Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1867-01-30
N-nnnrrssional.
CURRENCY AND FINANCES.
SPEECH OF non. }. S MORRILL, OF i


yooefe y ccie payments and those who iaNtr pare
MONEY would TX accurate bounds 20 no meaning o
their words they might he found apart but not 80 ia
apsrt a. they tbtms,iv,s tuplose 1hose who are f,
resumption DO rot mean forthwith, aud those who Ar
against it do not ntan northampton forever lie
them explain their positions and ih,S would be uesfC
together than they afe nov but while hey indulge II
loose talk they are as lar AZ art 49, the poles.
II is tue, fetumpuon oi fItcie payments by III,
Government oantot be obtained untl there IL SC m'
cufailmut IN he circulation a htlt talionder notes
tay 100000 COO, nor ltihsps until hy II l,trp h'
tariff we check the Outgoing OF California gold. But
when resumption q, es occur, It will At once unl,c OK
large amount Of specie hitherto Withdrawn from citcu-
latOn and, price, ltiur also reduced, ss amount Of
currency will he ROUND No dubtrout eject need
follow II the PEOPLE aud the Secretary Of the Treasury
only ,xetcite a ctmmon piudeIce. All t1feoi the
country TO face rttUmItun at some tine; and Il n AZ
ter all hut question as to what time will he the best
nnd productive Of the least amo unit of inentenence
The who have faith the resurrection Of gold sud
silver say sbal never have better time thsu
Thote who have felt the ftucufyne effect Of food Of
paper munty-iis first glow ~ Expanding prices and
lite quiet mode Of sealing dtbt-behove its pot,ncy
inc1haustble and demand that the food shall never
tubside
F1r my own rart. / an persuaded 10 We start nov
We shall not reach The goal Of resumption any earlier
than the most devoted patrons Of al exclusively psper
money System would wish.
In when prices nave universally risen II is
matter Of congraiulaiion that the value OF man has
risen most Of all. Skilled ishor-the hand guided by
educated brains snd free willis appreciated The
world hsgns to find room for all her children, and
will good and willing woikmen be forced to beg
for employ meDt Whether paid in paper or gold. the
wages Of man will rule higher Tor every slave that has
been emsncpattd. On the return Of specie payments
the rank Of labor will be more than relatively main
tanned
Finance to he,a utiect which inspires al men,
and each il persuaded of the iniahblity Of his
own gospel The financial condition OF no nation or
individual lie ever sound that it may not he i'm
proved; and II admitted To- lie untound the volunteer
dc ctors and wet and dry nurtes, painfully prolific,
propose remedies a. be dreaded than any malady
II s curious, too to observe what progIest made IN
the science Of westh Classic standards longer
authority, and two ard two no longer make four 10
appreciate this progress one must turn his back uIun
Franklin and Hamilton and Galletin They believed
that labor crested wealth and thstihe public debt could
be paid only by proper taxation The new school,
however trutt much 10 the miraculous ,iiosoy Of pa
per currency. Hand in hand with hst, the labOGtr il
taught that he much IN six houIs as he
once earned in ten or twelve or that il he Is worthy Of
the age he need not work at all Again. that with this
invention diligently used, taxation, always great
bore, may be handed over 20 posterty OF any Parry
who likes 1t regret that have such pleasing
theories and no such deusiye nostIums. | have no
dream that We add to the wealth OF the couAuy by
any oontriyAn'~ 10 ompsned by honest alor, nor
that we attain public credit without taxes
or by ~,,nuut works. Let us rather strive 20 give
70 lsbor Us largest constant remuneration and equal
ly strive 10 sustain the Government by tie smallest
amount Of taxation.
while some Of the sbest inteects in France and
England are seeking road by which to escape the
eyils-the Losses and hsEnds-Of even a mixed cLtren-
cy. while they are becoming buonisis pure and SIM
pie, we have some who should be Statesmen study
ing schemes by which TO perpetuate the ptodigs use
Of that Government paper which WAS engendered by
gigantic war
speech on financial questions, bestudded with facts
and figures know possesses few attractions compared
with the many immediate and remote problems that
arise the great topic of reconstruction, and yet the
subject is now one OF even more pressing importance
IL the sinners Of the South afford delay repent
anee, we can aiord to wait. shall not ask any one
here 10 adopt my arguments, which may be poor, but
the facts presented hope may have more to recon-
mend them.
