Perrysburg journal. (Perrysburg, Wood Co., O. [Ohio]) 186?-1965, 1876-01-14
Senator Morrill, on the Resumption
Question.

TUE following IL the telcgraphic synop.
sis of the recent speech of Senator Morrill,,
of Vermont, in the United States Senate,
on the bill introduced by him to further
provide for tho redemption Of United
States legal-tender notes in accordance
with existing laws:
Mr.. Morrill,, in the course Of his argu.
mcnt, said he thought by Jan. 1, 1878, the
difference between paper and gold would
be much less than II Is now, and that rs a
forerunner of resumption Il would be
well to provide that contracts after Jan. 1,
1873, shall be upon q specie basis unless
otherwise specified. This would accus.
tom our people TO the coming change and
bring specie into circulation lie dc.
nounced the project for redccming
greenbacks with an Interconvertible 3.65
per cent. interest bearing bond, declaring
that the scheme was uDsusceptiblo Of any
public or private advantage. He likcned
II TO on offer on the part of the Govern
meht 10 take and keep all the horses
thrown out of employment at the com.
mencement Of the winter, promising to
return them sleek and fat In the spring.
He also secuted the proposition often
broaclied that tho duties on foreign goods
may be hereafter paid in paper. This
would virtually repeal the law Of 1869
containing the pledge of the country that
such duties shall be paid in gold and set
apart TO pay the public debt This is adj.
vocated by a few who are willing to wound
but not ready to strike the tariff, as we'll
as those who have wholly cut loose
from coin, determined to sink or swim
with paper money alone; and also
by six or seven honest men who
really feel, If we show how much we
despise gold and how little we care for it
at the Custom House, that everybody will
adopt the same opinion, and gold will
then at once drop so low in value that all
who have it will be In haste to exchange it
for paper. With much gravity they even
claim this as the swiftest mode of return
Ing TO specie payments. BY our tlattering
declaration that black is white we are to
make silly bullionists, following the ex-
ample of, the crow In the fable drop their
gold, and, like Esop's fox, we are to stand
ready to snatch 1t up. If these honest
men are not mistaken, here is to he found
a real resumptivo boomerang which,
though sent oil in an opposite direction, is
to whirl around and at last smite the rock
from which will pour flood of precious
metals. He confessed to an entire want of
faith in the boomerang movement
He ridiculed, at considerable length,
the idea that we must not only keep and
maintain a volume of currency equal to
the wants of trade, but that II must be
non.exportable currency, claiming that
that very doctrine sent our bonds abroad.
He also ridiculed the argument, frequent
ly set up, that our only remedy for cur
rcney largely inflated and below par Is to
wall and let the country grow up to it,
The philosopher who waited on the banks
for the river 10 run by was hardly more
profound or patient. The bank or paper
circulation, with population of 81 ,560,-
000s was $207 500, 900 Assuming the
standard of 1860, and OF years prior there
to- rs equal to the fair requirements of
tnancial health and stability, with the
country no larger, unless made larger by
the ice of Alaska, we have now such an
excess of currency that il we wait until the
country grows up to it we must postpone
specie resumption until our population
rises to 116, GAG, ,401, with a corresponding
increase of the wants of trade 1t was
great delusion TO suppose that contrac-
ton would benefit the rich and fall heav-
lily upon the poor, while imitation would
operate in the opposite direction. Itwould
be exactly the reverse.
He spoke at length against the injustice
and bad policy of imitation, and reviewed
ly praised the national banking ystem,
and said if the banks were only circulat.
ing currency convertible at par nearly
all their defects would vanish. What we
most needed after specie resumption 10
completely remedy our financial condition
was more real and absolute capital. All
financial tinkering in the world would
not supply it. All the cheap expedicnts
for making money plenty without earning
ii or without giving anything IN exchange
for itwould result in disreputable failure.
The sooner we learn that money can't be
invented, but must be earned, the better
TOR the country.
A debased currency, he said in conclu.
sion, was demoralizing. Public and pri-
vate expenditures are now too largely
based upon initiation, and, so long as pay
ments are made in the cheapest substitute
for money, nothing in return but cheap
equivalents and cheap service can be OBJ.
tanned. No permanent restoration of in
dustrial prosperity, no permanent employ
ment of workingmen, no safety to working
capital can be expected until the Govern
ment permits its own operations, the labor
of our people and the business enterprises
of the country to be based upon the solid
represented by gold and paper
al par with gold, represented by restored
peace and morality, in accordance with
the unbroken experience of the wise
among nations and in harmony with the
instincts of high spirited people ashamed
OF the exploded devices of paving debts
by the renewal of broken promises, and
ashamed of the vacillating standard of
mercantile honor, worthy only of bank