The Tiffin Tribune, 1868-12-24

our bonds, and to that end we must pply tho surplus gold into tho Treasury to the purchase of our bonds in tho market to he cancelled. This ho hold to bo a tniseotieeptiou. lie did hot believe tho cxisteneo of our bonded debt had anything to do with tho depreciation of our eurrenry. He bcliuTod it would be depreciated if government did uot owe a single bond, or if our bonds were at par. Tho currency was depreciated be be-o - o be-o a mo tho reunliHck noto is a prom prom-no - no prom-no to pay so many dollars on demand which it docs not pay. The promise daily broken, and lias long been dishonored, whilo tho uoto draws no interest, and government has fixed no time when it will pay it. Under the circumstances tho note must be depreciated. Tho solvency or ulti- ruato ability of tho promisor to pay never kept over duo paper at par and never will. To do that there must be certainly in tho payment and timo of payment aud if tho timeofyay timeofyay-nieut - nieut timeofyay-nieut b deferred compensation must be mado by the paymcut of interest.' Tho taking of tho gold iu the Treasury for tho pur-jhsso of bonds puts tho redemption of greenbacks out oflh; power of tho government, and proclaims to the world that it docs uot intend to re. turn to specie payments. Tho gold thus taken would not cuter into cir circulation, - culation, circulation, but would sink back into an article of merchandise, to bo gambled for as it now is in Wall street. Tho greenback circulation is a part of the publio debt for the redemption of whioh tho faith of tho nation is sol solemnly - emnly solemnly pledged. The redemption of this pledge is not only demanded by every principlo of national honor, but is imperatively demanded by the iutcrests of tho peoplo collective collective-ly - ly collective-ly aud individually, and if the gov gov-incut - incut gov-incut woro to take tho only means by which it cau bo done, aud apply it to tho purchase of bouds not duo for many years, it would merit and rc rc-eeivo - eeivo rc-eeivo tho indignation and contempt of every honest ninn everywhere. Mr. Morton onforocd this prosi prosi-tion - tion prosi-tion at length, and then said : "To tho man who lent his money to the government to carry on tho war for the suppression of the rebellion I am grateful. Whalovcr may havo boon his motives, ho wss a publio benefac benefactor, - tor, benefactor, and cntitlod to tho thanks of tho nation. To him the govornmont must keop faith, whatever that faith may he. But whilo our eroditora should rccnivo all thoy aro entitled to In law and equity, it is not had faith tor improvo the eoudition of the bal balance - ance balance of tlio peoplo. Ho then ooin narwd tlm action of tu aortrv at Treasury in conduction as tho result ot a misapprehension of tho causes which depreciate paper currency ; and argued that tho legalization of specific contracts to bo cxeeuted in coin, would result iu evils and hardships without end, and could not appreciate tho valuo of the cur currency - rency currency any more than common con contracts - tracts contracts for future dolivcry of gold. He also controverted the other recom mendation of the Secretary for fixing a timo when United States notes shall cease to le legal tondors, ex except - cept except as government dues, as au act of repudiation, which docs not differ in principal from the proposition of tho 1 resident to apply the payinont of tho iutorest to the extinguishment of tho bonded dobt. Whon tho greenbacks have been brought to par, aud the government stands ready to redeem them, then, and not till then, can their legal tender character bi taken away without repudiation. Alluding to Supreme Courts, if they huve any doubts on the question whether greenbacks are legal tonder they should bo cast in the legislation of Congress. The Supremo Court should bo something more than a rigid expounder of statutes or col collector - lector collector of precodents, and should view such a question as statesmen, as well as lawyers. Ho had full confidence in the learning, ability and patriot patriotism - ism patriotism of that august tribunal, and be believed - lieved believed it would not render a decision until the question has been viowed in all its bearings and consequences. To return to speuio payment without a crash is tho greut desideratum, and this can only be done by making tho process gradual. Time is a nec essary element, and tho first question to bo considered is tho period wuicu should bo fixed .by the government for beginning the redemption of the ereonback notos ; and in my bill 1 have statod tho 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 a half to begin the ork of redemption, I have several bjects in