Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1876-01-20
Senator Morrill, on the RESUMPTION
Question.

THE following is the telegraphic 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 the redemption of United
States legal-tender notes in accordance
with existing laws;
Mr.. Morrill,, in the course of his argu-
ment, said he thought by Jan. l, 1878, the
difference between paper and gold would
be much less than II is now, and that as s
forerunner of resumption 1t would be
we'll to provide that contracts after Jan. l,
1878, shall be upon q specie basis unless
| otherwise specified. This would accus-
| tom our people to the coming change and
bring specie into circulation. He de-
nOunced the project for redeeming
| greenbacks with an 1nterconvertible So
! per cent. interest bearing bond, declaring
that the scheme was unsusceptihle of any
public or private advantage. He likened
ii to an offer on the part of the Govern
ment to 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
| preached that the duties on foreign goods
may be hereafter paid in paper. This
would virtually repeal the law of 1862
containing the pledge of the country that
such duties shall be paid in gold and set
apart to pay the public debt. This is ad-
I.vocated by few who are willingto 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
atthe 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. Byo fiattering
declaration that black is white we are 10
make silly bullonists, 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 it up. If these honest
men are not mistaken, here is to be found
a real resumptive boomerang which,
though sent OFF in an opposite direction, is
to whirl around and at last smite the rock
from which will pour a 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 volume of currency equal to
the wants of trade, but that it must be
non-e xportable currency, claiming that
that very doctrine sent our bonds abroad
He also ridiculed the argument, frequent
1y set up, that our only remedy tor cur
rency largely inflated and below par is to
wait and let the country grow up to it.
The philosopher who waited on the banks
for the river to run by was hardly more
profound or patient The bank or paper
circulation, with population of 81 800,
600, was 1907, S02 600. Assuming the
standard of 1860, and of years prior there
to- as equal to the fair requirements of
financial 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 If we wait until the
country grows up TO it we must postpone
specie resumption until our population
rises to 116, 646 ,401, with corresponding
increase of the wants of trade. 1t was
a 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 initiation, and reviewed
the arguments of the infiationists, warm
ly praised the national banking system,
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 to
completely remedy our financial condition
was more real and absolute capital. All
financial tinkering in the world would
not supply it. All the cheap expedients
for making money plenty without earning
it or without giving anything IN exchange
for it would result in disreputable failure.
The sooner we learn that money can't be
invented, but must be earned, the better
for 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
| foundations represented by gold and paper
at par with gold, represented by restored
peace and morality, in accordance with
/ the unbrOken eXDerience OF the wise