Indiana American, Volume 8, Number 1, Brookville, Franklin County, 1 January 1869 — Page 1

i v : c TERM80FADVERTI6 UtO. rl8UsUKD EVERT JRIDAY 3T (t a. B t SO HAM, Proprietor, 5b wr.r, W, Unnfitni trrttn-...ti ft n.qu.r.,oiM.a- i. I ae ou.r., thr?. lrttol. j jjj; in the National Bank Buildiog, (jhtrd fory.) One cola ran, changeable qnertertjf.-Tfaree-qnartere 4 column Ooe-hslf of s column ....... t e rEilMS OF SUBSCRIPTION t 5d pFK YEAR, in abtasck. One-jorter ef ,a colema.... Jn-eitta of oulamn .. ...... It J Transient adrertivemesU ebeeld ia all k Q3 " " IT KOT TAID IN ADVANCE. (in lorio irrn. . f . . . Unleoa a. Litrtirslii i!a t.. aniiAit wham VeaaL VOL. 8, NO. 1. HROOKVILLE, IND., FRIDAY, JANUARY 1, 1809. rWTTOT 17 X"(", fUX 4 in, dTertiermeala wH ke Mblieoe

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jij pjtRg? on papers aeiivered witnm this fjtintv. RESUMPTION OF SPECIE PAYMENT. ! Speech of Senator Morton. i Mr. Morton said: Mr. President, among 4 mighty changes wrought by the war j the revolution in the character of our trreney. The war found us with gold ,ml silver as a part of the circulating mejiin, and with a convertible currency, is tsues of the local banks, created by if authority of the several States. When j ended, trotd and stiver and thia bank pajr had been banished from the circulate, aud in their places substituted the tttes of the government and of the Najor.al Banks." The great problem now to U solved is to reintroduce into the currency gold arid silver, which can only be lone" by making the notes of tho government and of the National Banks eonver. title into coin at par. These notes are iow greatly depreciated, and since the 1st if July gold has fluctuated between thirty-

wo and a halt and torty-nine cents prem

demand for: currency otherwise growing his paper was hawked about the streets at I easier to begin the process at the end of greenbacks that they did in gold before j the purchase of bonds that will not be ' vers-ion of tliee notes at the pleasure of out of tie sauses refeired to, it is doubt- sixty or seventy cents on the dollar, while ; five years, the nation sufferiug in the ; the war. due for years, is to Jy into the face of com- ihe .'holders, i mo bonds bearing such r ful whether the currency is more redun- peihaps that ot his near reisibbor, whokept meantime all the evils of depreciation? j i Another obstacle to the adontion of anv ! tuon Be,,se a,5d insult the intelligence of .', ioterfst .-is amy he authorised bt Co-

dant nov ttian it was in I860, when the a smalUtore and was oolv worth ten thou

banks wre paying specie; and if not re-' sand dollars, but who was prompt in the dundant then contraction is not a necre- payment of his debts, coufd be sold at a sary prel minary measure to a return of: very small discount. In overcoming the specie pfyaieut. ' depreciation of the currency we have to

Again it is said that the government overcome the value between the green

cannot titurn o specie payment uv.til af- back currency and the like amount of i pay his debts, pavment may be enforced j ment can not redeem the greenback cur

ter we mve cneckea the now of our gold u,ui "uu l"e umerenco Deiwecn iwo to Europ; by largely reducing ourimpor- billion of bonded debt and two billion in tation of foreign goods. This is a clear pol. Even if the credit of the governcase of p.tting the disease for the remedy, j ment was so greatly depreciated as that

Shall the nation stand shivering for years plan for returning to specie payments is ! 106 PT'8- If, as , I have before said ' ttess nn the debt into hkh ihe treeeft

.1 X 1 a. V 1 1 a 1 . . . . iKAa-naaAn AAn4aAVs... KU . . . IT. t. 1 t I fa 4

me D8DK3 oi in id joruau auu iu the cry that tu nht way to reurue i? to ""c auu iucuiauic iea- ouiMauuintf uouus may oe luuaea.r

- - . : . : . t . -ii i -.- i. i :

tv" "-"". i It i not enough, it sem,rthit the eurenrrencj J a rounrry and its public se- ; rencJ is .irj ,j. i. ..,d thirty per cur.t.es, by winch the vnlae of its sccuri- cent lllat ll(C vioU,if9 ties can never get beyond that of the cur. i contn,el milh ie j,..; ;,.r, ,nd dishoDor4

rency in wni.-n ine outness or me coon- ilB vei, but it is now proposed to strike tay may be said to l.ve, moveand have its , vff at ,.Hf,t one .,lird uf m.rket ,A

make the plunge when the waters are ' resume at once. 1 have labored to find

deeper, swifter and colder than noY buch ' that this means anything else but the in is not the part of wisdord or patriotic ; defiui te postponement of resumption. Evstatesmanehip. If an individual r fails to ' ery one mut comprehend that i he govern-

bv the law atrainst his Drouert v. but against ! rpnev with nt first ooll(ciinv th nlt to

- o - i . , 1 J - - - - - - - f ' - j i - . , - vvj v. o turn Kit , nyn the government there is no such remedy. J0 it with; that it can not return to xpecie j being, then the application ot the gold to ; gfripping it of its legal tender cbiracWhat would be mere neglect or failure, payment by contraction without taking i come into the Treasury tor the next five ter by which it is madelawful money aadl

