Bradford opinion. [volume] (Bradford, Vt.) 1874-1881, 1876-01-15

Resumption of Specie Payment.
Below we publish Nh extrac,
from o speech delivered by Hon. j,
8. Morrill,, in the Senate, Jan. 9th
on the resumption Of specie pay
ments:
After the transaction Of the morn
inn business, Mr.. Morrill, Of Yer
mont called up the bill introduced
by him yesterday, to further pro
vide for the redemption Oflegal ten
der United States notes, IN accord
ance with existing laws, and adj
dressed the Senate In support there
Of Mr.. Morrill, proceeded to explain
the design aud scope Of HE bill. HI
cot forth the advantage to be gain
ed IN the work Of specie resumption
by his proposed funding of the green
backs, first promising the necessity
of enacting supplemental Legislation
to carry out the specie resumption
act of January, 1875. Henrged the
paramount reasons why the country
should return to specie payments
as speedily rs possible, and dilated
on its prosperity Is proof of its abil
ity to do so. He argued against
tile convertible 8 65 bond theory
and expressed the wish that all the
United States bonds were held by
American citizens. His bill, Ii
claimed, followed the original ides
that the issue Of legal tender notes
was merely a temporary war pres
sure. 1t would be better, cheaDe'
and less likely to derange the lnoneJ
market to soil OF exchange fouf' y
four and one-half per cent. bonds
running thirty years or more, fol
legal tender notes, redeeming them
in the manner originally proposed
than to have the Treasury exchange
United States bonds for gold. II
we should allow this to be done cur
rsncy would gradually approach
that volume required by the wants
of trade and of specie resumption in
1879. Mr.. Morrill, thought BY Jan.
uary /. 1878, the difference between
paper and gold would be much less
than now, and as forerunner of re.
sumption it would DO we'll to provide
that contracts after January. 1873,
shall be upon q specie basis unless
others were specified. This would
accustom our people to the coming
change and bring specie, into cir.
culatioD. MI. Morrill, discussed the
Arguments in favor ofinfatiOn, treat
| ing them as unsound and pernicious'
tie also ridiculed the argument fire..
quently set up, that our only remedy
for a currency largely Inflated and
below par, is to wait and let the
country grow up to it. The phil
Osopher who waited OIL the banks
for the river to run by, was hardly
more profound or patient. There is
no way to judge of the future but
by the past. The bank or paper
circulation in 1860, with a popuIa
ton of 3l,429, 1871, was S2O7, SO2,'
600, and at no time had been more
than five millions above that sum.
For all the wants of trade $6,58 pei
capita appears to have been enough.
1t was not then dreamed that there
was any deficiency, and if there had
been it was only necessary to ask
for more to get it, but no more was
asked for. If the amount of paper
money then was sufficient for our
own normal condition, the amount
We now have is evidently vastly too
much. Our population in 1870 was
"a. DIR. Oae : auu tho amount of legal
tenders and National Bank notes in
August, 1875, was S767,533,323
Assuming the standard of 1860 and
of the years prior thereto as equal
to the fair requirements of fin ancial
health and stability, with the coun-
try 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 re-
sumption until our population is
raised to 116, 646, 4O1, with cores.
pending increase of the marts OF
trade.
The speaker showed, however,
that we did not need SO much cir
culation per capita as in 1860, for
since that time the system of checks
certificates Of deposits, drafts, bills
of exchange, postal and telegraph
orders had enormously increased
and rendered less clumsy the method
of business. He did not believe
that any great amount of injury
would fall upon the debtors by rails
ing the value of the paper dollar to
the par of specfe, nor would property
shrink much in value, 1t was a
gteat delusion to suppose that con-
traction would benefit the rich and
fall heavily upon the poor, while in
fatiOn would operate in the opposite
direction. 1t would be much near.
er the truth to say the effect would
be exactly the reverse. He denied
that the national banks ought to be
abolished and that currency issued
by them should be withdrawn, and
an equal amount issued by the Gov
eminent of the United States. Up
to this time the failed banks had
deposited over 81, OOO,O0 in excess
ofthe amount redeemed by the Gov
ernmeut. Not one Of them was in
default.
He warmly praised the national
system, and said if the
banks were only circulating a cur
rency convertible at par nearly all
their defects would vanish. What
we most needed after specie re-
to completely remedy our