Rutland weekly herald. [volume] (Rutland, Vt.) 1859-1877, 1867-02-07

When we were al PROFOUND peace Win
all the world, Mr.. Morrill, concluded as
follows;
II Is often said that the United
States, If the legal.tender issue were
withdrawn, would be loser by the
amount OF increased interest. The CON-
mercial health ofthe country is of ten
fold more value than S24 100000 to the
government. With inconvertible paper
health is impossible, but with health
We could easily negotiate all loans for
ouesixth less interest. The $500, OOO,-
600 of national bank currency THAI
would then be convertible being over
ffty per cent more than we had In 1860,
would be an ample supply for the wants
of trade But while We are betogged
with paper currency redeemable In
other paper currency and that not re-
deemable at all-the worst conceivable
form of inflation-Congress will make
lavish appropriations and the expend-
lures of the government will be unnec-
essarily expanded at every session far
more thar any loss to be incurred on the
score of interest by funding the United
States notes. AS legislators we come
to hold money cheap, Familiarity with
millions has bred a contempt for paltry
sums, and II seems cowardice to shrink
from any proposal merely because the
figures are larger than would once have
| sutlced. Put Off the day of payment
aud we count large sums as trities, for
getting that each dollar OF every million
will cost some one of our Countrymen
the sweat OF a hard days work, 1t Is
the golden moment for the party now
in power TO turn it's attention TO the
! dry subject of economy and stem the
tide flowing out from the treasury, for
the day will approach when our course
| will not fail to be reviewed by tax
| payers. If we cannot now reduce tax
alton largely, we can do much more by
largely reducing our appropriations. If
we prevent all rates upon the treasury
we shall entitle ourselves TO imperish-
able gratitude.
From the facts TO which | have
| already called the attention of the House
/ it would appear to be demonstrated
that the simultaneous discovery of new
! auriferOus deposits in various parts Of
| the world, Of marvellous extent and rich
ness, has rapidly and forever depressed
the standard value of gold, whether as a
currency or as a commodity throughout
all civilized nations, and that the United
States standard of the precious metals
used as currency has been deprecated
from time to time, either by alloy or
diminished weight, until it compares
unfavOrably with that Of other nations ;
that while we have already entirely ex-
tinguished or proposed to extinguish the
circulation Of State banks we have sup
piled its place and much more by the
creation of q family of national banks,
whose issues alone are one hundred mil
lions greater than the circulation dis
placed-issues everywhere practically
irredeemable and incOnvertible, and only
claiming to be convertible at some time
or other into other paper currency OF
still larger proportions, which the gov
eminent will in some way and at some
time redeem, if it does not choose in
stead to go more deeply into the mo-
nOpoly of fancy cOlOred paper money ;
that deposits, bills of exchange, and
checks Of individuals really possess in
commercial transactions all the func-
tiOns of bank note currency, and in
luOuClD tluIGS ulC uSCNA db lCd5G BlhC
times more extensively, aud therefore
in proportion to the business Of the
world, for less money is actually re.
qulred than formerly that the rapidity
of the circulation of money, or whatever
Circulates as money greatly magnltieS
any currency which may be used in the
United States that the immensely Of
our paper money circulation tends tC
the spread of unthrfty habits and in
duCes extravaganza on the part of Con
gress and the executive departments, as
well as Of the people that postpone.
ment of the time Of reduction will fine
our people less prepared more deeply il
debt, the banks with a heavier line O
discounts, and the credit system more
expanded everywhere than now for {
wise steady and prudent adherence t
the idea Of an early resumption anc
without the cardinal idea always il
front We are in danger, in the face of {
diminishing revenue, Of no resumption
at all.
A violent or abrupt contraction OF tn
present volume of paper currency nigh
not be adviable, and with the ever pres
ent interest of the treasury urging thu
maintenance of an easy money market
there is no danger of its occurrence, bu
moderate and persistent contraction
ofthe food within its old embankment
is advisable in order to restore health
and vigor to languishiug industries an(
in order TO build up our greatness as
nation upon that impregnable founda
tion for which the material, not NOR
precious than solid, has Oean placed b,
Providence within our reach and il
greater abundance than is TO be foun(
in all the countries beside. We hav
just emerged from a most expensive war
and ought to exhibit that spirit which
success justly inspires, graphing will
the financial difficulties remaining a
part of our inheritance with the courag
that conquers and thus secure the vita
interests of our own people while W
, challenge the respect Of foreign nations