Gold, lik everv other commoditr. is irov-I her bonds were not worth twenty-five

erned bv the irreat commercial law of de- cents on tne aoilar. still it would not be : it the greenback note is to be regarded as ' cess b? which it can be done

maudauc supply. It goes where it is impossible to make the currency goodand. an obligation, for the : payment of which . ruinous, that does not involve time. If needed, vd leaves the country where it is keep it at par.- If the government did the' government is pledged, the continued the government should pay out thesevennot in denand. In this country there is not owe a single bond, the value of our eur- failure of the government to make any j ty millions surplus gold' now in the now but'ioe demand for gold, which is to rency would not be improved, except by j provision fr its redemption can not be ! Treasury in the redemption of an equjrl pay dutie- on imports. The great ue to making arrangements tonedeem it. The : regarded iu any other light than repu dia- amount of greenbacks, the whole country which it i- oidinarily applied to consti- existence cf the bonded debt will not pre ; tioo. When the first of these notes were would know that it was not prepared to tute a curency and medium of exchange vent ,,,e improvement in its value. If, issued, it was provided that they might be i redeem any more. The gold paid out has beei cut off for five jests and our . we-should take the surplus gold in the funded into five-twenty bond?; but that ! would not be paid to circulation, but sin k gold has seadily flowed into other coun-, Ticaury and that which is to accrue, and provision was shortly after repealed, and ; back into an article of merchandise, the tries, wheri it is demanded for a euirencv. use if in ile purchase of bonds in the . tbey now stand in the nature of a forced j balance of the srreenbuck currency be but

mi n . ! I 1. f T . .. . ,v v. i ! . I. f In Ka ntmnuldit Kv niirnlinGck Ira lAnn ilnivin'r Infcrauf n , A . nil tk.., i 1 . 1. . . I. .1

uiu. l nese nnciuaiious iu 100 muo oi m wnaieer country paper money nas -u..v.v,.... .v.... , n . . .u.v.vo., UIU ni umc mipovtu, au me ni rwuu vi mc the currency affect business of every Mnd I been mad( a legal tender it has invariably should inevitably further depreciate the j appears are to be left to perish in the hands operation would simply be the contraction Jisastrously. The prices of provisions, driven goll and silver from the circula- value of the greenbacks. The explana- ; of the people. If when the 5 20 bonds of the currency to the extent of seventy roods and labor change from month to tion and ir ureat part from the country. ,io,! o this effect is simple: By taking fall due the government should fail to pay I millions and the indefinite postponement

iMinlh Kvorv hrnnll f ltrltHliate BUS- Tlni if U ll.-.r I'unul, ia nov fl,..i,lcil the tTOid

uiess which depends upon small but reg'

therefore, on the part ot an individual time to contract with all its attending ca. I or ,en Jear3 lo ln8 purchase t onas n,, be iiktd in the pay mental" debts. ha would be repudiation by a government. hncities; that, in short, there is no pro could add but little, if anything, to the t added at least one third to its current Tl-

bowevtr; a,uu 01 ",e resT conusor tne cur-; ue j thh ,ieuvy Joss , he Secretary nrw

rency. Hut . one thing is certain, that. , pwM to iuUc, tle . 1,,.,.

iiiiu nuuuuj uvuui i atiii'j hi inc :ttrrencv ut the"

ilar profits is ureatlv impaired with sich

iiieinations in the value of the currency, in the cost of living, in the profits of bus. .tiess, and in the va!u rf everything thkt enter, into trade, together with the pain 'ul uncertainty that hangs over the whole inatn'ial policy of the countiy. Men

kvitate to eugage in new

to make new investments in business. Tiie prudent capitalist is standing still, iwai'iug the course of events and the osullidimeut of some definite financial policy lv which he can iudje oi the i'uiure.

which is the only means by j them or make any satisfactory provision ' of the redemption of the balance. But

i i a r.i .1 .!.

with Ameicaii silver. Thus it is that wlucli greenbacks can be retteemeu, ana lor Junamg tneni into new bonds, the : the great obstacle to the return ol specie

American iTld has gone to Europe in a al!'Ju,S lt u llie purchase ot bonds, it, cry ot repudiation would at once be j payment, and the one which we will have steady stiun lor five years. Thus it was puts the redemption of the greenbacks ' raised, and yet it can not be shown j the greatest difficulty in overcoming, is the during the French revolution, when the out of the power of the government and j that the legal and moral obligation J interest against it. The premium upon assi-Mwits s le-al tender currency like our proclaims to the world that it does not in., to pay these bonds at maturity is great- ! gold and the advantage it gives to certain

own drnv French irol.l into a ot the tend to return io specie pajnieiit". i no ri loau uiai icsiing on loe govern- classes over Ot hers was u navoKla tne I n the

iipbrhhorinr pnnntris so that when the proposal io improve our currency by tak- ; mcnt to make prompt provision for the re-

assio-nats finally eollaiised. as thev did in ing our surplus gold and investing it in demption of the greenback currency. Tho

t ' . J" ' . . t . 1 . ...1 I 1.. .. 1 1. ...... I...... n I I.,,.nl ..

enterprises or ! single da., France found herself almost o" wouoi u regaruea oy capiui.

currptiL-v nl tlip iiini; nivniiniiDH Th

govercment to pay the notes by making i eminent could be guilty of no 'clearer reasonable preparation,., it the government j ;ct of repudiation. To strike off one-third

neglects or abandons the euirencv, under of ,iicir ViJ,UK 5l the b.Jlldg o( ,he ,e whatever pretense or disguise, and applies !,! nnf .i.-.r,- ; r;fW.;ntA -.,

its surplus revenues to the purchase of thcu, lK,vl)r(Lks. While thev r

bonds, with a view to improve the value

of the rest of tl.eui, and thus legislate for the benefit ol' a class, the only class in thia country doing well enough and better than .any other, the currency will kink from that hour, and the very foundation? of good faith will be shaken.

Huch Iegiljtion would be notoriously

depreciate J an I unprovided for, the gov

ernment has no light to withdraw from them any dement which goes to constitute their value. To show that such a measure would l-e repudiation iu fact, let us consider the character of the contract between the holder of a greenback uotc and tho government. It is to pav-, o many dollar

beginning, but should not be allowed to

and wickedly partial and uiiiu t. hat - to the bearer or holder on demand. Thia

would be thought of a great railroad cor- is the original contract between the jrovporution that s-hould refuse to pay its : eminent ai.d the holder. The privilege oveidue floating debt, and apply its cur- of funding the nott into ihc five twenty rent revenues to liquidation el its long bonds, conferred by the act td February bonds, under the pretense that it would 5, tt;2, ani w hich the Secretary pro

ineieuy improve ns auimy io pay us poses io re-csiiullsli, only iC'MCUig the

l-lcsiitute ol coin. And thus it

i'ir the lom suspension ol the

I; is i in possible to calculate the aggregate j ment.

