The Middlebury register. [volume] (Middlebury, Vt.) 1850-1882, 1869-03-30

Among the many disgraceful acts in
Andrew Johnson's unenyiable career, was
the temporary defeat of the Pablic Credit
bill which was passed by the last Con
gress near the close of tic session, AMI
held, without signature by that modest
official. The country long since ceased
to express disapprobation or, 10 he, in the
least affected by anything Mr.. Johnson
did. Pure "cussedness" Was expected of
him in every instance, and he never dis
appointed anyone in this r, spect, But il
is matter OF more importance to Us, that
Immediately upon the assembling of the
4lst Congress, the Public Credit hill was
again passed, and received the signature
OF Presi dent Grant. The bill first declares
that the faith OF the United States is H.
EMMY pledged to the payment of green
backs and of bonds at maturity in coin or
its equivalent, except in cases where the
law authorizing the issue of any such Oh
legations has expressly provided that the
same may be paid IN lawful money, OF
other currency than gold o. silver fhe
remaining part of the act simply provide s
that none Of the bonds shall be paid be-
fore maturity unless the government shall,
in the meantime, have resumed specie
payment on the greenbacks. The "ma-
turity' Of the bonds is at the end CT the
full term Of which they were issued In
the case Of the 20s it ls at the end Of
twenty years from the date of their issue,
the government having only the option 10
pay them before, if it is able. This pro-
vision, then is only stipulation that the
government will not take advantage of
this option to offer the holder greenbacks
before maturity, This bill STILES the
question which has been discussed for four
years with carnestness and acrmony 1t
puts to rest, forever, all those schemes for
Reputation which have been inspired bv
dishonesty and pushed by demagogues
until the national credit had almost sunk
to its war footing. Observe the r, suit of
this official declaration that our govern,
ment bonds shall be paid in bone tide mon.
ey, hard coin Since the passage of this
bill, there has sprung up on the other side
of the Atlantic, an active demand FOR
American securities for purposes of invest
ment. In Frankfort, March och, our
fve-twenties reached S7s, IA much higher
point than they have ever reached pre-
vious to the action of our government, and
II per cent higher than they were one
year ago. In our own cities, they have
steadily risen until there is only margin
of IL per cent between them and gold
and this gap will soon be wholly closed,
unless some uuiavorable circumstances
arise to prevent it.
Secretary Of the Treasury, Boutwell,,
thinks that no further financial legislation
is necessary, at present, but two measure,
should, il seems to US, receive the early
attention of Congress. The rate OF in
terest of our national debt is too high
unnecessarily 80 and SO soon a. prac
iicable method Of reducing it, can b,
devised, the debt should be funded in 4,
long loan at lower interest. OF course, i
cannot be expected at this session. |
would be hastily prepared and crude in il
provisions il attempted at this time. lie
our best fnancieIs prepare bill for lhi
purpose, during the recess, ready for III,
first days OF the next session. There /
also kindred subject for legislative &C
ton, that of providing for an early return
to specie payment. The country is tire,
of an irredeemabls currency. 1t wa
never acceptable, except as necessity
and now that the necessity IS past, let u
return, at the earliest possible momen
that il can be done with safety, tn tn
good old standard of values. .
Now that the days of uncertainty ar
past, and the debates and dissensions OF
repudiating schemes are ended. and the Re
publican party has become unit takin
with it large proportion Of the Demo
cratic party in this matter, we can reason
ably he very hopeful for the future. On
by one the yexing problems which are on
legacy from the war, are becoming settle
Involuntary servitude has cease 70 be a
institution of our country. Reconstruc
ton is now fixed tact. The public cred
it is established on a firm foundation; bar
mony is soon to prevail from Maine /
Texas; our resources are unbounded an
we now look forward to more eloriou