Rutland weekly herald. [volume] (Rutland, Vt.) 1859-1877, 1873-12-11
Senator 1IorriIf on Early Re-
e.-..:- -; tt.r sumption. FIJI C...l-. M

be read with great interest. 1t was on
his resolution offered on Monday, in
structing the committee ON finance to
consider the expediency of reporting q
bill to provide for free banking and the
resumption of specie payments January
1, 1875:
Mr.. Morrill, said it might not be the
best time for discreet legislation during
the panic; but in view of our notes be-
ing so nearly at par now, and the ready
market for all our productions, he
thought it would be inexcusable neglect
on The part of our legislators not to
| take the advantage of all concurring cir
| cumstances now to return to specie pay
me1}ta. The people should be relieved
of any anxiety of the t1uctuation OF pa
| per currency. What broker would have
ventured at the close of the war in 1868
to have predicted that nine long years
would uIapse and not bring our paper
| to a s}>ceie basis :? How could it be de-
manded of the Secretary of the Treas
ury TO enunciate any financial policy
| while Congress remained silent lie
| would not attempt to place gravel IN
| the shoes of the administration, but
| would endeayor to stir up the ambition
! of all, and especially that of Congress,
| to lift the country out of the present
| slough of deprecated currency. On this
| financial subject the people expect Con-
| gress to lead the way. 1t is the duty of
| the government TO provide sound cur
rency, not only for itself but for the
people Our commerce is to be regu-
| lated through the instrumentalitY of a
| sound currency. Could Congress shirk
| the duty of statesmen and indefinitely
postpone the day of deliverance from
/ deprecated paper currency? lie did
| not dare hope to be able to remove the
! objections lingering in the minds OF
many, but would try to show the evil
| arising from our present condition. Our
| experience does not differ from that of
| other countries. 1t was easy enough to
| plunge into paper money, but the return
| was difficult. Paper money, 50 called,
not redeemable at the will of the owner,
| is not money. 1t had been claimed that
our paper had not deprecated, but gold
| had risen in value. The same thing
had been said before with us. 1t could
| not reasonably be claimed that gold had
risen in value when its influx into the
| Pacific coast and from Australia had de-
/
as to claim that the government might
| transfer the whole of its Indebtedness
from the semblance of money, but they
forgot the manly utterance of General
| Grants inaugural.
Again the champions of paper cur
| rency appeared with their argument of
| government. 1t is not a question of
doubt of the ability, but the intention of
the government to pay There was
| plenty of confidence in the Intention
of the government, but unfortunate
" Congress would not let it pay. The
perpetual flow of gold abroad has been
| a perpetual advertisement of the depre-
| citation of our currency. All of our
| bonds find their higher appreciation in
| specie payments in the markets abroad,
| and he must ask how long this state of
| things would last Should no move be
| made to cure il, our deprecated currency
would be handed down from gen.
Grafton to generation as an incur
able malady. Let the growing suspi-
cion that no steps are to be taken toward
a resumption of specie payment go on,
| and we shall surely recede from such
payment. He referred to the banking
rates now being in excess of those OF
years ago, and said the poorest money is
always the dearest. The expansion of
| paper currency shipwrecks many uader-
takings which might have been success
full with sound currency. After refer
ring to the banks locking up large sums
| as a part of their reserve, thus reducing
the amount of money in the hands of in
dividuals, he spoke of the inconvenience
to which the commercial community
was constantly subjected by the large
| operators in Wall street. He did not
| approve of the proposed issue of govern
ment bonds interchangeable with United
States notes, and thought the promoters OF
that scheme sought an indefinite expan-
sion of the currency. The seductive in
fluences of an excessive paper currency
were terrible. Some seemed to be will
ling to trust to time and nature to cure
our financial evils With all due respect
to time and nature, he was unwilling to
hand the matter over to be cured. Con-
gress must be equal to its constitutional
duty. The people, who are deficient in
neither strength nor courage, long to say
that American money is second to none
in the world. They hong to handle once
more the sound cash. 1t is vain to at
tempt to compete with paper against the
hard money of the world.
What other degradation awaited us
no one could tell. Where, outside our
own country, does our money pass at
par? Nature has bestowed on our land
| with lavish abundance the precious
metal, but it seemed as if we had failed
to convert it into circulating medium.
Our deprecated currency or money not
being genuine, or as good as it ought to
be, was held by the people without be-
ing frugal, and was working evil to the
whole community. Labor cheated in
every contract, was disgusting, and work
seemed to be going out of fashion.
! Lounging was the autocrat of the times
How could we expect to train up con-
scientious people when the government
itself gave an example by the issue and
reissue of paper currency above its value.
With return to specie, all obstacles
to free banking would be restored to all
| parts of the country. But these re-
forms could not be brought about with
out the aid of Congress. He was not
welded to any plan, but favored that
| proposed by prominent financier
of New York, that the Secretary of
the Treasurer shall issue certificates aya-
| BILE in four years, with interest at 3
/ OO-1UO at PAL III CullCtl Dldl6S uOtSS
or gold, at the option of the holder; re-
curing the banks to keep a moiety of
their reserves in these certificates, and
for the government to give notice that
on January l, 1875, it viii pay its notes
in cash in New York authorizing the
government to negotiate loan of 5000
900, 900, at 6 per cent. per annum. The
certificates as fast as received may be
paid out by the Secretary of the Treas
ury to satisfy claims against the govern
ment. The return to specie payment
would of course be attended by some in
convenience, but reasonable time and
notice being given, the notes would
gradually approach par. All sound
banks would be glad to resume specie
payment. A few mushroomy banks
might not be able to stand, but no one
would regret their loss. He thought the
Republican party had done much toward