1ps to the country even in one year by j decide

was dur

of the Bank of

Eugiaud, when Enilih gold went stead

ily, out anvlwas only recalled by the pre

lude to vet urn to srtcie p-'V-

tib.-urd. The )ld tin

co'.tmue a

no greater and the ! necessary. The present condition of

bus paid out would j moral obligation hardly so strong; for the things produces ren inennalities among

not enter into the circulation, but would greenback notes are, iu tact, the people a : the people, which, if longer continued.

sink back into an article of merchandise . bonds -the bonds of the millions, in which j will uive rise to heart-burnings and tei.d to be gambled for as it now is in Wal I, afe invested the laborer's toil aud the j to demoralize the public sentiment iu rela street. What would the world think of , meager profits of the humble occupations 1 lion to our national operations. To iliusthe morality of such an operation? We have in life, which more than any others de- ! trate, I will suppose that A has an income

-1,j f.Sot;. 000. 000 of tiio public debt overdue maud the fostering aud protecting care of i of 5.000 in gold, derived from interest on

t!f hud drawn.g no mteieft, and we take the the government, iiut while it is true u nited States stocks. Upon this he would

only means of paying this debt and apply ; ti at the discount on our bonds has little pay an income tax in currency, but no it to the purchase (at a discount) of our ( if a uy thing to do with the depreciation of: tax on the stocks from which it is derived, bonds, which will not be due under four-j our currency, it is also true that the de j When this income is converted into cur teen years. What would be said of the pteciation of the curreucy has much to do ' rency it will net him about 57,000. On integrity of a man who shou'd refuse t o with the discount on the bonds. I do ; the other-hand, 1 has an income of 65 000 pay his debts, which are due, leaving his J nut believe that our bonds will ever reach in currency-, derived from agriculture, creditors to suffer great loss, and should ' par or approach it nearly until the cur- j merchandise or manufactures, and pays a

paraxon

inning the nrst nvc years ending J one :JI, lS'IS, our

f tl

Lis state of thing-, or to estimate the suf- j esp rt we e S"'01 'Jt8 il'.'T; dutii

'f.:ig and destitution produced by this l ist five, yea s of the decade, while specie f'Sina'ion of business and the want of j paymeiiv WMe suspended, our" expoits eujloyment for labor; and it is not only I were S 1 iii t5''t, 000 showing an increase tie business but the imperative duty ofjof 152.42-000. I'uring the first five

i'itgress to address itself to the gieat J years ourimijorts of gold exceeded

k ot relorm by adopting such legisia

those

of the lasi fi e years 610 oS'.'.OOO, which

h i, it possible, whereby the currency added to the ?1;2,-122,OOU, would make

rt.il be made good and business made to j 171, Si 1,1'JOVl ineieased gold loss dutiiV on prosperously through its tegular jiug the last five jcais. We cannot ret,.in

.iinne.s. i ne business transactions oi ; our gold a? i cmc ex -et t bv m.ikiug a ue

mund for it. The brnlers of it ;ire not j aiiio'ic ti on ji to kcepit here fro thing If we would iVduee the imporiations of foreign goods t must withi.oid the gold with which they aie purel-.a-id, Mid ibis v,e cannot do except 1 y uux-iug it more profitable t ) keep tt al home than to send it abroad."- tfmir we create this home demand, the aunuai product of our mines in chief part w.il go to England, France and Germany, to swed the rich volume of their currency.

single day longer than is j floating dabi? But such legislation would rate of interest on the bonds, is a mere

;j country, auiountiug to many thousand: nitidis of doiiars in the course of the,' nr, are conducted through the medium j ., the currency; and if the ctn rirney is j

'eciated, fluctuating and dct-ej live, e prnsperi'y of the country must inevit ly be scii. uslv injured, and its general

o v 'b i:iC:. t

v'jjivK a:.tl

.es'lon to which 1 invite the attention oi 'e Senate to-day is whether such legis-;:-ion ma be had and a plan adop'ed ereliy the currency can be made good

employ Is i s mony to bay up, at a heavy shave, his debts that will not he duo under ten or fifteen years? Plain people would call such a man a rase il and a swindler, and they would speak of the government in the same terms under the same circumstances. The p re i e use that it wan done to improve the value of the currency would deceive nobody. Such a plan of returning to specie pnytnWts is worthy of the ' Circumlocution Office," and should be label

ed "liow rot to do it.'' The greenback

rency is made good.

currency ot a country

The legal tender

bears an intimate

tax oj at least two per cent, on the appraised value of the different kinds of

and perhaps 3 mysterious relation to every j property from which this incotne is de

form of credit and security, both public

and private, aud if it is depreciated inevitably drags them down to its own level. This I state as a general proposition, to which there ,may be a few exceptions depen

dent upon grounds that can be readily ex-

rived. -This will reduce his income probably to 3 500, upon which he pays an inooius tax, leaving a balance in favor of A, as between them, of$;5,500. To ifustrate again: A is the ow ner of 10.000 iu fivetwenty bonds, from which he derives an

plained. The legal tender currency is at! income of u00 in gold. This goid, when

par in contemplation of law" and in" the con verted, will re.aiize 800 in cunency, payment of debts, though it may not be j and upon his bonds he pays no tax whatworth six cents oa the dollar. It. is the ever. B is the owner of 10,000 in six per

be as stupid as it would be wicked; for , collateral privilege, aaid iu no wise affect

the depressed currency would inevitably the right of the holder of the note to decarry down the bonds in its close embrace, i mnd the performance of the original conWhile our.overdifc paper, drawing no iu- j tract printed on its face. When the eovterest, and for which no time of piy incut ! eminent, then-lore, refused to perform the i-t fixed, and no preparation made, must ! original contract and ill rows the holder necessarily be depreciated, as it now'is, ; entnely upon collateral privilege of fundsiill that depreciation would be far greater , ing (he notes into ho mi, the uc-i forms the but for ihe general faith existing among : cleare.-1 possible definition of repudiation, the people that tho government will j and does not differ in piinciple from the speedily make arrangements for its re- proposition of ihe President to apply the demption. Wliw this faith is hrol.cn the j payment of the iuterest to the extinguish, currency will sink lower and sink rapidly . ment of tho bonded debt. When the The Secretary of the Treasury, in his last : greenbacks have bicn brought to par and report, afier making an able argument to the government stands ready to redeem show the evils of a depreciated euirencv. ilum, then, mid not until then, can their begins his discussion as to the means of legal tender character be taken away withretuining to specie payment with the ' out repudiation. Sunnose that Cnnm-eca

