Green-Mountain freeman. [volume] (Montpelier, Vt.) 1844-1884, 1868-03-11
speech of Senator Morrill, of Yer
mont.

IN defend his own castle as to attack that OF
others. and not to cvade that kind of rcspon-
sibilitv; and as | may, before | get through,
indulge somewhat in our national luxury of
fault-fnding, [ will give summary of some
aronositions which TO me seem most import
ant to our welfare at the present moment:
First. \ reduction of expenditures to the
lowest reasonable point, such as will compel
every department to live from hand to mouth
and without any surplus.
Second. \ reduction at once of taxation,
proportionately, leaving it only certain that
something shall be annuity paid on the pub
lie debt
Third Some initiatory measure looking to
an carly restoration of gold and silver coin
10 its proper function Of circulation among
the people.
Fourth An extension Of the national
Ianking system, 50 as to accommodate all
parts of the country, whenever United States
notes are returned or specie payments re
sumej.
Fifth. \ new loan to absorb the national
debt mt a lower rate of interest.
IMPRESSED with the idea that the policy
here roughly outlined Is most essential to our
1,rnprietv. and that anything else will prove
detrimental. I shall earnestly favor all meas
frcs. bv whomesOever introduced, tending in
the direction indicated, and earnestly OPP
uoSe whatever leads elsewhere.
! listened, as | always do, with much in
tercst to the able speech of the distinguished
Chairman of the Committee ON Finance, and
there was 50 much in it to be approved that
I could not but regret that he did not leave
out some passages, not necessary as argu-
Inents. and inconclusive if intended as
threats | approve IF the first section of the
bill. which proposes to offer a loan at a lower
rate If interest than that we now pay and
success can he achieved Ill negotiating such a
loan. hv proving that our credit deserves to
stand i'm the very front rank Of the debt-owing
nations. But / depl0rc and reject the idea
that il can be won and carried by the logic
Of terror. which is to persuade by its pain
our creditors to accept this proposition or
io worse No. Let Us persuade them that
VIC are no longer sick that we are getting
we'll and If they do not wish to hold bonds
anon the terms now offered, it Is all at their
ontion. but that there are enough who will.
That Is nay theory, and do not expect TO
svcrvc from it in practice. On the score OF
true economy there is no doubt. as 1t seems
t. me of its being more profitable, as well
rs honorable. for the nation to adhere TO the
idea that better terms can he obtained by
uruppinr up tie public credit with faith and
.-,od works than bv shooting an arrow at its
most vulnerable part | will not do the
honorable Senator injustice (ior L have no
doubt me spoke from firm convictions Of duty }
hut shall quote not the precise language, but
thc substance of the position named by him
b. lie claims that there Is a reasonable
d,,bt whether we have not the right To pay
tie fiyc-twentics in srccnbacks and he has
rlo doubt that equity and Justice viii be am
Div satisfied if we redeem these bonds in the
same kind Of money. Of the same value 1t
bore at the time they were issued.
g. lie admits there was a positive contract
under which these bonds We're issued, limit
ine grccuhucks u the amount then author
ized. and hence that any increase TO pay oil
TIE. livc-twentics in such currency would be
a plain palpablc violation of a public engage
ment. which We cannot and dare not do, and
which no man can Justify
g. Then he says-with great emphasis
that IT this new five per cent. loan should be
rejected. he viii vote to redeem maturing
bonds in greenbacks.
These declarations are frankly made and
coming from SO high source, in spite of the
disclaimer that they are not 50 intended
must create some alarm among timid holders
Of United states bonds. and the market may
he temporarily glutted by sellers to the in
Jury of public credit. If we have, as the
senator says, the right TO pay bonds III green
hacks-but al the same time have no right
o. 4--ttC enough gLtttEdthS ~ tAC II,
not do it do not see the potency of the
notice that if the terms of this bill should
lie rejected the Senator will vote to redeem
the five-twcnty bonds in greenhacks. lt /;
olyious that 300 .0O0 900 of greenback'
will not nav 900 900 900 of bonds, and
unless stark reputation is the next spectre
To be :. coniured up to scar our eyeballs, the
.-rccniacks must themselves be paid in the
end dollar for dollar. But | quit a topi'
which appears to plague us before its time
and which certainly does not seem to have
any proper relation to a simple proposal fol
new five per cent. loan, though calculated
to crack its character and to defeat It's prac
teal success.
1t is Iamentable that the great money ques
tion of the country, touching all men alike
should be- in any respect, the football 0
partv. but there appears no escape from 1t
In a republic. parties are inevitable, an'
furnish tie best instrumentalItlcs Tor tn
urauer Guidance Of free government, ant
vet the current issues Of the day are Otter
Of minor importance and only Occasionall,
in historic periods do we see divisions made
upon great fundamental principles 1t !
itIst that the party in the undisputed ascend
cncv should be held responsible for the meas
urcs adopted. The party III the maJorlt.
has the election Of its own measures, an
without much heed as TO what they are, ma
generally count upon the persistent opposi
tiOn of any minority.
The Union party has robust honesty, a
well as patriotism and courage, and 1t WI
not commit the fatal bIunder of surrender
ING the yerv citadel of our strength-ou
uublic credit-to those who drew the swor
and lost everything in the bloody arbltrf
ment Of the field of battle. Let us, ther
frame our measures on principles that wi
4 "A los
of the nominee Of the Democratic party fC
the Presidency. If they want a shin plastt
candidate let them trot him out. We can q
better.
The first section of this bill, providing fc
a loan Mt an interest not exceeding five p'
cent. per annum 1t seems to me desirable
pass Ii we had taken a different course
and first tried to rcestablish our credit on q
impregnablc foundation, and restore the Gu
r,ncv TO 4 sound condition, it would ha
been more in harmony with my ideas
what our circumstances require and L ST.
think it would have given us greater adva
tsges in funding out the national debt at
lower rate of interest But the discussiC
of the subject here and elsewhere has dl
closed such an exubcrance of contradiction
theories (sOme OF which for our own cred
itmight have been better to have suppressed
that [ have reached the conclusion that
loan at five per cent at the present time
the best that we now negotiate; al
that unless this shall be accepted we mu
continue for some time longer to pay o.
present high rates Of interest. This, If a
cepted, Will give us prompt relief to {
extent of about seventeen or eighteen m
lion dollars annually. The rate of five p
cent interest, with exemption from taxatI
Is doubtless preferable to six per cent, WI
tata rf he .nht
taxation TO the extent of one per cent,
the whole amount is saved to the genel