view. First, by establish ing tho period of redemption, a fixed raluo is given greenback notes. Now its valuo is fluctuating and sometimes rarying as much as ten per cent, in sixty days, and scarcely ever remaining the same for a week at a timo. But by fixing a time for its redemption a certain value had been given it. . If his note is to be paid in jold on July 1st, 1S71, its value to today - day today can be determined by ordinary rules of disoount, and will readily improve as tho time for its redomp. tiou approaches. Othor preparations being properly ,made, it will be at par on or before the day fixed for redemption. By gradual apprecia appreciation, - tion, appreciation, by fixing the time for redomp redomp-tiou, - tiou, redomp-tiou, ono chiof eloinont of tho value of all commercial paper is gained, that ef cortsinly in the time of payment. Seooud, by fixing the period redemp redemption, - tion, redemption, the country is notified aud may be prepared for the change. People will have it in view in making new eontrsots aud arrangements in busi busi-uesk - uesk busi-uesk debtors feariug a deoliue iu prices of property, will hasten to pay

their debts. During this two and half years, the great body of exist existing - ing existing debts among tho peoplo will be paid. The dobt now contracted, not falling duo before two years and a half, is very small, and generally for real estate, J l great difficulty generally attending improvement in tho value of tho currency and the re sumption of specie payments where they have becu suspended, is tho re reduction - duction reduction in tho nominal price of prop, crty and labor which operates injuri injuriously - ously injuriously on the debtor class. It is true tb.at as tho purchasing power of the currency is increased, tho normal prices are diminished, but this effect is sometimes counteracted by tho in in-crcaso - crcaso in-crcaso in tho Volumo of tho ourren.'y Tho inflation of tin currency, eve n though it bo Composed of gold aud silver cxeluoively, iueroases tho nom nominal - inal nominal prices of property, of which we have a notable instance in the history Spain. When resumption takes place all gold and silver w II be set frse and poured iuto the volume of the currency, thereby iu Hating it to a considerable extent, boeauso the whole amount of gold and silver is very much greater than the whole amount of greenbacks that will be presented for redemption. But, as beforo stated, tho period for redomp redomp-tion - tion redomp-tion is postponod so long that tho great body of existing debt will bo paid before it arrives an t the de delusion - lusion delusion in the price of property, which is likely to bo small, would ailliet but a very limited class, and scarcely reach the business of the country. The time given is so long that it will bo bo-coine - coine bo-coine stale in)tho publio mind. All ex. eitement and panic will pass away, and tho change como so gradually that the people will at least have for forgotten - gotten forgotten whon it arrives. Third, By fixing tho period of ro demptioti so far off tho government will havo timo to collect the amount of gold necessary. Mr. Morton explained tho remain remaining - ing remaining portion of his bill. Ho estimates the gold and silver in tho eoflutry at $400,000,000 ; tho products of mine for the year lSC9,at 75 millions, and after that a hundred mil.iou, per annum, hut the amount of gold in tho country is by no moans so impor important - tant important as may bo supposed. When the greenbacks began to depreciato in valuo, our bonds will inevitably ad ad-vauce - vauce ad-vauce along with them. It will be a very easy matter for tho government tlion to procure enough gold abroad, added to that whioh is in tho Treas Treasury, - ury, Treasury, to lodeem tho wholo groonbaok eiroulutiou. Ho concluded as follows: The cur cur-reuov - reuov cur-reuov is not redundant, as I havo be fore undertaken to show, aud con contraction - traction contraction should not como this sido of repudiation, and only by act of re redemption, - demption, redemption, Tho greenback notes re deemed may bo canceled, aud tho eoin paid out for them will tako their places in tho circulation. Tho our- roucy will become mixed, but tho volume will not bo diminished. Bringing the greenback notes to par will, in chemical language, so free all tho gold and silver in tho land, and pour thorn into the volumo of the eurrenoy, thus inflating it; but the inflation will bo logitimato. The national banking system may bo frco, limited, or restrained by require requirements - ments requirements of rodeeming their notes in ooin. Then thero will be oue cur currency - rency currency for all the people, and one man's inoomo will