- i t --- . ,

following statement:

"The Secretary still adheres to the opinion so frequently expressed by him that a reduction of the piper circu'.a'ioti of the country, untii it appreciated to the proper standard, was the true solution of our fi.

oLIcm."

Conere6

should pass n bill provdmg that when th five-twenty bonds are due, the holders may fund them into a three per cent, bond; and ikut if they lefuse to exchange, the government will make no provision for their payment. The Secretary would call that repudiation, aud yet the case is d il-

ic red cm p

t r- t- n iil

the reueuir

1 government return to specie payment j Again, it is said that specie payments ' nation is solemnly pledged. Tl

tin ut l-ro.t icinii a crasii or gte.t iom-i, vwl i ,.,.,, , .i.... k v,,.;.,! l,,,, i ticn ot tins pledge is not onlv ilcmati

erci.'i distress. . j itlatioti, or materially aided thcteby, but ! by every principle of national hon .r, but First I will consider some of the diffi can be produced only bv th operation td" j is imperatively demanded by the interest allies which, it is urged, will ptovent a 1 general cause, such as- the increase t f the t of the people, colleciiveiy and mdiv ldual-

iturn to -pecie payment. It is said by I tariff, the increase of r-opulation and the 'y

any that the currency is redundant and ! development of the resources of the counlat we cannot return to specie payment : try, whereby the gcucial cievlit. of the ntil contraction has takn place. o i government will be iu roved. To under re r-felted to the faetjthat before the war I stand the met its of this, proposition we l t Slit the entire bank circulation was! must consider what are the causes of the

ut "Jo2 .000.000, and the specie in the ! depreciation of th

ults of the banks about fcS. 000, 000 will do in answering another proposition. taking ess than odO,000 . OOO; but at j which is said lo present the best andicadlat time gold and silver were in circula j iest method ef returning u specie payon as a y.,rt of the currency, and it is j went. It is alleged that we can only r -bab'e hat there was more ihan 1 50. j raise the value ol our currency by raising 100,000 ii the country besides that which ihe value of cur bonds iu ihe market; as held n the banks. This would bring that as we tiling op the price of our bonds

weshll tl.irihy bring up lit

I'reelib.ieks: ihat we can onlv iiimrove Ihe

iiius neni in reserve, in one ooiui

currency is a part of the public debt, for "par' a,H measure of price and value ie- cent railroad bonds, from which he derives the redemption of wh eh the faith of the cognized in ail the ordinary b'.uiaois of an income of 000 in currency. Upon

The currency of a country lies at the

foundalion of its daily business, atid vital

ly affects the interest of every class and condition of people; and if the government, overlooking its honor and its duty, should

! take

the country. 1 ho puces of property and these bouds he pays at least two per cent, ail articles of trade are not given at so for State and county purposes, which will much in gold, but in greenbacks; and the , reduce his income to four hundred dollars, legal tender value of the greenbacks is so just one-haif the amount of A. U may, identified in the public mind with the perhaps, not feel very comfortable over

measurement in price of every species of I this stave of things, and vill be led to in

nancial

But, as this policy was emphatically ferent in no respect from that which he cuudemned by Congress, and it is now too! propescs The greenback note promise late to return to it, he recommends the j io pay so many dollars on demand; the following measures as the next best euleu- j bond promises to pay so many dollars at

Mated to effect the desired result: !a P irtieiilar time. The - creenl.ar k nnt

' Here the Secretary reirerates his form j declares that it is a "legal tender for all er opinion that, by largely contracting the debts, public aud private, except duties paper currency, the rest of it would heap U.n imports, and interest on the public

predated to par. !tov such contraction

property, merchandise and labor, that it Squire into the causes of the gross inenuali-J causes which depreciate the paper currcn

!j the nixed currency to nearly JftaO -hOti.dtitl The Hirec'tor of th Mint in I'l.Uaticlpia in ISOl estimated the amount i'f gf id aid silver in the country at 275,hho.i.no.ahieh Ls iieaiiy t50.OOO.00' beyond n v estimate; but there was another J' ". c! uvrcnev then much more in use

assimilates to itselt as well as the prices ot ' tv. He will be told that so tar as u arises

securities, even though by their terms ! from taxation it is unavoidable, as ihe they may be made expressly payable in States can not tax the government securi-

the oulv means by which it can be gy:u" " c u"u luO inuswaiion oi wie op- i ties; out so lar as u arises irom me conui-

... ...j ..,i i :, ,i, ,kc f eration oi uus principle in ihe History oi tpm ut the currency, speedy relief may ne

CCUirttilJ. anil tniS I t . If. i I ,i - o I 1(. ,., I.,,,,,!. T nm, 4,.(t',i.J Vi tl,a .mv-cri. mtint if it w

bonds which wulnot be due lur nisny i , . .. yars, it would merit and receive the indig j we' "l1,1 at Pir l'J tlle government lor j Kqual rights are the gift of (..o l to a. I nation and contempt of h inest mcii every- I greenbacks when the greenbac ks ranged men, aud equal conditions in society, equal where But it is said that if the govern- 1Q val119 at dilloreut times fiom 90 to d4 facilities for acquiring wealth, equal remeut reserves and holds tho aurphis gold cents on the dollar. Whatever might be ! wards for labor and the equal supp irt cd' in the Treasury to be applied to the re- i the value uf u,e greenback dollar the ; public burdens should be given by every demniion of the .rreenbaek euirencv at bonds were still soid at par for that dollar; ' government to its people so far as it may

aitiu ut u is inc uiriisuit; ut- iiiuu tu ua rig Tj'jssi inc. i u tuu uiau iiv

could have this

effect, he has never shown, and the opinion results from a misapprehension ol the

debt," which gives it one third itscurreut value: the bond promises to put six ie

