The national Republican., 1867-01-31
MIR. MORRILL's sPEECH ON THE
FINANCES.

We observe that the very able speech Of
the chairman Of the Committee Of Ways and
Means is attracting much attention. In the
main the policy recommended by the Secre-
tary Of the Treasury is supported by Mr.
MORRILL,. In regard to resumption Of specie
payments he says:
although think he has named day for
the resumption Of specie payments somewhat
earlier than II will be possible to achieve,
yet the unalterable purpose to resume at an
early day have no doubt is sound in prnci-
pie, policy and morals, and If Congress shall
thwart this purpose it will have doomed the
country to long years OF suffering"
Remarking upon the fall of gold in the
early part Of 1865 from two hundred per cent
in March, and more in January, which af-
fected trade but little, and with the premium
then down to 1875, Mr.. MORRILL, recognizes
the fact that the old system Of mercantile
credits had, by common consent, been ban
ished; all felt that to pay as you go was
sound policy, and then was the golden mo-
ment, not only for political reconstruction,
but for return to specie payments. Then
the capital was idle, and might have been
largely enlisted in the service Of the country.
Letting that pass, however, we come to the
fact that the inevitable expenses Of the Gov
ernment must be provided for; and, producing
more gold and silver than oil the rest Of the
world, Mr.. MORRILL, thinks we should not
endure the reproach that we do not know
how to keep it after we have got it. The in
terest on our public debt is estimated next
year at Sl05, ,55l ,5l2, and unless the perpet-
ual paper propagandists shall prevail upon
the final redemption Of the legal tender cur
rency, this will be ultimately increased about
$2O,000,0OO or $25,OOO,OOO by the CONVEX
sion Of the greenback issue, or in the aggre-
gate the gold interest will be more than our
whole public debt in 1916, when it reached
the highest point 1927 1894, ,993) prior to the
recent civil war. As to the proportion Of this
to be paid abroad he rates the bonds in for
eign hands at S50O,OOO,OOO, which is $780,
100000 more than Mr.. MCCULLoCH's esti-
mate, and comments on the discreditable
fact that they are lower than Egyptian, (84,)
Turkish, (9S,) and Brazilian, (93,) in the
markets abroad
On the question Of the amount of q circu-
lating medium needed, Mr.. MORRILL, dis
courses very forcibly and ably. In January,
1862, there was $lS4, 1000, of which the
South had 40,000, 900, and in 1860 there was
S2O7 100000. He estimates the specie at
5000 1000, 900, though but little Of it was in
circulation. Our business in 1866 was not
much, II any larger, yet the total circulation,
including specie, greenbacks, national bank
notes, &C., is $963, 200, ,55l, or in round num-
bers, one thousand millions, to do actually
less business, as is alleged, than we were
doing six years ago. when we did not have
nor require one-fourth part of the sum.
The four millions per month Of Govern
ment paper authorized to be retired last year
have been more than compensated by the
increase of national bank paper, and paper
currency, therefore, still maintains its su-
premest bulk.
Yet in Great Britain, $l85 900 900 is equal
to all ordinary demands though its business
is twice as great as ours. He shows from the
records Of leading business house in Lon
don that but a small part Of its business
ceipts per cent. was in bank notes, 3 in
gold and silver, 80 in checks and drafts, and
Of its payments per cent. was in bank
notes, in gold and silver, and 81 in checks
and bills of exchange. So in New York, in
one day, in 1868, transactions Of $9l ,29l ,43l
were made with but $780,, 1896 in money
and in 1854 the bank exchanges were IS ,362,-
9l2,O99, and the money balances less than
million day. Well may Mr.. MORRILL, say,
"If it we're not mischievous, it would be
ridiculous to claim that there is any neces-
sity for the continuance of our present ex-
cessive amount Of paper money"
Towards the close Of his speech, too, Mr..
MORRILL, also warns us Of the fact that our
great eras Of financial distress have occurred
lust at the moment when we have had the max
imum amount Of paper money imitation, and
when we were at profound peace with oil the
world.
LAGER BEER has fallen to five cents glass