New-York tribune., 1868-12-17
RESUMPTION.
SPEECH or SENATOR MORTON IN TIE
SENATE
SENATE. .wAsnrvGrov, Dec. &c, 1853.

the following resolution which, Oh his mouonWas taO4eu'
to be called at an early day;
Resoired Byhe Scuoe That neither public policy, nor
the GOOD fy of thoIatOn VIII allow tHe redemption oi
the FvcTweuty bonds until the United states s'du lcr
form s primary duty OF paying ilS no''S - ~, S, ] NJ h.
king them equivalent thereto ,i" mvasson s, -, @ @ W
ADOPTED by Congress to ste9le lne u 'p0
payment at as early period as lracHc"We'
MI sherman also reported back without amendment
tho ioipt csolutouFutroduccd by Mr.. Eduuuds IL No
ycmber 1857, which reads as follows:
rEDEyrToN or rEIro m STATS M . SoTgs 5ls: D., u, nay.
JoisT Rts.t t r " siti' COIN or IL. eo,i,ert ~
BItGs The Public Debt Of tho Uricd states was, ex,
incurred upon the faith aud credit Of tho United states
that the would be paid OF redeemed III coin on us
Whereas Doubts have been raised TO the duty and
proprcty OF dschagng such debt III coin or us eQuVa
ResoirSi Bg he Cc,oe and House Of Peprcsea'agss Of
he URcd States Cf Amcrca ~ Congress dssee6i9 Ihat
,rlcei ne iato dusori.ug e srie prorsi9n rag e.
Pressy nude Is olsio IN coz ar Us eqgalGn G'd u s s
ms iiBfRHTios OF coNv1CTs IN vmGTNIA.
Mr. WILLIAMS dtep, OregOg) offered resolution IN
srucug the Judiciary Committee TO inquire INTO the
practcaniity and expedency Of some Immediate lers-
CRIME by the extraordinary decisions OF me Uhiled states
MI FERRY (Rep. Coun) moved to strike ont tho word
extraordinary lie knew little about Judge Under"o0ds
decislous and therefore lie was not willing to NOe for
Mr. HOWARD Qtep. Mich) Inquired what was extra
ordinary in those decisions
Mir WILLIAMS understood the Judge 20 have decided
that because certain Judges uf local courts in Virginia
not Judges dc ue. being disqualified by the Fourteenth
Amendment, their acts rs Judges de cO IN criminal
cases are void and therefore that persons convicted be
fore them should be discharged ana ne was INFORMED
that several such criminals had been discharged
Mr. HOWARD saId that Judge Undcrwood's decision
then seemed involve grave question, IN regard
to which there much difference OF opnion-the ques-
non OF the validity OF The Fourteenth AmondWeiIt; and
he suggested therefore that the resolution s m0dnSd
70 direct an inquiry without ehaIacterzng the dc-
Mr. WILLIAMS was willing to modify hut he did not
think in its original form II necessarily reflected ON the
Judge.and TO the use OF the word eNtfaOrinay tHe
extraordinary character OF the decisions was me ohy
for calling the attention OF the judiciary Commit
Mr. Ferrys amendment was adopted, and tho rcsolu'
ThS senate on motion Of Mr. MORTON took up his bill
RrsrvPTIox OF SPECIE PAYMENT.
Upon which Mr. MORTON spoke as follows;
Mr. PRESIDENT: Among the mighty changes wrought
by the the revolution n the character of our cur
of the circulating medium and with converu-
ble currency the issues Of Tie local baihs
ended gold and silver and this bank paper had eeen
bauisEcd from the Circulation ana IL er places suosl
tutcd the Of the Government and Of the National
Banks. The great problem now To be solved is now 10
reinUoduce into the currency gold ana silver which
of the Government and of tie National Banks
convertible INTO com az par IHese notes & aiS no" Eee
Tons IN the e Of tho currency infect every Kind OF
business dsastrOsy. The prices Of provisions. goods,
of lectmatG business which depends upon small but
regular profits is greatly impaired with such fluctuations
In the value OF tie currency in cost OF living, IN the
profits OF business, and tie value OF everything that
enters into trade together with The painful uncertainty
that hangs the whole financial policy Of the country
Men hesitate to engage in new enterprises or TO make
new investments IN business. The prudent capitalist Is
standing stl awaiting the course or events aLd the es
tabshueut of d, finite financial policy by which he
judge of the IutuIe. lt Is impossible 10 calculate the
aggregate loss To the county even in one year " M
lion produced by thc saenaton Of business, and the
want OF employment FOR Hbdr ana it is not only The
iclf to tc great work % reform ly adopting uch crs-
latiou, II possible whereby the currency shall be made
good and business be MADE 10 now on pIuspeiu,lss
through its regular Channels The business ,IaiSaeuohs
of the country amounting u many lhouslhu nl]nos IONS o.