. . i i . - .. . ' . r

ireenbaek currency was

cent, for gold, which is its chief element of value. The greenback note promisee l, pay to the bcaicr, and so docs the bond. The title to each of them ra-scs bv mera

h.s

cy. ouppose ine

contracted down to Sloo.tMH) 00, could - delivery, aud there ia uo more personality the remaining 100,000. U'.)0 be brought to ; about the one than there is about the par iu any other way thaa by making ar- ; other. Ihe moral and legul obligation rangemenis to redeem it? You cau not; of the one promise are precisely equal to pay a debt without preparing to pay i; those of the other, and Congres has as aud every :' trick or device to bring the; much right to strike out the interest on curreucy up to par, without making r re- j the boi.d as io stiike out the legal tender, paiatiuus to redeem it according to the clause on the note. The value of tire) promise en its face, would be abortive and j greenback note may be so depreciated an disastrous. The currency is depreciated ; to maky il tho inteiust of the holder lo because it is overdue and dishonored fund it into a bond healing the very low-

uraws no lntereti ana mere is no ume esc rute ot iuterest. or no

interest at all.

n J . i s,i-.- . . . .r . i 11

. -ii - .-,! ciio i oa i io iiinnciii'n r rni..n nnw , - - , c . , i a tin nom mnr

. i . ... v I....... . . , Ii u rt,i rm l var It a I I I : Ntiu . v v . . tiv ix-c:i.a.iVs VJ- V 11 I MC . J tiu I lit- I iiTllMC, J nJ v n i u v

a t ut. in ; ' . I A I . ' , 1 1 r i i , i . A.t lir.i! nr r.ron-iruCiUi nini . tur l!a rii m r i ,1 t 1. . I. I : 1

un.r ire.tt los in the .uteres on the1" 11 c UJdUC" Ul wvna. me j . money to me give, uiuvm pj fan) " j "v' w -v ...t- vuhcsb mi-m uy tiiMnuon no iui

i-i.'im .it tl d oilironoi- hr no. n.rio., I L!Olll UlUo OCOl III ICrCIVC. i-M " lie L'v i 11 l . ' ' " ...... r f - - , - f . , w

i' .1" i . . I i 1. I..a l.l 11 " I t ll'.ll'h 111 .fV I 11 a

ill iw ii:is ill iihi'i inn i1 t'ii irvi'ti 1 1 ti i - ; in - - vi--v- - i

w t.-it iUr ou vf dtt" Is it not h diilieul rl lu,lwul H! J wa UUi UI c" iiuai motives. lie was a duimic ucoeiteior auu ' - w 4i,v,,,va - f t av uaiigu u xui a uuuu uiawing nicer est

thuu in-', which luusr wot ho uvorhn kod j the purchase ot uvtr hoiitis in

. . . SI P ., .rfi r, h.;,.! V, V.V..L- ... -i-.-i .. u I i if I ho re ivpro lilt M IIUU Ifbll of it lont r,.L w ,. I.-.M.. .

ft i 1 . al-...-, I .. .r.-vll Lnti Kill .l.tJ IM V 11 V U V tt. ."5 113 1ICU 1 Ul a A Uti 1 H ni Tl ' . H 9 t f Ul ;i V till tJ Ul'C I 1113 I ' " ----- - I - - - " . v UJUav IHV. Ill V I fc J I I lit II I I LI BT ar in

.i iw.r.i a .i.ni ..t i i,. .i...i-i. ...v. k. . i ...... ti i e in a i ir 'in ii n lii isarjii. auv ... , , - . ..v

Lt ut ut i"-ir;'Mi i"i me ':ir. iu:iit:ii.a?iijli- ----- v . , r 1' a -i t r .

i i i i i . . i n t .t. .n.i .. .-i . q it nni .ii linn i'it.iiiuti. i,. 'u v ci v vi uic cy mi aunaai ril(illl. i c il l u i ; I V uv u t .i v t v i u vi

. V t ( ; -. In. i.. I.. (i.l. .11 I, j .tti.l i nudl UiPC L-lll viu iiif: mil uyi uuuvui ia v . . , - ,

.... ... ....uv. - . .-.-i,.-, ..iu iVHiu;r"i. . . . . , I ..C .. I . I C, .-.i i . .l.-.l l .U . . ..I. a n.i.or nr. t. mr In m iLin.r 1 1 .. .. I .. .1 . ,.. Tl.. o.

the surplus troid in the 'treasury - knd that s l5 ,0 bo encountered by every debtor who f"J vl ""tl mmcst, uu n, lo , cnuueu io tne inauas 01 mc uanun. ... .. , U1J c ...v,.. tnU,.u ixi. xuoe-

-f it 1 1 1 1 .1 1 .i - I'm r at i!ii-(rfi 11c ri-ifi nrcniMini n-1111-ii irna ' 1...., si r nmr ton ii'n ' k !iri-H .nu ui -t iiitiir 1 11c i'c'imc. is ii.c .11 . i uLtrv i.rnrin.fii rii i-it T in in . . .

vhi.u id he m. ili.. it to co ccts and ninis ttie money wnerewiut ""' f.v. .....v.- unu .uu -u-.v. ....v... . , , - , , - , j t--t - , soon 1 u ut ci p. in 11 io . . . J . 1 . it. -. . ... . . . . . , . , . ,. - 1 . 1 . . . . 1 i- :. 1. ... ... ... ......j il, ...I,.. ,,l m,ir 1. i. - .!.:...! r . .

