The Tiffin tribune. (Tiffin, Ohio) 1868-1887, 1868-12-24
CONGRESSIONAL,
WASHINGTON. Dec. l6.

| In tho Senate, Mr.. sherman OF
Ohio, (R), from the Finance Com.
mittcc, reported back to the House a
bill fixing duties on copper, &c; al.
so, the following resolution, which
on his motion was laid on the table
to be called up at an early day.
RsIolued, BY Senate that neither
public policy nor the good faith of
the nation will allow redemption of
the 5-20 bonds, until the govern
ment shall perform its primary duty
Of paying its notes in coin, or max
ing them equivalent thereto, aud
measures should DO adopted to SO.
cure resumption OF specie payment
al as early period as practicable.
Mr.. Sherman also reported back
from the samo Committee without
amendment the joint resolution iu-
ttoduced by Mr. Edmunds in No
vember, 1867, which read as follows
Joint resolutions pledging the
faith of the United States to the pay.
ment Of tho public debt in coin or its
equivalent.
WHEREAS, Tho public debt was,
except where specially otherwise or
dered, contracted upon the faith aud
credit of the Unitei States that the
same would be paid or redeemed in
coin or its equivalent; and
WHEREAS, Doubts have been rails.
ed as to the duty aud propriety Of
discharging such debt in col u or its
equivalent, therefore.
R1olued, BY the Senate and House
of Representatives of the United
States, &c, that the public debt Of
the United States, except in eases
wherein the law authorizes the same,
or provision was expressly made, is
owing in coin or it's equivalent, and
the faith Of the United States is here
BY solemnly pledged to its payment
accordingly.
Tho Senate, on motion Of Mr.. Nor
ton, took up his bill FOR the resump-
sion of specie payment, on which ho
spoke at length.
SENATOR MoRToN's SPEECH.
Senator Morton, in the course Of
an elaborate speech, in reply to the
argument that the currency is res
dundant, and that We can not return
to specie payment until contraction
has taken place, said tho entire bank
circulation before the war was S202,-
600, 900, and the specie held by the
banks SS9,000,000, but at the same
time gold and silver wero in ciroala-
ton, and it is probable there we're
more than $3.50, 900, 600 in the coun>
try besides that held by the banks.
Then there also were the issues of
tho local banks, not current except
in the localities where issued, which
rendered necessary tho payment of
debts and commercial transactions in
bills of exchange and promisory
notes, amounting to many hundreds
of millions of dollars annually. This
form of currency is still used, but
not nearly to the samo extent
GreenbaclSs and National Bank notes
are now transferred from one section
to another to the amount of many
hundred millions. Every year, he
continued, tho needs Of the country
demand an increase of currency over
1860 of at least Sl50,000,0 900, and
therefore when you add to the actual
currency of 1860, viz: about $780,
900, 900, the amount of currency now
used in place of former bills of eI-
change and promisory notes, aud the
increased demand for other purposes,
it is doubtful whether the currency
is more redundant now than in 1910,
when the banks were paying specie;
aud if not redundant, contraction is
not necessary preliminary measure
to a return to specie payment
Again, said Mr.. Morton, it is said
the government cannot return to spe.
cie payment until we have checked
the flow of gold to Europe, by large
ly reducing our importation of for
eign goods. This is a clear case of
putting the disease for the remedy.
Gold, like every commodity, is gov
erned by the great commercial law
Of demand and supply. 1t goes
where it is needed, and leaves the
country when not in demand. In
this country there is but one demand
for gold, which is to pay duties on
imports. In whatever country paper
money has been made legal tender,
it has universally driven gold and
silver from circulation, and in great
part from the country. Thus it is
that Canada is flooded with American
silver, and that American gold has
gone to Europe in steady stream
for five years. Thus it was that du-
ring the French revolution, when
their assignats, legal tender like
our own, drove French gold into all
neighboring countries, so when the
assignats hnally collapsed, as they
did in single day, France found
herself almost destitute of coin.-
And thus it was during the long sus-
pension of the Bank of England when
the English gold went out, and was
only recalled by preparations made
to return to specie payment.
During the first five yeaIs Of the
decade, ending June 80, 1868, our
gold exports were s26l, ,26S, ,297.-
During tho last five years our eI-
ports were S4l3,690, 600, showing an
increase of Sl52,422, 900. During
the first five years our imports of gold
exceed those of the last FIVE years
S19,389,O0O, which, added to $751;
422, 900, would make Sl7l,8l1,0O0 of
increased gold loss during the last
five years. We can not retain our
gold at home except by making
demand for it. If we would reducs
importations of foreign goods, we