Western Reserve chronicle. [volume] (Warren, Ohio) 1855-1921, 1867-12-11
From the Ohio State JOurnaLl
AIr. MOrrilPs Specie Resump-
fiOn Bill.

The first section, in substance, dl-
rects the Secretary of the Treasury to
pay in coin all legal tender Treasury
notes presented on and after the 4th
day of July, 1869.
Section second provides that he shall
sell at stated periods all gold in the
Treasury in excess of IS millions
Section third requires that all Ma
tional Banks having less than 20 per
! cent. of specie on hand, shall hold IN
reserve the coin interest on their bonds
deposited with the U. S. Treasurer,
until July l. 1869.
By section fourth these banks are re-
quired to commence specie payments
on the 4th of July, 1869, and will be
duly wound up according to law, as
provided in section fifth, If they fail to
comply.
Upon the whole this is a wholesome
measure. and a sensible, business like
bill. We hope intelligent men of all
parties will support it, so that we may
get some of these financial questions
settled, and thereby get rid OF this
everlasting uncertainty. This Morrill,
bill will effectually bottle up Dutch
Gap criminal lawyers, log-rolling finan-
ciers and pot-house political economists.
1t will forever dispose Of these danger
Gus, because insinuating propositions
which squint towards Reputation on
the one side, and election day on the
other A return to specie payments
will settle the question whether our
Government will pay its debts IN mon
ey, or in promises-whieh are always
cheap; whether il will redeem its
obligations in constitutional dollars or
/ in perhaps unconstitutional promises
TO pay dollars, not on demand, but az
he dsbt0T' pleasure.
As an absurd result of thai total mis-
conception of what constitutes money,
and of a forgetfulness Of the simple
fact that q bond is only promise to
pay, and a grsenback q promise to pay.
we find one class of men proposing 70
''pay" the bonds in greenbanks, and
another anxious to pay" the green
backs in bonds-that is, fund the
greenbacks. Now no one, who has
read farther than the title page in
work on Political Economy, can sup
pose that giving for one sheet of paper
which promises to pay a thousand dol
lars, thousand slips of paper contain
ing a promise TO pay dollar each,
dininishes q Governments indebted
ness one cent. If il is the interest on
the larger promissory note or bond that
these gentlemen want to avoid the
payment of, and by :he term Of the
/ original contract, il is not yet optional
with the Government to redeem the
1 I'D inf than lnf
them in manly way propose to repu-
diate the contract entire-not observe
part of the agreement, and violate
part. To legislste all creditors claims
out Of existence, is q straightforward
way of committing grand larceny by
act of Congress, but to rob the creditor
in part, by refusing the interest which
the debtor agreed to pay, or which IS
the same thing, by compelling the re-
turn in the shape Of taxes to the Gov
ernment of the interest, Is a small and
sneaking way of doing business
We had intended 20 speak OF certain
omissions in Mr.. MorrilPs bill, but can
only here mention the failure 70 pro-
vide that when our currency becomes
value or mercantile currency 1t shall BE-
received in payment OF all Government
dues. For a Government to be the
first to depreciate its own paper, by in
strueting its oficers to refuse it as
money, is undeniably bad policy, and
can only be justified in the direst ex-
treuity. So long as gold Is at premi-
um at the Custom House, it will be at
a premium everywhere. The Govern
ment says the people must consider
the greenbacks as gold, but it viii not.
Can it affirm in one act what it denies
in another!