L 1 . 1 to tiiiui v liav I. is debts? 1 1' a m an n w p d ! paiu on u ti lieu ota tes si x ier teat, stocks y hate ver l nat lalt u may oe: lor gtmti laun "" -vv, . .. t . . vV v. - u.vn v-tiuenc imic-iuiiu oi 119 curreni

which is 10 accrue

I'll

Uie

;t.l i.. .,c .1. ,.,..-...);...,..... . A c otlie-r wav". than bv Co ce ui!l tne nioiiev ",v ra' "" """" " , auuwiin:ic,

JV'i.i"ftva , a.TTi i t 11 yj 111 a n mii-ivn in- .iij a i t, vi - O - i i n!

1 .. . . 1. 1 ... 1 Ti' i ... . 1. t . t i 1.11 r ti :i r mirn itn u -1 iiii .1 1 n ir 1 r 11 ri 1 1 1 fit! : - - - - j ----- - i -r 1 j uju,

. a 11 u n a n 01 tit? u;i tn tice. liiihiit-w m ine tiut-Mioil l 1 ,v t - - - (. r 11' ...(i-v n 1 1 thA .frnnit oia'' nnMroiwiir I tin n, I no tt .. . . , 1,-.....

of the banks hold to be a total inisconceptiou. 1 d0 , gets enough to meet his debt f ine ,oT- -h-;- ......... y lH e secu.s oe.... 1 v " .,. , i . i.. l .. t m ten l.ir v i.hmIj In t in nui-tet a inin h t , il. ... Kr.il-on

hen the paper; not believe that the existence of our bind-i tru mtM,t tnfM a l(!Ul 'i!cu cau oniy l,e ' , : V " " :,.-,.-, ,a"" "

i ii.-i i .1 i ii i' 1 1 in :i ii ii i I .-it ii s I ii 1 1 I ii it i; v. s i 'j - i r j i- . . . - -

to be canceled, ihus diinuustiiuir ttie'.num

he ciiittv- The nuner mone

the i-socs of meal banks

current K.ci it m the locality

tv whici it was issued.

n.'Micv if tho Northwestern, southern and , ed debt has anxthiuti. or scarcely ativ

Eolith w.bi-ii States was not current iu , thing to do with the depreciation of dur ! V it, eolUct the necessary amount in New Yrk, and was not teceived there in i currency. I believe our currency would P'hJ. If the debt was of the nature that

The batik notes of be depreciated as it is if thegoycrnment ckl ! t,l c?"ut )Uia e paid cut ou it as soon

not owe a single bond or if all our bomUj : couecieu, oi course u suouiu oe uui.e, were at par. tVl.y is our currency deprcl hut the debt is not of that nature. If ciated? and why would it be dep". ceiatecA ,h govevnuiont should pay out the gold if the government did not owe a sitm!es as it u received m the redemption bond? Ilecause tha greenback ante is aU5-"" he greenback currency it would tail i.romic l..- ih. ...ir.i-r.m.i.t lo n v Eo'.tobriiig the remainder uf the currency

.. i n ... i i i.:i. Hio to rar. and the iso 1 thus riaid

l. . UlM.jll M 1111 UC111.4I111 IV illl ll ll,lll.U.- 'Il'l t , 1 I " . .

pay. The promise is daily broken and has lon;r btcii dishonored. The note

! one thousand dollars can ho nv it anv 1 before the war in gold; so that in point of . covers a nation like a clear and refreshing some provisions by producing a famine

pJjuieit .d' dci ts.

'lie -itbwcsterii Mates were not curient ui the Southern States, and nVc i-trta. ' He ne the payment of debts and commer. ! ei.il tansaciious between different parts ; "f th country were conducted by bills of xcl.;nge and promisscuy notes, which a"-ouited to many hundred millions td doia during the year. This form of furrincy is still used, but not nearly to t tame extent as before the war. Now

hich imparts health and

and through which all na-

tiful and bright; but when it is as if the air were filled apors which obscure the

governed by the same legal "par,"' and sibt, impair the health, and end in darkwhat is true of the market value of these) ness disease and death, bouds in the United States is equally! ut wj,i!e our creditors should receive true of their market value in Europe, i M tliat (hey are en;i,ed to j law ad equi Here their market value is calculated in I ,,. ;f nil. i. .,t f.tth to iiimrov.. the con

dition of the balance of ihc people and hiin.r them tin vs nearly as possible to

out,

greenbacks and there in gold. There the pries has ranged from sixty to seventy-' two ceuts on the dollar in gold and i al-: ways kept within Ihe gold value of the greeubaek currency in New York, per- '

haps with the addition of two or three.

ihe means lie suggests tor le'urnaig to

specie payment are Iwo fuld the first is to legalise specific contracts to be executed in cjin. L voted for a bid for that purpose last sessiou without much consid eraiiuo, aud have since be.: tne satisfied ii was an error. The unwnry wnuld be en ticed into such contract- by the crafty, and those in straitened circumstances or under heavy pressure would be foived in(u

them. No mati can safe'y tu-jke a contract

xaiue, ty striktngirom it its lrg..I tender character, and then authorize the holder to fund it i'lto a bond drawing a low rate of interest, at the sao.e time telling hioj, in substance, that this is a fina' measure, and that if hu docs not fund he will get nothing Hu' it is true that by stripping the currency of its leg il tender character the country will at oueo hu brought to specie payment that is to say. there will than be uo luaTuI money but gold aud silver, which wuu'd be a le;al tender in

exe;np-

ti,. ill. 1 sink h,k into an article of iner-

claudise, 'such as it now is. The rcdemp- cents growing out of ihe premium paid for

draws no interest and the troverniueut i

niie recnuacks and ZSatioiial hank imtes j has used no tune when n will pay it. re ,f equal value in eery part of the . Under such circumstances the note must U n i e d States, aud are transmitted in pay- j be depreciated. The solvency or ultimate n'tt of debts and transactions of busi. j ability of the promisor to p iy never kept fees from oue part of the country to an- j overdue paper at par and never will, lo

oth-r by means of express companies and I do that, something more is required than i u'mrwiee to the amountof many hundred the ultimate wealth or ability t f the prom J Hii! ions every yer. The books of the isor. There must be a certainty in tluj xjress companies show an immense trans- payment and the time of payment, and itj

laiion oi paper

"iich cannot be at

ie -reenback currency should Uot j theui ut home on account of their large intirthe "overument is prepared to ' terest. They have not been nble to escape . r . . . i ... . l. T II.-.. .. i !.

