Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1873-12-22

wanted especially to dispel the illusion that
the volume Of currency regulates the value of
coin. To prove that 1t does not, he referred
to the fact that in 1866, when we had our
largest volume of currency, gold was only at
$1.34. Then we had, including some out
standing seven-thirty bonds, $l,576, 100000
of currency, gold was at Sl.55. Senator
Morton made defense of the course of the
Administration during the late panic. He re-
ferred to Mr.. Summers demand upon Congress
to redeem its pledges in coin. He said there
was wrong time to right things, and that this
was not the time to resume specie payment.
Resumption should be postponed long enough
to prevent disturbance of the great interests
of the country. Every days delay is not a
breach of faith, as alleged. The Govern
ment's contract was to pay in coin when it
was practicable. Suspension was originally
q war measure, and though the war has long
ago ended, its consequences were still upon
US. He said there was sort OF fanaticism
abroad for specie payments, but he did not re-
gard it as O panacea for all evils. He cited
numerous examples from Englands expert
ence to prove that she had more frequent and
disastrous panics than we had ever suffered,
and concluded this part of his speech by saying
that he was prepared to assert, and boldly
challenged contradiction, that panics came
than in those having paper currency. The
time to begin specie payments, he added, was
when the country was prosperous, not when
it was Frustrated. In this connection he said
that if the Government had the power to add
to the volume Of the currency Immediately at
the beginning of the panic, it would have
stopped it. Secretary Richardson could not
do it at the time, for he then had the sagacity
tc see that the revenues of the country would
rapidly fall off as q result OF the prostration,
and that hej would need his reserve to meet
the expenditures of the Government. Mr..
Morton complimented the Secretary for his
foresight, for which he had not received the
credit he deserved. He said he did not wish
to be understood as favoring initiation by add
ing one or two hundred millions to our cur
rency, but the sound policy he believed to be
to relieve the pressure upon our business by
easy, gradual measures.
EFFECT OF THE SALARY BILL ON
THE PAY OF THE SPEAKER.
The Washington correspondent of the Bos-
ton Advertiser says: The statement in some
papers that the speaker OF the house was in
cluded in the notion of Mr.. Tremaine, Thurs
day afternoon, SO as to retain for him the ten
thousand dollar salary in common with the
Vice President and the members Of the Cab.
met, was an error. At the special request of
the speaker Mr.. Tremaine excluded that office
from the text of his amendent. The speaker
did not permit any increase of his salary to be
even voted on during the long controversy
over the bill. The result of the whole was
really to reduce his compensation below the
old amount. Heretofore the speaker has had
eight thousand dollars besides mileage and
certain allowances, amounting in all to about
five hundred dollars. The bill ofyesterday
fixed the salary simply at eight thousand with
no allowance whatever. The salary of men,
bers were raised one thousand dollars above
the old rate as an alleged Communication for all
extra allowances, but at Speaker Blaines
special and very earnest request this addi-
tional thousand dollars was not attached to
his Office. The general result was, therefore,
Q reduction of about five hundred dollars on
the old salary of the Office and an addition Of
about Eve hundred dollars to the former sal
airy of members.