Green-Mountain freeman. [volume] (Montpelier, Vt.) 1844-1884, 1867-02-06
Gbs }rtfman.
MONTPELIER, VT,
Wednesday Morning. February 9, 1851
CURRENCY AND FINANCE.
Speech Of Hon. Justin .. Mofr!li
DELIVERED JAN. "a, 1867

DELIVERED JAN IT, 1851.
Mr.. Speaker, so many schemes are shoat-
sometimes one for the immediate retirement of
compound interest notes some,imes for the
suhsfirution of United States no ana all other
Obligations of the United S stes falling due
and sometimes or the suhstitu ion of United
States notes in lieu of those now furnished by
the ~ a'ionsl taTking asst cci7tioIs--whsterer
the merits of these associations as an original
question, must say that | should regard
measure to wind the IN up and the issue If ap
equal volume of currency by the United States
as tautamount to a perpetual suspension of
specie payments This instabilits, the ever
recurring proposals of change l. measures al
fectiDg and disturbing the whole interests OF
the country. is vice OF most deplorabie mag
nitude, and which we legislators should uE-
It mittlngl, labor to limit
Mr. Speaker, much needless dispu tation is
avoided 5y precise definition and limitation
of the terms employed to express prnpo-'u rus
If those who advocate specie payments ard
those who advocate paper money would Tx
acc rate bounds TO the meaning of their words
they might be found apart, but MT SO tar apart
as they themselves suppose. Those who are
for resumption DO not mean forthwith, ard
those who are against it DO not mean nom
resumption forever. Let them explain Their
positions and they would be nearer together
than they now are; but while they indulge IN
loose talk they wide asuldef as the
poles.
l. IS true, resumption Of specie payments by
ne Government cannot be obtained until there
Is some ourraiiment in the circulation of the
egai tender notes, say $500, 600 600, nor per
hips until hy stifening the tariff We check the
outgoing Of California gold. But when re-
sumption does occur, It will at once unlock a
large amount of specie hitherto Withdrawn from
eircu .aIion, and, p,;css being also reduced, q
eSs amount of currency will bs required. NJ
disas rous effects need follow if the people and
the Secretary OF the Treasury only exercise a
c. mmon prudence. All expect the country to
fac resumption a. some time and it Is after
al has question as 10 what time Will be the
best and ooiucliye of the least amount OF in
convenience. The men VINO have fsith in the
resurrection OF gold and silver say shall
aever have better time than now. TEose who
nave felt The iructitI ing eff-cC of a Hood OF
p4p-r money--its first glow of expanding
p.lces and It's quiet mode OF sealing debts
De ieve - potency inexhaustible, and demand
has the Fl ,od snail never subsde.
For my own part, am persuaded if we
tart now We shall not reach the goal Of re-
parons Of an exclusively payer money system
could WISH.
In . season when prices have universally
risen ia Is a ma ter Of coDgr4tulatlon that the
value of III al mas risen most of ali. Skilled
i4bor--Jne hand guided ny educated brains and
a Tree wills appreciated. The world begins
10 fad rO5m f5r q. her children. 2nd never viii
good and Wiling workmen BE- forced to beg fer
emuoy ment. Whether paid in paper or gold,
he wages OF mau the world over will rule
n gh-r for every slave that mas been emencl-
pated. Oa the return of specie payments the
rank Of aoog will pe more than relatively main
'aiued.
Finance seems to be a subject which Inspires
al men, and each one is persuaded OF the ln-
fllHb.ii'y Of his OWL gospel. The financial
condition o. no nation or individual Is ever so
sound that it may not be improved and if
admitted 10 be unSouod the volunteer doctors,
4id the wst and dry nurses, painfully prolific,
propose remedies more to b. dreaded than any
mGady. II Is curious. too, TO observe what
progress i IN de IA the science Of wealth.
Classic standards no longer authority, and
two aud txo no longer m ke four. To appre-
ri,;e this progress one must turn his back upon
Ffaukiin and Hamilton and Gailatin. They
believed that labor created wealth and that
ae public debt could De paid only by proper
taxation. Ine new school, however, trust
much to the miraculous efficacy Of paper cur
IeHcN- I1anU III manu- y I'm tudt, me taOtieI ls
taught tina, he can much in SIX hours
is ne once earned IN ten or twelve, or that i
re is ihy OF the age he need not work at al
Again, that with this invention diligently used
ak alton, alNaNs great bore. may be handed
aver 70 pos;erity or any party who likes 1t. l
| regret that have no such pleasing theories
and no such delusve nOstrums. have no
dream that add to the wealth of the
country by any coutrivance unaccompanied ~
honest labor, nor that we can long maintain
public credit without taxes or by faith without
works let rather strive TO give 10 labor
| It's largest constant remuneration. and equally
strive to sustain the Government by the small
est amount OF ,exatlon.
| VIII e some of the ablest I'M elects in France
and England are seeking a road by which tt
sclpe the evils-the losses and hazards-o
even mixed currency, while they are become
| buiiionists pure and simple, we have some mel
who should be statesmen studying schemes b,
which TO perpetuate the prodigal use of tha
| Government paper which was engendered by
gigantic war.
A speech on financial questions, bestudde'
with facts and figures, know possesses fey
attractions compared with the many immedl
ate and remote problems that arise on tn
great topic OF reconstruction. and yet the suo
lect is now one of even more pressing import
TO delay repentance, We can afford 20 wait
shall not ask any one here to adopt my argu
nen,s, which may be poor, but the facts pre-
!, serted | hope may have more to recommen
them.
Il Never was it more important than now, tha
| we should fix our tax and revenue system upo
a stable bass-to stand for a series OF years
2 out, if our political condition did not forbi
! this, the uniunded national debt, and, abov
, all. the immense volume of national hank an
: legal tender currency, will not permit It. III
mis- We ought to have been sailing on smoo'
! seas but beyond some papabe rocks who
may oe avoided if choose. what unexpl're
: dangers lie in our path it is almost impossib
! 10 ioreteli, aud vet all contingencies must
: provided for. Our destiny is to be great an
pow eriul nation, or, if not that, then to folio
a the long procession of extinct republic
: There can be no middle ground. The Unite
States must be a grand power amoug the n;
tions Of the earth, or nothing. The hrst sig
If exhaustion, the first stumble of decrepitud
: will be The signal for all of our foes to mite
& crushing out our national existence. we mu
!. not forget in finding cruel enemies at nome,
+ | .so have been furnished with superabunda
{ evidence that those who govern foreign nato
It are by no sieans our friends, but on the CO
trary they have exhibited savage JOY at eve
J. blow which made = freedom shrek " or retar
e ed the triumph of the principles and supper
IS ers of republican government.
,sI Earnestly seeking peace, and believing no
cradle peace possible, we yet may De nirt
into war. We may be assailed, and thus
" called upon to defend ourselves with all o
might. flour financial condition Is only sou
we can easily bear the strain but until We pa
- our debts soidly funded, until they are ne
,e where they viii not leap into the market a
: crush all domestic credits at the first croakin
of alarm, an addition of another thousand m
lions of debt ID to be avoided. A war to
supported by an inflated currency is devou