money, the amuuut of; the time of payment be deferred compen- rcl'5 J Paraccuratelv ascertained, i sation must ha made bv the l avment .if tuai lois cf i

i . ... . .1 . - - j , j ... .

ju, it would be a moderate computation

tia of the

btfcin un

rek-em all th;it may be pr

wo.d at once bring

the currency to par, and the gold paid out

yvotild go into the circulation and ttke the place of ths p;tpor money redeemed, but if paid out by piecemeal' in advance it would not g into the circulation ot, bring up the balance of the cur-

But what will be the ac-

uitcrcst on the gold field m

to be excci ed iu coin while Ihc cuirei.cy payment ut dub's, at:d ever- man wou'd

is depreciated and the fi-iancial condition ; ho req lired' to pay coin on his contracts. 01 the c-ouutrj is fluf ui'i'ig. Such con- ut uktl Secretary could not afford to tracts were not brought about by ecercson, j strike down the valuti of the currency iu or fraud would be iu the nature of gold j this way without snjrestimj some nrovi

premium on their gold was accidental in j gambling, the one pirty trusting that g,.ld Mu l,r , ad so, not withstanding tb

the same prosperous level. 1 ue

tion from taxation is a legitimate advantage, as it results from the nature of their .. , ,... i -.

securities: but the addrtiouai rronc oi

i . i 1 ti-.m flip I irj. i iim oi flit irree ii l):ir-1 nu

.i i . I . . . l uir ill. .-.... - - - - - - - r- - . - .

the yvliolo body of

rc-To?y either at home or abroad, and never will while it remains in circulation. As the value of our legal tender currency .roes up the price of our bouds wiil go

ud with it; and what is true oi govern-

the boguimng, and it continued lorthetr benefit, and beyond the necessity which created it, would become fraudulent to the rest of the nation. The credit of the Uuited States coveriiment was never so

' .nw.d :K l la nAiv Timrn J llinrP PilTI. i

' fl.leuce to-dav in th ncrtietaitv of the I cver

Igjvernment than ever before. It has been tried as no existic-g government ever has, and, in the midst of ths struc-le, when its ' life seemed to hang up in a thiuid, re-

woutd te at a lare." pre uiuui w.:o me f,ct that he Had lust saidth.it "die poller

i i .1. .l.-.l. . . . . . ..

contract was due, ana me outer tnai ii 0t cintr.-iction has been emphatically mo

dem ned by b'otiirress and it is now too lat

'5ay that $100,000,000 of our currency at: now used in that way which were belc e the w ar supplied by bills of exchange

aid promissory notes; and when we con-

interest.

f.ler the progress of the country since

I. ..t me ant oo lie :uv ,f teservo. comnaied with the loss sustained

tt J " ' - ... - , 1 loi r

gmucnt, that A. T. Stewart, tha great i "J l"e -rcat uiaS:S ot people in tneir iaoor, , , -

merehant in New York, should pay off, trade ami property, to be suffered by the

his numerous employes iu duo bills or oi.utiuuaacc oi i...tw n-ivsihln mi ilwlliaMt) which drvv- n I thi CUl'teBCy?

interest, and which no retuscs to pay on j

uicut securiues is equally true ot the great mass of American securities, public and private. State stocks that were at

par iu gold belore the war are now at par ' ,e l t,) ex;stenee of a credit anT of

in greenbacks, although they are certain ly . vast rcg1urcej Vii astonished the world!

ow as mey were men. mfU w.i.. i,e.rinuin"- of the war and before, it

gold value has fallen off from twenty five i ,' Wrow a dollar in Europe, and

to thirty per cent. To this statement ; n a.l.I.tv t. sa;,t tf have had anv

re-

would command little or none. It could iiardly be distinguished frjm a contract, for the delivery of gold at u future time. ! Shou'-d coin contracts be legalizjJ. bowi . i i l t . : ..

as nroposeu, it unoum ouiy ue in

connection with some general plan to re

turn to st ecie payment at a used periou.

to return to it." bo says 4 the law stripping the notes of their legal lender char acier should also provide for funding then into bonds ..i tha piea-nre of ihe holder,, beari'-g si h iato of interest a may W authorized by t'oiiuie.-s on the debt inl

liut, aside from the evils and hardships to which the nieseut ouis ,-nnliu bonds uiav

result from such coutracts, ho.v could they i!e funded." It may well bo imagined

thera are two exceptions, the stocks of, edit. aoa ,his was oue of the thin

Massachusetts and California, whieU have , ,- , l j consi.ir-itors in their eal-

. .111 C J

uiaiutainea tueir iormcr price ui go.u? cu,ations as i

tho present condition of

arcely us one dollar is

to uuud el. Tho losses by the failure to

lntii tl.o ,o..;.i .1......1... i . , i , mi c . . . i ' . o, A,,- l, il,.. .tn ..,o;..n rtf bin. ! maiutained lueir iormcr price ui goio, i t- ta the amount of resistance it

.juw, ...v ia.HU uticiuiiiucu. anu Ul'L'II lr itpni'lllll u 11 il IV I i 1 11 X 11 .1 1 1 111 P W : null II A 1 I 1 v J yi .uu oi....uuyi. v. ! . , . . , , i . , ..... .

