Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1878-05-24
Senator Morrill, on Resumption.

Senator MOrrilI on Resumption.
In his speech in the Senate on the Goth, oppos-
ing the repeal of the resumption act, Senator Nor
ril of Vermont said
The contraction of psper money hitherto has
been almost wholly imaginary, and will surely
have lost its terrors when contraction, real or fan
ciful. wholly disappears in expansion, especially
when il shall be that all the dykes broken
down, and both gold and silver, long pent up, find
an unrestricted outlet to fertilize every part of
our country. The national banks are ready to CO
operate. Business men hail resumption with ac-
clamstion, and will joyfully contribute to its
Gees when it costs little nothing to exchange
paper for coin, and when the importer complains
Of no hardship of obtaining it no one else should
complain that coin is necessity at the Custom
House. With banking free, bringing forth 100
cents for every so cents of legal tenders surrea-
dered giving out $50 900 900 in exchange for
$40 900 600 the wants of the trade are in no dan
ger Of suffer ing from q lack of currency. 1t is
also proposed 10 take greenbacks for the four per
cent bonds. If we can thus refund our national
debt at lower rate, who will be angry, and why
should it not be done BY this process are like
Nv to save more interest than will be paid out on
the 5000 900 gold an. He referred to the
present condition of affairs in the county, and
said
Let us b all the resumption now imminent as an
event however brought about that may quicken
the pulse of the nation and start us once more
the highway OF national prosperity. The mere
fractional premium now remaining gold is like
lv to soon disappear unless that result is thwarted
nv a rash attempt TO do by legislation what will
so much more surely be accomplished naturally
through the laws of trade He argued there had
been no stringcncv in the money market since
1865, only continued dullness. No properly sup
ported demand for money had been refused. He
quoted from table to show that the amouot Of
leg al tender, national bank and treasury cerif-
Gates in circulation on January was SS05, 465,-
0S4 and on the first of May, 1873, they amounted
| to SS2j $40 S3l Resuming his remarks he said
| Inetesd of contraction the table showed had
$40. 0O0,0 900 more money than we had in 1875. He
conte uded that there was lack of confidence in
| stead of lack of money.
Referring to the labor UNEMPLOYED throughout
the country he said Tt real worth Of our conn
trv as of every other resides in its labor The
| future productive power 1t has in store is more
than all we now possess. want to put that pow
er to work and, with the stimulus of more certain
| and higher rewards, to encourage every idle dol
lar to come forth, to take it, life in hand and risk
| it somewhere, by putting all the great forces of
human industry in motion. Abiding TO the re-
cent sale Of United States bonds, he said the sale
of the $50 100000 of | 2 per cent. bonds at 10
per cent. premium in gold is proper theme of
congratnlation to our people. He spoke
of the interest of all in the prosper
itv Of the country, and said that to defeat a re
turn to specie payments now, either by assault or
i'll directed attempts to hasten its coming, when
we are on tue brink of fruition, would throw a
fearful responsibility upon those who should bv
anv act of omission or commission, become iden-
titled with the inglorous fact. The dearly bought
financial experience Of recent years cannot be
forgotten, and no sane man can wish to have il
repeated or prolonged.
He spoke OF the resources we would have for
resumption purposes on the lst Of January next,
and the liabilities to he met and said Although
il resumption should at the last moment be found
inexpedient or imprscticsble, there will be ample
m n M. Al Or he Of
Congress again meets in December next. There
are outstanding the following: United States
notes 1916 $50 0l6 coin certificates SIS 044 500
currency certificates, S2S $4,000; making total
of $3.50 ,039,5l Our resources NAV be summed
up as follows Coin actually in the Treasury,
Sl56 037, 1886 SO; coin vet to he received for the
re nder of the $50 900 900 loan, $40, 900 900 :;
currency S39 AS, 40 IS; making a total of S235-
5l5.377 Sc Continuingt he said: My estimate
may differ from that of Others but | should not
consider it exrravagant to assume that in the
country, outside Of the Treasury and National
Banks, there is in gold not less than $50. 900 600
and of silver including all the foreign and Amer
lean coinage, not less than $50 900 900. This
would show that there will he $500 900 900 of
coin in the country on the first Of January, to be
reinforced by all the silver and gold that may be
hereafter coined up to that time, and further for
tilted by the bullion produced and not coined in
the next eight tbs, as very little Of it is likely
to be exported. From the statements thus sub
ing, and 1t is to be hoped that shall not make
Flash in the pan" or defeat 1t by any misdirected
legislation
In conclusion he argued that all the serious oh
stacles to resumption have been surmounted !;
that whether or not there had been heretofore
any contraction of the money of the country
there will be none after resumption that the state
of foreign exchanges never before has been so
constantly and largely in our favor; that sha u
have resources in coin more THAI sufficient to
ks n
resume without anv contraction of loans and
without embarrassing the Treasury of the United
States; that prone ty Of all kinds instead Of
shriveling mp will rise to higher level when the
policy Of the country shall emerge from the re-
gions Of mistrust and uncertainty that resump-
ton will resurrect more than $500 900 900 of
actual coin and give vitality to the whole voum e
of money IN circulation; that resumption Is not
in the interest of capitalists, but the interest Of
those who are paid by capt ast, that the House bill
with any Of the propo-ed amendments can have
no other purpose or effect than to hsmstring the
treaty, and either to postpone resumption or to
/ 10 VII o. if nj ri ar;,