be equal to anoth another's - er's another's of like amount. Then our bonds having kept pace with the apprecia appreciation - tion appreciation of tlio currency will bo at par. and thoir disastrous flow to Europe win oo oueckod. men the govorn govornmont - mont govornmont can soli 4 per cont. bonds in the market at par, and with the pro ceeds pay off the prosout bonds if the Holders reluse to exehango thorn, and thus reduoe tho aggrogate interest on the debt more than $40,000,000 per annum; thou the business of the country will be upon solid founds tions and its prosperity enduring. At the end ot two yesrs, reconstruc reconstruction - tion reconstruction will, in all probability, have ta ken place, tho blessings of peace will prevail throughout the land, the prosperity of the South will bo in great part restored, and cotton, though nevermore called king, will play its former part in our foreign exchanges. After tho ocoan has been swept by angry tompests that have engulfed gallant fleets and strewed tho shore with wrocks and tho bodies of tbe dead, comes a calm, the moun tain waves sink to gentle billows, the fierce calo lulls to a prosperous breeze, the sun shines forth in splen dor, and tbe surviving manners, with joyful hearts, agsiu spread their satis, resume their eourse, aud speed away to their destined havon. o with our country whou peace, recon reconstruction - struction reconstruction and resumption haveeomo. It lias boon swept and rent by civil war, the land was Btrown with the deid, and everywhere are visible the vestiges of the conflict. Hut peace has come, and with it reconstruction. The bright sun of prosperity shinos forth in a clouded sky. Iudustry, irauo BQu commerce again now in their aooustomed channels with ac celerated currents. The tide of em igration, rising higher and higher, sweeps soross from the old world. The wildorueis of tho est yields up its golden treasures and blossoms as the rose, and our eountry moves on gloriously to its great aud final des destiny. - tiny. destiny. At the conclusion of his speoch, Hr. Morton moved to refer his bill to the Fiuanoo Commit'.eo, which wss done. One day at a farm-house a wsg ssw so old gobbler trying to est tbe strings of souil night caps that lay nn the grass to bleaoh. "That,'.' said he "is what I call introducing cotton into Turkey.' '

menus to us. Tho old house is so different, so bright, so comfortable. 1 am not afraid now to go into tho garret or tho cellar, even at mid midnight. - night. midnight. Six months ago I would not veuturo alone into cither placo at midday. 1 was not nfrtfid, but there was such a fear in my heart, that I was very weak. I tako delight now in going into every dark corner; tho fear is gone and I am strong. My brother's good friend and old comrade is very near and dear to mo. I feel that you know this. I am blessed iu being loved, and having my love approved by all who know aud luvo me. Wo are uot ' engaged' as the saying is. I am so young you know, and he says ho has mueli to accomplish before ho marries. How foolish men arc, ns if I, as his wife, couldn't lolp him to accomplish what he thinks ho must do alone. Brother is apparently very happy. That young lady frioud of ours iu the mountains rcpcc3 him very tauch f..r saving her life the day of the storm, you know. Ho loves her, I know, but will nover tell hor so, lie is going South in a few weeks." This was pleasant, and a current of pleasant thoughts commenced flow, ing towards "castles in Spain." How they surged back in confusion, as if somo Rrim monBtor had plungod through tho pretty stream, leaving it disjointed, turbid and iu turmoil, as I read tho following from tho brotli brotli-or - or brotli-or himself. "Thero is a darkness worse than that from w.hich I havo rocoverod. Friends congratulate ma oa uiy re recovery - covery recovery and my improved health, and, indeed, I am well; I know it, 1 ftol it, aud am almost defiant in my new strength. lho misfortune was a terrible one I look ubout mo and se my old com rades wounded. loin with an and gono, Joe with both legs off at the knee, Bob blind from the effocts of a shot, and my brave old commander, Joo Hooker, paralyzed aud stricken to the heart, aud I fool about my head, and know that I was 'wounded' too, that I lost for a time more than arm, and leg, and eyes, aud yet I bvr now no scars. If mon would ouly look upon the misfortune as au honorablo wound, I could hour it, but to call mo 'crazy,' tho sore will nev never - er never heal. "And now thero is another dark darkness - ness darkness enfolding mo a hopeless lovo. I know nil that is in my way, but 1 lovo and have long loved our vouni: lady friend of tho mountains. 