p of the Western States aud Territories, ! will, notwithstanding his immense wealth; -. S the paralysis of trade, by use ine inteiesr ikis a - - ; could make to the rebellion. Its resources

the delay hi general progress and develop- e " -- " ," ' V'. . L- u never ueveiopeu so raomy d i.u, c. ment brot-ht about by a depreciated and I be market. Ivailroad bonds, which, as a never so udersfood as now, and the faith fluotuatiuL currency, when estimated in a general thing, are worth more BO";ofli)efeople in the destiny of our coundnlUr. K.u f., r.st ., Mmiv.Fiil ! than belore the war, because the floating ; : , .1 ever -before. While

' . ' . 1 l . i' . 1 . I ..... .. i 1 T -

f ..... .- .. .- .--I 11 1 1 he vast exteosiou of business, the tnag. I uu, kitude of the national debt, the necessary iw0

d his entire ability t. pay, his notes

aituue ot the national debt, the necessary ! would inevitably depreciate, and could ou

collection ot large revenues, aod the treat-; ly f0 goia at a aTtre discount, which

jy increased expense ot the government j would be increased it it were admitted

in its general administratiou, we may j that thmo was no legal remedy by which reasonably conclude that there is an ac- j he would be compelled to pay them, '-and for an increase of the cur-j Oue of the wealthiest nu n of the couutrv.

thac-.the wants of 1800 to the and w.V least one hundred and rect the! - -.'Eic re fore , when

trTinetoL. ' "-US.Li0

" -WW Is. ... feaaea to be doing K (has bean exoneratea5! matter. The revenue I t : . , T. : .. S

appreciate the value ot ttie current? any more thau oouiuion contracts for ttie future delivery cd gold They would uot constitute any preparation on the pit l the goveriiu.tyi; for the re.lemption of the currency, aud therefore coutd not to any perceptible extent appreciate its value. The secind means f ir'Vtuiui'i to specie payment is. contained io the fol lowing passage from the Secretary's re port: "And he-therefore retnrn2'id, in ad dition tc tlvei en actiueut bv which on

now dead, who left some vo millious ui

dollars to be divided ainoaig his heirs, ha J eer proposed, i o what other way or at au unfortunate habit of retusiug to pay j what time shall it be obtained? Shall the his small debts. Instead st,f ti-iviiiir h. government r0 into W'ull street and buv

- - - t ij r- - o- t - j ould give hu notes lor them, lefuse to it, like the importer or the gamblet? or

pay tne notes at maturity, suffer him- shall we sell ne bonds to hiurope at sev-

sen to be sued, and tten hire a law

with wliio; tie loss of interest on the re- ! aD,s oi !ae companies nave ueen p-ia i there are very few' men. in the country ; tracts tor tue p iy ment oi win can t? en-

eerved i'o!d trjuld be a mere bagatelle. i ind ,heir busiuess generally improve-i, ; who doubt the ability of the government forced, that it be deelaret inn alter the r, t?P . t.. ,i n , I were about par in gold before th war, ff , whole debt, I have never j first day of January, 1S70, U.ne 1 -itnte-Butifweco not obtain the gold to re- comuJnd abcTut lie -same price iu J. w6o d iub,;a ihe abiiitv to ootes shall ce,.-e to be leg.l tender io paydeem the ereknback currency in the man-; i. : .v.. .t ,:. ri.l .ruliio T . . . . , i .... .. ii j .!?.. ...i...

- . orvpn I ks s i i .r mat. u cu v.v. . . i A. nnn nttiha i.-..i lAiiior imrn ; iiiiini. inr Mil iiiiv.tiK uii mi-mi-m iu niv

r- ' n - re tier ui or y-' j ' '-"" - i has been reduced from twenty-five tt tlur- j jn rearci ihc redemption of these- rwvtes. contracled, and that after the ti.st diy ol ty per cent. Of course the relative prices ; jt jja never been a question of ability, but jJanuiry, 1871, thyshill cei to bj of bonds are not entirely uniform, because j oj. puro0se; .and to say that these notes! legal tender on any contract, or fir any

various circumstances enter . mto , ! be niJ until the eeneral credit of : pariiose whatever, except overomout.

V fight the cases. The result was

I . s a - - . " Z i I. .V.v- i .1 . aa b mil f H j T n ra 11 l"l W rOOiM t Tl It

i . . . i 11 i hut it tci it r.n tiinmi nn PTrnniifiaiioi iuat th pfivprnme u is liuiiruveu uv uic ei wh uum, 'i " -t v " .w..ft..v.

. T..a .i i...:- :.. o i-:m ;i u v,.ft k ft ,nra 1 ?riln iu diturc f some nunArcds ot uiulious in

a HUa uu.dta u Uas a . a w a. - . " I

rpose

The laws

x ce pt

re n

!iou!d also authorize;

that the holders of the notes tjt then beready i" lund I lie in into mmv si.n of bond. Li uf what is that but contraction pure and siiuj.ltT The StM-retary t ptMicy tivU i' a Circle which, invu-iiab-iy hrni's. hliu b.clt tout r.ic1 ion. lie proposes nothing fur l eden: pi ! n , and offers only that policy? which he says has been emphatically condemned by cJotiiiKt's-t and emphatitly bjr the country, flout raw; ion in the Saugrado poiiey of bleeding the country ueaily to deu:ft , to cure it d a disease whiolk demands tonics olid building up. The With -diawa) ot ei t-a- a Inindied millions of tb circulation would pnidm.-e- great stiLugenc-y in i ho money market, I n namciahle bonkru.icius, and iw.-l iikviy tcsitlliu paeieand t-fash from vthii-U ibv tf'niry would ii..if u K..vrr ti-r tei-., and diiui whiohr tht? p.i-r -d ihe -.v ii it io fund tho .)!, t unl ledeem iht? Uil.u t-e ol i he great. -icick i-urreiiJ-y wtiiu'd bo paralysed. T e.Mttrae llwe tMiriwncy ! the extttnl of

the con fuuding li . tlo 'cy ibuickst ivoulti be ti

i ' i ! 5 :1 , f ' 'i: m - tl VI ! t. i I I'- . "i "Sri o

uiaiaaeu m vneir ma

t ii LX

lb.