Year: 1868

NNhNA Aa Wv AANA wv W w NhuNNAtNNs


This he held to be a mise oncoptiou.


lie did not believe tho existence of


our bonded debt had anything to do


with the depreciation of our currency.


lie believed it would bs deprecated


it government did not owe a single


bond, or IL our bonds were at par


Tho currency was deprecated be.


cause the greonbaek note is a prom


ise to pay so many dollars on demand


which it does not pay. The promise


is daily broken, and has long been


dishonored, while tho note draws no


interest, and government has fixed


no time when it will pay it. Under


the circumstances the note must be


deprecated. Tho solvoucy or ulti.


mate ability Of tho promiser to pay


never kept over due paper at par aud


never will To do that there must


be certainly in the payment and time


of payment aud it the time OF yay-


mont be deferred compensation must


be made by the payment of interest.


Tho taking Of tho gold in the


Treasury for tho purchase Of


bonds puts tho redemption of
grcenbacks out ofthe power Of the


government, aud proclaims to the
world that it does not intend to re-


turn to specie payments. The gold


thus taken would not enter into cir.
culation, but would sink back into an


article of merchandise, to be gam bled


for as it now is in Wall street. Tho


greeuback circulation is a part Of tho
public debt for the redemption Of
which the faith of the nation is sol.
emnly pledged. The redemption Of


this pledge is not only demanded by
every principle of national honor,


but is imperativoly demanded by


the Interests of the people collective.


ly and individually, and if the gov


mcnt were to take tho only means by


which it can bo done, aud apply il


to the purchase Of bonds not due for


many years, it would merit aud re-
ccivo the indignation and contempt


Of every honest man everywhere.


Mr., Morton enforced this prosi-


ton at length, aud then said ITO


the man who lent his money to the
government to carry on the war for
the suppression of the rebellion l am
grateful. Whatever may have been
his motives, he was a public benofac.
tor, and entitled to the thanks Of the
nation. To him the government
must keep faith, whatever that faith
may be. But while our creditors
should receive all they are entitled to
In law and equity, it is not bad faith
to improve the condition Of the bal
ance of tho people. Ho then cons
bafed the action Of the Secretary of
Treasury in contraction as the result
of a lnisapprehension of tho causes
which dcpreciate paper currency /;
and argued that the legalization of
specific contracts to be executed
in coin, would result in evils and
hardships without end, and could
not appreciate the valuo Of the cur.
rency any moro than common con
tracts for future delivery of gold. He
also controverted the othor recon-
mendation of the Secretary for fixing
n time when United States notes
shall cease to be legal tenders, eI-
cept as government dues, as an act
of reputation, which does not differ
in principal from the proposition Of
the President to apply tho payment
of the interest to the eItinguishment
of tho bonded debt. When the
have been brought to par,
and the government stands ready to
redeem them, then, and not till then,
can their legal tender character bs
taken away without repudiation.
to Supreme Courts, if they
have any doubts on the question
greenbacks are legal tender
they should be cast in the legislation
of Congress. The Supreme Court
should bo something moro than a
rigid expounder of statutes or coll
lector of precedents, and should view
such question as statesmen, as we'll
as lawyers. He had full confidence
in the learning, ability and patriot
ism Of that august tribunal, aud be-
lieyed it would not render a decision
until the question has been viewed
in all its bearings and consequences.
To return to specie payment without
a crash is the great desidcratum. and
this can only be done by making
the process gradual. Time is nee
essary element, and tho first question
to be considered is the period which
should be fixed by the government
for beginning the redemption of the
greenback notes and in my bill |
have stated the 1st Of July, 1871.
Fixing a time must be the starting
point Of any plan which proposes to
bring about redemption without crash
or disaster. In proposing to give
Two years and half to begin the
work Of redemption, l have several
objects in view. First, by establish.
ing the period of redemptio a fixed
value is given greenback notes. Now
its value is fuctuating and sometimes
varying as much az ten per
cent. in sixty days, and scarcely ever
the same for week at
time. But by fixing a time for its
redemption a certain value had been
given it. If his note is to be paid in
gold on July LIST, 1871, its value to-
day can be determined by ordinary


rules of discount, and will readily
improve as the time for its redemp-
ton approaches. Other preparations
being properly made, it will be at
par on or before the day fixed for
redemption. By gradual apprecia-
ton, by firing the time for redemp-
ton, ,,'ono chiefelement of the value Of
all commercial paper is gained, that


a