Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1867-12-18
CONGRESSIONAL,
SRI 0fE Pa M + N Y 5
SPEECH OF MIR. MORRILL, or VERMONT,

SPEECH or Mr.. MORRILL, OF VERMONT,
In u. s. Senate, Dec. H., 1867.
Mr.. PREsiDRNr: The present hill was intro
duced with the hope after i shall have been re-
ferred 70 the Committee on Finance and be there
perfectcd of reaching practical remedy for some
of the evils which at present TO distract the
mind and emharrass the industry of the people.
have faith in the efficacy Of the proposition 70 do
all IL proposes to do on its face II IT does that u
will do much 1t will make obsolete any question
as TO the impreguability Of the public faith IL
will silence the demagogues who pirate about one
currency for bondholders and cheaper one for
pensioners and day laborers. II will eNtinguish
the fear which deprecated paper money begets OF
ultimate bastardy and disownment by its own pro-
genitors. 1t will put the real capital OF the coun-
try permanently at work twill make it possible
70 adjust our tariff on fixed principles. 1t will
make our National banks really National, and no
longer institutions extensively perverted TO pm
vate specuatons And last and most important
il will, by at once reducing Government eNpend-
lures, and the cry for increased pay, largely re-
duce taxation, and by increasing the productive
power of the country now held the fettered slave
Of every cash paying nation OF the world, 1t Will
add untold millions to the national wealth. II we
would resuscitate the dropping energies Of our
people and enable them 10 pay taxes easily let us
give them a sound currency, not inferior to any
in the world. Most unquestionaby this is one OF
the first and highest duties Of Legislators. Pail
ing in this we shall fall short, attempt what we
may.
An increase of currency adds nothing to the
capital Of the country, but by its very increase
creates a wild and disordered demand for (which,
though profusey fed, can never be wholly salts
fed. Not unlike the drunkard's thirst. still
quenched no matter how much the man drink, the
thirst for paper money expansion cannot be cured
by expansion.
The subjects we are most urgently called upon
TO discuss the public debt, the currency and
taxation. Fortunately we can do this when our
people, unlike those of France and England, are
not clamoring for bread The harvest for the
season is over, and If not a very great one is GER
tainy not deficient one. For our own
have enough and something to spare. Our mines
steadily increase in number and in their products.
Our manufacturers and merchants, If doing
business less remuneratiye in consequence OF over
estimating Southern ability for consumption and
Understanding the recent pressure from over
production in foreign markets, have by adhering
20 the pay-as- you-go system, maintained a solid
credit, and are in no danger Of bankruptcy. On
the whole, the material interests of The country
are in a more prosperous condition than could
have been reasonably anticipated so carly after
the conclusion of a long and expensive war. II
there is discomfort with taxation, even when it is
enforced at the minimum rate, as there always will
be more or less, it is not extraordinary that there
should be murmurs while it has only just begun TO
recede from the maximum rate. Larger evils hav-
Within the last two years we have surrendered
internal taxes which might have yielded, had they
not been repealed, $1,000 900, more than
half of all we collected in 1860, should, under
existing laws, in 1868. This should be counted
as some relief, and what more is possible must
now be granted. II is common for some who have
not even passed through the hon-book of taxa
ton, and | am sorry TO say for some from whom
less hippancy might have been expected, to de
nounce the system Of taxation to which Congress
resorted in a sudden and great emergency as in
tolerable and even " eXecrable.n The fact that
for four years its great purpose Of sustaining the
credit of the countryswas secured is wholly kept
in the background. The fact that in two years
after the close of the wGr, from September,
1865, notwithstanding the reduction Of rates and
the numerous exemptions granted, il furnished
means to pay S26G, lS6, 12l As Of the debt is
quite ignored. The fact, in spite of the heavy
burden Of continuous taxation and the prodigious
withdrawal of labor to the field of war. that
people steadily increased their wealth for five
cessive years, is never alluded to. The fact that
its distribution was fairly and equitably made
that no section or State has ever complained of |
inequality is not even mentioned. To be sure
some Of these critical GROWERS have themselves |
proposed schemes Of taxation, but it is profound |
ly TO be hoped that the country may never be 80 |
unfortunate as TO be compelled to put them to any |
practical test. The present internal revenue law,
permanent system, need not be argued as
perfect. Its defects in time of peace, which may ,
be readily seen, are not, however, rremediable |
But the past is secure 1t success, though !
the soured passion of dsloyalty howed then and |
whimpers now. After emancipation, during this
memorable epoch there has been work done
by Congress-and Congress worked this sub
ject almost as a unit-whcb will receive more
honorable mention in future history.
But our present solicitude is to tighten taxation.
This is more pleasant labor for us and more ag-
reeable TO our constituents than the unrelenting
task of searching for new objects from which to
wiring an increase of revenue, and have no doubt
OF its successful accomplishment.
First, there should be, will not say ferocious,
but will say, as have heretofore often said
sharp curtaiment of all government expenditures.
or pensions and for small increase Of the army,
something must be added, but beyond that let us
return to the scale existing before the war. We
reduce expenses in almost every direction
without injury to the public service. 1t may be
advisable to pay revenue officers literally and
then have penal statutes TO send every one who
may be guilty Of fraud or pecuation TO the cell
provided for criminals without 6eneft Of Clergy
and beyond the hope of pardon
This being done, it will be no longer folly to
strive to obtain such revenues may need
from hall a dozen articles. At the outset not only
were these identical articles strained to their ut
most point of productions, but there had TO be an
indiscrminate muster for duty of the entire indus
try OF the country. Nothing less would insure
success and prevent the loud camor which CON
trary would have raised against the class
of eAempts. In the money circles we had no
friends abroad and those at home, unused 10 such
perils, stood back aghast, and the government had
TO rely upon the power TO lay and collect taxes
Now, with machinery somewhat perfected and
with our wants compressed and fixed, we may
hope long to obtain from few articles all that
may be needed for ordinary expenditures.
The next question which seems ordained TO vex
the public is that of the currency, and upon this
there many masters dead, many more
living, that can scarcely hope for patient hear
ing, before a body to whom the subject is not
new, and especially shall not attempt to please
the ear, but rather appeal to the sober sense of
the Senate. An nconvertible currency never has
been and never will be successfully employed, un-
less strictly used for a temporary purpose and rig
idly limited in its duration. IL there has been,
tell me when and whereP Ii is possible the case
Of Great Britain may be cited during the twenty
years war against Napoleon. but the British gov
eminent issued no legal tenders and nothing at all
to pass as money Of any sort. There was re-
striction imposed on the bank of England in 1897
against paying cash or specie for IT'S notes the
bank all the while doing nothing but legitimate
banking business, not much expanding its issues,
lending very little TO the government, and keep
ing its bills at par, about par, with gold for ten
years thereafter; and yet Mr.. Pitt studiously and