The Sun.
London, England, 1869-12-25 00:00:00

VIRGINIA, MISSISSIPPI, AND TEXAS.
- . .

At the March term, Congress, by joint resolution, autho-
thorised the Executive to order elections in the States of
Virginia, Mississippi, and Texas, to submit to them the
Constitutions which each had previously in Convention
framed, and to subm!t the Constitutions, either entire or
in separate parts, to be voted upon at the discretion of
the Executive. Under this authority elections were called

In Virginia the election took place on the 6th of July,
1869 ; the Governor and Lieutenant-Governor elected have
been installed ; the Leisli.ture met, and did all required
by this resolution and by all the Reconstruction Acts of
Congress, and abstained from all doubtful authority. I
recommend that her Senators and Representatives, and
the State be fully restored to its place in the family
of States: Elections were called in Mississippi ant Texas,
to commence on the 30th of November, 1869, and to last
two days in Mississippi and four days in Texas. The
elections have taken place, but the result is not known. It
is to be hoped that the acts of the Legislatures of these
States, when they meet, will be such as to receive your
approval, and thus close the work of reconstruction.
TILE CURILENCY -- TILE NATIONAL DEBT.

Among tho evils growing ont of the Rebellion, and not

yet referred to, is that of an irredeemable currency. It
is an evil which I hope will receive your most earnest at-
tention. It is a duty, and one of the highest duties of
Government, to secure to the citizens a medium of ex-
change of fixed unvarying value. This implies a return
to a specie basis, and no substitute for it can be devised.
It should be commenced now, and reached at the earliest
practicable moment consistent with a fair regard to the
interests of the debtor class. Immediate resumption, if
practicable, would not be desirable. It would compel the
debtor class to pay beyond their contracts the premium on
gold at the date of their purchase, and would bring
bankruptcy and ruin to thousands. Fluctuation, how-
ever, on the paper value of the measure of all values,
gold, is detrimental to the interests of trade. It makes
the man of business an involuntary gambler, for in all
sales where future payment is to be made both parties
speculate as to what will be the value of the currency to
be paid and received. I earnestly recommend to you,
then, such legislation as will insure a gradual return to
specie payments, and put an immediate stop to fluctuation
in the value of currency.
The methods to secure the former of these are as nume-
rous as are the speculations on political economy. To se-
cure the latter I see but ono way, and that is to authorize
the Treasury to redeem its own paper, at a fixed price,
whenever presented, and to withhold f►onm circulation
all currency so reduced until sold again for gold.
1 The vast resources of the nation, both develop. d and
undeveloped, ought to make our credit the best ou earth,
with a loss burden of taxation than the citizen has en-
dured for six years past. The entire public debt could be
paid in ten years ; but it is not desirable that the people
should be taxed to pay it in that time. Year by year the
ability to pay it increases in a rapid ratio. lint the bur-
den of interest ought to be reduced as rapidly as can be
done without the violation of contracts. The public debt
IS represented, in great part, by bonds having from Ave