Bellows Falls times. [volume] (Bellows Falls, Vt.) 1856-1965, 1867-02-08
NNisfellauu.
A Return to Specie Payment.
SPEECH OF non. j. S. MORRILL,.

On Thursday, Jan. oath, Hon. ]. S.
MORRILL,, of Vermont, made powerful
speech in the House, on the subject Of
contraction, and an early return to specie
basis. Speaking of paper money he says
II know that excellent men entertain
much affection for paper money although
not one at the time of its recent introduc-
ton dreamed of its present overgrown
proportions, nor of using it beyond the
immediate war exigencies Of the govern
ment. It's use, justified only by an over
whelming necessity, was to be terminated
with the first dawn of peace. l confess to
feeling almost of modification in having
the conviction that this question requires
sober argument before an American Con-
gress. How any friend of American in
dustry can espouse the cause of an endless
reign of paper currency, of which it takes
one dollar and thirty. forty, or fifty cents
to buy dollar in specie, is TO me incom-
prehensible. Iron ships are rapidly COM
ing into use, but they can be built abroad
and employed for one-half the price they
cost here. Will any American build an
iron ship? Tenem n,s for rent un'ess
already built are no longer favorite invest
ments for men having capital, and no poor
man dares for moment to indulge the
idea of building house and a home.
Although all other circumstances. save
only our deprecated currency, indicate
disposition and warrant in all parts of our
country, North and South, East and West,
to start new and industrial enterprises, yet
few such are actually started. Men will
not invest, expecting five years hence TO
lose one-half of the sum invested. Some
gentlemen think that the premium on gold
paid by the importers is ample comPensa-
ton for all griefs of American manufactu-
rers. Never was there greater fallacy.
When the wants of the COVER ment
created both demand and a war price for
goods; when it was easier to sell than to
buy before labor and raw m terials had
advanced to the same ratio or beyond that
of gold, then manufacturers were reaping
princely harvests from the rise OF raw
materials and stocks on hand. All that is
changed. Now raw material has been
consumed, and labor has advanced, but
prices of finished manufacturers have re-
ceded and are still receding. Many mills
ha~o alroady suspend.d, others work
ing on short time. Certainly to embark
in any new enterprise is deem hazard
Gus. Neither the great attractions of the
West nor of the South can overcome the
dreaded longevity of the race of "green-
backs" The bare difference in the cost
of the permanent capital of English wool
American gives TO the English the mas
terry and ample dividends. Six years age
a wooden mill which would have cos
! Sl,000,000 in New York or New England
could have been put up-so much cheaper
are raw materials and labor-for $500,
900 in England. Permanent investment
here which yield 1-2 per cent. per an
mum are satisfactory. Here per cent
per annum is the least that will temp
capital to such enterprises, or that woulc
any where be voluntarily accepted. To
day, the prices of bricks, iron, machinrr.
and labor have so largely increased tha
such establishments would have cost nearl
" double what it would six years ago, o
$2,000,000. The interest upon this sur
would be $4,000 per annun !; but tn
interest of the British establishment
S500,000 at 8 1-2 per cent.--is no NOR
It than 1880. Here is Sl22,500 per an
!. !, mum in favor of the British manufacture
;. a sum sufficient for very respectable div
dends, certainly, on a capital of $500
600. Is it any wonder that we have a
!. extraordinary influx of British goods, {
that all Europe last year was swept
furnish American markets? Prior to IL
war the cost of the labor. expended upo
yard of cotton cloth (64x64) was mir
mt mills, but now it is two cents and seve
mills, or three times the amount. A prin
70 er in Washington now gets S24 per wee
and works but eight hours day, whel
be formerly received Sl4 per week a
worked ten hours per day; and yet
will tell you that his condition and meal
y to support family have not been bettere
,er A ton of English railroad iron in Wales
in. now sold for f5 lbs, s27 80; but it is esl
NJ. me mated that the wages alone paid two m,
re- in Pennsylvania to produce a ton of raj
amounts TO SIS, and of this careful a
,al alysis shows S35.2S TO be expended
for them for agricultural productions.
at spite of the high rates of the figures, Il
in- laborer enjoys no more comforts th'
N, formerly. Our paper currency represer