Evening star. [volume] (Washington, D.C.) 1854-1972, 1868-12-17
CONGR ESSIONAL.
Conclusion OF Yesterdays Proc ceilings,


Conclusion OF Yesterdays Proc ceilings.
SKNATK-Afte- our report closed yesterday-
DAI. morton made most aOle speech on mis-
I'LL 20 provide Tor the resumption of specie
payment. He said the war found rs W TN gold
and silver as part Of our cIrcu latinp m sdinm
Inc great problem is 10 reintroduce into our
currency gold and silver, and to bring the Uni.
ttu states notes to par. The fluctuations in the
currency affect every avenue IN business and
every path OF life. This, together with the IA.
tai uncertainty that hangs over the fnan cial
pollcy OF the Government, causes men 10 hes
Itate before embarking in business It's nov
tne Imperative duty of Congress &c address
Isei 10 SUCH legislation whereby the Currency
Snail De put on healthy basis and business
proceed tfrough its usual channels. The ques-
tlon now to be discussed is by what policy
sPeSe payments can be resorted TO without
producing financial crashes. The director of
Tue mint In 1>61 estimated the amount of goId
IN the country at S275,O0O,OOO. But then the
oanA notes OF the North I'm States were not
current In the South, and rice rsrsd, and busi-
ness was much carried on by bills Of exchange
and promissory notes.
But now the national bank notes are of equal
NAue IN every part of the country, aad are
transported by the eN press companies to the
Smount OF hundreds of millions from one end
OF me country TO the other in payment of debts
IN view OF the increased business and popula-
non OF The country, and the increased demand
IOr the currency, II Is doubtful whether the
currency Is more redundant now than in 1850,
~hen the banks paid specie, and If not redun-
Cant there is NO necessity for contraction a.
preliminary 10 return ~ specie payment We
Leeo l9t.ttu,ttO more OF currency now than in
Sol. Gold Is like any other commodity, 1t will
always go where II is most needed, and in
every country where paper money has been
Inade legal tender, that cOunIry has been
drained OF ITS specie. Thus 1t Is that Canada
= oNerrun with American silver, and that gold
nos oeeh steadily going from our pcrls 10 Ed
rope curing The last five years. We cannot re-
tam cur gold AT home unless by IN iking de-
mdnd FOR it. The holders are not patriotic
enough 70 Keep II here unless 1t Is made their
interest so 10 do, and unless we adopt some
remedy. The greater part of the products of our
mlhes Will still go 10 England and Germany
10 swell the great resources of specie there
xs at Is ,@.d q, that we can only improve the
Prlee OF our bonds, and thar our reserved com
should D. applied 70 The pure base of our bonds
taiis LIE ne IesaIaed as entirely erroneous, and
oeheved that If we did not have bond IN ex-
Issehce our currency would sui be deprecated .
Nat Is the reason of tnIsl IL is because the
srStnoacks are not paid in the amount they
cali iOr- The Government promises TO paw so
many dollars and does not DO IL, It's faIth is
DAILY dlshOnOred, and il has BECOME so COM
mon matter that no enc now notices II. These
deprecated forms OF indebtedness bear no In
teIest- II me Government did not own a single
bOhd the value OF our currency could not be
Increased until the Government made an effort
10 redeem IL. II We take up our surplus gold
tobuy up the bonds the inevitable tendency
would be ID depTeciate the value of our cur
rency: and why. Because u would be proof
10 the world tina; the Government did not in
tend To redeem Its notes or return 10 specie
payment
The redemption of the pledge to pay the
greenbacks III money Is not only demanded by
every principle of the national honor, but
every interest OF the people. and a failure to
DO II would justly expo-e the Government TO
the contempt and scorn Of the whole world.
The Government owes a debt in gold, and i.
can only be paid in gold. The gold paid
Tor the bonds would not 90 into CiIcula-
ton, but would sink back as an article of mer-
chaudise, Just II now Is. IL applied o the
liquidation of the greenbacks, il would al once
enter into circulation 10 supply their place.
The failure of the Government TO make pro-
VISION for the redemption of these notes Is
nothing less than reputation, and they now
stand in the nature Of forced loan. The OBJ
legation of the Government 10 pay the bonds is
10 greater legally or morally than the obliga-
ton 10 pay these greenbacks- They are the
and the toiler everywhere, and until they are
provided tor the bonds. IN every nature OF the
thing, can never rise 10 par.
Another obstacle 10 the return 10 specie pay
ments is the cry that il resume must
resume at once. There is no process by which
II can be done, however ruinuous, that would
not involve time. The greatest obstacle 10
specie payments, and the one to contend
against more is the interest. : gainst ii that
OF the gold holders and Spectators, ont this
must not De allowed ~ stand in The way of il
tor a moment
To the man who lent his money 10 the Gov
eminent 10 carry on the war, he was grateful
whatever his motive was, and the faith Of the
Governm- nj should be kept towards him; but
while the creditors Of the Government should
receive ali tndt tney are entitled 10 IN law and
equity. vet IL is no bad faith 10 them to look
alter the rest of the people. The premium on
gold At first accredited is for their benefit but
10 continue that premium a moment longer
country. To say that the legal-tender notes
cannot be redeemed until several hundred more
millions Of binds are brought In, when they
are not due tor fourteen years, is to II in the
face of common sense and insult the intelligence
of the people.
From the very hour that the Government
commences the pOllcy w ich IN urxpd o
protection of thar class who are already so well
protected, the currency will begin 10 sink, and
the very foundations OF the national credit
will topple. such a appreciated currency as
would then ensue would eventually carry do wn
he bonds In It's close embrace Mr.. NJ. elabor-
ated al length on these various points.
Mr.. NJ. then referred TO the recommendations
OF Secretary McCulloch, In reference to the
currency, and con tended that 70 withdraw from
these notes their legaI.tender nature would be
10 strike OF one-third of their valoe, and the
Government had no right to do II. The recon-
mendauOns Of the Secretary do not differ in
principle from those of the President, who
wants the interest," Of the bonds assessed to the
payment of TIE princi pal.
The Secretary's policy travels III a circuit
which invariably brings him back TO contrac-
ton, q policy which he Saws has been con-
demned by Congress and the country. 1t is
financial suicide we must not return 70 spe-
Gle payments that way. 1t is Or oadly Intiula-
Ted by the Secretary that tbs Sa preme Court
will decide the legal tender act uneonstitu-
tional. Well, If the deed is 10 be done let i be
y
szress. 1t II De- hoped that the Supreme
Court will look AZ this matter, not only as law
yers. but as statesmen. Believing, as he Mr..
NJ } did that the legal tender act was constItu-
t.onsI be would look upon an adverse decision
With horror, and the court that made such a
decision would 20 down 70 history as the author
OF one OF the most appalling SHANGHAI catastro-
pies that was ever known.
Mr. M then proceeded 10 advocate his plan
of fixing day for the return to specie pay
rnents, and closed with very brilliant perora-
ron on the future condition and prospects OF
the country.
The bill u Mr.. Morton was then referred to
The Finance COMMITTEES. r-
Mr. CaiteIi called up the resolution reported
from the Finance Committee, condemning the
doctrines Of the Presidents message relative TO
the payment OF the public debt, and IL was DIS
cussed without coming 10 VOC mp % the hour
adjournment. fts ga osta.A. !
Horsp-Y-sterday, after our report closed
Mr.. Bingham, Of Ohio, inrodaced a bill 70
incorporate the University for the Biind m ths
District OF Oolumha ksfsrnsa 70 The Com.
nfttee on me District Of Columbia. 15esnt
The Speaker here laid befsrs the House o
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