Bellows Falls times. [volume] (Bellows Falls, Vt.) 1856-1965, 1876-01-21
Senator Morrill's Speech.

Hon. J. S. Morrill, of this State re-
Gently made a speech in the Senate on
the currency question, which has attract
ed much attention throughout the coun-
try for its ability and sound common
sense. He believes in speedy resump-
ton and that it can be done at least as
soon as the time now fixed by law, first
January, 1879.
Accordingly he has introduced bill,
on which he made his speech, authoriz-
ing the funding of the legal tender notes
in 30-year 4 or Al per cent bonds and
providing for their issue Jan. 1, 1878.
Mr.. Morrill, shows the folly of the
" interconvertible 3.65 bond project"
Its effect, he shows, would only be to re-
duce the value Of the legal tender notes
to that Of these METEOROLOGICAL, slip
perry 1855 bonds" The plan to get back
to specie payments by receiving depre-
ciated paper at the custom houses, he
characterizes as resumptive boone
rang" Instead of providing a surplus
of coin, against the day of resumption,
this plan could give us none at all. He
is equally severe against the growing
up" policy of which Senator Boutwell,
is an advocate, estimating that we should
not grow up to the present volume of
paper money until we have population
of considerably more than 100,000.OOO.
After speaking of the delusion of in
fation, and coming to its effect on the
credit system and working men he says
The credit system of the world during
the present century has been greatly cur
tailed by the better habit of cash pay
ments. Governments no longer give
credit for duties on foreign importations
the farmer no longer mortgages his crops
in advance for his yearly support me
chanics no longer. give a long year,
credit, but are paid at the end of every
job. 1t is true that many importing mer-
chants owe foreign debts, but they are
all gold contracts, where initiation would
be to the detriment of the debtors and,
besides, they have debts supposed to be
equivalent in paper due to them from
jobbers. Jobbers in turn have an equal
amount due to them on short-time paper
from retailers, who now sell nothing, or
very little, on credit, and this credit is
extended, not to the poor man, but to
those able to respond on demand in
fact, very few workingmen ask or obtain
more than one months credit upon any
thing they buy, but they are almost uni
tormly in the habit of paying as they go,
or when they receive their monthly wag.
es otherwise they might not be able to
get trusted, as non-payment is often ae-
counted as evidence of idleness or OF
bad habits. Nor are any of these classes
to be injured by the gradual approach
Of specie resumption whole years hence?
The savings of the workingman OF
his reserve funds for a wet day are usu.
ally in the form of debt from some
savings bank, and, instead of being in
ljured, he is to be the gamer by specie
resumption. His dollar in the bank is
to be better dollar, and those who are
much better off as to property will be
compelled TO bear the burden, if there i:
to be burden. What now becomes O.
the cry about making the poor poorer by
contraction ? 1t is initiation which mos
pinches the poor man, because he alone
never gets inflated