Saint Mary's beacon. [volume] (Leonard Town, Md.) 1867-1983, 1872-04-25
estornsion Of specie Payments.

Restoration Of specie Payments.
speech or
HON. WM. NJ. MERRICK,
OF MARYLAND,
In the House Of Representative
April l3. 1872,
On BE restoratiOn Of Speaie Payments.
Mr. MERRICK. Mr.. Speaker, at the
opening Of the present session Of Congress
>gcneral expectation ihat some
lI,| NJ a ~ e!!l restoration cf specie pay
,nep,s would be Mkea, Divers PROPOSE
,;ons looking to the result we're offered
g.. .sfit . ruat- and in tse House Thus
far they have shared q 1cvnmsn fate. In
this House the Committee on Banking and
Currency have quietly sino,hercd every
proposition which has been referred to
them and have preserved the profoundest
silence upon the subject. / surrendered
nil hope Of any action in tina, quarter when
in the month Of February last the commit
tee reported rs their giant effort for this
session bill entitled "A bill for the re-
tircment Of worn and mutiated national
bank notes. am justified in designn-
ting this bill as their giant effort. for the
gentleman from Ohio. who reported the
bill. Mr.. Monroe, in the Incidental de-
bate upon it, stated, in substance, that it
was probably the most important bill, ex-
cept. perhaps. the appropriation bills, which
Congress would be required TO act upon
during the presen: session.
Bnt what, in point of fact, WIS that bill :?
Why merely an act to provide for the re-
issue OF new notes in place Of those dcfaced
or worn cut by constant use. 1t was simp-
ly provision for the external cleanliness
Of bank notes. a. washing of the outside Of
the platter, but eontains no single provi-
sion for the internal publication or stabil-
ity of the currency CT this great people. -
Will the expectations Of the country be
satisfied with so barren a result? Were
not the people entitled at lcas. to report
upon some or all of the propositions; some
assignment OF reasons why the great right
OF sound constitutional currency is de-
MED TO them SO long?
am aware that the Supreme Court of
the United States has been reconstructed
by the addition of two new Judges for the
purpose of deciding, and that it has dcci-
dcd. the lega-tcndcT laws Of tine United
States to be constitutional. The present
MINORITY Of five against four have reversed
the former judgment of five agains, three,
and have soemuly dcclrrcd that Congress
has the power to impart to a printed piece
of paper the value Of n gold dollar. We
how with lawful submission. but with un-
convinced minds, 10 this most recent cx-
position of the Federal Constitution =
Nevertheless. while We are constrained by
this angus: Judgment to admit that by law
n paper dollar is gold dollar, we are met
by the indisputable fact thst the national
credit has received a shock in the COM
mercial centers Of the civilized world. and
the still more serious fact that at hcms it
requires now just as before that decision,
one dollar ard ten cents in paper 10 rur-
chase one in gold. Stubborn facts will
not accommodate themselves to plant law
and the great commonwealth Of commerce,
with its own laws and rules. inbedded in
the :mmu,abie principles of justice and
right, rejects the solemn Judgment Of the
court Three months have row passed
since the decision. and no improvement in
the market value Of paper currency has
been pcrceivable ,herefrom.
The Republican party may enjoy all the
triumph which judicial Endorsement has
given to their exposition Of the Consti.u-
ton. but it cannot extrieate itself from the
obligation which justice imposes upon il
to elevate the standard Of value of the cur
rcncy which it has legalized. Tho duty
remains. nay. it is. has been rendered i'm
perative by that Endorsement. Does i, At
tempt. has it ever attempted to discharge
that duty, or has the course of its legisla-
tion been in direct violation of its mos,
obvious requirements! l assert that the
laws. and the regulations and practice Of
the Treasury Department have been %
framed as to tend directly to the opposite
result. IL to-day the currency has real
value. il is in spite Of the means which
have been adopted TO overthrow it. and
by reason Of that vital energy and those SUI
pssabcunding- resources Of the American
people which bad laws and unwise admin
istration arc incapable Of destroying cl-
dlsly.
There never was greater financial er-
ror than the lcgal.tender clause itself
The legitimate. the necessary result Of the
requirement that the notes of the Gov
srnaens shall be received in payment OF
private debts. 10 to arouse the cow ictiou in
the public mind that they would not be
received without that requirement; il is
10 declare that the Government has no
faith in its own credit; il 10 to proclaim
in advance its own insolvency; it Is to pre-
sent itself at the outset a. the exactor OF q
forced levy. insssad Of assuming the style
Of an opulent borrower. confident Of hi.
, credit and Of the abundance of bis resour-
ees. This was an impcrsast element oi
= depreciation. but the next step was still
more fatal enc. In the Law hy which every
private citizen vas required to receive the
neses Of Govcrnmcns st par for all debt.
due him. whether private or public. wheth.
er past o. future. Congress declared thai
the Gcvssnnsnt would not receive shcss
same notes in payment Of duties upon i'm.
II The act Of ccmpalsion upon the citi.
ZEN 10 rsssivs ~legsl-ssadsr notes was Z
declarstioo sf Insolvency. and operated tC
deprsciate the value of that currency. il
must be apparent TO the dallest cosnpre.