1 dreamed all through my army lifo of acquiring honors and then woalth, ttiut l migiit claim tins beautiful end as wife. Could there bo a worsa fate than mino ? "Wcro it not for tho love of mv people I have folk my sisters' aud my mother s sou lianas knotting aud double-knotting strong cords about my heart I am wicked enough now, to mug mysolt irorn tlio grand old precipice in tho mountains or to dash over tho fulls below. I will not do it you need not fear but then I have an inclination, and that is bad enough. I am offered a situation in Florida. I uliall go and try to do as I should do lovingf but hoping not." A lottor from tho father of this mountain girl, written on tho samo day but at a placo hundreds of miles distant, says pleasantly: "All your friends have left us and wj aro lonely, my duughtor moro so tlian mysoll. fclie told me frankly mat sno loves your young iriend, whoso history has been such a strange one, as you told me. I thought at first that this was mere sympathy for linn, but 1 lind it is mure. I have satisfied mysolf that tho young man loves in roturo,aud I proposo to havo you, my good old frieud, enoouragc too young man in doing well that he may win the girl." row this was all very moo, but a lottor fram this hopeless young man, written four weeks lator, bursts upon mo in this w!bo: "Have iust heard nf vnnr unriniia iiiness 1 feel that I ought to aban abandon - don abandon everything nnd go to you at once. 1 am doing remarkably well. After writing you last a strango thing hap happened - pened happened mo. I overheard a conversa conversation - tion conversation between my sisters. I mado my route cast tako in the Kanawha Val Valley. - ley. Valley. 1 discovered that my lovo was returned. This is all I care for. Most man in love would desire to oall tho girl, wite. I do not. I am hap happy - py happy in the consciousness of being loved. I am going to Australia on a venture that will make or ruin mo." And all these things were buried in this package. ' Can you wondor that the dreary JJecomber day was pleasant to me. Tlieso flashes re vealed hidden scenes in the great drama of life that mado the stago situations of tho now better under understood. - stood. understood. So is lifo'i story told. Not always in plain narrative; cot always in what you see and hear, but sometimes by the replacing ot broken links or tlio sudden flashing of light upon dark ened aud mysterious wsys.

Drenrj Deccmbor layi, with thair unow aua ulcct and rum, liavo au in- fluonco of their own that load.i u to toward - ward toward a peculiar enjoy in out that we fuel at no other time. The dotire to hear of and nco the outiido world lenvot us. Books como noaror to us; thoir companionship U almost liko that of living pcrsonn; tho sentiment aud wit nnd liuinor Ktaud proiiniicii t t-ly - ly t-ly forward; tho words ccm written iu a bulder hand on eucli a daj than on one of your oomiuou days. Wo may not caro to work on those dreary days. Minnio will lay asido licr almost nniHlicd uress; Jolin will postpone his visit to the city, but will hesitate to touch an implciucut in the sliup; old Uncle Joe, always busy making an as handlo or a broom, or aiondiug a wash tub, cares only to recline in the rocking-chair in the oornor, doii u, drcuuiiug, listening, it may bo musing; Charlio won't whirl hin top noruicnd hit sjed,but sprawl upon tho floor, lying upon his back, framing fairy pictures or reading odd stories; Addia coils himself, liko a privileged cat, on tho skirts of his mother's dress, as alio sits at her knitting; little Nellie goos to sleep with her doll in her arms, aud the cat forgets the hole in the corner to such au extent that a during little mouso actually runs across Uucle Joe's foot, sir. Tho cold seems to have paralyzed the drsiro to do, and loft ouly the capacity to enjoy; to have taken uway all uneasiuess as to being idle, and left a feeling of gen general - eral general dou't-carativoness as to rosults. On such a day wo lovo to gather about us old letters, to dive in among their records, to gather up tho threads of narrative, and to fit the scraps with what wo know ourselves into an uu. broken story. A little, is told hero in a letter from an old man; a littlo thoro in a nolo from a sprightly young miss; an explanatory flash here from a scientific young gent, lighting tho whole expause for a mo moment, - ment, moment, then leaving nil darker than before; a sunset-glow at another point is imparted by tho lottor from sumo big' hearted man; a stormy darkness mado to surround nil by tho letter ot somo disappointed dys dys-peptin; - peptin; dys-peptin; tho tttory tinted in rainbow tiuts by somo euthusiastio girl. Put all these together, and the patch patchwork - work patchwork story of experieuco and of