The Middlebury register. [volume] (Middlebury, Vt.) 1850-1882, 1873-12-16
Senator Morrill, on Early Resumption

'ead with great interest. 1t was on his
'esoution offered on Monday, instructing
he committee on finance to consider the
Of reporting bill to provide
Tor free banking and the resumption Of
specie payments January l, 1875:
Mr.. Morrill, said it might not be the
best time for discreet legislation during
the panic but in view Of our notes being
so nearly at par now, and the ready mar.
ket for all our productions, he thought it
would be inexcusablo neglect on the part
Of our legislators not to take the advan.
tage Of all concurring circumstances now
to return to specie payments. Tho peo.
pie should be relieved of any anxiety of
the Auctuation Of paper currency. What
broker would have ventured at the close
of the war in 1865 to have predicted that
nine long years would elapse and not
bring our paper to specie basis How
could it 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 endeavor 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 finan-
cial subject the people expect Congress
to lead the way. 1t is the duty of the
government to provide sound currency,
not only for itself but for the people.
Our commerce is to be regulated through
the instrumentality of sound currency.
Could Congress shirk the duty of states
mau and indefinitely postpone the day Of
deliversnce from deprecated currency :?
He did not dare hope to be able to re-
move the objections lingering io 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 tho return
was difficult. Paper money, so called.
not redeemable at the will of the owner,
is not money. 1t has been claimed that
our paper had not. been deprecated, but
gold had risen iu 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.
creased its value. Some had gone so far
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
the confidence the people have in the
government. 1t is not question 81
doubt Of the ability, bat the intention o.
the government to pay. There was plen
ty Of confidence in the intention of thu
government, but unfortunately Congress
would not let it pay. The perpetual flow
Of gold abroad has been perpetual ad
vertisement of the depreciation of ou
currency. All Of our bonds find thei
higher appreciation in specie payment
il, tae- 9rknts abroad. and he must asl
Should no move be made to cure it, ou
deprecated currency would be hande'
down from generation to generation q
an incurable malady. let the CROWN
suspicion that no steps are to be take
toward q resumption of specie paymen
90 on. and we shall surely recede tror
such payment. He referred to the bank
ing rates now being in excess of those Q
/ years ago, and said the poorest money
always the dearest. The expansion {
> paper currency shipwrecks many undel
takings which might have been succsssfi
r with sound currency. After referring
the banks locking up large sums as pa
s Of their reserve, thus reducing the amour
| in the hands of individuals, he spoke
J, the inconvenience to which the CONNIE
@ cial community was constantly subjectt
!. by the large operators in Wall stree
t He did not approve oft proposed iss'
G of government bonds interchangeable wi
o United States notes, and thought the pr
o moters of that scheme sought an inde6ni
/. expansion of the currency. The sedu
l. tive influences Of an excessive paper CT
y rency were terrible. Some seemed to
Is willing to trust to time and nature to Gu
l. our financial evils. With all due respt
Of to time and nature. he was unwilling
hand tho matter over to be cured. Go
gress must be equal to its constitution
of duty. The people, who are deficient
as neither strength nor courage, long to
y. that American money is second to nc
10 in the world. They long to handle oil
of more the sound cash. 1t is vain to
or tempt to compete with paper against
an hard money OF the world.
en- What other degradation awaited us
I'M one could tell. Where, outside our @
"a country. does our money pass at p'
he Nature has bestowed on our land "
y, lavish abundance the precious metal,
on it seemed as if we had failed to cony
'p. it into circulating medium. Our
nd preciated currency or money not be
CO. genuine, or as good as it ought to be,
ase held by the people without being frul
sp. and was working evil to the whole c.
to munity. Labor cheated in every {
,er tract, was disgusting, and work seer
ms to be going out of fashion. Lounl
hut was the autocrat Of the times. /
I'M could We expect to train up consc
ay' tious people when the government il
me- gave an example by the issue and rei
ms. Of paper currency above its value. v
to return to specie, all obstacles to
and banking would be restored to all part
her the country. But these reforms ct
am. not be brought about without the al
did Congress. He was not welded to
ord plan, but favored that proposed /
'ife, prominent fnancier of New York,
'ere the Secretary of the Treasurer shall
this. certificates payable in four years,
'ere interest at 8 65-l00 at par in Ur
nor States notes or gold, at the optic
'eek the holder, requiring the banks
her keep a moiety of their reserves in
lsas, .ort,eoat.s and for tho govarnmen