Year: 1874

In the Senate, April End, pending the
amendment offered by Mr.. Davis of Yves,
Virginia to the banking and currency bill,
Senator Morrill, spoke for Maine and a sound
currency. We find him reported as follows
in the Congre ssional Record:


Mr.. Morrill,, of Maine. The movement of
things this morning has rather attracted my
curiosity. 1t is said now that this precise
proposition is a question of free banking.
can hardly understand it in that light, although
the honorable Senator from Illinois Mr.. Lo-
gan and my friend who sits near me from
Indiana Mr. Morton talk about this being
free banking. 1t is not free banking in that
enlarged and catholic sense for which could
60.


Mr.. Logan. l merely want to say that the
Senator misrepresents me by saying that |
say this is free banking. l say it is not.


Mr.. Morrill,, of Maine. The Senator need
not have the slightest occasion to interrupt if
he will wait until get on one or two senten-
ces. What 10 observable on all hands is that
we divide radically on two questions; one Of
initiation and the other OF holding the Govern
ment of the United States to performance
of its pledge to redeem portion of the paper
money which now circulates as currency, and
thus to perform its obligation and thus come
back to the standard of values fixed by the
Constitution. That that is a duty, nobody in
the Senate has undertaken to deny. Why not
perform it now! ''We are not ready" we are
told. Very we'll, if you are not ready to per-
form it now, why do you insist upon making
impossible in the future? Answer me that.
II You cannot do it to-day, say SO honestly.
1t msy not be necessary for you to go into in
solvency; it may be that we can bear the de.
preeiated currency longer; it may be that
suffering people, for whom certain gentlemen
17a1 excellence assume to speak here, can stand
your deprecated currency longer; it may be
that while we are hesitating to perform our
duty here the people who are engaged in the
industry of the country can stand it to have
this currency fuctuating as in three or four
days under our action from to 10 per cent.
and be solaced with the idea that we who
stand here and insiat that the Government
shall 90 back to its pledges and its promises,
at least begin to do it, are hostile to the in
terests Of the people! | have not so under
stood It,


was not little surprised That my honora-
Die friend who sits beside me here Mr.. Nor
ton sounds the keynote to-day that it is
sacfuege to be devoted to the standard of value
indicated by the text of the Constitution of the
United States; that We who hold that gold
and silver are the true standard of value fixed
by the Constitution are idolaters That ia
rather bold, not to say audacious figure
allow me to say to the honorable Senator.


Mr.. Morton. Not true?


MIR. Morrill,, Of Maine. No, SIR it il loyal
devotion to great fact which underlies all
our prosperity. The honorable Senator from
Indiana may attempt to ignore it; but all his
tory points to IL, and the moment you cut
away from the constitutional provision of the
standard of values, you are atioat in an illim-
liable sea: Heaven only knows when and
where you are to make harbor of refuge.
There 10 no such delusion in this age as the
one that the Senator, say it with respect, is
ineuleating in the American mind at the pres.
ent time. II is against all teachings of history
No such sentiment was ever before uttered on
the floor of the Senate. The history OF the
fathers, the history Of the Constitution, the
history Of all legislation in this country, and
all tradition, Is against it. / repeat, sir, the
that we may cut loose from the
constitutions standard of values and are at