Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1873-12-12
senator xorr,l., View, on specie Payments.

Senator Morriil's Views ON specie faymehiS'
The following is an abstract Of the excel
lent speech Of Mr.. Morrillof Vermont, on
the National finances.
Mr.. Morrill, said it might not be the best
time for discreet legislation during PANE,
bat in view of our notes being 50 nearly at |
par now, and the ready market Tor all our
productions he thought IL would be IN e4eu-
sable neglect on the part OF our legislatoia
not to take the advantage oil all concurrlhs
circumstances now 10 return 10 speeie pah
ment. The people should be reheved Oh inc
anxiety OF huctuati0n of paper currency
What broker would have yentured NJ ny
close of the war in lo65 to have preui1e'o..
that nine long years would elapse ana nor
bring our paper TO specie basis How
could it be demanded Of the secretary "a
the Treasury to enunciate any hnancIIl
policy while Congress remained silent iie
would not attempt to place grayel IN M
shoes of the Administration. but ne "ouIS
endeavor to stir Up the ambition oil AL anu
especially that Of Congress to M lhe 49, .nl
try ont OF the present slough OF deprecla'eu
currency.
On this financial subject the people e1-
pect Congress to lead the way II Is 'n5
duty of the Government to provide souhu
currency not only for itself but Tor the PEG,
pie. Cur commerce Is 10 he reg
through the instrumentallty oil a sunnu
currency Could Congress shifK the uulS
of statesmen and indefinitely postpone lne
day of deliyerance from deprecated paper
currency He did not dare hope ne WOMB
be able to remove the objections iihseIins
in the minds OF many, but woulu ~ i"
show the evils arising from our present co.l
q 2
that of other countries. Ii was easy enough
to plunge into paper money, bat the return
was difficult Paper money, 50 caileu' NO.
redeemable at the viii of the owner Is MOI
money. 1t had been claimed that our paper
had not deprecated, but gold had risen III
value The same thing had been sll9 pe
fore 1t could not reasonably be so eiali n
that gold had risen in value when Us ihnu4
into the Pacific coast and from Au9'Ii4la
had decreased its value.
Some had gone so far a To claim that the
Government might transfer the Wh9Ie ol ~
Indebtedness into the semblance OF money,
but they forgot the manly utteranee oil Ten
eral Grants inaugural. Again the cham
pions Of paper currency appeared Win
their argument of the confidence the people
have in the Government 10 Is not q mes
ton of doubt of the ability hlt the lnteh-
ton Of the Government 20 pay. Ihere wa
plenty Of confidence in the intention oil the
Government, bus unfortunately congress
would not let il pay. The perpetual bow OF
gold abroad has been perpetual advertise
ment Of the depreciation 81 our currency
All of their bonds fad their higher appre-
citation in specie payment IN tine markets
abroad, and he mus; ask how long TINS
state of things would last should no
move De made 10 cure il. our deprecated
currency would be handed down from gene
ration To generation a. an lncurab.e malay
Let the growing suspicion that no steps are
to he taken toward resumption OF specie
payment 90 on and we shall surely recede
from such payment lie referred to the
banking rates now being In excess OF years
ago, and said the poorest money l. always
the dearest The expansion of paper eur
rencY shIpwreckS many undertakings winch
might have been successful. with sound cur
rency.
After referring g. he hanks locking up
such sums as part 90 their reserve. thus
reducing the amount 0i money in the hands
Of individuals, Doe spoke oi the ineony -
nience to which the commercial community
was constantly subjected hy The large opera
tors in Wall street. lie did not approve Of
the proposed issue Of Government bonds IN
Interchangeable with United States NOTES,
and thought the promoters o.! that scheme
sought an indefinite expansion of the cur
rency. The seductive influences Of an cx-
cessiye paper currency were terrible. some
seemed hi h. ,y,ilirr IN trn-t H. time and
nature o. cure our InaucIa! evils ~ iih all
an rasra7t IN tima and nature Le wa an
willing % hand the matter over O. ne cured.
Congrez- ,r,-I.- he f5,1,I t0 its constitutional
dnty The reopIe Who are deficient in
neither STRENGTH nor canrarc lanq 90 say
fbo+ A,,o-,qS0 money & zee5rd 10 none IN
,bc vorl8 Tho tor,- H. handle orcr more
the -1ur1 ,e.b II H. vain ~ ATTEMPT L.
e1nr,e-s ,ritl r,qrs- ,-ains- The hard money
III fbe v5-ft WIg- o-h,r DEGRADATION
,woirsi ne nj, .ars could tell Where. out
80 mn -,,, ..,.-r.-. 5.e. .,ir money PASS
a,,ar9
N.,,r. had l...-...,,..l ..,. ....- land with d
ls,,.i, ..t.,ri,,,,. tl.s r-s4.,-,. metal lut
= ses-'e.i - We Eq8 taiieI ~ convert il
~ .-r.-I,-i mo ,rs5i-,, Drr Ie--ecis-
~ .,-rs-',- ~ ,..-,,s,. l',- tsIr. rrruino
-. - ~. +. - q. ID. W.. ba'I bv
+ ~ 1911 ,ri,L,,.- hsir, frn-,f and was
- .rT b., a.. ,5i,ls community
- r. o.-.1 T., 80 ,-r-~,,- W. di-
--,s,;,,.- 80 ~ ..s-5...l p, f. .-,io.- au-
F - f,5.7i'- .,-,-.,,-,.. ,rs. -I., a7,-,rr,. II
,i.. -. IN I'D a.. o,-.,- r.. ,r,i.,
~, ,o,,-.,s-,;.,,, ,,s,r, ,,fsr Tine Govern
-. 80 - a., .lv,-,-,I. L,. +be issls
s,,t r.;.sns ri -.e-...- .,arrer,.,- .isye ID.
Line Witb , r.tlrn r, .o..-.e all ai,ta-
7 49,. f-.. bq-ti-. ulrII ba removed and
49,. i..-.ti,,,+.. i.-s;,..-s If bsrkiny yyoul 3
+ b.. -ss-,r@'I -. oil -.5--s...f The o,ur--y B1t
4 -fs-s r4r,rr1- '.,,i rat De- b~,naft about
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