Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1868-03-11
The National Finances.
SPEECH OF SENATOR MORRlIA,
Dclirered in Lie United States Senate, Mar
9. 1865.

Dcksrcroi IN tic Dsltfcd States Senate, mar
3, 1865.
Mr.. President-It is only an old truism to
say that it is cay TO crticise measures when
presented, but difficult to offer other measures
which may not be just as easily criticised. A
fair man should be as ready to defend his own
castle As to attack that Of others, and not 10
evade that kind OF responsibility; and as may,
before get through. indulge somewhat in our
national luxury of fault-finding. | viii give a
summary OF some propositions which to me seem
most important to our welfare at the present
moment.
First. A reduction Of expenditures to the
lowest reasonable point, such as will compel
every department to live from hand to month,
and without any surplus.
Second. A reduction at once OF taxation,
proportonately leaving it only certain that
something shall be annually paid on the public
debt
Third Some initiatory measure looking to
an carly restoration of gold and silver coin 70
its proper function Of circulation among tbs
people.
Fourth. An extension of the National Bank
ing system, so as to accommodate all parts Of
the country, whenever United States notes are
retired or specie payments resumed.
Fifth. new loan TO absorb the national
debt at lower rate Of interest.
Impry ssed with the idea that the policy lere
roughly outlined is most essential to our pros
periiy, aud that anything less will prove drtri-
mental, shall earnestly favor all measures, by
whomsoever introduced, tending in the diree-
ton indicated, and as earnestly oppose whatever
leads elsewhere.
listened, as always do, with much interest
to the able speech OF the distinguished Chair
man of the Committee ON Finance, and there
was 80 much in it to be approved that could
not but regret that he did not leave out some
passages not necessary Gs arguments, and IN
conclusive il intended as threats. | approve
OF the frat section Of the bill, which proposes
to offer loan at a lower rate OF interest than
that we now pay and success can be achieved
in negotiating such loan. by proving that our
credit deserves to stand in the very front rank
of debt-owng nations. But deplore and re-
iect the idea that il can be won and carried by
the logic OF terror, which is to iursuade by its
pain our creditors to accept this proposition or
do worse. No, Let US persuade them that We
are no longer sick that we are getting well
and II they do not wish to hold bonds upon this
terms now offered, il is all at their option, but
that there are enough who viii. That is my
theory, and do not intend to swerye from il
in practice On the score of true economy
there is no doubt, as il seems to me, of its be-
/ ing more profitable, as well as honorable, for
the nation to adhere TO the idea that better
terms can be obtained by propping up the pub
lie credit with faith and good works than by
shooting an arrow at its most vulnerable part
| will not do the honorable Senator injustice
/ (for have no doubt be spoke from firm con-
yictions Of duty). but shall quote, not the pre-
else language, but the substance of the posi-
tons maintained by him
1. lie claims that there is a reasonable doubt
whether we have not the right to pay the tive
twenties in greenbacks aud he has no doubt
that equity and justice will be amply satisfied II
we redeem these bonds in the same kind OF mon-
ey, Of the same value it bore at the time they
were issued.
I p lie admits there was positive contract
under which these bonds were issued, limiting
greeobacks to the amount then authorized, aud
hence that any increase to pay of the five
twenties in such currency would be plain, pal
pable violation OF public engagement. which
we cannot and dare not do, and which no man
can justify.
s.. Then he ssys-witb great emphasis that
II this new five per cent. loan should be rejected,
he will vote to redeem maturing bonds IN green
, backs.
These declarations are frankly made and
coming from so high a source, in spite OF the
disclaimer that they are not so intended, mus.
create some alarm among tiinld holders 0f
United States bonds, and the market nay be
: temporarily giutted by sellers to the injury Of
public credit. Ii we have, as the Senasor
says, the right to pay bonds IN gfeshnAeNsr-
but at the same time have no right TO issue
enough greenbacks to do 1t, and will not do it,
/ do not see the potency OF the notice that Il
the terms of this bill should he rejected tbs
4 Senator will vote 20 redeem the hye-tweutl
0 bonds in greenbacks. 1t is obvious that 100
n OOO, 900 Of greenbacks will not pay Sl,60o.-
: OOO, 600 of bonds, and, unless stark Reputation
} is the next spectre te be 'eonjufed up to se3'
our eyeoalls,' the greenbaeks must be paid :
the end dollar for dollar But quit a tops
i which seems TO plague US before lis time, AMI
IS which certainly does not seem 10 nave any psop
n er relation 70 : s,rp ple rroposal lcr new. hE'
per cent. losn, iscash celcrlGted y crack Y
= character hni 70 Ge,el. ~ rrac.icl auccess.
I Il is nmcnts1ss tiss .,e sysai mcEsy qacs
1, tons Of tha ecrrtry, sosching 81 4e1 sa''ke
II should 90, in 'Ey seif ~ tie 10 e's y IAs'y
= but there spSeGrs no ssc.pa lioza n, ~ 3 -
"a public, parties ere izesileb. s-4 ip., ~. fls
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