The Tiffin tribune. (Tiffin, Ohio) 1868-1887, 1868-12-24
thursday MORNING, DECEMBER "a, 1868.

/ pald, Inc uobt now contracted, not
falling due before two years and
half, is very small, aud generally for
real estate. The great difficulty
generally attending improvement in
the valuo Of the currency aud the re-
sumption Of specie payments where
they have been suspended, is tho 70
! duction in the nominal price Of prop.
erty and labor which operates injuri.
ously on the debtor class. 1t is true
that as the purchasing power OF the
currency ia increased, the normal
prices are diminished, but this effect
Is sometimes counteracted by the in.
crease in the volume Of tho currency
The Imitation Of the currency, eve
though it DO composed of gold aud
silver exclusively, increases the nom.
inal prices Of property, Of which wo
have a notable instance in the history
Spain. When resumption takes place
all gold and silver will bo set FREQ
and poured into tho volume OF the
currency, thereby Initiating it toA
considerable oI,ent, because tho
whole amount Of gold aud silver 10
very much greater than the whole
amount Of greenbaeks that will be
presented for redemption. But, a.
before stated, the period for rodemp.
tion is postponed so long that the
great body Of existing debt will be-
paid before it arrives aud the de-
lusiou in the price Of property, which
is likely to be small, would aillict but
very limited class, aud scarcely
reach the business of country. The
time given is so long that it will bo-
como stale in,the public mind. All eI.
element aud panic will pass away,
and the change como so gradually
that the people will at least have for
gotten when it arrives.
Third, BY fixing tho period Of 70,
dempion so far off tho government
will have time to collect tho amount
Of gold necessary.
Mr.. Morton explained the remain.
ing portion of his bill. He estimates
the gold and silver in the eountry at
S400, 900, 900; the products Of mine
for the year 1869, at 70 millions, and
after that hundred million, per
annum, but the amount of gold in
the country is by no means so impor-
tant as may be supposed. When the
greenbacks Logan to dcpreciato in
value, our bonds will inevitably ad-
vance along with them. 1t will be a
very easy matter for tho government
then to procure enough gold abroad,
added to that which is in the Treas
ury, to redeem tho whole greenbaek
circulation.
Ho concluded as follows: The cur.
renoy is not redundant, as / have be-
fore undertaken to show, and CON
traction should not como this side of
r'pudiation, and only by act of re-
demption. The greenback notes ro-
deemed may be cancelled, and the
coin paid out for them will take their
places in the circulation. The cur
rcncy will become mixed, but tho
volume will not be diminished -
Bringing the greouback notes to par
will, in chemical language, so free all
the gold and silver in tho land, and |
pour them into the volume of tho
currency, thus initiating it; but tho
imitation will be legitimate. The
national banking system may be free,
limited, or restrained by require.
ments Of reGeeming their notes in
coin. Thou there will be one cur
rency for all the people, and one
mans income will be equal to anoth.
er's of like amount. Then our bonds
having kept pace with the approcia-
ton Of the currency will be at par,
and their disastrous flow to Europe
will be checked. Then the govern
ment can soil 4 per cent, bonds in
the market at par, and with the pro-
coods pay off the present bonds if the
holders refuse to exchange them, and
thus reduce tho aggregate interest
on the debt moro than 1000, 900 |
per annum; then the business of the
country will be upon solid founda>
tions and its prosperity enduring
At the end of two years, reconstruc-
ton will, in all probability, have ta-
ken place, the blessings of peace will |
prevail throughout the land, the
prosperity of the South will be in
great part restored, and cotton,
though nevermore called king, will
play its former part in our foreign
exchanges. After the ocean has been
swept by angry tempests that have
engulfed gallant fleets and strewed
the shore with wrecks aud tho bodies
of The dead, comes a calm, the noun
tain waves sink to gentle billows, tho
fierce gale lulls to prosperous
breeze, the sun shines forth in splen-
dor, aud the surviving mariners, with
joyful hearts, again spread their
sails, resume their course, aud speed
away to their destined havon. So
with our country whom peace, recon
Itruction and resumption have come.
1t has been swept and rent by civil
war, the land was strewn with the
dead, and everywhere are visible the
vestiges of the conflict. But peace
has come, and with it reconstruction.
The bright sun Of prosperity shines
forth in a clouded sky. Industry,
trade and commerce again flow in
their accustomed channels with ae-
celebrated currents. The tide of en-
igration, rising higher aud higher.
sweeps across from the old world
The wilderness of the West yields up |
It's golden treasures and blossoms as
the rose, and our country moves ON
gloriously to its great aud final des-
tiny.
At the conclusion Of his speech,
Mr.. Morton moved to refer his bill |
to the Finance Committee, which was
laua