New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1867-01-25
MP 1foRRILL ON RESUMPTIOM

MR. MORRILL, ON RESUMPTION
IN the intense excitement of politics, thoughtful
man do not forget another subject of even more
imnortance than the immediate restoration OF
the Southern States These may stay as they
are-not without serious injury to the whole
country, it is true-but our finances cannot con-
tinue as they are and the alternative Is improve
ment or ruin. States may prosper without
representation In Congress- but the business
of the country cannot be established upon
an irredeemable paper currency. We earnestly
hope that the speech Of the Hon. Justin s.
Morrill,, delivered In the House yesterday, and
printed In full on the second page of this
mornings paper, will convince Congress Of, the
necessity of making immediate preparation for
contraction. Mr.. Morrill's argument Is thorough
and irrefutable; we believe the majority of
Congress admits it, yet the first step to enforce
It's conclusions has not been taken, and there
is danger that the subject will continue to be
neglected for others Of far less pressing I'M
pOrtance.
Mr.. Morrill, might well express o feeling Of
modification that the necessity of contraction
should require sober argument, or that any one
could "espouse the cause Of an endless reign Of
"paper currency, of which 1t takes one dollar
"and thirty, forty, or fifty cents to buy a
dollar in specie.n The condition of business in
the United States is sufficient, without argu-
ment, to answer the theories OF those who be-
| leve that the immense volume Of paper cur
rency is not more than we need, and that the
abundance of such O substitute for specie
is proof of prosperity. We must even
buy our iron ships In Europe, because
| no American can afford to make them.
| Our manufacturers cannot compete with those
of England. A nominal increase of values has
unsettled all business and oil prices. The
value of production, Of manufacture, of profits,
of losses, is beyond exact calculation. A shift
| ing standard has made even economy diff
cult, and the abundance Of paper
discourages honest industry and fosters
speculation. Even the Government, in the
easy manufacture of money out of national
credit, spends millions of paper with little
reference to their value in specie. III the
country is not in one sense unprospsrous, 1t Is
in spite of the burden of currency, not because
of it, and every month adds to the proof that
we can only escape vast evils in the future by
resumption Of specie payments and the con-
traction Of the currency to the legitimate needs
of business
Mr.. MoriIl's statistics. show that the total
amount Of paper currency now in use, In
GLIDING legal tenders, national bank notes,
| compound interest notes, etc, Is $685.
29O,551, or nearly One Thousand Millions.
In 1852 the total of paper currency was but
$184, 900. Can IL be contended that bust
ness requires such an enormous increased The
very depreciation of the currency il an answer
its excess diminishes its value, and prices rise
as the value sinks. blr. Morrill, shows that the
increased production Of gold and silver is tend
ing to the steady depreciation of specie itself,
while the coinage Of the United States in COM
parsOn with European standards Is debased.
How, then, does our paper money stand when
the standard itself is degiadedf A Chinese
nation may fix arbitrary standards, but the
Americans, q commercial people, cannot prosper
with currency which is terribly discounted in
every market, and even refused in our own
gold States on the Pacific.
This excess of paper money is the legacy of
the Rebellion; but it is folly to plead the evils
Of war as an excuse for the blunders Of peace.
Resumption should have begun in 1865. That
it was not attempted then is all the more
reason that it should begin In 1867, and In Mr..
l hlOIIllb OpiUlOu utNtI Hlltll NO hhfO a ihOAO
"auspiciOus moment to initiate measures for q
"vigorous retirement of the excess of our pa
"per currency" That opinion is ours also. We
ought to begin to-day. Credits are not I'M
usually expanded, and the people generally are
free from debt. To postpone resumption is to
tempt the country into extravaganza, and to
risk, and, in fact, compel change of this favOra-
BILE condition. We know that our paper currency
is well based on national credit, and admit the
blessings Of It's uniformity. The danger is in
its irredeemable character, and in the excess
of issues, monstrously disprOportiOnate to specie,
and business needs. Mr. Morrill,, who is GER
tainly determined opponent of the politics OF
the Secretary of the Treasury, sustains that
great policy of resumption which is the chief
hold of Mr.. McCullOch's administration upon
the confidence of the people Politics should
not prevent all sound thinkers from urging its
immediate adoption. In offering this unan-
swerable argument Mr. Morrill, has done the
country good service, and Congress will be
held to stern responsibility if it refuses to
heed his warnings
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A dispatch from Washington informed lis
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