lifo is well told. Style tells so muoh in writing, and dings so tenaciously to a man, you need not a'ways look at the signature to learn whether tho writer be young or old, boy or girl, woman or man, student or professor, lawyor or doo doo-tor, - tor, doo-tor, editor or merchant. Kaeh calling has its pet phrases, and each individual has his favorite mode of expression, his ortain words to use at certain times, his channel marked nut in which ho sails smooth smoothly, - ly, smoothly, out of which ho (founders terri terribly. - bly. terribly. Letters that you received years ago the writers of wliich may bo forgotten projerve the writers' iden identity, - tity, identity, and recall each characteristic. On these dreamy December days, we revel among books and old letters and new ones, too, with an interest that is something liko that with which wo listen to a first-class orator: tlm deeper we go, tho longor we stay tue jfronger tho chain that binds us to the ''l(;0 an( "18 "J"118' before us. Yesteruy I found among ay old papers, a bundle of letters ro- cciveu uuriu; a Unopened were all, acd the ficrots were all my own. Heio were the words of friends, spoken two or three . months ago, still uuspoken tome. Thoy were from persons in whom I felt a strong interest, and it was with a reproachful start that I acknoarU edgodthut I had forgotton that they must bt performing their different parts in life, Instead of resting qui quietly - etly quietly in the cottage home among the mountains of West Virginia. The first that was opeued was from a fairy-like little Miss, the sister of our nianiao soldier of old, who, when I last saw Her, was frail and fair, ris rising - ing rising with uncertain movements from the mysterious weakness of a long term of sickness. (How naturally we turn first to a woman's band.) She wrote two months ago from home in her girlish way: "We are all at home, and I am e clad, ine uam- uess is all cone now. Brother is not iih ns. but then h is well, and you cannot understand how much thil

Senator Morton, in tho courso of an ulaborato speech, in reply to the argumcut that tho currency is re redundant, - dundant, redundant, and that wo can not return to specio payment until contraction has taken place, said tho otitira bank circulation before tho war was 8-M2,-OOO.UOU, and tho specie hold by the banks 988,000,000, but at tho samo time gold and silver wuro in cirotla cirotla-tion, - tion, cirotla-tion, and it is probable thero were more than 8150,000,000 in the coun try besides that held by tho banks. Then thoro also wuro the issues of tho local banks, not eurront except in tho localities whero issuod, whioh reudorod necessary tho payment of debts and commercial trausaotions in bills of exchange nnd promisory notes, amounting to many hundreds of millions of dollars annually. This form of currency is still used, but not nearly to tho snmo extent, Greenbacks and National Bank notes aro now transferred from ono section to another to the amount of many hundred millions. Kvery year, he continued, the uecds of tho country demaud au increase of currency over 18C0 of at least $150,000,000, nnd therefore when you ndd to tho actual currency of lSOO, "viz: about $150,- 000,000, tho amount ot currency now used iu placo of formor bills of ex- chaugo and promisory notes, and tho increased demaud tor other purposes, it is doubtful whether tho currency is moro rebundunt now than in 1840, when tho banks wcro paying spooio; and if not redundant, contraction is not a necessary preliminary measure to a return to specie payment. Again, said Mr. Morton, it is said the government cannot roturn to spo spo-cie - cie spo-cie payinont until wo have checked tho flow of gold to Europe, by largo largo-ly - ly largo-ly reducing our importation of for foreign - eign foreign goods. This is a clear caso of puttiug tho discaso for tho reinody. Gold, like overy commodity, is gov governed - erned governed hy tho great commercial law of demand aud supply. It goes where it is Deeded, aud loaves tho eountry whon not in demand. In this country thero is but oue domand for gold, which is to pay duties on imports. In whatever country paper monoy has been mado a legal tender, it has universally drivon gold aud silver from circulation, and in great part from the country. Thus it is tliut Canada is flooded with American silver, and that Amorioan gold has gone to Europe in a steaJy stream for five yours. Thus it was that du during - ring during the French revolution, when their assignats, a legal tonder liko our own, drove French gold into all neighboring countries, so when the assignats finally collapsed, as thoy did in a single day, Franco found herself almost destitute of coiu. Aud thus it was during