New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1862-02-07
MR.. MORRIS KErcnrM OF FINANCE.

p ne Edfo, o., IheA y. Tribune
Sir: Sly attention la. been called to editorial
700 1be ord IF ts dae In which an pa'ii-1l4ifc ~ ore
q four gentlemen wao support he ntrncsl scheme Of Tie
Secretary II e Trcs.uIy cod clrd upon 10 answer ci-
tain question. therein pro,ouuded hardly believe tina,
the writer q shat editorial hs. sd hc 10 uy mind rciy
conclusive speech OF Sir Hooper Of iasscu'ei' upon the
biec showing tie Practical working 81 tie system pro
..,d II BE- md leld 3. wih tie attention Il de riVes
ifs he would have found hs doubts issoyed Tie difficulty
win most Of 10 rensgen who opro-e the slirc Of gov
r,s paper currency 20 be tnst they will Tersist
IN c5asteurg tho bn now. before he Hou'c On soaied
MEASURE instead Of iool upon In il true si-ihai Of b
efnroary relief Tor tie pressrr wants Of tie TTeasury
Which v terminate with and vii be ,ecurd BY the iuau
aution Of TIE y.c OF Dor los aud taxation now under
confederation in tho Committee Of Ways AID Neon. Taken
e. connection With that sJicm hnd that The basis upon
which the writer in Tho Uo,ld POUNDS his que does not
.t Tie issue Of Cove Notes currency ia hot
unlimited 80 its amount either 'pccisy or practically sTe
Gladly i, IL limited 10 i,a snount by TIE law TO l.oo'ooo
Practically IL needed 10 pay tho tares which the hovrn
intend, &, impose and IN other relrct- 20 supply he
pace Of the coin which has been withdraw ron 81 culson
and sn. ockrd up IN bank cofcrs ard sscuao' sales
H,Iot an nsbie paper turrey Becau'e Il not
,sd.ee Ia coin II does not therefore follow that is Is ire
deenabe /. {. edcenabo 10 iH PEI cent stocA OF iAe
United States which stock O., secured by isS specially o' I'D
nav The tDteg,t upon Il when doe. end IN time, 10 absorb
the ncps What higher repres-nt,ive OF Vauo can NJ,
one have market whose average rate Of interest io money
dom # ever exceeds sir per cent, Specie itself Is but
Of value and not always true one because
,,rte. worth and sometime. less thnn che abstract
value which l. purpors 70 REPRESENT 'eooions 10 's supply
Of II 81 the maraet Al tho time
ne overpnent do not propose pay he whole expenses
n the war By isuirg paper amount sufficient to cover
b, They propose 10 borrow oil IN. money necessary to
carry on The war to pay reasonable price ior il' use ana u
,,v I, IA twenty years The 75O,000OO OF currency vi"
loan Of that amount by the people to the GOV
,ept Until IL ia funded II viii be loan without Interest
A. oon A. the people find that they cannot use It In N" marker
an cb manner As to realize Fix per cent for It, they vi" con
~ 4, into Government stock aud 1t viii then bear Interest
To , mind fl nsle. bat little difference whether The Interest
i Maid Ga coin or paper as in my opinion b. the time the hi'
Of l. due the Issue proposed VII have
p Mace to the new bank Currency which viii lie convert
ME into ,pcce at the banks unless general susp-no suci
AZ now exists should then take place in which case the IL"
could not be pad la specie for the very obvious oason
tha, the country would have the specie to Pay t.
The Government does not by the pTopo'ed paper 'en
virtually rspudae the paxa Of oil debts IN com u n'
M. coin I, can have no objection to pay Its debts
4, Il b,. mot It's 1Sx,iors either wait til It Il
,,sd or ACCEPT the paper currency They will undouDt
Al A. b ler Would they be in any better position II
tbe, debt. were paid IN notes Of suspended barhI
n III v,,,uc, ae.ireJ to procure loan Of +l5OOo"o
In IN. market tomorrow by selling s bonds ~ ucouu' u
,v IN 10, cent, IL could not procure IT. The coin Is too
widely dosed and too carefully boarded and may 10 'h''
there too little OF 1t 10 answer such osiA' - "s"'
effected thfoush tho iaa.raueaay Of bsak Issues bu IN