Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1878-05-24
specie ResunptiOn.
SENATOR MORRILL, NAMES A STRONG srrHCH II
rAvoB or trrrtNg THE RESUMPTION ACT ALONE.

sENATon MORRILL, MAKES srEoNG srEEcH n
TAvoB or irrrtNg TINE RESUMPTION ACT ALONE
The biil for the repeal of the specie resump-
ton act WIS taken up in the Senate on Mon
day and Mr. Morrill, Of this State. chairman
of the finance committee. spoke against IT,
There is no longer, he said, real urgency to
have resumption occur at either nm earlier or
later day than that contemplated four years
ago The LIST Of January now seems rational
and opportune. The coinage of silver is pro-
crossing As rapidly as its most ardent friends
could desire. and whatever the future may
have in store, il has not yet Deprecated the
greenbacks. and cannot depreciate them until
the amount Of silver issued shall be in excess
OF what can be maintained at the par Of gold
After that, even If we lose our gold, no deluge
Of silver can make IL Of less value than its
weight in silver bullion To that goal fear
we tend All should agree, however, to make
it nblessing so long as we can. and not turn it
into stumbling block II is now in its in
fancy, and will no more than get out Of the
cradle by the 1st Of January next Prior to
that time il should hardly be held responsible
for much evil. and ought to be permitted to
win the credit for all possible good. The
contraction Of paper money hitherto has been
almost wholly imaginary, and will surely have
lost It's terrors when contraction, real or fan
ciful. wholly disappears in expansion espe-
cinlly when It shall be seen that all the dykes
are broken down. and both gold and silver
long peut up find an unrestricted outlet to
fertlize every part Of our country. The ma
tional banks are ready to cooperate: bust
ness men hail resumption with reclamation,
and will joyfully contribute TO its success
When It costs little or nothing TO exchange
paper for coin. aud when no importer COM
tufsg gf tlta lar1sbir. e plfat,,t,,ty
else should complain that coin is "A necessity
at the custom-house. With banking free,
bringing forth 100 cents for every 50 cents of
legal tenders surrendered. giving ont 20 mill
ions in exchange for 40 the wants of trade
are in no danger Of suffering from lack of
currency. 1t is also proposed TO take green
backs for per cent bonds. If we can thus re-
fund our national debt at a lower rate. who
will be angry and why should it not be done :
BY this process we are likely to save more in
terest than will be paid QUITO the $50. 600. o.
OOo gold loan
Alr. Morrill, referred TO the present condi-
ton OF affairs in the country. and said Let
us hail resumption, now imminent. as an
event however brought about, that may
quicken the pulse Of the nation and start us
once more on the highway of national pros
prrity. The mere fractional premium now
remaining on gold is likely soon to disappear.
unless that result is thwarted by rash at
tempt TO do by Legislation what will so much
more surely be accomplished naturally through
the laws Of trade He argued that there had
been no stringency in the money market since
1875. only continued dullness No property
supported demand for money had been re-
fused. He quoted from table to show that
the amount Of legal-tenders. national bank
notes and treasury certificates in circulation
January !, 1879, was Ss0j, 4Gj, Os4. and on
May l, 1875 SS2j. $50 93l. and said that. in
stead Of contraction, the table showed that We
had over $50, 600, OOO more money than in
1875. He contended that there was a lack of
confidence instead Of "A lack of money. Re
ferring to the labor unemployed he said: The
real wealth Of the country. as of every other.
resides in its labor The future productive
power it has in store is more than all We now
possess. want to put that power to work
and with the stimulus Of more certain and
higher rewards TO encourage every idle dollar
to come forth, to take its life in its hand and
risk 1t somewhere by putting all the great
forces Of huIhan industry in motion
The sale of the $50, 900, 600 Of - per cent
bonds at ! per cent premium in gold. said
Mr.. Morrill,, is proper theme Of congratula-
ton 70 our people. He spoke of the interest
Of all in the prosperity Of the country. and
said that TO defeat q return TO specie payment
now, either by assault or by ill-directed at
tcmpts TO hasten its coming. when we are on
the brink Of fruitiOu, would throw n fearful
responsibility upon those who should by any
act Of omission or commission become ideu-
titled with the inglorious fact The dearly
bought financial experience of recent wears
cannot be forgotten, and no sane man can
wish TO have 1t repeated or prolonged. He
spoke of the resources we would have for re-
sumption purposes on the LIST Of January
and the liabilities 70 h. all 4
that although if resumption should at the last
moment be found inexpedicnt or impractica-
bic, there would be ample time to postpone
the day or repeal the act, when Congress
again meets in December next There are
outstanding United States notes of SAG ESQ
DIG coin certificates $i5.O44. 500: curren-
cy certificates, S2s 3lj OOO-making total
OF $3.50, 039, ilG Our resources may be sum
med up as follows: Coin actually in the treas
ury, SljG, 037, 236 coin vet to be received
for the remainder of the $50. 600 900 loan,
$40, OOO. 900; currency. $50 1910. Max
ing total of S23j. jl5,377. My estimate
said Mr. Morrill,, may differ from that Of others
but | should not consider il extravagant to as
sumo that in the country outside the treasury
and the national banks there is in gold not
less than $50. 900, OOO. and Of silver. includ.
ing all the foreign and American coinage. not
less than $50. 900, 600. This would show that
there will be over $500. coo, 900 Of coin in the
country on the LIST of January. TO be rein
forced 10y all the silver and gold that may be
hereafter coined up TO that time aud further
fortified by the bullion produced and not
coined in the next eight months, very little of
1t is likely to be exported From statements
thus submitted, the prospect appears every
way encouraging and it Is TO be hoped that
We shall not make the affair fash in the pan
or defeat 1t by any instructed legislation
In conclusion, Mr. Morrill, argued that all
the serious obstacles TO resumption have been
surmounted that whether or not there has
been heretofore any contraction Of the mon
ey of the country, there will be none after re-
sumption that the state of foreign exchanges
never before has been so largely and CON
stantly in our favor that we shall have re-
sources III coin more than sufficient to war
rant resumption that the national banks can
resume without any contraction Of loans and
without embarrassing the treasury of the
United States that property of all kinds, in
stead OF shrveling up, will rise to higher
level, when the policy of the country shall
emerge from the regions Of mistrust and I'M
certainty; that resumption will resurrect
more than $500, 600 900 of actual coin, and
give vitality to the-whole volume of money in
circulation that resumption is not in the in
terest Of capitalists but in the interest Of
those who are paid by capitalists that the
House bill, with any of the proposed amend
ments, can have no other purpose or effect
than to hamstring the treasury and either to
postpone resumption or TO make it a perplex-
ing If not doubtful experiment.
MAKING CoSsUIs USEFUL Secretary Ev-
arts has recently sent circular TO all United
States consuls' requesting accurate reports on
Gil