the long bus. peusion of the Bank of England when the English gold went out, aud was ouly rooallod by preparations mado to return to specie payment. During the first fivo yeajs of tho decade, ending June '.W, 18iiS, our gold exports wore e-'01,2G3,:97. During tho last five years our ex exports - ports exports were $413,01)0,000, showing an inorcase of $152,422,000. Dwriag the first fivo years our imports of gold exceed those of the last five years $19,389,000, which, added to $152,- 422,000, would mako $171,811,000 of increased gold loss during the last five years. We can not retain our gold at homo except by making a demand for it. If we would reduce importations of foreign goods, we must withhold the gold with which they are purchased, and this we cau nut do, except by making it more profitable to keep it at home than to send it abroad. Mr. Morton next alluded to the idea that we can only raiso the valuo wf our currency by raising that of

Old Squiio Hopkins was a perfect pioture of meekness and simplicity, and his stuttering Boomed tho effect of bashfulness rather than iuhorent dhysical defect. Oue day a neighbor came to buy a yoke ot exeu of him. Itie price was named, and the am. uials made a satisfactory appearance "Are they brcachy ?" asked the buyer. "N-n-nover t-t-troubled mo," was tho reply. The other paid the prioe and took tho yoke. In a day or two he oanie back in a towering passion. "Confound these critters, Squire Squire-there - there Squire-there ain't no fence that will keop 'em I They will break through a stone wall, or jump over the moon. What tbe dickens made you tell tue they wasn't breachy ?" "I-I didn't say n-n.no s-uoh thing." "1'es you did ; you said they nev never - er never troubled you." "Oh, well noighbor," said tho Squire, "I d-don't let suoh a th-thing as that e'er t-t-trouble mo." The buyer sloped. Sin Calculated Ahead. Ono evening a littlo girl of six years heard her father read an account of a mechanic whose arm was torn by machinery. ISO one supposed she took any notice of it; but when she went up stairs she began to sob vio violently. - lently. violently. When axkod what was the matter, she exclaimed, "Oh, desrl what shall I do if thoy marry me to a macitiue man ?" Her mother, scarcely able to repress laughter, re replied, - plied, replied, "Don't cry about that, my child; perhaps you will never be married." "Oh. yes, I shall," she responded,' trying to swallow her sobs; "they will marry mo to some somebody, - body, somebody, sod likely as uot he will.be a macuiue man; and if he breaks his arm all to pieces, I sha'n't know uothiug what to do." Briok Pomoroy sails General tirant " the smoke sisok," and the New York World " Belmont's flipfllop." ; Thank your stars that you were not of tlie heirs of the late Baron Rothschild. The legacy dntj amount amounted - ed amounted to 91,000,000.

In tho Senate, Mr. Sherman of Ohio, (K), from tho r iiianee Com Committee, - mittee, Committee, reported hack to the Home a bill fixing duties on copper, Ac; al also, - so, also, the following resolution, which oo his motion was laid on the table to bo called up at an early day. A'fiiie.i, By Senate that neither public policy nor the good faith of the nation will allow redemption of the !-20 bonds, until tho govern government - ment government shall perlorra its primary duty of paying its notrs iu coin, or mak making - ing making thoul equivalent thcrtto, and measures should , bo adopted to se secure - cure secure resumption of specie paytueut a; ns early a period as practicable. Mr. Mierm.'in also reported back from tho samo Committor) without ameudmunt the joint resolution in introduced - troduced introduced bv Mr. KdmumU in No vember, 1807, whioh read as follows: Joint resolutions pledging the laith of tlio tinted Mates to the pay payment - ment payment of tho public debt in coiu or its equivalent. Wheiiia, The puhlio debt was, except whero specially otherwise or ordered, - dered, ordered, contracted upon tho faith and credit of tho Unite i States that the samo would bo paid or redeemed iu coin or its equivalent; and ' AVuciuaa, Poubts havo been rais ed ns to tho duty and propriety of discharging such debt in com or its equivalent, therefore, JCiiuheJ, By tlio Senato and House of Representatives of tho Unitod States, tio , that tho publio dobt of tho (anted States, except in eases wherein the law authorizes the same, or provision was oxpresaly mado, is owing iu coin or its onuivalen I, and tho laith of tho United States is lioro- by solemnly pledged to its payment accordingly. Tho Senate, on motion of Mr. Mor Morton, - ton, Morton, took up his bill for the resump resumption - tion resumption of specie pnyineut, on whioh ho spoko at length.