dollars IN the course OI le year. aie conuC.cu
the medium Of the currency ana II Le currency ~ ne
pTociatcd, fucluatlHe ana deceptive tAG plorP.al "
general progress aud deyeOmncnt delayed The question
to which invite the attention Of the senate today, i3
whether such legislation may be "d ana pan @oyPte
whereby the currency can be made gCOd ud ihc Govern
crash or great commercial distress. lii4t,
VIII consider come o. The d.hcniurs, Nhi,n, u
monts' It IS said by many that the currency
redundant, and that We cannot return to tpoei9 pay
lneHts until contraction has taken Place MeYloltiS'Lfa
10 the fact mat before Tic war ~ l9Co e SnVI. osh
OF the banks about Ss OoO making less tan s5ooNo
but at that time gold ANA silver we're in circulation as
& fba,' Ca0 6olin tie country lcsde tiat which
was held M the hauks THIS would mirg MP ine mlHeG %
currency ueatly S40WOO0 The Director 9r the MlIi
ia Philadelphia u 1851 esiImaled the Huonut 0 &9IL aug
Nearly s5o0Soo66 beyond my estimate, but
there another form of currency tLen lnueh more lH
ing the agere ic currency ol te fyeny and ~" W.
curcnt except in tho locality Of the banks hy Winch
was Issued lIen ,e "lCI So So " not currcrt In
York and WIS not received there in payment "i
debts. The bank-noes OF the Nothoih Staes N,io ol
current u the southen states ad wee vera, n,n,c tno
dnerent parts OF the country were conducted 10y p.+
q exchange and pron.aoty hoes' @n'.4 a'Lot'' mi ~
form OK currency Is su used, bat mol heail u % ta
fsfr al l.f
Jeit. ami Transactions Of business, from one part
Of the country 10 another, by mcans OF eA
press cOumlues audN OtAcrWl6e, 10, I-o tIhuu"t
Of many hundred millions every year. The books of tAe
,Tf.s coIipaics show an immense trans pOrtaUOn Of
aper money, the amount Ot when cannot Do AecIa.'g
asterfgincd; hut Il woud be moderate computation 10
saw tbat SOOI0OlO Of currency arc now nht lA th
way which wac, before the Var supplied b5 blia oI SA
change and prODissory noies ana Elen We ~ toa1 1
and opening OF the western states aAd lsilsyllV @
vast extension OF business TIC maSu9e ol nc N"t",1
deDt, tho necessary COLLECTION I laIse IeN.ut - an ,'
greatly Increased expense oI tho 'IONtihioI - @
a0miLstfatlOn,No may I'dtohapD vo.oaNu ' ' 80
an actual demand for an increase oi INC SuSly &
the wants Of IevO 10 le amount y, at [ ~ ige1
about Si5OOOOCOO tie amount Of the currency now usen
i'm tho place Of former BILLS Of exchange ana pfoN9OJ
notes. ana the increased eeh'ho lor d 1nat'"ty ~
otherwise growing Out Of tho causes reIeTfeu 10,
rs6Hndant ~ now than It was In isGO when the
bauFs were paying specie: and II not redundant tier
Trtrn or spcce payments Again. it is said that the
(oyerumct cannot return 10 specie payments until after
Is
largely reducing Importation OF foreign goods Is
s clear OF putting the disease Tor tho remen!.
Cold like every other commodity, Ia governed by lA6
great commercial law Of demand and supply. II goes
where IL is needed and leaves the country where ~ is nov
n demand In this country there now but one demand
for gold which is 10 pay duties imports. Tho great
rsncv and medium o exchange has been cut OF for five
years and our gold has steadily flowed into other
COMMITTEES where IL demanded for currency IN what
ever country paper mouey has been made legal tender
il has invariably driven gold and silver from the eircua
on and In great paril0m the country Thus 1t is That
Canada is now flooded vth American silver mus ltl