Bellows Falls times. [volume] (Bellows Falls, Vt.) 1856-1965, 1867-12-27
MIR. Morrill, on the Finances.


On Wednesday, in the Senate, Mr.. Nor
rill of Vermont, called up his bill for the
resumption of specie payment in 1869,
and spoke at lensth in its support. lie
said he had faith in the efficacy of the
proposition to do adj it proposes to do on
its face. He believed it would make ab-
sole'e any question as TO the impregnabil-
| ity of the public faith. It would silence
the demagogues who pirate about the cur
rency for bondholders and a cheaper one
for pensioners and day laborers. 1t would
extinguish the fear which d,preciated pa
per money begets OF an ultimate bastardy
and disownmen: by its own progenitors. 1t
would put the real capital of the country
permanently at work. 1t would make our
National Banks really national, and no
longer perverted to private speculations !;
and most important, it would at once re-
duce Government expenditures, largely
reduce taxation, and by increasing the pro-
uuttNC po"Oi VI thC
millions to the national wealth.
If, said Mr.. Morrill,, " we would REIN
state the dropping energies of our people,
and enable them to pay taxes easily, let us
give them sound currency. Failing in
this, we shall fall short, attempt what we
may. Within the last two years we have
surrendered internal taxes which might
have yielded, had they not been repealed,
$125,000,0 900, OF more than half of all we
collected in 1865, or should under existing
laws in 1868. This should be counted as
some relief, and what more is possible must
now be granted"
The first thing to be done, in his opin-
ion was TO sharply curtail all government
expenditures. This he thought could be
safely done in almost every direction; this
would at once reduce taxation, and the
| necessary revenue could be obtained from
half a dozen articles.
Next the eurrency needed attention.
He did not propose TO retire the legal ten
der currency with mercless rigor, but TO
raise it to par, and quietly retire it when
no longer useful. 1t might require some
years TO do this completely; but when it
was raised to par value, the great evil of
it would be overcome. Let the country
have seasonable notice Of the purpose of
Government to do this, and it would grad
ually andAquietly adjust itself to the new
order Of things. Hence, the first section
of bis bill fixed day, and that sufficiently
remote to make all necessary adjustments
for its coming, on which specie payments
should be renewed. .tt ~
The present general stagnation in busi-
ness rendered this particularly favorable
! time for action, as the revulsion would be
comparatively slight in returning to specie
prices from the present depressed prices
Of most articles. Our most vulnerable
point would be the foreign exchanges, and
this point was never more strongly forti
! fed than now. There was no danger thai
imports will be swelled so as to turn ex
change against US. On the other band oul
exports have rarely been in more prom
, ising condition. Our exports Sr the fon
months preceding August 81, 1867, "a
currency value were S146,72s,Sef' or az
: the rate Of S437, ,1S5,092 per @nnum.
He thought there was no danger oil any
/ deficiency of gold II it could De set iref
from its present confinement, he though
. ,here would be found at least $4,000, 600,
= 600 Of the precious metals in the country
a Money will not be less abundant after pa
), per shall have been elevated to The ram
:. of cash than it was before. 10 the spec''
: must be added $500, 100000 Of Nationa