Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1867-12-13
The finances.

ne euultl GliL u tut III .ilfAlllAlt ~ b-s4-
ness is received by the country with a feel
ing of relief, and Of encouragement in the
hope that Congress will now address itself
earnestly and successfully TO the great inan-
cIsI questions Of the day. The alarm and dis
tress among business men at the CONNER
cial centres Is very great, and Is extending
BY natural consequence throughout the
country The miBis Of the people are tu-n
Ing strongly from the political to the fnan-
cial problems Of our condition. Re,rench-
men; OF e1traYsgant and useless national
EXPENDITURES reduction Of taxation and
above all the establishment Of some sound
and static system Of national Finance, I'M
er-whish confidence can be restored and
business revive. are imperauyely demanded.
To these questions We are glad 10 zee the
representatives Of Vermont addressing them
selves. Senator Edmunds took the fret
practicable moment TO introduce a resolution
intended 70 set at res: all apprehension that
the I >. U-hu1 VIII Hvs NI pau III eptSiIf
and has since supported It in long and
able lpecch We should be glad, did our
space admit to copy it from the CJngresslon-
al GloJe but there l. the less need Of that
because here in Vermont the views Of Pen
dleton ami Butler find lrttle currency among
the people In this speech, Mr.. Edmunds
after thorough collation. OF the Acts II
Congress, the declarations of Treasury eli
cials, and the opinions of high financial au-
thori'ics, reaches the following clear con-
illusions:
l. That the public faith is clearly pledged
to this payment (in coin) by tie words of
the statutes alone.
. That whether 81 OF not the c1ntemp1r-
aneous Interpretation OF these statutes on
their enactment and in the public action Of
the officers and agents Of the Government
under them binds Us by every c0nsideratian
that cau appeal TO our honor 10 stand by
that Interpretation
8 That considerations OF the highest ex-
pedieucy. Independent Of our contracts.
compel US to pay in real money rather than |
70 expose the people TO the disasters that |
must follow the lnfusnz OF many millions |
more OF deprecated. ard in such case |
constantly depreciating, currency in the 4
channels of business
T. That the payment IN real monty, OF |
rather tie formal ADMISSION Of our duty - |
t. d0-.or IN that case the actual payment .
can be made as gradual a. l. d,-ircd-iu- .
wolves not one currency for the bond-holier .
and another for the people. not " gold Tor .
one and rags for another a. the cry of .
some L. no denial Of the fact that &c money .
good enough fOr the soldier and l4bIrc- j.
good enough for the bond-h0lder, Jut Il H.
wolves the certain consequence OF making in
a short time all TIE paper currency Of the
country convertible into gold and silver at
par, II the hands Of all.
These conclusions seem 70 Is 10 be sound,
and We trust and expect that the resolution
viii be adopted.
Senator Morrill, Of this State has also IN
troduced an important bill l-oking TO the
resumption Of specie payments. Itprovides,
first, that on and after July /, 1869 all the
United States notes not bearing interest and
commonly called e. legal tenders, shall be
paid IN coin on presentation to the Treasury;
second. that until that date. whenever there
Is q surplus Of over seventy-dye millions in
gold in the Treasury, the excess above that
sum shall be sold for L. ;. notes and notes
OF the National banks third, that the Ma
tional Banks hereafter be required TO hold
In coin all interest received on the L. 5.
bonds deposited by them wi,h the Treasurer
of the United States; and, fourth, that the
National Banks, on and after July I, 1869,
shall redeem IN coin all their bills Of $ and
under, on presentation at their counters, On
penalty of forfeiture Of charter.
This would amount, practically, to an en-
tire resumption 90: specie payments through
put the country. The bill was set down for
Consideration Dec II, wien Mr.. Morrill, was
10 support it. and give his financial views to
the country.