Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1873-12-12
ASSUMPTION or SPECIE PA y
TEN7IS

opposition 10 lnHatlOn. inc lOllowing alb
siract, although necessarily brief and i'm
perfect, will be read with INTEREST,"
Mr.. Morrill, said it might not be the hest
time during panic FOR discreet legislation,
but adherence to paper money alone Is ad-
herenco TO panics, and when our United
States notes have risen so nearly to par.
when the exchanges have set the tide OF
gold flowing In our favor, When there il n
quick market for all our expOrtable prod
ucts Of the year, when debts have been re-
duced 10 the minimum point, and when
the shrinkage In values ~ even greater
than would be likely 10 follow resump-
ton of specie payments, it would be an in
excusablc neglect OF duty on tue part of
legislators not 10 take advantage of so ma
ny concurring conditions 10 place the cur
rency of the country upon sound metal
lie basis, and thus relieve the people from
the ever-present apprehensOns of fuctua-
tons aud dlslocations in trade and bank
ing.
What croaker at the close of the war in
1865 would have ventured To have predicted
that niue long years would elapse and not
bring our paper TO n specie basis? How
could il be demanded of the Secretary of
the Treasury TO enunciate any financial
policy while Congress remained silent? He
would not attempt to place gravel in the
shoes OF the administration, but would ell
deav 10 stir up the ambition of all, and
especially that OF Congress, 10 lii the conn
try out of the present slough of depreciat-
ed currency. On this financial subject the
people expect Congress to lead the way. Ii
is the duty of the government TO provide
sound currency, not only for itself but for
the people. Our commerce is to he reg i
lated through the instrumentalitv of a
sound currency. Could Congress shirk
the duty Of siatcsnIcn and indefinitely
postpone the day of deliverancc from de-
preciated paper currency? He did not dare
nope To be able Ia remove the objections
lingering in the minds OF many, but would
try to show the evil arising from our pres
enl condition. Our experience docs not
differ from that of other countries. Ii was
easy enough to plunge into paper money,
but the return was difficult. Paper mon
ry, so called, not redecmable 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 about Fren IN and Eng
ltsh paper money. With MS it could not
reasonably be claimed that gold had risen
in value when its influx from the Pacific
coast and from Australia pad decreased its
value. Some had gone 50 far as to claim
that the government might transfer the
whole of its indebtedness from the SEM
blance of money, but they forget that some
very profitable propositions have been
sometimes rejected, by nations as well as
by individuals, because they were also
very dishonorablc. They forget the manly
utterance of General Grants inaugural {:
"Let it be understood that no repudiator OF
one iarthing of the public debt will he
trusted in public place"
Aga the champions OLA paper currency
appeared with their argument of the conf
dence the people have in the government.
1t is not question of doubt 1f the ability
but the intention ofthe government to pay.
There was plenty Of confidence in the in
tenti)n of the government, but unfortu
nately Congress would not let il pay. The
perpetual flow of gold abroad has been a
perpetual advertisement of the deprecia-
ton of our currency. All of our bonds
find their highest appreciation in specie
paying markets abroad, and he
must ask how long this state of things
would last. Should no move be made to
handed down from generation to genera
ton as an incurable malady. Let the grow
ing suspicion that no steps are 10 he taken
toward resumption of specie payment go
on apd we shall surely recedc from such
payment. lie referred to The b1nkin
rates now being in excess of those of years
ago, and said the poorest money is always
the dearest. The expansion Of paper cur
rency shipwrecks many undertakings
which might have been successful with
sound currency. Alter referring to the
banks locking up large suns as a part of
money in the hands of individuals, 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 government bonds Interchange
with Cnlted States notes, and thought the
promoters of that scheme sought an indef-
mite expansion OF the currency. The Sc
ductive influences of an excessive paper
currency were terrible. Some seemed 10
be willing 10 trust TO time and nature to
cure our financial evils. With all due re.
spect to time and nature, he was unwilling
10 hand the matter over to be cured. Com
gress must be equal 10 its constitutional du-
ty. The people, who are deficient in nei
ther strength nor courage. long to say thai
American money Is second TO none in the
world. They long to handle once moro the
sound cash. 1t Is vain TO attempt to com
pete with paper against the hard money of
the world.
What other degradation awaited MS no
one could tell. Where, outside onr own
country, does our money pass at par? Ma
ture has bestowed on our land with lavish
abundance the precious metal, but 1t seem
ed as II we lad failed to convert it into Il
circulating medium. Our deprecated cur
rency not Feing genuine, ii is held by all
men with only the easy ioucl-and- 20 title
by which gamblers hold their tainted
spoils, and, with its value uncertain and
always suspected, ii is insiduouslv work.
ing revolution in the habits and morals
of the nation. Flugaity is passing away
as lost art, and prodigalty Is becoming
the earliest acquisition as well Of girlhood
and boyhood as of legislators. Specu alton
Is usurping the field of industrial enter
prise; and labor, cheated in every contract,
is disguised, and not unwilling to learn it.
self the trick of palming oil eight dollars
for an eagle, or day clipped at both end,
FIJI a txrh nln lnxrfg l.
going out of fashion, and iockeyism is be-
coming tho autocrat of the times How
could we expect TO train up n conscientious
people when the government itself gave an
example by the issue and reissue of paper
currency above its value.
With return to specie, all objection h.
Tree banking would be restored to all parts
of the country. But these refnfms could
not be brought about without the aid o.
Congress. He was not welded 10 any plan,
but favored that proposed by a prominent
hnancier of New York, that the Secretary
of tho Treasurer shall issue certitcatespay-
ables in four years, with interest at 3 g. iOO
at par in United States notes or gold, at the
option of the holder; requiring the banks
TO keep moiety of their resei yes in these
certificates, and for the Cover 'ment to give
notice that on January ], 1875, it will nav
its notes in cash In New York authoriz
ing the government TO negotiate loan OF
f2Oo,,Vo,uuo III per cent per annum. The
certificates as fast as received may be paid
out by the Secretary of the Treasury 10
satisfy claims against the government. The
return 10 specie payment would OF course
be attended by some Inconvenience, but D
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, hut no one
would regret their loss. He thought the
Republican party had done much toward
advancing national prosperity and the work
ofspecie resumption is the only great finan-
cial work that remains uninterrupted. If
we refuse to grapple with it, history will
charge exhaustion, If not imbecility. uDon