the prints of the country that the
Obligations of the United States in respect
% the particular class of securities named
II this resolution was not obligation to
'ay in coin or money, but was only kind
# contract Of renewal to change debt
earring interest into another debt not bear
ne interest.
Now it is said by all those who hold these
pecies Of securities and think by all those
Who largely participated in the events which
reduced them. that this would be an i'm
,eachent of the public faith, direct and
oluntcer dishonor Of the solemn pledges of
he government under the circumstances.
hink 50 and thinking so, we should in my
Judgment allow no motives of mere policy to
induce us to hesitate for a moment in de-
laring exactly where stand.
We regret that we have not room for the
Whole Of this very excellent speech, we
hould lie glad to give it entire, and no
We must content ourselves with only this
urthcr extract
Other instances more or less analogous
night be multiplied Indefinitely but surely
nough have been cited to show that if any
aluc Is to he placed upon the lessons taught
" human experience under precisely similar
md unvarying circumstances governed by
avs which at all times and everywhere
he same mean the general laws of what
nay lie called the nature of trade and inter
is the highest duty Of this gov
entirely Independent of what con-
truction it may put upon the contracts it
ias already made, instead of declaring that
We may ought to discharge our obligations
" further issues of paper, TO devote itself
TO the restoration of currency in
his country. to its real standing the
,4uivaIent and representative of gold and :
liver in all transactions. Why, with our
yes open, and in spite Of these lessons of
experience, should We walk steadily forward
n the same downward path which our own !
nccstors have trodden before us, until at
asst in still greater distress we shall be
bligcd of necessity to elevate ourselves into
once more, through much more
evere sacrifices than any we can be possibly
allied upon to make at this time?