The Rutland daily globe. [volume] (Rutland, Vt.) 1873-1877, 1873-12-05
FREE BANKING AND RESI- NI'-
TION.
speech al Hon. Justin y. Merrill.
Very truly yours, &c.

Hon. Justin 5. Morrill, of Vermont adj
dressed the United States Senate, on
wednesday afternoon, on his resolution
offered the first day of the session, instruct
ing the Committee on Finance to consider
the expcdicncy of reporting bill for free
banking and resumption of specie pay !
mcnt on January /, 1870.
We take great pleasure in laying an alb /
stract of this excellent speech, which has
been furnished THE GLOBE. before its read !
crs. whom we feel sure will read the utter
anccs of our respected Senator with graft
iicaton:
Mr.. Morrill, said it might not he the best
| time for discreet legislation during panic,
but in view OF our notes being so nearly at
par now, the ready markets for all our
/ products, he thought it would be ineXcus-
able neglect on the part of our legislators
not to take advantage of all concurring cir
cumstanccs now to return to specie pay
ments. The people should be relieved of
fluctuations of paper currency, What
broker would have venturcd at the close Of
our war in 1865 TO have predicted that nine
long years would clapse and not bring our
currency to specie standard: How could
it he demanded of the Secretary Of the
Treasury to enunciatc any financial policy
while Congress remained silent He
would not attempt to place gravel in the
shoes OF the administration, but he would
cndcavor to stir up the ambitions of all,
and especially that of the present Congress,
to lift the country out of the present
slough of deprecated currency. On this
i
TO lead the way. 1t is the duty of the gov
eminent to provide sound currency not
only for itself. but for the people. Our
{ commerce. is to he regulated bv Congress-
!, Int it can only be regulated through the
instrumcntality of IL sound currency.
Could Congress shirll the duty Of states
e men and indefinitely postpone the day of
= our dclivcrancc from deprecated paper
9 currency? He did not dare to hope that
. he would be able to remove the objections
= lingering in the minds of many, but would
. try to show the evils arising from
n our present condition, Our experience
tries. 1t was easy enough to plunge into a
] paper currency. but the return was diff
n cult. Paper moneys -caled-not re-
G deemablc at the will of the owner, is not
i money. 1t had been claimed that our pa
pcr had not deprecated, but gold had riser
in value. The same thing had often been
IS said before with us. 1t could not be rca
/ sonablv claimed that gold had risen il
=, value. when it is notorious that its infiuS
" from the Pacific coast and from Australi;
: had decreased its value Some had gone SC
Ii far as to claim that the government Nigh
NJ transfer its whole ndebtness into the sem
~. blancc of money but they forgot til,
II manly utterance of Gen. Grants inaugural
II Again. the champions of Il paper currenc,
appcarcd with their argument of the conf
10 dcncc the people have in the government
Ii is not "A question of doubt of ability, bu
u n question of the intention of the govern
le ment to paw There was plenty Of conf
il dencc in the ability of the government #
-, pay: but. unfortunately, Congress woul,
!" moi let it pay. The perpetual flow of gol
n abroad had been perpetual advertisement
~ of the dcprcciaton of our currency Al
r. of our bonds find their highest appreca
ton i'm spccie-paying markets abroad. an
ut he must ask how long this state of thing
IL must continue Should no effort be mad
on 10 cure il our depreciated currenc
>, would be handed down from rer
-, Grafton TO generation an incurabl
III malady. Let the growing su.
ms pcon that no steps are to be taken tC
he ward the RESUMPTION of specic payment
ae 30 OF. and we shall surely reccdc from sue
PAYMENTS He referred to the baullin
rates now being in excess of those of veal
he ago and said the poorest money is alway
ilt the dearest. The expansion of paper GU
al rency shipwrecks many UNDERTAKINGS whic
Nv might have been successful with a SCUM
Is currency. After referring to the bank
ne locking up such sums as a part of their II
,r- serve. thus reducing the amount of mon,
N in the hands of individuals. he spoke of II
Ill inconvenience to which the mercanti
OF community was constantly subjected |
the large operators in Wall street. lie d
he not approve of the proposed issue of 90
-, vernment bonds interchangeable with Tn
81 ted States notes, and thought the promoter
gs of that scheme sought an indefinite eXpaI
ey sion of the currency. The seductive inf
ho ence of an excessive paper currency WI
"N terrible. Some seemed to be willing
ay trust to time and nature to cure our final
Frs cial evils. With all due respect to time Al
far nature, he was unwilling to hand the ma
'ho ter over to be cured. Congress must
Nv equal to its constitutional duty, The pe
IN plc who are deficient in neither streng
it'll nor courage long to say American money
III second to none in the world They loI
-. TO handle once more the sound cash, al
'"' see the vain attempt to compete with pap
no against the hard money of the worl
nj What further dearedations awaited IL,
,pe No one could tell where, outside of O
- own country, our money passed at pa
W Nature had bestowed upon our land, wi