Nav.r was ~ rnoro ;,,ro,tsn4 ,h.n NOS. a. -. 40
should fix our tax and revenue system upon stable
bass-to stand for IA series Of yeArs-hut, 1t pol
cal condition did not forbid this the uDfunded nation
81 debt, and, above ALL the immente volume of nation
al bank and legal-teDder currency, will not permit IL
Ere this ought TO have been sailing smooth teas;
but beyond some palpeble rocks which may be avoided
il choose Whist UNEMPLOYED dangers lie in path
II is almost impossible 10 ioree, and yet all contin
genoes must be provided for. Our destiny is to be
great and powerful nation, or, if not that then to
follow in the long procession OF extinct republics -
There can be no middle ground The United States
mutt be grand Power among the nations of the earth
or nothing. The first sign OF exhaustion the first
stumble OF deorepiude will be the signal for all Of our
foes TO unite in crushing out our national existence
We lust not forget in finding cruel enemies ut home,
also have been furnished with superintendent evil
dence that those who govern foreign nations by
means our friends, but the contrary they have ex
hbited savsgejoy every blow which made freedom
shrek retarded the TRIUMPH of tho principles and
supporters Of republican Government.
Earnestly seeking peace and believing honorable
peace possible, we yet may be hrted into war We
ourselves with all our might II our financial cundl-
ton is only sound easily bear the strain but
until we have our debts solidy funded, until they
held where they will not leap into the market and
crush al domestic credits at the first croakings OF
alarm, an addition Of another thousand millions of
debt is to be avoided A war to be supported by an
inflated currency is devoutly TO be Stunned do not
like the idea of being under perpetual bonds 10 keep
the eaoe and therefore 1t Is highest duty insist
first and everywhere, rigid economy; and second,
to restore our finances to the normal conditonto the
specie standard-st the earliest practicable moment
Producing more gold and silver than all the rest Of
the world let us not endure the reprosoh that do
not know how TO keep II after have got it, Able
bring into the field the mighties Of armies, let also
be equally strong in our means OF indefinite and lode
pendent support. Let any who may seek with
us know from the outset that it will be commensur
ate with physics. and geographical proportions
and in no way inferior to OUT great history.
latter showing that the expenditures for the year
may be about $500 900 900 for INTEREST," government
expenses, pensions, bounties 80. and that citi
will spend half that amount in visiting Europe,
Mr.. NJ continued in reference 20 the last item i
This will swallow up the entire production of all our
gold and silver mines for the year come or what is
more likely its equivalent in United States bonds to
be disposed OF as the exieences of individuals may
quire. Such drain may be ll-timed but there is no
escape from It, For the present our lesson nation
is economy, rest, abstinence. Hereafter may
yenge Ourselves by calling worlds convention S.
Louis or upon the summit Of the Rocky Mountains
| know that excellent men entertain much affection
for paper ney, although at the time of its
recent introduction dreamed Of its present overgrown
~
extrencies OF the Government Its use, justified only
by an overwhelming necessity, was TO be terminated
with the first dawn Of peace confess a feeling al
most of modification in having the conviction that
this question requires sober arg before an Amer
Congress How any friend OF American industry
espoute the of endless reign OF paper
currency, of which it takes dollar and thirty for
ty, fifty cents to buy dollar an specie, is TO me
incomprehensible Iron ships are rapidly coming in
TO use, but they be built abroad aud empoye Tor
one-halt the price they here. VIII any American
build iron ship Tenements for rent, unless arta
having capital, and no poor man dares for moment
TO indulge the idea of building house an home -
Although all other circumstances, only depre
ciaed currency, indicate disposition and warrant in
all parts OF our country, North and South, East /
such actually started Men will expect
ed
Some gentlemen think that the premium on gold
paid by the importers ia ample compensation for all
the grefs OF American people. Never there a
greater fallacy. When the wants Of the Government
created both demand and prices for goods; when
II easier to sell than to buys before labor
that Of gold, then manufacturers reapng prince
on hand. All that Is changed Now material has
been consumed and labor has advanced, but prices OF
finished manufactures have reoeded and still re-
ceding. Many mills have slready suspended and 9TH
ert are working ON short time. Certainly to embark
the great tIaetons Of the West OF the South can
nNuaN ha I'D o.